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U.S. regulators face renewed pressure from congressional lawmakers who voted today to ease Dodd-Frank Act derivatives requirements amid criticism from Wall Street and overseas officials that the rules overreach.
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European Central Bank Executive Board member Yves Mersch said parts of a deal by lawmakers and national governments on banking supervision may endanger the ECB’s independence, setting up a potential clash with the European Parliament.
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Yves Mersch is about to fulfil an ambition denied to the Luxembourg central bank governor for months in a fight over gender politics as he fills the vacant slot on the European Central Bank’s Executive Board.
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European Parliament lawmaker Sharon Bowles said her interview to become Bank of England Governor was shrouded in secrecy as the U.K. Treasury tried to keep the application process under wraps before a decision due on Dec. 5.
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The European Parliament may ease a planned ban on fund-manager bonuses that top fixed pay if investors get to vote on the larger awards, bringing the rules closer into line with ones approved today by national ambassadors on how much bankers can be compensated.
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European lawmaker Sharon Bowles said that diplomacy and knowledge of banking regulation are strengths she can offer to support her candidacy to become the first female governor in the Bank of England’s 318-year history.
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European Parliament lawmaker Sharon Bowles invoked Christine Lagarde at the International Monetary Fund as an example of why she should be Bank of England governor as rival candidate Adair Turner spelled out his views on monetary policy.
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European Union lawmakers and national governments clinched a provisional deal on legislation to turn the European Central Bank into a supervisor, a move that would pave the way for the currency bloc’s firewall fund to provide direct bailouts to banks.
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The European Parliament and member governments may reach a compromise on bonus curbs for bankers that limit how far pay awards can exceed fixed salaries, lawmaker Sharon Bowles said.
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The European Parliament’s vote to cap bonuses in the asset-management industry could affect two- thirds of senior fund managers in the U.K., U.S. funds in Europe and hedge funds open to small investors.
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