The Volcker Rule was hastily drafted after the global financial crisis and it soon emerged that it was significantly flawed. The five US agencies that oversee it are now revising it so it works better, which is no easy task. By Justin Pugsley.
SEC’s top priorities are innovation and protecting investors
SEC seeks feedback on its draft plan establishing its priorities out to 2022, which includes protecting investors and being innovative
Transforming bank cultures takes years says Fed president
A US Fed president says instituting good banking cultures is a multi-year task and maintaining them requires ongoing work
Foreign bank US dollar funding sources worry IMF
IMF highlights that foreign banks are vulnerable to funding problems on their US dollar books in the event of severe financial market stress.
Sustained low interest rates pose risk to the financial system
Long periods of low market interest rates could pose a systemic risk to the financial system, particularly if rates were to suddenly rise sharply
NSFR amended to accommodate central bank claims
Basel Committee makes technical amendment to NSFR to accommodate some central bank claims
Global banks struggle with implementing risk data principles
The Basel Committee on Banking Supervision said the big global banks are struggling to implement principles for effective risk data aggregation and reporting and suggests supervisors work with them to ensure effective compliance
Bank of England consults on operational resilience
UK supervisors publish joint paper on operational resilience and are seeking industry feedback on their ideas
Clear cultural mission essential so firms can deal with grey areas
SEC chairman Jay Clayton says financial firms must have clear goals regarding their corporate culture if they are to successfully address potential grey areas and improve it
UK may forge regulatory alliances outside EU
UK policy-makers increasingly contemplating new regulatory alliances in the face of EU intransigence over third country equivalence issues.
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- EMIR REFIT has potential to trigger unintended consequences
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- Stress testing to evolve to keep pace with changing risks
- US universal banks should become smaller and more efficient
- Market participants lobbying over short Emir 2.1 timelines
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