Most Clicked GFMA SmartBrief Stories

1. Former JPMorgan exec to succeed Sands as Standard Chartered CEO

GFMA SmartBrief | Feb 26, 2015

Bill Winters, former head of investment banking at JPMorgan Chase, has been named CEO of Standard Chartered, effective in June. Winters will succeed Peter Sands as part of a management shake-up. Chairman John Peace also is set to leave. His replacement has not been named. Financial Times (tiered subscription model) (26 Feb.) Bloomberg (26 Feb.) Reuters (26 Feb.) Telegraph (London) (tiered subscription model), The (26 Feb.)

2. Regulatory changes prompt major global banks to shrink

GFMA SmartBrief | Feb 27, 2015

HSBC Holdings, Royal Bank of Scotland and other big global banks are reining in operations amid significant regulatory changes, including higher capital requirements. "We're beginning to see discussions that these capital charges are sufficiently large; it's causing those firms to think seriously about whether or not they should spin off some of their enterprises to reduce their systemic footprint," said Janet Yellen, head of the US Federal Reserve. "And, frankly, that's exactly what we want to see happen." Bloomberg (27 Feb.)

3. Major banks meet capital rules ahead of deadline, Basel says

GFMA SmartBrief | Mar 04, 2015

The Basel Committee on Banking Supervision says top banks in the world have already met tougher capital rules, known as Basel III, which go into effect at the beginning of 2019. "Data as of 30 June 2014 show that all (98) large internationally active banks now meet the Basel III risk-based capital minimum requirements," according to the committee. However, about 20% of the 210 banks that are monitored by the regulator would face a shortfall if the rules were in place now. Reuters (03 Mar.) Bloomberg (03 Mar.) Financial Times (tiered subscription model) (03 Mar.)

4. RBS forgoes model of global investment bank

GFMA SmartBrief | Feb 27, 2015

Royal Bank of Scotland, reporting its seventh straight annual loss, is scaling back investment banking and withdrawing from 25 countries, cutting its presence to 13 nations. "This is a plan for a smaller, more focused, but ultimately more valuable bank, with the vast majority of its assets in the UK -- and for RBS marks the end of the stand-alone global-investment-bank model," CEO Ross McEwan said. Reuters (26 Feb.) New York Times (tiered subscription model), The (26 Feb.)

5. Greek finance minister wants to discuss bonds with ECB

GFMA SmartBrief | Mar 02, 2015

The European Central Bank mistakenly bought Greek government bonds valued at €6.7 billion right as the nation accepted a rescue in 2010, Finance Minister Yanis Varoufakis says. The two sides should hold talks on the bonds, which mature this summer, Varoufakis says. "Shouldn't we negotiate this? We will fight it," he said. "If we had the money, we would pay. ... They know we don't have it." Reuters (28 Feb.)

6. EU plan to split research, broker pay meets legislative resistance

GFMA SmartBrief | Feb 26, 2015

Some EU lawmakers are criticising a proposal requiring asset managers to make separate payments for research and brokers. The European Securities and Markets Authority has pulled back from an earlier draft, but the measure would still undermine efforts to spur capital investment, says Markus Ferber, a European Parliament member leading an overhaul of financial-market law. Bloomberg (25 Feb.)

7. EU legislators ease proposal on money market funds

GFMA SmartBrief | Feb 27, 2015

The European Parliament has abandoned a proposal that would have required more than half of money market funds to hold a capital equivalent of 3% of assets. Instead, lawmakers have proposed fees to make an investor run on funds more difficult during a crisis. Reuters (26 Feb.)

8. FCA chief urges "sensible" change through collaboration

GFMA SmartBrief | Feb 26, 2015

Industry cooperation promotes "sensible" reform, UK Financial Conduct Authority CEO Martin Wheatley said at an AFME conference. Local solutions for foreign exchange are not easy, but the status quo is not viable either, he said. Wheatley also cautioned that regulation should be proportionate and forward-looking. "What we don't want to do is to create an environment where people see London or the UK as a hostile place to do business," he said. Reuters (25 Feb.)

9. FCA competition review could include issuance

GFMA SmartBrief | Mar 03, 2015

Britain's Financial Conduct Authority is set to reveal this month whether its competition review will include new issuance of equity and debt amid a possible conflict of interest regarding allocations. International Financing Review (subscription required) (28 Feb.)

10. MiFID II continues to prompt concerns

GFMA SmartBrief | Mar 04, 2015

The consultation period for the revised Markets in Financial Instruments Directive has closed, and the European Securities and Markets Authority is poised to analyze feedback and submit technical standards to the European Commission in June. However, lawyers are concerned that industry feedback isn't truly being taken into consideration. Read AFME's comment to ESMA about MiFID II. FOW magazine online (subscription required) (03 Mar.)

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