The Financial Regulation Forum
Financial regulation
Towards a Financial Transactions Tax?
UK Parliament House of Lords, European Union Committee – Twenty-Ninth Report. This Committee has undertaken a detailed analysis of the European Commission’s controversial proposals for a Financial Transaction Tax (FTT). We have been disappointed in what we have discovered. We have found the Commission’s proposed model wanting in many respects, and unlikely to fulfil the [...]
Basel III implementation
Progress report on Basel III implementation and procedures for conducting country reviews published by Basel Committee. The Basel Committee on Banking Supervision has today published its second progress report on Basel III implementation. The report tracks the implementation of Basel II, Basel 2.5 and Basel III by Committee member countries. It outlines the progress of [...]
PM urged to defend City over EU rules
David Cameron is being urged by Conservative MPs to consider a range of measures to prevent Britain’s financial services sector being hobbled by EU legislation, including possibly seeking an outright exemption from Brussels rules. The Fresh Start group of Tory MPs is drawing up proposals for recasting Britain’s relationship with Europe and will this week [...]
Testimony of the the Fed on regulatory reform
Testimony by Mr Daniel K Tarullo, Member of the Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, US Senate, Washington DC, 22 March 2012. Chairman Johnson, Ranking Member Shelby, and other members of the Committee, thank you for the opportunity to testify on implementation of the [...]
A Long Road to Regulating Derivatives
If there is one lesson from the financial crisis that should be indelible, it is that unregulated derivatives are prone to catastrophic failure. And yet, nearly four years after the crash, and nearly two years since the passage of the Dodd-Frank law, the multitrillion-dollar derivatives market is still dominated by a handful of big banks, [...]
Fed stress test results
The Federal Reserve on Tuesday announced summary results of the latest round of bank stress tests, which show that the majority of the largest U.S. banks would continue to meet supervisory expectations for capital adequacy despite large projected losses in an extremely adverse hypothetical economic scenario. The Federal Reserve in the Comprehensive Capital Analysis and [...]
Fed Stress Tests
Latest Stress Tests Are Expected to Show Progress at Most Banks. In another milestone in the banking industry’s recovery from the financial crisis, the Federal Reserve this week will release the results of its latest stress tests, which are expected to show broadly improved balance sheets at most institutions. The findings would be the latest [...]
Not What Paul Volcker Had in Mind
The Volcker rule, a crucial provision of the Dodd-Frank financial reform law, is supposed to stop banks from doing the sort of risky trading that was one of the big causes of the financial meltdown. The banks hate the rule because less speculation means less profit and lower bonuses for traders and bank executives. And [...]
Tobin tax’s quiet crusader hopes to change minds in the City
Supporters of a ‘Robin Hood tax’ or Tobin tax have mounted a high-profile campaign in the UK. Depending on whom you ask, it’s an evil plot by Brussels to eviscerate the City of London; a progressive blow against socially useless casino finance; or a way of ensuring banks repay taxpayers for billions of dollars of [...]
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