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Video: The case for limits on food speculation
Thursday 13 Oct 2011 | Regulation Mutters
In 2010 there were 925 million hungry people globally – or almost 1 in 7 people. Food prices in Britain alone are rising at three times the rate of the world’s seven biggest economies with food inflation currently standing at over 6 per cent. According to a group of economists who wrote to G20 ministers this week, this can be at least partly blamed on the financial industry. Coordinated…
Portugal FM: Not enough cash to cover banks
Thursday 13 Oct 2011 | Regulation Mutters
The Portuguese foreign minister apparently let slip a rather ominous secret on the Portuguese banking situation on Wednesday evening. After giving an optimistic speech at the London School of Economics on Wednesday night, Paulo Portas ended with a rousing line: “We will deliver. We will deliver.” The FM discussed Portugal’s “strong commitments” to austerity measures, saying it would hit…
Wall Street average salary at $361,330
Wednesday 12 Oct 2011 | Regulation Mutters
Yet more American cities have become home to “Occupy Wall Street” protesters, but it’s a wonder just how many are aware of this week’s report on Wall Street’s profits and bonuses. The Office of the State Comptroller published the document on Tuesday and it outlines everything from average securities industry wages to profits earned by New York Stock Exchange firms. Protestors would be…
What crime did Bailey commit in a past life?
Wednesday 12 Oct 2011 | Regulation Mutters
The Bank of England’s Andrew Bailey has been pondering what sins he may have committed in a past life. The director of UK banks and building societies has been lumped with the rather thankless task of having to rescue his country’s financial institutions. “In my view, one of the problems post-1997 of the early days of the Tripartite system in this country was the attempt in banking…
NIESR triumph in think tank awards
Wednesday 12 Oct 2011 | Regulation Mutters
The National Institute of Economic and Social Research has been named the best think tank of the year at an awards ceremony on Tuesday night. Joining a list of bodies that picked up gongs for their work in the financial policy sector over the past year, the NIESR was awarded the top prize. The group was rewarded by Prospect magazine for its work in scrutinising the UK government’s economic…
The Tobin tax for Dummies
Tuesday 11 Oct 2011 | Regulation Mutters
The library of the House of Commons, in the British parliament, has published a briefing note about the Tobin tax, otherwise known as the dreaded financial transaction tax. The tax has failed to win over either the financial industry or British government policymakers. However the explanatory note explains that its prospects have “changed substantially in the last couple of years”. Find…
Hysteria rises as Occupy Wall Street spreads
Monday 10 Oct 2011 | Regulation Mutters
As protests spread across the United States under the ‘Occupy Wall Street’ banner, commentators and political leaders look increasingly polarised. Seen by some as a counterweight to the Tea Party movement, the protestors were accused by New York mayor Michael Bloomberg of trying to “take the jobs away from people working in this city”. House Republican leader Eric Cantor has said the…
High frequency trading: The Fear Index
Thursday 6 Oct 2011 | Regulation Mutters
Industry groups and regulators are constantly complaining that the literature on high frequency trading is lacking. Evidently author Robert Harris has decided to take advantage of this gap in the market with his new thriller ‘The Fear Index’. According to the blurb it’s a “chilling contemporary thriller… set in the competitive world of high finance” and it focuses on computerised…
Hushed up report admits CDS ban faults
Wednesday 5 Oct 2011 | Regulation Mutters
European parliamentarians have been forthright in urging a prohibition on naked credit default swaps. Funny then, that researched commissioned by the Parliament concluded that such a ban would have serious side effects. Produced by the Centre for European Economic Research, based in Mannheim, Germany, the report has largely gone unsung in the corridors of Brussels. However, the recent…
Peter de Proft – It’s all in the name
Tuesday 4 Oct 2011 | Regulation Mutters
Leading industry groups last week mounted a last ditch attempt to get the EU’s Emir directive altered, warning that the principle of open access is at risk. Let’s hope for their sake that Michel Barnier, to whom a joint letter was sent, failed to spot the blooper in the letter. Signed by seven bodies representing issuers, brokers and market intermediaries and investors, it warned…
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