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Europe


REGULATORY/LEGAL

UK fraud squad considers criminal probe into rate rigging at Lloyds
By Reuters
07/30/2014 12:47:47 PM ET

LONDON (Reuters)—Britain's Serious Fraud Office (SFO) is examining material that might trigger a criminal investigation into former and current staff at Lloyds Banking Group, the partly state-owned bank, sources said on Wednesday [July 30]. The sources said the SFO was looking at information it had been handed by the UK Financial Conduct Authority (FCA) some months ago linked to an inquiry into alleged manipulation of benchmark rates, including one used to set the fees on a taxpayer-backed funding scheme for banks.
Global financial watchdog calls for FX fix reforms, urges banks to clean up
By Reuters
07/15/2014 12:44:18 PM ET

LONDON (Reuters)—The world's top financial regulator on Tuesday [July 15] urged deep-rooted change to how currency benchmarks are set, encouraging market players to tighten up their governance, practices and controls rather than imposing stringent new regulation. The proposals come in response to allegations being investigated by regulators that dealers at major banks colluded and manipulated key reference rates in the $5.
UK watchdog sees rising requests for help on currency probe
By Reuters
07/10/2014 11:43:59 AM ET

LONDON (Reuters)—Britain's financial regulator said on Thursday [July 10] it expected to receive a rising tide of requests for help from its overseas peers as part of "unprecedented" global cooperation in an investigation into the vast foreign exchange market. The Financial Conduct Authority (FCA), which publicly announced an investigation into allegations of misconduct in the $5.
UK launches competition review into institutional banking
By Reuters
07/09/2014 5:08:10 PM ET

LONDON (Reuters)—Britain's financial watchdog is launching a broad "exploratory" review of competition in the wholesale markets used by banks, fund managers and exchanges to check if they operate effectively to help the economy and give their customers a good deal. The Financial Conduct Authority (FCA) was set up just over a year ago as part of Britain's post-financial crisis shake-up of supervision to protect consumers better and increase competition in markets.
FSB to back London fix, recommend detailed changes
By Reuters
07/08/2014 2:28:13 PM ET

LONDON (Reuters)—The world's top financial regulator is set to issue a consultation paper to banks making detailed proposals for changes to the way foreign exchange "fixings" are conducted, banking sources said on Tuesday [July 8]. The sources said banks expect the Financial Stability Board (FSB) to back the existing system of fixings but go into more detail than previously thought on potential changes to reduce the risk of market manipulation.
EU throws down gauntlet to U.S. over derivatives
By Reuters
06/27/2014 3:21:42 PM ET

LONDON (Reuters)—The European Union said it will help build a seamless global market in financial derivatives by accepting rules used in five countries, adding the United States would get the green light too if it showed flexibility. After the 2007-09 financial crisis in which derivatives like credit default swaps played a key part in creating uncertainty, countries across the world have introduced rules to make the market more transparent and safer.
Britain pledges to fight for reform to EU financial lawmaking
By Reutes
06/25/2014 10:45:42 AM ET

LONDON (Reuters)—Britain said on Wednesday [June 25] it would push the European Union to improve the way it sets financial rules, promising to protect London's role as a global financial sector and demanding better assessments of the impact of new regulations. Nicky Morgan, newly-appointed minister in charge of financial services, said she would lead a major drive to improve the EU's legislative process and pledged to keep on challenging rules that Britain disagreed with.
UK plans to make currency-rigging a crime but rejects EU rules
By Reuters
06/12/2014 12:34:57 PM ET

LONDON (Reuters)—British finance minister George Osborne will reject European Union plans to outlaw currency market manipulation on Thursday [Jun2 12] and instead set out his own proposals to make rigging exchange rates a criminal offence. EU laws taking effect in 2016 will make it a criminal offence with a four-year jail term to rig key prices in a wide range of financial markets.
EU watchdog to kick off biggest revamp of securities markets
By Reuters
05/21/2014 1:08:12 PM ET

LONDON (Reuters)—The second round of a battle between banks and bourses kicks off this week when European Union regulators publish proposals for the biggest shake-up of the bloc's securities market in history to increase transparency and investor protection. The 28-country EU approved a new securities law this year to apply lessons from the 2007-09 financial crisis, and play regulatory catch-up with faster technology such as high-frequency trading.
New UK bank standards body gets support from Bank of England's Carney
By Reuters
05/19/2014 12:07:24 PM ET

LONDON (Reuters)—Bank of England governor Mark Carney has backed a plan by Britain's biggest banks to set up a new body to improve standards in an industry rocked by a string of scandals. The Banking Standards Review Council (BSRC), funded by but independent from the banks, is to be set up this year after banks accepted recommendations from Richard Lambert, a former director general of the Confederation of British Industry.
EU watchdog proposes window to adjust to derivatives clearing
By Reuters
05/08/2014 3:36:38 PM ET

LONDON (Reuters)—Banks should get a breathing space of a few months to adjust to coming new rules on the clearing of derivatives deals, a top European Union regulator proposed on Thursday [May 8]. The new rules, designed to make markets safer, will require banks to pass more derivatives transactions in Europe through clearing houses – third parties which are backed by a default fund in case one side of the trade goes bust.
EU watchdog says biggest securities shake-up only half done
By Reuters
05/07/2014 11:49:38 AM ET

LONDON (Reuters)—The biggest shake-up in the European Union securities market is only half way complete with a heavy load of new rules yet to come, a top EU regulator said on Wednesday [May 7]. The 2007-09 financial crisis, which forced governments to shore up banks, unleashed a wave of new market and banking rules which are only now being rolled out to make the financial system safer and shield taxpayers in future crises.
Regulators lack data to probe shadow banking sector
By Reuters
05/02/2014 12:51:58 PM ET

LONDON (Reuters)—Shining a light on the murky $70 trillion world of "shadow banking" is proving tricky for regulators handicapped by too little data and under pressure to boost economic growth, and this means risks may be escaping proper scrutiny. Shadow banking, a term which annoys the sector because of its pejorative connotation, ranges from money market funds and repurchase agreements to special investment vehicles, hedge funds and securities lending.
States say draft EU rules could undermine market benchmarks
By Reuters
04/14/2014 3:24:54 PM ET

BRUSSELS (Reuters)—Draft European Union law to regulate financial instruments could undermine major market benchmarks such as Brent crude unless the same rules apply to non-EU countries, Britain and four other EU nations warned. The European Commission, the EU executive, published a draft proposal last year on rules to prevent the rigging of financial benchmarks.
Bank of England shake-up may trigger rate-setter changes
By Reuters
03/17/2014 4:48:03 PM ET

LONDON (Reuters)—Governor Mark Carney's first big shake-up of the Bank of England could set off changes on its interest rate-setting committee, with markets chief Paul Fisher at risk of losing out. Carney, who took over last year, had already been planning changes to the upper echelons when the central bank was drawn into a scandal over alleged manipulation of currency markets.
EU lawmakers and member states agree bonus curbs for fund managers
By Reuters
02/25/2014 2:12:42 PM ET

BRUSSELS (Reuters)—EU lawmakers and member states agreed on Tuesday [Feb. 25] to curbs for fund managers' pay similar to new rules for bankers, including a three-year deferral of 40 percent of bonuses.
UK could see criminal probe in FX row
By Reuters
02/07/2014 10:59:50 AM ET

LONDON (Reuters)—Britain can be expected shortly to begin criminal investigations into the alleged rigging of currency markets if comments by its chief market regulator this week are taken at face value, an industry umbrella group said on Friday [Feb. 7].
Former head of Britain's SFO accused of running chaotic agency
By Reuters
02/06/2014 5:13:33 PM ET

LONDON (Reuters)—Richard Alderman, the former head of Britain's leading fraud prosecution authority, oversaw a chaotic agency that was unable to keep records and documents in order, a London court heard on Thursday [Feb. 6].
DOJ probes finance firms' dealings with Libya
By Reuters
02/03/2014 12:21:20 PM ET

WASHINGTON (Reuters)—The U.S. Department of Justice is investigating banks, private equity firms and hedge funds that may have violated anti-bribery laws in their dealings with Libya's government-run investment fund, The Wall Street Journal reported, citing people familiar with the matter.
German Fin Min worried about hedge-fund risks in EU bank plans
By Reuters
01/30/2014 10:40:29 AM ET

BERLIN (Reuters)—German Finance Minister Wolfgang Schaeuble said on Thursday [Jan. 30] he was worried that European Commission proposals on isolating hedge fund risks do not go far enough.






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