Latest articles from Philip Alexander

Pressure builds on Insurance Capital Standard

Fundamental disagreement on valuation methods between US and European regulators has prompted industry bodies to suggest that the International Capital Standard should be a tool for supervisory co-operation rather than a binding measurement.

Financial Stability Board focuses on liquidity and conduct

With bank prudential regulatory reform initiatives drawing to a close, the Financial Stability Board is looking at the risks posed by bond market illiquidity and misconduct in the financial sector.

Europe proposes limits on banks’ shadow exposures

The European Banking Authority wants banks to set their own risk appetite limits for exposure to shadow banking, or apply an aggregate fallback limit of 25% of capital.

Banks’ sovereign risk exposures probed

The European Systemic Risk Board has joined calls to re-evaluate the zero risk weights applied to sovereign exposures under bank and insurance regulation.

New foreign exchange code agreed

Participants in the global foreign exchange markets have agreed a global preamble encompassing codes of conduct to eliminate manipulation and breaches of client confidentiality.

European Banking Authority takes wait-and-see approach to CVA charge

Stéphane Boivin

The EU standard-setter suggests a better Basel framework for credit valuation adjustments would make the corporate exemption easier to abolish.

Cautious welcome for Europe’s capital markets union plan

Jonathan Hill 167x96

Many of the proposed regulatory reforms have been advocated for some years, but implementing them remains a political challenge.

New York proceeds while Europe stalls on Bitcoin regulation


The New York Department of Financial Services has at least partly reassured entrepreneurs over virtual currencies, but European operators are left in limbo.

US leveraged finance adapts to tighter bank supervision

Jerome Powell

Banks are rethinking their leveraged loan underwriting policies, although there is still little precision around what deals may fall foul of regulators.

Regulators’ alarm rises on secondary market liquidity

Vitor Constancio

Financial Stability Board and European Central Bank fear lack of depth in bond markets when interest rate cycle turns.