The eternally tricky subject of last look is being reviewed by the Committee for Professionalism at ACI – The Financial Markets Association with a view to a potential re-write of guidelines published in ACI’s Model Code.
The European Union’s chief financial regulators rejected draft changes to collateral standards for derivatives, further complicating Europe’s efforts to complete the rule after failing to meet a global deadline this month.
European bank supervisors have stepped up their campaign against ‘Basel IV’ ahead of a critical meeting of global regulators that could add hundreds of billions of euros to capital requirements.
Small companies are losing billions of pounds in hidden bank fees for exchanging currencies, according to a study by Capital Economics.
Russian companies are considering a borrowing instrument last seen in the days of currency control and unfettered access to international capital markets – ruble Eurobonds.
Banks are rushing to adopt blockchain — the database technology that underpins bitcoin — in order to cut costs, but technologists and business people are having to make drastic changes to force the radical technology to adhere to the norms of the banking world.
If the EU breaks the euro, it is unclear what the next steps would be, but it would almost certainly result in the replacement of euro deposits with national currencies.
Interdealer brokers are trying to grow and diversify their client base, as banks retreat from certain products and markets.
A series of cyber attacks against digital currencies has left the financial services industry wondering whether new blockchain technology can be made secure enough from criminals.
The European Union wants to reduce reporting requirements for derivatives as part of a wider drive to reduce the burden of post-crisis reforms, according to the bloc’s new financial services commissioner.
After five years of fruitless talks on a European financial-transaction tax, frustrated policy makers including Germany’s Wolfgang Schaeuble are talking up the prospect of a global levy that would make sure banks pay their fair share.
Discussions are still ongoing as to whether to fold the banking and insurance regulators under the purview of the People’s Bank of China, officials said.
Egypt’s Finance Minister Amr El Garhy has said his country needs to move faster in dealing with its currency woes, opening up the possibility of a large and rapid devaluation of the Egyptian pound.
Systematic FX manager Sequoia Capital Fund Management has reached a key landmark in its growth, the firm says, revealing that at the start of trading this month the London-based fund passed $100m in assets under management.
Dutch banking giant ABN Amro has denied it is seeking to release a bitcoin wallet.
The bank will donate $1 for every million of FX transacted; the initiative has raised $12 million in past years.
The yuan strengthened against the US dollar on Monday, despite the People’s Bank of China lowering the currency by the most in two weeks.
The safe-haven yen was the winner on Monday as investors sold stocks and riskier assets including commodities, but the dollar outperformed higher-yielding currencies on fresh talk of an interest rate hike by the Federal Reserve in the near term.
The ruble ended a five-day advance and Russian government bonds dropped, sending yields up the most since July, as oil retreated and Sberbank CIB said the second-best rally this year in emerging markets left the exchange rate overvalued.