Regulation
ECB reaches agreement with European Parliament over SSM minutes
European Central Bank will be required to submit a 'comprehensive and meaningful record of proceedings' of supervisory board meetings to the European Parliament - but not minutes in their entirety
Cœuré warns of threat of regulatory arbitrage on OTC derivatives
Benoît Cœuré says much progress has been made since Pittsburgh in 2009, but argues there is a risk of business moving to jurisdictions which lag behind in implementing the reform agenda
Basel's Byres says 'single global rulebook' wouldn't work
Different jurisdictions require different financial rules, according to the secretary general of the Basel Committee on Banking Supervision, but efforts should be made to standardise risk weighting
Pakistan adds Basel III capital surcharge to allow for modelling shortfalls
State Bank of Pakistan outlines its Basel III capital requirements for domestic banks
BIS researchers use profit-elasticity method to measure China bank competition
Working paper finds competition has increased among China's banks; new PE indicator produces result consistent with financial sector reform
Buba's Dombret backs EU recovery and resolution plans
Bundesbank board member says new European directive on resolving big banks will be crucial in solving ‘too-big-to-fail', though he has reservations about public participation in the resolution fund
Dual reporting requirements in Asia cause concern
While Singapore will mandate single-sided trade reporting, regulators in Australia and Hong Kong will follow the European Union’s requirement for dual reporting, leading to concerns among market participants
Bank of England's prudential regulator consults banks on capital requirements
The UK's Prudential Regulatory Authority wants to hear from financial institutions about the best way to implement Europe's new CRD IV legislation
Cyprus gold still in play to help fund troika bailout
First review finds good progress made in repairing the Cypriot financial sector; central bank will take on a wider supervisory role but may have to sell gold to contribute to the country's bail-out
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies
Research investigates factors behind region-wide banking stability
New paper finds more competitive regional banking systems are less fragile; contagion is more dangerous when the host's banks are more liquid and better capitalised
Sarb deputy hails role of accountants in South African recovery
François Groepe tells new cadre of chartered accountants that they have an important role in ensuring ‘structural challenges' are addressed effectively
Australia mandates OTC clearing to ensure substituted compliance
Global regulatory agenda drives switch from market-based incentives to clearing
VAR models need overhaul to apply CVA proxy rules, says EBA
EBA surprises industry with eleventh-hour guidance that spread simulations – not just initial levels – should account for rating, region and sector
'Opaque and arbitrary' systemic risk methodology frustrates insurers
Designated insurers could come off G-Sii list when revised in 2014
Bank of England deputy tackles macro-prudential effects on banking
Paul Tucker tells Helsinki conference that banks' ‘core comparative advantage' would survive the removal of the ‘too-big-to-fail' subsidy
Fed's Tarullo reviews Dodd-Frank implementation progress
Federal Reserve governor tells Senate committee the Fed is at the ‘beginning of the end of the rule-making process', with the emphasis soon to shift to enforcement of the rules
ECB's Cœuré welcomes commission proposal on Single Resolution Mechanism
Speaking in Paris, Cœuré says ‘strong central authority' needed as fundamental complement to the SSM
RBA's Debelle hails launch of new finance research project
Deputy governor says Funding Australia's Future will provide a much needed ‘holistic view of how the Australian and global financial system is being transformed' by regulation
Libor administration handed to NYSE subsidiary
Independent committee judges NYSE Euronext best placed to restore credibility in the tainted benchmark for interest rates; BBA will hand over after a ‘period of transition'
Cœuré says banking union vital to avoid a ‘lost decade' in Europe
Europe must act to break the sovereign-bank nexus and deal with zombie banks if it is to avoid a Japan-style decade of stagnant growth; backs ECB monetary policy to work toward this objective
UK government set to make electric ring fence ‘virtually useless'
Banking standards commission chairman Andrew Tyrie laments the government's departure from his commission's recommendations on leverage, Bank of England reform and the electrified ring fence
FTT would ‘drain financial resources’, says forex lobby group
The global forex division of the Global Financial Markets Association is upping its lobbying efforts to have forex derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs