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CFTC fines Wells Fargo $14m for FX misprice
The US Commodity Futures Trading Commission on Friday ordered Wells Fargo to pay over $14m for its conduct involving a FX forward contract and compliance failures.
11 Nov 2019 -
EU members struggle to overcome last hurdles on CCP resolution
The European Union's 28 finance ministries are nearing a deal on the draft legal text for CCP resolution. But they still disagree on the use of the CCPs' own funds in a recovery scenario, as well as on voting rights for smaller states in a resolution college.
11 Nov 2019 -
China policy round-up: tariffs to be rolled back, Xi vows more market opening, China's small banks get more support
In this round-up, China hinted at de-escalating tariffs as phase-one trade deal nears, Chinese president Xi Jinping assured foreign investors of the country’s determination to open up and the Financial Stability and Development Committee (FSDC) met to discuss banks’ capital needs.
08 Nov 2019 -
Dombrovskis: new EU green finance plan by June
Valdis Dombrovskis, who is in line to be executive vice-president of the new European Commission, said this week that he would soon deliver on the promise of Ursula von der Leyen, the incoming president, who said in July that she intended “to put forward a strategy for green financing”.
07 Nov 2019 -
CFTC hands record fine to Tower Research Capital for spoofing
The US Commodity Futures Trading Commission has slapped Tower Research with a record $67.4m fine for spoofing in the equity futures market.
07 Nov 2019 -
Banking Union: one step forward, one step back
Olaf Scholz, Germany’s finance minister, was playing all of the right notes in his ode to the Banking Union this week. It is a shame they are still not in the right order.
07 Nov 2019 -
LendingClub wrangling more regs on road to bank charter
In September, LendingClub excluded individual investors in five states from investing on its platform without an explanation. While the reason was undisclosed for nearly two months, the company revealed this week that the change in eligibility is a product of the many steps it is taking to obtain a bank charter.
07 Nov 2019 -
Quintenz stays firm on hostile EU stance
The US Commodity Futures Trading Commission this week approved foreign boards of trade applications (FBOT) from European derivatives exchanges despite opposition from commissioner Brian Quintenz.
06 Nov 2019 -
Pennsylvania slaps SoFi with fine over mortgage servicing
The Pennsylvania Department of Banking and Securities hit SoFi with a $110,000 fine for servicing mortgage loans without a license.
05 Nov 2019 -
Labour report proposes incorporating Bank of England in green finance push
A report commissioned by the UK Labour Party advocates incentivising green lending by tweaking the operations of the Bank of England, through changes to the collateral framework and the corporate bond purchase programme, as well as through changing banks’ capital requirements.
04 Nov 2019
