Bank plans to withdraw from Euribor-setting panel
UBS says it will withdraw from the panel that sets the Euro Interbank Offered Rate. "We have decided to withdraw from the Euribor panel and to focus on our core funding markets, Swiss franc and U.S. dollar," a spokesman said. UBS previously pulled out of the Australian rate panel, while Rabobank announced in January that it would no longer participate on the Euribor panel. Reuters
(3/19), The Wall Street Journal
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House bill would give banks reprieve on swaps rules
The House Agriculture Committee might push through a bill that would make it easier for banks to trade swaps overseas. It is one of seven measures the panel is expected to take up today. The legislation is aimed at curtailing the Dodd-Frank Act. Bloomberg
Hedge fund directors worry about FATCA
The Foreign Account Tax Compliance Act is a large concern for many hedge fund directors, according to an industry poll. "These managers went from light regulation to having to comply with significant new regulations, reporting requirements and government oversight," respondent Derek Delaney said. "This stretched many investment managers from an operational support perspective." The Wall Street Journal/Corruption Currents blog
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