UK

The UK plans to change its rules on bonuses, allowances, and banker pay to reflect the European Banking Authority’s hostility to “allowances” — seen as a tool to circumvent restrictions on the ratio of fixed pay to bonuses.

Interdealer broker Tullett Prebon has deepened its commitment to telephone trading by agreeing to buy the global hybrid voice broking and information business of ICAP.

Abide Financial, a UK based transaction reporting specialist, has applied to become a derivatives trade repository under European Market Infrastructure Regulation (EMIR) definitions.

Santander has completed an overhaul of its London loans team, with four new hires that it hopes will lead the bank to the forefront of Europe’s corporate finance business. The Spanish bank wants a bigger role in high level acquisition finance in western Europe and is also investing in CIB divisions in Asia, eastern Europe and the US.

The European Union looks to have hit a big setback with its drive to overhaul financial market rules, after accepting that it will have to delay rolling out its MiFID II legislation framework – and possibly by as much a year.

WPP, the UK advertising firm, attracted more than €3bn of orders for its four year benchmark bond on Tuesday as investors showed they were willing to turn on the taps for the right deal.

Sky, the UK satellite and cable broadcasting group, brought a 10 year euro benchmark bond on Monday, pushing out for a longer maturity after a week when many issuers stayed with intermediate tenors.

The Ranger went on the hunt for meditating bankers and found that each in the market has their own definition of inner peace.

HTN Towers, the Nigerian telecoms tower operator, postponed its London initial public offering indefinitely on Friday, having struggled to get enough demand from investors. McCarthy & Stone did, however, successfully complete its listing.

The UK Debt Management Office has announced the tenor of its final syndication of the 2015 financial year.

The IPO of Softcat, the UK IT infrastructure and services provider, is “oversubscribed and in good shape”, according to a banker on the deal. The London flotation was widely tipped to value the firm at £500m.

McCarthy & Stone, the UK’s leading builder of retirement homes for sale, closed the book for its London IPO at 1pm on Thursday, saying orders below 180p a share were expected to miss.