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Financial institutions specialist heads to German bank
New system starts with nearly 100% coverage of trading data
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
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Citigroup reported earnings above expectations on Tuesday. The bank’s consumer banking division accounted for just under half of revenues as CEO Michael Corbat pushes through an unwinding of consumer retail operations, while Mexican subsidiary Banamex faces yet another fraud investigation. -
Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation in investment grade credit trading.
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A slew of major global banks have agreed to sign a protocol by the International Swaps and Derivatives Association that imposes a stay on cross-default and major termination rights within standard ISDA derivatives contracts if a counterparty defaults.
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Most European banks are likely to pass the European Central Bank’s Comprehensive Assessment, the results of which will be released on October 26, but mid-tier Portuguese, Italian, Cypriot and German banks are most at risk of falling short of a passing grade, according to analysts at Royal Bank of Scotland.
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Brazil's covered bond law entered the statute book on Wednesday, but the country faces an uphill struggle to work through the details of the legislation in time for the country's big banks to start issuing in the first quarter of 2015, the finance ministry's target date.
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The European Banking Authority fired a warning shot at issuers of alternative tier one capital, making plain its distaste for structural features that it thinks are overly complex or non-standard. Dynamic triggers, regulatory calls and anything that mitigates against shareholder dilution are among the features in its sights.
