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US Fed building

Banks ace stress tests - but next one might be harder to pass

As the prospects for the US economy darken, the stress test results published on June 23 show systemically important banks are able to swallow substantial losses if a recession materialises.

Emma Kalliomaki

New identifier helping track systemic risks in OTC derivatives on track for launch

The unique product identifier looks set to launch from late next year as major jurisdictions are managing to stay on track.

Max Heywood

Credit Suisse run in with FCA is a warning to others

Credit Suisse is no stranger to controversies. Over the last decade, official investigations and leaks to journalists have revealed the bank’s facilitation of suspect activities, from tax fraud and secret loans to forex manipulation and money laundering. By Max Heywood, head of public sector at Elucidate

Katie McDougall

Authorities get serious over using cryptocurrencies to evade sanctions

The president of the European Central Bank, Christine Lagarde, has warned that cryptocurrencies are being used by Russian actors to bypass sanctions. The G7 leaders, in a statement issued by the White House, have stressed that measures are in place to pursue those who attempt to use crypto assets to evade such sanctions. By Katie McDougall, Harriet Jones-Fenleigh, Adam Sanitt; and Emma Houldsworth at Norton Rose Fulbright 

Binance

Binance scores ‘coup’ with French registration

The Autorité des marchés financiers (AMF) has granted the controversial crypto exchange Binance approval to operate in France making it the first major European country to do so.

MEPs agree position to strengthen EU green bond standards

Members of the European Parliament have agreed a position designed to stamp out ‘greenwashing’ for EU green bonds and have suggested some amendments to the European Commission’s proposal.

Bill Hwang

ESMA calls for framework to better detect ‘Archegos’ like risks

The 2021 collapse of the family office Archegos Capital Management prompted the European Securities and Markets Authority (ESMA) to recommend creating a framework enabling supervisors to better monitor risks related to derivatives.

Sam Woods

UK financial firms face huge climate-related losses

Climate change could inflict huge credit losses on financial firms according to the Bank of England’s latest stress tests, although these would still be manageable for the industry.

Julia Salant

SEC’s ambitious climate reporting goals face practical hurdles

Companies listed in the US will face one of the most exacting climate-related disclosure regimes in the world if the Securities and Exchange Commission gets its way, and there are already concerns that it goes too far.

ESMA predicted to get tough on reporting failures

Financial firms are being warned that the European Securities and Markets Authority (ESMA) is losing patience with poor quality reporting and is likely to increasingly resort to penalties to address the problem.