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  • Markets must face up to new deadlines for Libor transition

    Markets must face up to new deadlines for Libor transition

    Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.

  • Morgan Stanley and compatriots raise the FICC bar

    Morgan Stanley and compatriots raise the FICC bar

    Morgan Stanley more than doubled its revenue from fixed income sales and trading in the fourth quarter of last year, completing a stellar set of earnings for US banks in that business after a year in which they appear to have cemented their dominance in Europe.

  • Laying it on FICC: trading helps Goldman and Bank of America

    Laying it on FICC: trading helps Goldman and Bank of America

    Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.

  • UK’s PRA loosens tight conditions on risk transfer

    The UK’s bank regulator, once one of the world’s toughest, has eased some of its conditions around the synthetic risk transfer market, allowing the UK’s biggest lenders to sell balance sheet CLOs on similar terms to their European Central Bank-regulated peers.

  • Lobbyist complains about UK bank wind-down rules

    Lobbyist complains about UK bank wind-down rules

    UK Finance has said that the array of different regulatory requirements for firms is increasing operational risks, with the approach to solvent wind-downs one example of regulators contradicting each other.

  • EU has painted itself into a corner on bank bailouts

    EU has painted itself into a corner on bank bailouts

    European Union member states are finding more and more ways to prop up failing financial institutions with public money. The longer it goes on, the harder it is going to become for authorities to crack down on a culture of bailouts.

  • ‘Last nail in the coffin’ for BRRD as Bari nears bail-out

    ‘Last nail in the coffin’ for BRRD as Bari nears bail-out

    Italy and the EU provoked indignation this week, when Italy approved the use of public money to rescue Banca Popolare di Bari, a small regional lender faltering under the weight of bad loans. The decision looks likely to join a long list of cases when European Union rules designed to prevent government bank bail-outs have proved toothless, prompting market participants to think the EU has capitulated.

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