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Fair and Effective Financial Markets Review: taking another look

Although George Osborne’s annual Mansion House speech was dominated by plans to tackle the UK’s chronic housing shortage, the Chancellor made some familiar noises concerning the importance of the ‘integrity of the City,’ and ‘robust financial markets,’ and set out proposals to protect both. Osborne announced that the Treasury, the Bank of England and the […]

LCH.Clearnet joins CCP roster

LCH. Clearnet Ltd has today received approval from the BoE to act as a CCP under EMIR. The UK-based arm of the Clearnet Group joins its sister organisation in France, LCH Clearnet S.A., and the following list of EMIR-approved CCPs to date: LCH. Clearnet Ltd. Eurex Clearing A.G. LCH Clearnet S.A. KDPW CCP NASDAQ OMX […]

Ringfence Vaulting to become new sport?

As the electrified ringfence-erecting Banking Reform Bill is poised to enter the statute books, the FT reports HSBC is thinking of hiving off its UK operations in response. The global bank has proposed carving out its UK operation, and floating this retail-focussed, reconfigured bank on the London exchange. The article points out that such an […]

Bank of England leaps on Leverage Controls

George Osborne has surprised markets with his second U-turn in as many days. In a published exchange of letters with the Governor of the Bank of England, the Chancellor asked the Bank to begin an immediate review as to “whether and when” it required formal powers to mandate leverage ratios for banks. Mr Osborne had […]

Payday Lenders’ paydays to end

George Osborne yesterday committed to a further amendment to the Banking Reform Bill, adding an explicit duty on the FCA to impose a cap on the exorbitant rates charged by “payday lenders”. Fending off criticism from diverse sources, the Chancellor had previously insisted that existing regulatory powers were adequate and seemed reluctant to interfere in […]

SPE and MPE – which are you?

Introduction On 14 October, the Bank of England published a speech given by Paul Tucker, Deputy Governor Financial Stability, at the Institute of International Finance 2013 Annual Membership meeting on 12 October 2013 on the subject of ‘too big to fail’. Mr Tucker made five general points: The US authorities could resolve most US SIFIs […]

PCBS? …Yes

The BoE and FCA have published their responses to the final PCBS report. They are united in welcoming the report and in emphasising how many of its recommendations they have already implemented.  A brief summary of the report and responses follows; People: BoE pledge the support of the PRA in assigning key risks to Senior […]

Paul Tucker Speech on Resolution

On 20 May 2013, Paul Tucker, Deputy Governor of Financial Stability at the Bank of England gave a speech entitled “Resolution and future of finance” at the INSOL International World Congress in the Hague. Within the wider context of discussing solutions to the problem of “too big to fail”, the speech gives a useful summary […]

HM Treasury to Extend Special Administration and Resolution Regimes

On 25 April 2013, HM Treasury published a consultation paper on the introduction of a Special Administration Regime (SAR) for inter-bank payment systems (such as Bacs, CHAPS, Continuous Linked Settlement, CREST, LCH Clearnet Ltd, Faster Payments Service and ICE Clear Europe), operators of securities settlement systems (CREST being the only example in the UK) and […]

FSA Updates RRP Guidance

The FSA has published an update to its Recovery and Resolution Planning (RRP) guidance dated 20 February 2013. It expects to publish formal RRP rules “soon” after the FSA hands responsibility over to the Prudential Regulation Authority on 1 April 2013.  An updated RRP information pack for firms can be expected soon thereafter with subsequent […]

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