Richard Reid

National Regulators May Set Capital Levels in EU Basel Plan

Bank regulators in European Union nations may retain powers to set capital levels on lenders they deem too big to fail, in a possible compromise to implement Basel rules in the region.

EU Bid to Control Bank Capital Rules Said to Face Challenge

At least four nations may challenge European Union plans to limit their power to regulate bank capital as governments seek a compromise on implementing global rules on the reserves lenders must hold to prevent a financial crisis, according to four people with knowledge of the matter.

Draghi’s $158 Billion Free Lunch for European Banks Seen Boosting Profits

Banks are benefiting from a European Central Bank subsidy that could reach 120 billion euros ($158 billion), enough to pay every bonus at financial firms in London for the next 24 years at today’s levels.

EU Reached Accord on Clearing Law for Over-the-Counter Derivatives

European Union officials and lawmakers brokered a deal on rules to force trading of some over-the-counter derivatives through clearinghouses to safeguard financial markets.

U.K. May Face Derivatives-Law Setback in EU

European Union officials may abandon U.K.-backed safeguards on derivatives legislation, four people familiar with the situation said, a week after Prime Minister David Cameron’s demands to protect London’s financial industry almost wrecked an EU summit.

EBA to Review 9% Capital Rule Based on Steps to Fight Crisis

The European Banking Authority will review banks’ need to hold a 9 percent capital buffer as governments take steps to address the sovereign-debt crisis, Andrea Enria, the EBA’s chairman, said in a speech.

CFTC Rule Votes, EU Payments Industry, PCAOB: Compliance

The U.S. Commodity Futures Trading Commission completed Dodd-Frank Act regulations to protect swap traders’ collateral that is used to reduce risk in trades.

FSB Backs Capital-Surcharge Plan for World’s Biggest Banks

The Financial Stability Board backed plans for the world’s largest banks to set aside additional capital and develop measures to wind down their operations in a crisis, the group’s chairman Mario Draghi said today.

Derivatives ‘Data Gaps’ May Hide Threats to Financial Stability, IOSC Says

Regulators said they might not have enough information to assess the threat over-the-counter derivatives pose to the financial system.

Citi, JPMorgan May Face Highest Basel Capital Surcharges

Citigroup Inc., JPMorgan Chase & Co., BNP Paribas SA, Royal Bank of Scotland Group Plc, and HSBC Holdings Plc may face top capital surcharges of 2.5 percentage points, according to a provisional list prepared by global regulators and obtained by Bloomberg News.

"A move towards more flexibility in the application of the rules is to be welcomed."

- Richard Reid on Feb 24, 2012

Europe

Basel Committee On Banking Supervision

Michel Barnier

London

Oil Advances Above $110 on Report of Saudi Pipeline Explosion

U.S. Stocks Rise on Bank Rally as Jobless Claims Decline

Billionaire Chung Shows Hyundai Luxury

Birinyi: S&P 500 May Reach 1,700 by Year End

Greece May Default on Governments, Peterson’s Kirkegaard Says: Tom Keene