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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.
16 Jan 2020 -
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.
16 Jan 2020 -
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.
15 Jan 2020 -
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.
15 Jan 2020 -
RBC looks to profit amid European blues
RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.
09 Jan 2020 -
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.
06 Jan 2020 -
Commission ‘ready to discuss’ options with Italy in Bari recap
The European Commission is talking with Italy about its proposed rescue of the troubled lender Banca Popolare di Bari, after the country passed a decree law this week spelling out plans for state intervention.
20 Dec 2019 -
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.
18 Dec 2019 -
‘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.
18 Dec 2019 -
Southpaw’s alternative awards of 2019
Southpaw takes a sideways look at some of the big events that defined investment banking in 2019.
18 Dec 2019
