European Central Bank

Latest EU stress tests reveal some concerns

The EU’s bank stress tests have become a familiar part of Europe’s supervisory processes. However, the latest exercise has raised concern over the state of some banks as well some criticism over how it is conducted

Daniel Carpenter

Banks ignoring tax issues due to regulatory compliance preoccupations

Banks have not been paying enough attention to tax issues, particularly with speculation over the launch of an EU-wide financial transaction tax (FTT), due to focusing so many resources on keeping up with a flood of new regulations. This could lead to problems.

Firms bracing for expansion of SM&CR

The UK’s SM&CR is to be rolled out to the wider financial sector creating a new wave of compliance challenges for firms that are impacted

Whistleblower complaints to FCA rocketed 24% in 2018

Complaints by whistleblowers to the UK’s Financial Conduct Authority (FCA) soared by 24% in 2019, covering a range of issues from customer protection through to market manipulation and data security.

Pentti Hakkarainen

Concern lingers that eurozone may not be ready for another crisis

With a possible recession on the horizon, Europe’s banks are in a stronger position than they were in the run-up to the 2007-9 global financial crisis. Nonetheless, there are still worries about too many weak banks, doubts over stress tests and the failure to complete Europe’s banking union. By Farah Khalique.

UK banks could withstand hard Brexit - Moody’s

If the UK leaves the EU without a formal withdrawal agreement, it would create negative pressures on its lenders, but given they have strong capital and liquidity they are expected to remain resilient, said Moody’s Investor Services.

Bloomberg trade repository registration withdrawn while DTCC registers new one

While Bloomberg Trade Repository Ltd (UK) has had its registration withdrawn, DTCC Data Repository (Ireland) PLC has been registered as an EU trade repository, said the European Securities and Markets Authority (Esma) in two separate statements.

EBA recommends action to protect depositors of UK bank branches

Depositors at branches of UK credit institutions in the EU should continue to benefit from deposit guarantee schemes (DGSs) in the event of a hard Brexit, the European Banking Authority (EBA) said in an opinion.

Houses of Parliament

CCPs geared for ‘no-deal’ Brexit, but other markets could suffer

A UK parliamentary committee has been told that CCPs are well prepared for a ‘no-deal’ Brexit scenario with regulators having put forward viable contingency plans. However, for much of the rest of the financial ecosystem, uncertainty persists. By Justin Pugsley.

Eight banks accused by EC of distorting market competition in bonds

It appears that the European Commission has unearthed another conduct related scandal, this time involving distorting competition in the trade in eurozone government bonds