Regulation
Volcker philosophical on weakened rule, reform bill
Former Fed chairman Paul Volcker says failure to include dollar limit on banks’ positions in hedge funds “disappointing”, but accepts need for political compromise
Fed better prepared than us for financial crisis: ECB paper
European Central Bank study shows stronger emphasis towards output allowed the Fed to react faster than Frankfurt to financial crisis
Volcker should chair FSoc
Aspects of the Dodd-Frank Act are welcome but crises will continue to be mismanaged, Robert Pringle writes.
Fed is the main winner from Dodd-Frank bill: Meyer
Former Federal Reserve governor Laurence Meyer says the central bank has gained powers it wanted and shed responsibilities it did not, despite initial anti-Fed sentiment among lawmakers
Basel Committee counter-cyclical proposals tie buffers to economic indicators
Committee publishes paper on counter-cyclical capital and defers recommendations on Basel III to oversight board meeting on July 26
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
Malaysia's Zeti launches new Islamic finance task force
Bank Negara Malaysia governor Zeti Akhtar Aziz announces plans for new financial stability task force
France's Noyer says OTC markets need revamp
Banque de France governor Christian Noyer says new reforms on over-the-counter derivatives will make market more resilient
UK FSA reorganisation happening quickly, says head of risk
The break-up of the UK Financial Services Authority is beginning to take shape, says the regulator's head of risk management
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
UK’s Hoban wants greater say over European regulatory reform
UK financial secretary to the Treasury Mark Hoban concedes London’s prominence as financial centre has ended, says Britain must have stronger voice in Europe on regulatory reform
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
MAS's Lim says integrated sovereign wealth funds beneficial for industry
Monetary Authority of Singapore deputy chairman Lim Hng Kiang says improved ties between sovereign wealth funds will improve best practice in the industry
Iceland’s Sighvatsson offers guidelines on how to apply new Supreme Court law
Central Bank of Iceland deputy governor Arnor Sighvatsson introduces guidelines to financial institutions on non-binding clauses linking loans to exchange rates
Microfinance not a silver bullet for Africa: Nigeria, Ghana governors
Nigerian governor Sanusi Lamido Sanusi and Ghanaian chief Kwesi Bekoe Amissah-Arthur say credit issuance is constrained by factors other than just access; requires deeper change
Protests at Icelandic central bank on car loan rules
Several hundred demonstrators congregate around central bank in peaceful protest against delinking of car loans from foreign currency exchange rates; rule change could see up to 10% of Icelanders hit with higher repayments
Netherlands’ Wellink survives resignation calls
Calls for Netherlands Bank governor to quit followed damning report into the central bank’s handling of failure of DSB
EXCLUSIVE: Nigeria to cut out universal banking
Nigerian governor Sanusi Lamido Sanusi says new guidelines similar to Volcker rule will prohibit lenders’ engagement in non-banking activities; takeover deals for bailed out banks near completion
EXCLUSIVE: Ghana’s Amissah-Arthur defends inflation targeting
Bank of Ghana governor Kwesi Bekoe Amissah-Arthur says framework is broader than its critics argue; points to problems in Ghanaian banking sector
Volcker unhappy with watered down rule: reports
Head of presidential economic advisory board Paul Volcker said to be dissatisfied with cap, rather than ban, on banks’ hedge fund investments; lawmakers forced to scrap $19 billion bank levy
Interview: Gill Marcus
The governor of the South African Reserve Bank tells CentralBanking.com why reforms can’t be rushed and discusses the role of central banks within society
EXCLUSIVE: Finger-pointing masks officials’ failures, says Sarb’s Marcus
South African Reserve Bank governor Gill Marcus says knee-jerk reforms ignore failure of policymakers to raise standards before crisis; sober, measured approach to reform only credible way forward
UK officials must consider cultural factors in regulatory overhaul
Navigating the transition to Britain’s new regulatory regime is fraught with cultural challenges, writes Michael Foot
CEPR: market liberalisation exacerbated credit crunch
Centre for Economic Policy Research study on financial crisis finds countries with deregulated markets were most negatively affected in credit markets