Regulation
Bank Russia to become ‘mega-regulator' with mandate for growth
New law set to be enacted in September will hand the central bank responsibility for almost all of Russia's financial system, and give monetary policy a broader mandate to support ‘sustainable growth'
MAS benchmark proposals may reduce number of dealers in SGD market
MAS proposal on financial benchmark setting aims to hold banks more accountable by imposing criminal and civil punishment
No CVA exemptions in US Basel III rules
Europe isolated as US regulators opt for broad counterparty risk charge
UK's FCA commits to active participation in designing European regulation
FCA chairman says the UK financial industry must take a pragmatic approach towards regulation from Brussels; MP Mark Garnier says regulation that is too complex can lead to ‘accountability firewalls'
Former BoE deputy to review RBS SME lending practices
Andrew Large will look into RBS group's lending practices in a bid to ensure more liquidity reaches UK businesses
Fed board member highlights 'especially daunting' challenge of cross-border bank resolution
Jerome Powell says new American approach could serve as a 'simplifier – making theoretically possible something that seemed impossibly complex'
Federal Reserve adopts Basel III for US banks
Fed Board unanimously votes to introduce new capital requirements as of January 1; Daniel Tarullo says additional measures will follow including proposals for a higher leverage ratio
Denmark's Rohde unconvinced of need for bank activity separation
Common rules on recovery and resolution, and higher capital requirements are what the European banking sector needs for greater stability, says National Bank of Denmark governor
Finland economist provides euro crisis ‘view from the north'
Banking union will be key to avoiding a repeat of the eurozone sovereign debt crisis, writes Bank of Finland economist; dealing with the ‘legacy' of weak balance sheets is a ‘key open issue'
Basel leverage ratio would double up collateralised OTC positions
Ratio could be a 'game-changer', dealers warn, as Basel Committee proposes counting received collateral as well as derivatives exposures
Weidmann says regulation must strengthen principle of individual responsibility
Bundesbank president says higher capital requirements will enable banks to shoulder greater losses by themselves; correct sequence of liability under common European resolution rules also needed
Basel Committee updates advice on anti-money laundering practices
Consultative document addresses ways for banks and supervisors to cut risk through diligent use of anti-money laundering efforts, including how to co-ordinate across borders
Fed proposals seek to shine light into money markets
Proposals for daily data reporting by a panel of 155 banks aim to improve the Federal Reserve's ability to supervise shadowy money markets
Basel Committee reveals leverage ratio formula
Proposals detail leverage ratio calculation framework and disclosure requirements that will enter force in 2015; committee keeps options open for a higher leverage ratio than originally planned
Switzerland passes Basel III implementation test
Assessment finds country ‘compliant’ overall with Basel III capital framework, although a number of regulations had to be tweaked to make the grade
ESM direct recapitalisation gets go-ahead
Eurogroup reaches agreement over main features of direct bank recapitalisation under the European Stability Mechanism, but commentators warn the deal could still falter; CRD IV also adopted
Reckless bankers should face jail, says UK parliamentary report
UK Parliamentary Commission on Banking Standards delivers raft of recommendations on how to cultivate better responsibility among bankers, banks and their regulators
Bank of Russia easing could 'jeopardise' inflation anchor
IMF releases Article IV consultation with Russia; encourages central bank to focus on inflation objectives and warns rate cuts would jeopardise ability to hit target range this year and next
Carney's Bank of England should seek closer ties with ECB, says MEP Bowles
Sharon Bowles will raise issue of European co-operation at her first meeting with Mark Carney - saying it is even more of a priority now Paul Tucker is leaving
Bowles: Give ECB its ‘smoke and mirrors'
ECB's chief inquisitor says central banks must retain 'a certain amount of mystery' to keep fiat monetary systems going; interaction between ECB's monetary and supervisory arms will be 'difficult'
Basel’s ‘99.9% standard’ for op risk is unreliable, says ORX chief
Giulio Mignola says Basel II's 'one-in-a-thousand-years' threshold for tail risk is fundamentally flawed
Fed's Plosser calls for a move to simple, but higher, capital requirements
Philadelphia Fed president says there is no better example of over-complex rule writing than risk-weighted capital calculations - and calls for a shift to simpler rules which are harder to evade
Basel securitisation reform creates 'perverse incentives’, says senior Japanese banker
Inconsistent rules are damaging financial intermediation, according to Takashi Oyama of Norinchukin Bank
FDIC clarifies approach to use of credit ratings
Article in latest edition of FDIC’s Supervisory Insights sets out expectations regarding credit risk due diligence, explaining what role credit ratings should play in making investment decisions