Banks lose battle to keep swaps desks as US lawmakers lose the plot

US politicians are finally set to get their first big mouthful of bank flesh over the next two weeks as the financial regulation bill is finally signed into law. With the bill is a provision that will force US banks to spin-off their derivatives business. But this fails to attack the real cause of the crisis. Swaps trading was not the culprit; lending was. For banks it will be a painful and costly exercise. But more worryingly, derivatives business would become even more concentrated in the hands of a few non-US banks, providing a potential source of increased systemic risk to which everybody, including US shops, would be exposed.

  • 15 Jun 2010

For anyone labouring under any lingering doubt about how very unpopular banks are in the US at the moment, the likely final provisions of the financial regulation bill before Congress should provide conclusive evidence.

Negotiators from both parties in House and Senate are engaged in last minute discussions to ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 229,400.82 1038 8.26%
2 Citi 214,044.42 891 7.71%
3 Bank of America Merrill Lynch 178,387.58 739 6.42%
4 Barclays 167,949.72 691 6.05%
5 HSBC 136,723.94 748 4.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 28,097.02 113 7.90%
2 Credit Agricole CIB 26,053.43 108 7.33%
3 JPMorgan 22,052.77 54 6.20%
4 Bank of America Merrill Lynch 21,672.09 56 6.10%
5 SG Corporate & Investment Banking 17,266.33 82 4.86%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 7,509.08 37 9.66%
2 JPMorgan 7,363.27 46 9.47%
3 Goldman Sachs 6,842.44 35 8.80%
4 Citi 5,763.97 41 7.42%
5 UBS 4,691.07 23 6.04%