FT Alphaville » Regulation

Financial litigators of the world, unite

Joseph Cotterill — Wed, 22 May 2013 21:19:13 +0000

Now here’s a sign of the times…

The Network aims to promote collaboration in international financial matters to help facilitate cost-effective resolution of disputes and avoidance of duplicative and inconsistent adjudication of the same matters in different jurisdictions, thus increasing the likelihood of resolving financial disputes in a way that all market participants will find to be substantively and procedurally fair…

Continue reading: Financial litigators of the world, unite

This is a raid, oil price reporting edition

Joseph Cotterill — Tue, 14 May 2013 15:06:14 +0000

We suggest watching this story…

It looks like EU competition regulators paid some unannounced visits to oil company offices around Europe on Tuesday — note the reason:

Continue reading: This is a raid, oil price reporting edition

This is not a financial forecast

Paul Murphy — Mon, 29 Apr 2013 07:54:23 +0000

From the London Stock Exchange on Monday…

As part of a reorganisation of London Stock Exchange Group’s (“LSEG”) Italian legal entities earlier this year, a valuation report was prepared for the specific purposes of the reorganisation and was filed with the Companies Register of the Milan Chamber of Commerce and has recently been made public. This report included a LSEG revenue projection for the year ending 31st March 2016 of €1.4Bn with 12% annual LSEG revenue growth from the start of FY14. It also included 5 year (FY14 to FY18) financial projections for the Italian legal entities together with historic information for such entities for the 9 months to 31 December 2012.

Continue reading: This is not a financial forecast

A wholly unregulated Libor, FSA edition

Joseph Cotterill — Tue, 05 Mar 2013 17:57:02 +0000

Yes yes, the FSA had trouble passing the Wall Street Journal around the office in mid-2008.

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Reforming risk-weights, quotes du jour

Joseph Cotterill — Fri, 25 Jan 2013 09:25:35 +0000

They all come from this Stefan Ingves speech given on Thursday -- in which the Basel Committee chair addresses "some concerns... that banks are not calculating risk weighted assets" - the denominator in a bank's regulatory capital ratio - "consistently".

Basel is about to release results of a probe into banking and trading books...

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Today’s regulatory word of the day: “pre-funding” [updated]

Lisa Pollack — Fri, 18 Jan 2013 12:22:45 +0000

On Friday, the FSA has published its feedback and responses to a review of the Financial Services Compensation Scheme funding model issued back in July. It’s long. Lucky for us then that we were looking for one thing and one thing only — the stance on “pre-funding”.

Pourquoi?

The revised Liquidity Coverage Ratio of course!

Continue reading: Today’s regulatory word of the day: “pre-funding” [updated]

Banks, Here’s your new liquidity regime. Now stop blaming us. Love, Basel

Kate Mackenzie — Mon, 07 Jan 2013 08:44:05 +0000

The Basel Committee on Banking Supervision has finalised rules for bank liquidity. Some of the changes had been anticipated in recent weeks, particularly after the US banks ramped up their lobbying efforts. That said, they’re still quite a big departure from the 2010 draft rules, especially on what qualifies as a high quality liquid asset.

The complete set of changes is on the BIS website, but here are some highlights.

Continue reading: Banks, Here’s your new liquidity regime. Now stop blaming us. Love, Basel

Thank you, Libor

Lisa Pollack — Wed, 21 Nov 2012 15:33:03 +0000

“A judgmental structure of supervision that emphasises the big issues has to be matched by proper transparency . . . or it won’t work.” Andrew Bailey, head of prudential regulation at the Financial Services Authority, told that to parliamentarians on Monday.

Too bad there’s seemingly no tradition of transparent supervision in the UK, especially when it comes to banks.

Continue reading: Thank you, Libor

JPM’s Zames asked about impact of new regs, replies with ‘meh’

Lisa Pollack — Wed, 21 Nov 2012 10:17:34 +0000

We’re developing a soft spot for that Keith Horowitz at Citi. Ne’er did a man express so much joy at an interest rate sensitivity disclosure. That’s our kinda cute.

This time Horowitz has gone to meet Matt Zames, JPMorgan’s new co-chief operating officer and operating committee member. They talked pendulums:

Continue reading: JPM’s Zames asked about impact of new regs, replies with ‘meh’

A short leap across the Atlantic

Joseph Cotterill — Fri, 02 Nov 2012 21:18:37 +0000

No doubt the California buyside was up early this morning… checking whether they had any disclosures to make under the new short-selling regulation which affects them.

That would be the European one.

Continue reading: A short leap across the Atlantic