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Regulation

More Currencies or Better Anchors? Claudio Borio, head of the Bank for International Settlements (BIS) monetary and economic department, has tried to answer a perennial question in a speech in Zurich this morning. Does the world need more major currencies to counter the US dollar’...
Fed’s Dudley: Evidence on Liquidity Deterioration “Mixed” Federal Reserve Bank of New York President William Dudley has told a gathering that “the evidence that market liquidity has diminished is mixed”. Speaking at a Federal Reserve Bank of Atlanta event over the weekend, Dudley, who framed his remarks ...
Buy Side Voices Concerns Over Impact of Regulation on FX US regulations have failed to improve the FX market in the short-term, according to the buy side representative at a discussion hosted by the Commodity Futures Trading Commission (CFTC) today. Angela Patel, trading operations manager at Putnam Investments, was the ...
Basel Brushes Up Standards for Interest Rate Risk The Basel Committee on Banking Supervision has issued new standards for Interest Rate Risk in the Banking Book, which it has handily abbreviated to IRRBB. It says the standards revise the Committee’s 2004 Principles for the management and supervision of ...
Patience is a Virtue? De Groot’s Tribunal Postponed Bob De Groot, the former global head of spot trading at BNP Paribas, will have to wait another day to air his grievances against his former employer in open court. De Groot was suspended by the French bank back in ...
Sonia Gets a Makeover

14:02 April 13th 2016 in News, Regulation

Sonia Gets a Makeover

The Bank of England (BoE) has announced it will become the administrator of the Sterling Overnight Index Average (Sonia) interest rate benchmark on April 25.  Sonia was introduced in March 1997 by the Wholesale Markets Brokers’ Association (WMBA), which has administered it ...
RBS Libor Submitter Banned from the City The Financial Conduct Authority (FCA) has banned a former Royal Bank of Scotland (RBS) JPY and CHF Libor submitter from basically ever working in the City again. Paul White has been barred from performing any function in relation to any ...
EU Parliament Agrees to MiFID II delay The European Parliament today agreed to delay the implementation of MiFID II to January 3 2018. The decision follows a recommendation made by the European Commission on February 10 to give financial companies time to implement the somewhat complicated legislation. The European Commission ...
Law Firms Ready to Pull the Trigger on FX Manipulation Claims Legal experts in London are edging closer to bringing civil court claims cases against a number of banks for their alleged role in manipulating the 4pm WM/Reuters Fix, despite the absence of a verdict from the European Commission’s (...
Basel Committee Proposes Revisions to Leverage Ratio Framework The Basel Committee on Banking Supervision has today released a fresh consultative document and answered a set of frequently asked questions (FAQ) on revisions to its Basel III leverage ratio framework. The Basel III framework was introduced to combat the ...