The lawyer appointed to investigate the Bank of England’s alleged knowledge of currency manipulation plans to seek an information-sharing agreement with the U.K. regulator, according to people with knowledge of the discussions.
UBS AG is poised to receive immunity from European Union currency-rigging fines after it was the first to approach regulators in the probe, according to a person with knowledge of the case.
U.S. employers probably added more workers to payrolls in March than the 175,000 a month earlier as the jobless rate fell.
Banks operating in the U.K. should amend employee contracts so they can recoup bonus payments from workers who exceed their risk limits or break financial-conduct rules, the Bank of England said.
Senior bankers may be forced to pay back bonuses as long as six years after they cash the checks under proposed Bank of England rules to curb short-term financial risk-taking.
The Bank of England is reviewing allegations it told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, Andrew Bailey told lawmakers in London.
Bank of England Deputy Governor Andrew Bailey said weak growth in credit partly reflects a need to deal with existing debt and doesn’t necessarily indicate a failure of central bank policy.
The Bank of England has opened a review into allegations officials condoned practices at the heart of the currency-manipulation scandal, as lawmakers demand an inquiry into what the regulator knew.
Bank of England Chief Cashier Andrew Bailey said the finance industry can’t be allowed to dilute the new Basel III regulations requiring banks to build up capital buffers.
Andrew Bailey will become deputy governor for prudential regulation at the Bank of England as the central bank prepares for its new role as Britain’s financial regulator.
"We won't allow remuneration schemes to exist that encourage behavior likely to jeopardize financial stability."
- Andrew Bailey on Mar 13, 2014