Latest articles from Justin Pugsley

GET Bank of England

UK’s Basel 3.1 implementation likely to see more divergence from EU

The UK sticking relatively close to the Basel framework will nonetheless mean that it will diverge further from the EU, which is opting to pursue more exceptions in its capital rules.  

BLM Mairead McGuinness

EU’s pragmatic stance on euro clearing likely influenced by Brexit

The European Commission’s proposals on euro clearing seem to have been significantly influenced by Brexit and geopolitical factors, potentially placing the bloc’s derivatives industry in a stronger competitive position.

GET roulette wheel

Is the UK gambling on a return to casino capitalism?

It is tempting to dismiss the UK government’s plans to scrap banker bonus caps, reintroduce a competitiveness mandate for regulators and to potentially dilute conduct rules to turbo charge the City of London’s growth as a return to casino capitalism. The reality is somewhat more nuanced.

Equity ticker

PFOF remains a major sticking point in MiFIR review

Payment for order flow in equities markets is proving one of the toughest issues to crack in the EU’s review of its market rules and is likely to be tackled last by policy-makers.

GET renminbi

CIPS could prove to be a long-term threat to US-centric financial system

China’s Cross-Border Interbank Payment System does not pose an immediate threat to the dollar, the US-centric global payment system nor the country’s ability to wage sanctions. But this could change further down the road.

UK decides to cut bank profit tax surcharge

UK banks enjoyed some good news following the decision by new finance minister, Jeremy Hunt, to cut the 8% levy on lender’s profits to 3% in a move to try and keep the country’s finance sector globally competitive.

G-SIB banking unchanged but movement within list

The rankings of the global systemically important banks (G-SIB) published by the Financial Stability Board (FSB) remains unchanged from last year at 30. However there has been movement within the list.

CSRD to make greenwashing harder in the EU

The fight against greenwashing has received a major fillip following a vote by the European Parliament on November 10 to pass the Corporate Sustainability Reporting Directive (CSRD) – an ESG framework that will force more accurate reporting of climate related data.

GET Houses of Parliament

UK parliament warned of inadequate NBFI oversight

Too little attention is being paid to non-bank financial institutions as risks have built up in the financial system following the dramatic pivot away from ultra-low interest rates and resurgent inflation, a UK parliamentary committee was told.

Val Wotton

Swaps industry gears up for reporting 2.0 ‘nirvana’

The over-the-counter swaps market has taken a major step towards a new system of digital reporting that promises to vastly improve regulatory data quality and deliver big efficiencies to participants.