Latest articles from Simon Turmaine

Newsletter October 2010: Opposition mounts to capital surcharge on large banks

Proposals to deal with too-big-to-fail firms will be put to November’s G20 Seoul summit. But bankers object to any extra capital charges By Melvyn Westlake

Newsletter October 2010: Trading book review may lead to fresh capital hike

A fundamental review of the regulatory treatment of bank trading books is underway. Bankers fear move to make trading unattractive

Newsletter October 2010: Power struggle looms over EU derivative and ‘short sell’ regs

European Commission’s latest regulatory proposals give lawmakers chance to renew their fight to give more powers to pan-EU Supervisory Authorities, reports Melvyn Westlake

Newsletter October 2010: European Commission proposals on short selling and credit default swaps

*All share orders on trading venues to be marked as ‘short’ (so-called “flagging”) if they involve a short sale.

Newsletter October 2010: Commission proposals on OTC derivatives

OTC derivatives in the EU to be reported to central data centres (trade repositories), where regulators in the EU will have access.>? ESMA to be responsible for surveillance of trade repositories and for granting / withdrawing their registration.

Newsletter October 2010: US regulatory round-up

A selection of news items generated by the American regulatory reform agenda

Newsletter October 2010: US reaffirms Basel III commitment

The Basel III capital and liquidity standards tackle some of the major shortcomings revealed by the global financial crisis, a top US central banker said in October in a further, strong and detailed US endorsement of the international agreement to toughen bank safety rules.

Newsletter October 2010: The 19% ‘Swiss finish’

BERNE – Switzerland is the first country to decide it will “gold plate” the international rules agreed by regulators on September 12, aimed at significantly increasing banks’ capital requirements so that they can better withstand periods of stress. These agreed rules, known as Basel III, more than treble the minimum common equity capital that banks must eventually hold, from the present 2%, to 7% in good times. Total regulatory capital, under this agreed framework will be 10.5%.

Newsletter October 2010: EU likely to propose more taxes on financial sector

BRUSSELS – The European Commission is putting its weight behind the idea of a Financial Activities Tax that could be levied at an EU-level, and potentially raise some €25 billion ($35 billion), on some estimates. This emerges from a ‘Communication’ issued in early October by the Commission, the EU’s executive arm, assessing the benefits and disadvantages of a Financial Transactions Tax (FTT), designed to tax the value of most transactions, and a Financial Activities Tax (FAT), that falls on the profits and wages of financial firms.

Newsletter October 2010: Rule-makers reluctant to follow US on swaps netting

BRUSSELS – Despite pressure from the banking industry, international accounting rule-makers are reluctant to adopt the US approach to netting, or offsetting, positions in the derivative contracts that banks can use to hedge the risk of adverse price fluctuations in their financial assets and liabilities, a top global standard-setter said in September.