Latest articles from Charles Piggott

Six agencies approve final risk retention rule

Six federal agencies have approved a final rule requiring sponsors of securitisation deals to remain exposed to the underlying assets.

Stress test scenarios released early

US banking regulators released the annual stress test scenarios early to give the country's 31 large banks more time to prepare.

NY Fed's Dudley warns banks to shape up or break up

The president of the Federal Reserve Bank of New York has called on senior bankers to lead cultural change or face structural reform.

Lawmakers caution Fed over use of reverse repos

Two congressmen have warned the US Federal Reserve to end its use of the reverse repurchase facility.

Dealers play for time as US goldplates non-cleared swap margins

José Manuel Barroso

Proposals from the US, Japan and the EU have set widely differing thresholds at which firms will be required to post initial margin for non-centrally cleared derivatives. Market participants want more time as they push for a level playing field.

Final US leverage rules to hit low-risk businesses

Martin Gruenberg

Despite intense industry lobbying, US regulators have taken a tough line on ‘zero risk’ assets, finalising changes to the US supplementary leverage ratio rule that will include cash and treasury bills in the measure of bank leverage. Bankers say low-margin, low-risk businesses will be hit first.

HFT proposals criticised for being ‘behind the times’

Rules to tackle abusive high-speed and algorithmic trading proposed on September 19 by the US Financial Industry Regulatory Authority have drawn sharp criticism.

Likely delay for lawmakers’ regulatory fix for insurers

The US House of Representatives passed legislation on September 16 clarifying that the Federal Reserve can apply capital standards tailored to the insurance companies it oversees, rather than capital standards developed for banks. But the addition of other Dodd-Frank Act amendments by the Republican-led lower chamber is likely to delay negotiations with the Senate.

House Judiciary Committee passes bank bankruptcy bill

The House Judiciary Committee has approved the Financial Institution Bankruptcy Act of 2014 that would update antiquated US bankruptcy codes. In a written statement, the committee said the bipartisan bill has been the result of recent re-examination of bankruptcy laws as they relate to the resolution of financial firms.

Fed creates its own emerging risk committee

While the US Federal Reserve is reported to have created its own financial stability committee under vice-chairman Stanley Fischer, the Financial Stability Oversight Council (FSOC) continues to attract criticism, most recently in a 19-page report issued by the US Government Accountability Office (GAO).