Europe
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High-Speed Trading a Stiff Challenge For U.S. Regulators
By Reuters
05/20/2013 10:52:56 AM ET
CHICAGO (Reuters)—Financial trading in world markets has grown so lightning-fast that effective regulation is growing tougher by the second, increasing the threat of crashes sparked by hoaxes, electronic glitches or yet-unknown causes.
The latest alarm was triggered by a fake tweet saying that the White House was bombed, prompting a U.
Swiss Propose Corporate Tax Reforms After E.U. Pressure
By Reuters
05/17/2013 11:17:08 AM ET
BERNE, Switzerland (Reuters)—Switzerland outlined plans on Friday [May 17] to reform the way it taxes companies as it seeks to counter criticism from Brussels while trying to remain attractive to the many multi-nationals based in the country.
The Swiss have lured thousands of foreign companies including online retailer eBay and trading giant Glencore by taxing foreign profits at a lower rate than domestic earnings — a practice known as "ring fencing.
Accounting Boards Plan to Keep Leases on Balance Sheets
By Reuters
05/16/2013 12:10:06 PM ET
LONDON/NEW YORK (Reuters)—Company balance sheets could swell by trillions of dollars under an international plan issued on Thursday [May 16] by two accounting bodies to show more clearly the cost of leasing everything from photocopiers to property.
If the revised draft from the International Accounting Standards Board and the U.
Regulators Set September Deadline For Derivatives Deal
By Reuters
05/15/2013 12:39:26 PM ET
LONDON (Reuters)—Financial regulators have given themselves until September to try to resolve differences over how to supervise derivatives markets in the wake of the financial crisis, a U.S.
U.S. CFTC to Meet Next Week on Trading Rules
By Reuters
05/10/2013 10:45:56 AM ET
WASHINGTON (Reuters)—The top U.S. derivatives regulator will discuss next week keenly awaited rules for swaps trading that have the potential to weaken Wall Street's dominant position in the $650 trillion market.
U.S. SEC Proposes Rules For Cross-Border Swap Trades
By Reuters
05/01/2013 5:08:41 PM ET
EDITOR'S NOTE: This story has been updated throughout.
WASHINGTON (Reuters)—The top U.S. securities regulator unveiled a proposal on Wednesday [May 1] that spells out how its rules for swaps will apply to foreign banks, saying it hoped its proposal can resolve a brewing global conflict over how to regulate the $640 trillion market.
Commodity Traders Could Face Regulation For Role as Lenders
By Reuters
05/01/2013 11:54:05 AM ET
GENEVA (Reuters)—The world's little-regulated and often secretive commodity trading houses could face new disclosure rules, and even capital requirements, because of their money lending activities, after a global regulatory watchdog's review of "shadow banking."
The Financial Stability Board — a task force set up by the G20 group of major economies to improve global financial regulation in the wake of the 2008 crisis — has asked national and regional regulators to determine whether commodity traders should come under the scope of new rules.
U.K. Supervisor Warns Derivatives Clearers of Tough Fee Policing
By Reuters
04/25/2013 2:17:49 PM ET
LONDON (Reuters)—Britain's new regulator for market operators warned clearers of tougher policing of fees to stamp out cut-throat competition that risks undermining financial stability.
World leaders agreed during the financial crisis to reshape the opaque $640 trillion off-exchange derivatives market for interest rate, credit default and other swaps by requiring many of the contracts traded between banks to be cleared by a third party that has a default fund to cover losses.
Levin Urges Tough Cross-Border Bank Rules For Swaps Trading
By Reuters
04/24/2013 3:40:09 PM ET
WASHINGTON (Reuters)—A top U.S. lawmaker urged regulators to tighten the rules for swaps trading at foreign offices of U.S. banks, stepping into a simmering global conflict over how to supervise the $650 trillion derivatives market.
E.U. Regulators to Examine ICE, NYSE Euronext Merger
By Reuters
04/24/2013 11:27:38 AM ET
BRUSSELS, Belgium (Reuters)—E.U. antitrust regulators will examine IntercontinentalExchange Inc.'s $8.2 billion takeover of NYSE Euronext in line with a request from the exchange operators themselves, a spokesman for the European Commission said on Wednesday [April 24].
Bankers Count on Watered Down E.U. Trading Tax
By Reuters
04/15/2013 11:11:26 AM ET
LONDON (Reuters)—Bankers are confident they can persuade the European Union that its proposed financial trading tax poses enough risks to struggling economies and banks to warrant being watered down.
Their campaign against the tax, which will be imposed by 11 of the E.
U.S., Asian Fund Managers at Risk From E.U. Bonus Cap
By Reuters
04/12/2013 12:22:50 PM ET
DUBLIN, Ireland (Reuters)—Portfolio managers in the United States and Asia could pull out of key European funds if Brussels goes ahead with proposals to cap bonuses, a senior industry figure said.
The European Parliament already curbed banker bonuses at the level of salary to address public anger at a pay culture politicians say prompted reckless risk-taking and ultimately triggered the financial crisis.
E.U. Ministers to Tackle Cyprus Fallout, Banking Union
By Reuters
04/11/2013 3:37:41 PM ET
DUBLIN, Ireland (Reuters)—Fallout from the messy bailout of Cyprus will top the agenda of a two-day E.U. finance ministers meeting in Dublin beginning on Friday [April 12], with focus also on growing German reluctance over euro zone banking reform.
E.U. Mulls Bank Law to Impose Losses on Depositors
By Reuters
04/10/2013 11:45:13 AM ET
BRUSSELS, Belgium (Reuters)—European Union ministers will consider a proposal this week to impose losses on interbank deposits of lenders in dire financial trouble as they shape a draft E.U.
U.K. Launches New Financial Regulators; Real Test to Come
By Reuters
04/02/2013 2:42:27 PM ET
LONDON (Reuters)—Britain launched its new system of financial supervision on Tuesday [April 2], hoping that two new regulators will succeed where a single one failed in preventing banking crises and protecting consumers from getting fleeced.
Experts say the real test of the new system will not come until boom times return and regulators get a chance to prove they have the mettle to rein in excesses.
Switzerland Stops Short of Tightening Rules on Commodity Trading
By Reuters
03/27/2013 1:01:09 PM ET
GENEVA (Reuters)—A landmark Swiss government report into regulating the country's $20 billion commodities sector has stopped short of proposing any new or tighter rules on trading companies.
In the long-awaited report, published on Wednesday [March 27], the government said around 500 companies in the sector and their 10,000 employees contributed about 3.
U.S. SEC's Walter: 'Maximum' Reliance on Foreign Swaps Rules
By Reuters
03/25/2013 11:00:49 AM ET
WASHINGTON (Reuters)—The top U.S securities regulator is urging international market regulators to find a compromise as they struggle to agree on how to apply new rules for cross border over-the-counter derivatives trades.
German Bundesrat Approves Rules HFT Clampdown Rules
By Reuters
03/22/2013 11:37:12 AM ET
BERLIN (Reuters)—Germany's upper house of parliament on Friday [March 22] backed rules to clamp down on high-frequency trading in financial markets, but said the draft legislation needed to be improved further.
High-frequency traders use computer algorithms to generate numerous, lightning-speed automatic trades that make money from tiny price moves in the market.
E.U. Lawmakers Split Over Extending Bonus Cap to Fund Managers
By Reuters
03/21/2013 10:49:47 AM ET
BRUSSELS, Belgium (Reuters)—A European Parliament panel called on Thursday [March 21] for tighter control of fund managers' pay, but lawmakers were split over pushing for the kind of strict bonus cap imposed on bankers.
Broad support in the parliament for wider controls comes after lawmakers succeeded in capping banker bonuses at the level of salary — a move to address public anger at a pay culture politicians say prompted reckless risk taking and ultimately triggered the financial crisis.
Switzerland to Prepare Corporate Tax Reform By Mid-2013
By Reuters
03/18/2013 11:23:04 AM ET
GENEVA (Reuters)—Switzerland plans to present a reform of its corporate taxation law by mid-year, its finance minister said on Monday [March 18], bowing to pressure from Brussels after a row over the incentives it offers to multinationals.
Financial haven Switzerland is home to thousands of global companies including commodities trading giant Glencore and online retailer eBay.
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