- MF Global spoke of 'strong' finances
- EC: No corp gov powers for ESAs
- FSA appoints senior investment bank adviser
- GFS has now closed
- Czechs join UK on fiscal compact sidelines
- Davos stalemate on EU's IMF funds
- Tucker: Resolution regime 'top priority'
- Saudi Arabia increases central bank role
- FSB urges Canada for one securities regulator
- CFTC set for committee to scrutinise HFT
- Fitch downgrades Belgian banks
- What corruption really costs
- UK FSA pushes for Mifid II rethink on OTCs
- Shanghai boosts global financial status
- Canada aligns credit rating rules with EU
- Bowles blasts lack of women at ECB
- Sarkozy to introduce French FTT in August
- Barnier warns on further bonus reforms
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EU launches backlash on Volcker rule
Friday 27 January 2012 – by Karina Whalley
In an interview with the Wall Street Journal on Friday, Michel Barnier, EU commissioner for the internal market, said he will contest the proposal with US Treasury Secretary Timothy Geithner in a meeting next month. Like the EU, Japan is adamant that the extraterritorial clause is removed from the legislation and has raised concerns over the rule’s adverse impact on the Japanese government bonds market due to increased operational and transactional costs of trading the bonds. The country’s central bank and the financial regulator warned that Japanese banks could be forced to dramatically reduce or even cease their US operations which would badly hit liquidity and pricing of the Japanese bonds. The Canadian financial services watchdog wrote a letter to US authorities in December warning that the draft rules will significantly limit Canadian banks’ ability to manage their risks and liquidity. Within the US, the 298-page proposal has been blasted by industry groups for being overly complex and for potentially undermining the competitiveness of US markets. Some US regulators including commissioners of the Commodity Futures Trading Commission say the set of rules is unworkable. The proposal is currently open for public comment until 13 February.
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EDITOR’S CHOICE
- Diamond warns against ‘Balkanisation’
- ABI: UK insurers must keep EU links
- EU Parliament site hit by hacktivists
- George Soros: New year, same crisis
- FSB: Swiss regulator needs more teeth
- OCC: Deriv fears are an overreaction
- ‘Major wave’ of Solvency II drafts in May
- IMF paper urges Aus bank capital boost
- BoE: Limit bonuses to boost bank capital
- 2012 vision: Increased regulatory exposure looms
- Barnier offers hope to NYSE/Boerse
- Esma rushes short selling consultation
- Bowles re-elected as Econ chair
- Hoogervorst hints at accounting slowdown
- Asia in the year of the dragon
- Barnier: FTT will not be forced on UK
STRAW POLL
Will markets in 2012 have a tougher time than 2011?
