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- U.K. regulator might force banks to help set Libor
The U.K. Financial Services Authority is considering forcing banks to participate in setting the London Interbank Offered Rate if not enough banks volunteer for the task. The FSA raised the idea in a consultation document on how to implement Libor reform proposed by Managing Director Martin Wheatley. The Guardian (London)
(12/5)     
- Bank risks merit more market attention, NordLB chief says
NordLB CEO Gunter Dunkel, in a caution to credit investors, says risks on the bank's and others' books are not sufficiently considered, especially in light of the eurozone crisis. "The credit spreads are currently underrating the risks," said Dunkel, incoming head of the Association of German Public Sector Banks. Reuters
(12/5)
| Industry News and Trends | | |
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| Regulatory Roundup | | |
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- SEC to lose 3 more top officials
Three more top officials of the Securities and Exchange Commission have announced plans to leave the agency. Robert Cook, head of the trading and markets division, and Meredith Cross, director of the corporate finance division, said they plan to return to the private sector at the end of the year. The regulator's general counsel, Mark Cahn, will leave after an undefined "transitional period." AdvisorOne
(12/5), The Washington Post
(12/5)
- CRD IV exemptions could compromise Basel III compliance
EU compliance with Basel III could be in jeopardy because of a long list of national exemptions to Capital Requirements Directive IV. "If you look at what is being proposed at the moment and is stuck in trilogue, it is national specificity after national specificity," said European Parliament member Kay Swinburne. "There is no common rule book;
we shouldn't be kidding ourselves that we are actually adhering to international standards as proposed by Basel." Risk.net (subscription required)
(12/5)
- Eurozone plan envisions centralization of economic rule
A confidential plan has been prepared to complete the eurozone's economic and monetary union, in preparation for an EU summit next week. "The general objective will be to aim for a progressive pooling of economic sovereignty at the European level," with the European Central Bank as the banking supervisor, the paper says. The Telegraph (London) (tiered subscription model)
(12/5)
- ECB prods European Commission on bank-resolution plans
Resolution plans to wind down troubled banks should be on the European Commission's near-term agenda to complete three pillars intended to support the euro and a banking union, the European Central Bank says. "The ECB calls on the Commission to urgently present a separate proposal for an independent European Resolution Mechanism, including aspects of a common European Resolution Fund," according to an ECB legal opinion. Reuters
(12/5)
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