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Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
Banks face an uncertain future as finance goes digital
Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
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Following the retirement of Robin Phillips, HSBC’s new head of global banking is well qualified to meet the challenge that has outlasted his ex-colleague, provided he can get his head around the bank’s unique structure, writes David Rothnie. -
Another piece of the jigsaw of greener financial markets was inserted on Tuesday last week, though hardly anyone noticed. Under the EU’s new Investment Firms Regulation, asset managers and investment banks will have to disclose their environmental, social and governance risks, including from stranded assets, and how they vote in shareholder meetings. The requirements are quite radical and amount to insisting that all firms practice ESG investing.
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Amid the blizzard of legislation going through Brussels in the dying days of the present Commission and Parliament’s mandate, little attention was paid last week to the new rules governing how investment managers and investment banks are supervised. But they have big implications, including bringing investment banks such as Barclays and Goldman Sachs under the European Central Bank.
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The Bank of England is rebooting a crisis-era tool for its banks. Firms will be able to use its liquidity facility in euros (LiFE) from next week, as central banks seek to avert a liquidity crunch in a no-deal Brexit scenario.
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John McFarlane, chair of Barclays, said on Monday that he hoped the EU would not turn its back on London in the Brexit negotiations. However, he expected financial activity to move out of London to Europe, and thought that — on a global scale — faster-growing economies in Asia and the US, and big technology firms, could reshape the financial industry.
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M&G Prudential is creating a single unit for global investments and has picked Prudential plc’s group treasurer, Jack Daniels, to lead it. The moves comes ahead of Prudential’s plan to carve out its UK and European savings arm.
