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Creating unified trading data feeds is proving much harder — and more controversial — than foreseen
Bond specialists sceptical that auctions can yield better results than bookbuilding
When staff complain, they deserve a fair hearing, not a wall of silence
Waterfall of promotions follows Karia's move to insurance post
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The Basel Committee has proposed scrapping internal models for large corporate and bank exposures – which could push big borrowers away from the loan market and into bonds. But the Committee kept quiet about its plans for a crucial ratio which will limit the total benefit banks get from internal models. -
Credit Suisse is marketing an insurance-linked security to hedge its operational risk, a class of losses which usually include rogue traders, fraud, and IT failures, at the same time as it announced an unauthorised build-up of positions in its illiquid and distressed trading businesses.
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Concerns about further delays to the finalisation of the Markets in Financial Instruments Directive II were raised this week, after communications between the European Commission and the European Securities Markets Authority (ESMA) appeared to have become strained.
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The MEP leading the European Parliament’s Markets in Financial Instruments Directive II discussions told GlobalCapital that he has “duly noted” that the Commission’s changes to regulatory technical standards did not include all demands made by Parliament.
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Credit Suisse will shrink its global markets business even faster than previously planned, shutting several desks entirely, including European securitization trading, distressed credit, and long-term illiquid funding. The bank wants to shrink its trading unit to $60bn of risk-weighted assets before the end of the year, rather than $83bn-$85bn as previously announced.
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The European Commission’s requested changes to regulatory technical standards (RTS) proposed by the European Securities Markets Authority are late and not detailed enough, the regulator's chief said in a letter to a Commission committee.
