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Archive for February, 2012

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 [...]

EBA on reporting of large exposures

The European Banking Authority publishes a consultation paper on draft ITS on reporting of large exposures. The The European Banking Authority (EBA) published a consultation paper on a draft Implementing Technical Standard (ITS) on reporting of large exposures (CP51). The public consultation has started and runs until 26 March 2012. The consultation is open to [...]

Break Up the Banks? Here’s an Alternative

By Tyler Cower. Bailing out financial institutions deemed “too big to fail” has become wildly unpopular, as people across the political spectrum are now talking about splitting up America’s large banks. But such breakups are probably not the best way forward, because they would penalize size instead of failure. In light of the financial chaos [...]

Preventing Identity Theft

Preventing Identity Theft Without Paying Monthly Fees. By Alina Tugend My first Shortcuts column, almost seven years ago, was on identity theft. At that point, in 2005, it seemed to be a scary and ever-growing trend, with tales everywhere of stolen credit cards and Social Security numbers leading to bad credit ratings that could haunt [...]

Three principles for successful financial sector reform

Speech by BoE’s Chris Salmon: Three principles for successful financial sector reform. In a speech delivered at City Week 2012, Chris Salmon, Executive Director for Banking Services and Chief Cashier, at the Bank of England, reviews the regulatory response to the financial crisis. Salmon begins by recapping the objectives of the response and the key [...]

Financial Innovation and Consumer Protection

The European Banking Authority, EBA, has published an overview of the objectives and work of the EBA’s Standing Committee on Financial Innovation (SCFI) in 2011-2012 in the area of consumer protection and financial innovation. The regulation establishing the European Banking Authority (EBA) requires the establishment of a Committee on Financial Innovation (article 9). The main [...]

State capitalism is a viable alternative to liberal capitalism

The Economist Debate: This house believes that state capitalism is a viable alternative to liberal capitalism. The moderator’s, Adrian Wooldridge, rebuttal remarks. I’m writing my contribution to this debate from Davos, where, I’m intrigued to note, state capitalism is well represented, despite the low profile of the Chinese delegation. I received a free copy of [...]

Does macropru leak?

Does macropru leak? Evidence from a UK policy experiment. Working Paper No 445 by Shekhar Aiyar, Charles W Calomiris and Tomasz Wieladek. The regulation of bank capital to improve the resilience of the financial system and, related to this aim, as a means of smoothing the credit cycle are central elements of forthcoming macroprudential regimes [...]

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