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The ECB can’t risk large disruptions in the European capital markets it is trying to support, nor paranoid doom spirals in the banks it supervises. So it needs care when and how it communicates with the market.
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Central banks have become arguably the most important institutions in the world. With the autonomy to act with a resolve governments rarely match, it’s no wonder politicians have pinned so much hope on them. But elected leaders must take the reins back.
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The abrupt departure of Greg Fleming shows Morgan Stanley’s top boss is delivering on his promise to make nurturing the next generation of leaders a defining aspect of his regime, writes David Rothnie
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The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.
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We entrust our precious working capital to banks; they finance our dreams and provide revolving credit to get us through our nightmares.
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The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created. -
The green bond wave is set to rise higher in 2016, but as before, most of the deals will not help the environment much. One bond that did was sold in the closing days of 2015 — but such deals are still bought only by a small fraction of investors.
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KfW will use sustainability criteria when choosing leads for its green bonds. It is a logical and welcome step.
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The covered bond market experienced a surge in supply this week, confounding expectations, and illustrating how important it is for issuers to seize unusual funding opportunities.
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The Basel Committee has had a charming festive tradition in recent years, dropping a major update to bank capital regulation in the week before Christmas. Big banks should expect a festive regulatory treat this year too.
