Latest articles from Philip Alexander

European repo markets face double challenge


Draft legislation on securities financing and the implementation of settlement discipline rules both pose challenges.

New Basel approach to operational risk called into question

Andres Portilla

Responses to the consultation on a new standardised approach express concern that it would have little sensitivity to actual changes in operational risk.

Non-bank SIFI identification process resumes

Global regulatory bodies have launched a second consultation on a process to identify non-bank, non-insurer global systemically important financial institutions.

Uneven compliance with financial benchmark principles

With many fixed income and commodity benchmarks transitioning to new administrators, it is unclear how far the industry will ultimately comply with principles set out by securities regulators.

Growing scrutiny on bank pay policies

Regulators including the European Banking Authority, single supervisory mechanism and New York Federal Reserve are looking at ways to link bank pay more coherently to good risk management practices.

EU debate on non-equity transparency continues

Most derivatives will classify as illiquid under the Markets in Financial Instruments Directive, but market participants are still alarmed over the possible impact of transparency requirements on fixed income instruments.

Basel III compliance improving

Banks are gradually narrowing their capital and funding gaps under the Basel rules, but the leverage ratio and net stable funding ratio are still likely to pose challenges.

Europe to reconsider banks’ internal models

The European Banking Authority has announced a wide-ranging examination of the assumptions and supervisory treatment of internal models used for calculating credit risk-weights as part of banks' capital ratios.

New UK bank governance regime takes shape

UK prudential and conduct regulators have clarified the responsibilities of non-executive directors, required banks and insurers to set up adequate whistleblowing arrangements and set out new requirements for bank auditors.

EU study casts doubt on large trading desk advantages

A study intended to feed into the European Parliament's debates on bank structural reform has found that trading desks are performing poorly in terms of profitability, with little evidence that they make a significant contribution to the wider economy.