EuropeRSS

Bank of England asks banks to resist pressure over shifting euro clearing

The Bank of England has urged banks to resist EU pressure to shift euro clearing into the bloc, saying it could fragment markets and undermine financial stability. 

FINMA highlights syndicated loans as Libor transition laggards

Though Switzerland’s transition away from the London interbank offered rates (Libor) is largely on track, the Swiss Financial Market Supervisory Authority (FINMA) is concerned that some sectors, such as syndicated loans, are still lagging. 

Swiss exchange

Swiss exchange gets go ahead to trade digital tokens

The SIX Digital Exchange (SDX) has been given the green light to operate a stock exchange and central securities depository (CSD) for digital assets by the the Swiss Financial Market Supervisory Authority (FINMA). 

Shipping containers

UK banks wrapped over the knuckles on trade finance

UK regulators sent a strongly worded letter to bank chiefs to improve their practices around trade finance following a string of criminal actions leading to hundreds of millions of pounds in losses for individual firms. 

Jouni Aaltonen

‘Shadow banks’ criticise EBA consultation as “overkill”

The European Banking Authority is consulting on what constitutes a shadow bank for the purpose of reporting large exposures, as the fallout from the Covid-19 pandemic has global regulators assessing the degree to which they should regulate shadow banks. 

City professionals see cryptocurrencies displacing fiat currencies within a decade

A survey of City of London financial services professionals revealed that more than three quarters of them expect cryptocurrencies to displace fiat currencies in the next five to 10 years.

Euro notes

Is a single bank supervisor inevitable throughout the EU?

A number of European Union countries remain outside eurozone supervisory arrangements, but most are under a treaty commitment to join the euro and the European Banking Union at some point. But a mix of politics and economics points to very divergent levels of progress among the outsiders. By Duncan Alford, associate dean and director of the Law Library & professor of law at the University of South Carolina

Bitcoin and wires

Crypto receives major boost from German regulatory move

As of August 2, specialist funds in Germany with fixed investment mandates are now allowed to place up to 20% of their holdings in cryptocurrencies and crypto assets, which comes as a huge boost to the asset class. 

EBA

EU banks withstand severe stress tests

Very severe economic and market conditions would see a capital depletion of €265bn for EU banks, but their common equity tier 1 (CET1) capital would remain above 10%, according to the European Banking Authority’s (EBA) latest stress tests, published on July 30.

FCA entrance

UK's new SPAC rules kick-off but some concerned it's too late

On August 10, the UK’s rules were liberalised for special purpose acquisition companies (SPACs) with the UK authorities hoping it will make the country more attractive to fast growth firms seeking a quick stock exchange listing.