Libor should be reformed and not scrapped according to a review by the chief of financial conduct at the Financial Services Authority Martin Wheatley.
Despite the ongoing scandal over the manipulation of Libor by banks in the UK and abroad, the review said that there was a clear case to “comprehensively” reform the bank lending rate.
The European Stability Mechanism must start with a clean slate according to the Finnish finance minister Jutta Urpilainen.
The British Bankers' Association will support any stripping of its responsibilities relating to Libor, the group said last night.
The chairman of the US Commodity Futures Trading Commission Gary Gensler has called on a rate with observable transactions to replace Libor.
Italy must maintain momentum on its economic reforms, OECD secretary geenral Angel Gurria said today.
The Basel Committee on Banking Supervision, the International Organisation of Securities Commissions and the International Association of Insurance Supervisors has issued its final report on the supervision of financial conglomerates.
Negotiations over Greece's bailout have been paused until next week after "intense" talks between the country and its international creditors.
The UK government is likely to miss its debt reduction goals this year after Office for National Statistics figures showed borrowing for the first five months of the year running at over 25% above targets.
Spain has beaten its bond auction target of €4.5bn today with €4.8bn raised this morning.
The Financial Services Authority warned Barclays that would revoke Bob Diamond's appointment as the bank's chief executive if the investigation into Libor proved to have an "adverse effect" a memo released by the Treasury Select Committee reveals today.
France and Germany have room for an agreement over the proposed banking union according to French finance minister Pierre Moscovici.
The Bank of Japan has become the latest central bank to fire up the printing presses again in a bid to stimulate the economy.
Bank bail-ins must not be used in isolation from other resolution tools when a bank is in trouble, director of the Special Resolution Unit at the Bank of England Andrew Gracie said today.
The International Organisation of Securities Commissions and the Islamic Financial Services Board hosted a roundtable on Islamic capital markets this morning to begin development of international standards for the growing markets.
The European Commission is to approve the latest €1bn tranche of bailout money to Ireland following its seventh quarterly review of the county.
Just under half of financial services firms fail to consider MiFID II within the context of the wider regulatory landscape according to a European-wide survey released today.
Spain has got away its latest debt auctions at a lower rate despite jitters in the bond markets yesterday.
Greece should get cheaper rates if it delivers on fiscal reform commitments according to outgoing head of the Institute of International Finance Charles Dallara.
Spanish debt rose above 6% today for the first time since the European Central Bank's Mario Draghi announced banking union plans for the eurozone.
Convertible bonds have become an appealing, more mainstream asset class according to Fitch Ratings.
Portugal will find out if it will receive its next tranche of bailout money on 8 October, the eurogroup has announced.
The UBS rogue trader who lost the bank $2.3bn with his fraud because he wanted to boost his ego, the prosecution has told Southwark Crown Court.
The US Federal Reserve has embarked on another round of quantitative easing as unemployment stubbornly remains above 8%.
Nearly three quarters of fund managers regard the Alternative Investment Fund Management Directive (AIFMD) as a threat according to a survey released today.
Britain could be on a collision course with Berlin over the supervision of smaller banks in the eurozone.
Former HBOS director Peter Cummings has been banned from holding any senior position in a UK bank, building society, investment or insurance firm.
Banks are too short-termist, chairman-designate of Barclays Sir David Walker told MPs today.
Denmark could be the first non-eurozone country to join the proposed banking union, its economy minister said today.
The German constitutional court has backed the European Stability Mechanism (ESM) but has ruled that Germany's contributions must not exceed €190bn (£152bn).
Budget negotiations will decide the US's credit rating according to a research note from Moody's Investor Services.
The Chilean finance minster has announced plans to boost foreign investor participation in its local debt markets.
It is up to eurozone countries to correct the policy mistakes made in the past according to the German finance minister Wolfgang Schaeuble.
Net exchange traded product (ETP) flows in August doubled the level of August 2011, as investors continue to tap ETPs for enhanced portfolio flexibility and diversity according to latest figures.
Uncertainties remain over the eurozone, despite the announcement of a unlimited bond purchase plan according to Moody's Investor Services.
The European Central Bank should begin the process of overseeing eurozone banks from 1 January 2003 as the first step towards banking union according to leaked documents.
The Financial Services Authority (FSA) has today issued a combined consultation paper and discussion paper that proposes a number of changes to the client money and custody assets regime for firms that undertake investment business.
Spain has got away €3.5bn (£2.77bn) of bonds this morning at a vastly cheaper rate as optimism rises over a European Central Bank plan expected to be announced this lunchtime.
Germany has failed to sell 10-year debt at an auction today as hopes of intervention in the eurozone rise.
Two senior executives at Barclays have become the latest to leave the bank in the wake of the Libor setting scandal.
European Central Bank member Joerg Asmussen has hit out at the markets for pricing-in a euro break up.
Moody's Investors Service has downgraded the European Union's credit outlook to negative.
National Australian Bank has been ordered to invite around 230,000 shareholders to join a class action over sub-prime losses.
Larger funds are benefiting in the current competitive environment according to Fitch Ratings.
Eurozone banks are to gradually come under the remit of a common supervisor, the EU's internal markets commissioner Michel Barnier said today.
The UK remains the leading territory for global foreign exchange according to the latest research from lobby group TheCityUK.
US bank Citigroup has agreed to pay $590m to settle a lawsuit over allegations that it mislead investors over the amount of mortgage debt it owned before the financial crisis.
Barclays' head of retail and business banking Antony Jenkins has been appointed as group chief executive of the bank.
The Investment Management Association (IMA) has urged the government to fully adopt the Vikers' proposals in full including preventing retail banks from selling derivatives.
The Swiss government is tightening the rules for OTC trading, bringing it into line with US and European efforts following the financial crisis in 2008.
Spain has reached an agreement with the European Union over a 'bad bank' framework according to its economy minister Luis de Guindos.
The Italian prime minister Mario Monti has warned that Germany would be scoring an "own goal" if it blocked plans for the European Central Bank (ECB) to shore up eurozone nations' borrowing costs.
Spanish region Catalonia is to look for an emergency €5.02bn (£3.97bn) credit line from the central government as it struggles to refinance its debts.
The Spanish government has sold short-term debt at a much lower rate than its previous debt auction.
Royal Bank of Scotland is nearing agreement to settle over its role in the Libor-setting scandal according to reports.
European market optimism has faded this morning as investor confidence in a renewed eurozone faded.
Former member of the Bank of England (BoE) Monetary Policy Committee Kate Barker has slammed the new powers about to be given to the UK's central bank.
Russia's 19 year wait to join the World Trade Organisation (WTO) ended today when it became the 156th member.
Hong Kong Exchanges and Clearing (HKEx) is to introduce the world's first deliverable renminbi (RMB) currency futures on 17 September.
Outgoing Bank of England Monetary Policy Committee member Adam Posen has warned that it would not be in Germany's interest to to supervise a eurozone break-up.
European market sentiment maintained its optimistic stance to the end of trading today with major bourses all up at close.
Spanish regions are the biggest threat to the country’s austerity programme according to a study by the Foundation for Applied Economic Studies.
European markets were up this morning as investors gained confidence over newspaper reports that the European Central Bank was preparing to buy massive amounts of Italian and Spanish debt to shore up the eurozone.
The vast majority of UK financial services chief finance officers (CFOs) and chief operating officers (COOs) believe that a harmonised regulatory environment in the European Union is vital for their businesses.
Spanish bank borrowing from the European Central Bank (ECB) hit a record high of €402bn (£315.6bn), its central bank disclosed today.
The European Central Bank (ECB) has cut back its funding of Greece finance houses by almost €50bn (£39.2bn).
Hedge funds are backtracking on bets against European stocks at the fastest pace in three years.
Sir David Walker has been appointed Barclays' chairman, the bank announced last night.
South Korea is to introduce a Tobin tax on popular stock price index options and futures transactions from 2016, its finance ministry announced today.
The Bank of England (BoE) has admitted that its Funding for Lending scheme (FLS) may be used to boost profits and capital rather than filter down to borrowers.
The governor of the Bank of England Mervyn King has questioned the need for a single panel to set the interbank lending rate.
US regulators are angry at the New York State Department of Financial Services "go it alone" attack on Standard Chartered.
European fixed-income investors expect the troubled eurozone to stay intact according to Fitch Ratings' quarterly investor survey.
A member of the UK's Treasury Select Committee has accused US regulators and politicians of having an anti-British bias in relation to money-laundering accusations.
Standard Chartered has strongly rejected an accusation by the New York State Department of Financial Services that it is a rogue operation.
Troubled market maker Knight Capital has announced $400 million in equity financing after it lost $440m (£283.6m) from a software glitch which wiped out much of its capital.
Investors are paying the Netherlands to look after their cash as the hunt for safe havens in Europe continued.
Companies are cutting their exposure to European credit risk and preparing for a euro-exit or even break-up.
Spain is inching closer to asking for a sovereign bailout, its prime minister hinted at a press conference today.
Barclays has failed in its attempt to delay a court case over its alleged mis-selling of interest rate swaps.
European markets appear unimpressed with comments from the president of the European Central Bank Mario Draghi after the bank kept interest rates at 0.75%.
Turkish Bank has been fined £294,000 for money laundering failings, the UK financial regulator announced today.
Spain's debt sale was slightly up this morning as investors tread cautiously ahead of the European Central Bank interest rate decision and update this lunchtime.
Moody's has repeated its warning that the UK is heading for a ratings downgrade if it didn't stick to its austerity measures.
Italian police have seized documents from the Milan offices of Barclays in relation to the possible manipulation of Euribor according to reports.
The Committee on Payment and Settlement Systems and the International Organisation of Securities Commissions have published a consultation on the recovery and resolution of financial market infrastructures (FMIs).
A full bailout of Spain could cost between €450bn (£351.5bn) and €650bn over three years but is economically impossible according to the think tank Open Europe.
US prime money market fund (MMF) exposures to eurozone banks have hit a record low according to Fitch Ratings.
Barclays head of its remuneration committee Alison Carnwath has resigned for personal reasons, the bank announced today.
The House of Lords EU Committee has written to the financial secretary Mark Hoban demanding to know whether the euro was "an accident waiting to happen".
Europe is on the threshold of catastrophe according to a global group of economists as Spain’s debt nears 8%.
The House of Lords is to look into reform of the EU banking sector it was announced today.
Moody's has put three of the strongest eurozone countries on alert for a possible downgrade as the crisis continues.
Seven more UK banks have agreed to review their sales of interest rate hedging products to small and medium size businesses, the Financial Services Authority announced this morning.
Fears are growing that Spain will need a full sovereign bailout as the country's crisis deepened this morning.
Spain has had its bailout package agreed by the eurogroup as its ten-year yield hovers around the dangerous seven per cent mark.
The UK government's plans for cutting the deficit took a blow today as figures revealed that public sector borrowing was up from a year ago.
The International Monetary Fund (IMF) has warned the UK that it needs to prepare a 'plan B' as the recovery stalls.
Investors continue to jump to "safe-haven" government bonds as fears grow over the eurozone.
HSBC's head of compliance David Bagley has resigned following the bank being found to have facilitated a global money laundering operation.
Moody's has downgraded 13 Italian banks after the weakening of Italy's credit profile which led to it being downgraded to near-junk status on 13 July.
Barclay's former chief operating officer Jerry del Missier has pointed the finger at its
Shareholder short-sightedness is causing short-termism decision making in the corporate world according to consultants, academics and pension fund trustees.
A new economic measurement will be needed in the 21st century to take into account resource scarcity according to panellists at ReSource2012.
The US energy markets will be changed significantly because of shale gas, the former chief executive of BP said today.
Moody's has downgraded Italy to just two notches above junk status as the knock-on effects of Spain and Greece continue.
The Troika has praised Ireland’s austerity programme for remaining strong despite a challenging environment.
India is to get a third stock exchange after MCX Stock Exchange (MCX-SX) received approval from Securities and Exchange Board of India for commencing operations in equity and equity futures and options and other asset classes.
Fundamental reforms of over-the-counter (OTC) derivatives markets around the world are having a profound impact on how derivatives are used, raising particularly challenging questions for sovereign institutions, according to a BNY Mellon report.
European banks are using structured credit insurance to remain active in Asian trade finance market and deleveraging their trade finance portfolios.
Former Barclays chief executive Bob Diamond has written to the head of the Treasury Select Committee Andrew Tyrie accusing the committee of damaging his reputation.
Former Barclays chief executive Bob Diamond is to give back half his salary, the bank's chairman said today.
A Treasury select committee member has warned the Bank of England (BoE) against contempt of Parliament just hours before the deputy governor Paul Tucker is due to give evidence to MPs.
Assets managed by the top 100 alternative investment managers globally have passed $3trn (£1.94trn) according to research produced by Towers Watson.
The Treasury Select Committee will take evidence from the deputy governor of the Bank of England Paul Tucker and Barclays' chairman Marcus Agius next week.
Spanish bond-yields have risen up to the danger zone of 7% as market hopes of a euro-fix fade.
The Serious Fraud Office (SFO) has announced that it is to investigate the Libor manipulation scandal.
The outlook for the global economy has become worse according to the head of the International Monetary Fund Christine Lagarde.
The Bank of England’s Monetary Policy Committee has increased its money printing by £50bn to a total of £375bn.
Financial services firms are struggling to contain their employees' appetite for risk according to a survey released today.
Rating agency Moody's has downgraded Barclays' standalone outlook rating from stable to negative over concerns about the leadership of the bank.
Former Barclays chief executive Bob Diamond said he felt "physically ill" when he read the emails between staff traders over the fixing of the Libor rate.
France has slapped €1.1bn (£0.88bn) of extraordinary taxes on large banks and energy firms holding oil stocks in a bid to cut its deficit and plug a revenue shortfall due to its weak economy.
Former Treasury minister Paul Myners has denied he was the Whitehall official mentioned in an email from former Barclays chief executive Bob Diamond.
Barclays has suggested that the Bank of England (BoE) may have called for it to lower its Libor rate submissions.
Barclays' chief operating officer Jerry del Missier has resigned with immediate effect, the bank confirmed this afternoon.
Barclays' chief operating officer Jerry del Missier could become the latest senior executive to resign from the bank in the wake of the Libor scandal according to reports.
The Libor scandal has caused a “huge blow to the reputation of the banking industry” according to the chairman of the Financial Services Authority Adair Turner.
Barclays' Bob Diamond has resigned with immediate effect as chief executive and director of the bank.
The UK prime minister David Cameron has announced an inquiry into the fixing of London Interbank Offered Rate and Euro Interbank Offered Rate.
European proposals to reform pricing practices in the fixed-income market will seriously undermine trading firms’ ability to provide liquidity according to research.
European banking balance sheets are expected to shrink by €1.6trn (£1.3trn) this year as non-core assets are ditched and lending activity contracts.
Barclays chairman Marcus Agius has tendered his resignation as the fallout from the bank's fines for London Interbank Offered Rate (Libor) manipulation continues.
UK prime minister David Cameron has defended blocking calls for a single European banking regulator.
The governor of the Bank of England Mervyn King has renewed his call for big banks to be split.
The four major British banks have agree to pay compensation for the mis-selling of interest rate hedges to small businesses.
The British Bankers' Association has said it was "shocked" over the news that Barclays has been fined for misconduct in relation to the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate.
Derivative traders face a collateral shortfall due to impending regulations in the US and Europe according to a report from TABB Group.
Asian banks are closing the ratings gap with western counterparts according to Moody's Investors Service.
London lobby group TheCityUK has warned that the UK cannot remain on the sidelines in discussions about banking union in the eurozone.
Barclays' chief executive Bob Diamond is to hand back his 2012 bonuses after the bank was fined for misconduct in relation to the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Barclays Bank has been given the largest fine ever imposed by the Financial Services Authority for misconduct relating to the London Interbank Offered Rate and the Euro Interbank Offered Rate.
Four trade organisations have combined to help firms deal with the torrent of European financial regulations coming down the line.
The German chancellor Angela Merkel is to meet her French counterpart Francois Hollande in a bid to iron out differences before the European summit tomorrow (28.06.2012).
The European Council is proposing a single banking supervisor for the entire European Union according to a discussion paper released today ahead of the eurozone summit on Thursday.
Spain's borrowing costs are continuing to rise with its short term bills nearly tripling in cost at this morning's auction.
The Financial Services Authority has issued a final notice against Kaupthing Singer and Friedlander (KSFL), the UK subsidiary of Icelandic group Kaupthing Bank.
The Greek finance minister has resigned without ever been sworn in according to reports.
Derivative clearinghouses will have to use their own capital to cover losses to prevent a "default waterfall" if members can't meet their obligations, the European Securities Markets Authority said today.
Spain has formally requested financial assistance to recapitalise its banks.
The Bank of International Settlements has warned that loose monetary policy could delay recovery and threatened to damage central banks’ credibility and destroy their independence.
European business will not have to rotate their credit rating company every three years following a vote by European Union parliamentarians.
Financial Services Authority’s (FSA) chief executive Hector Sants has praised the regulator’s actions in the financial crisis in the face of “relentless criticism”.
Spain's debt costs nearly doubled today as fears grow that it will need a bailout.
The German constitutional court has rules that the government had failed to sufficiently inform the Bundestag over the permanent euro rescue package, the European Stability Mechanism (ESM).
The EDHEC-Risk Institute has slammed a paper by public interest group Finance Watch as “simply wrong”.
The International Monetary Fund (IMF) has boosted its fighting fund by $95.5bn (£60.9bn), bringing the total to $456bn, after 12 more nations came on board including the powerful BRICS countries.
Most European markets finished the trading day down after a brief rally following the Greek election.
Spanish 10-year bond yield hit a euro-era high today as attention swung away from Greek elections to the state of Spain's economy.
Fitch Ratings has said that all eurozone countries have avoided being put on ratings watch negative but they are not out of the woods yet.
EU countries have an exposure of €552bn (£444bn) to Greece according to revised figures from the think tank Open Europe.
The heads of the World Bank and the Organisation for Economic Cooperation and Development have warned that Europe's response to its debt crisis was muddled and rattled the markets.
Spanish banks chase for collateral to pledge to the European Central Bank (ECB) has damaged the over-collateralisation enjoyed by covered bondholders, Moody's has warned.
European markets are expected to echo Asian markets when they open this morning after pro-austerity pact party New Democracy emerged as the largest party following the Greek election.
Moody's has downgraded ten northern European banks as the eurocrisis rumbles on ahead of the Greek elections this weekend and warned of further cuts on the back of a 'Grexit'.
The Bank of England (BoE) is to activate emergency measure offering banks six-month’s liquidity this morning.
The UK government has confirmed its intentions to ring-fence retail banking from investment banking.
Greek banks would be recapitalised under public control through the issuing of ordinary voting shares if Syriza gains power at the weekend.
Spanish bonds have soared to a new euro-era high after Moody’s downgraded the country to near-junk status.
European Central Bank (ECB) lending to banks in euros grew by €8.5bn (£6.8bn) last week increasing according to Simon Ward, chief economist at Henderson Global Investors.
UBS 'rogue trader' Kweku Adoboli has been released on bail following a ruling on Friday.
Spanish bonds hit a euro-era high this afternoon as investors cast doubt over the €100bn (£81bn) bailout package.
Fitch Ratings has downgraded 18 Spanish banks following the downgrading of the country’s sovereign debt and the potential for further deterioration of their loan-books.
The continuing problems in the eurozone could spill over into Asia according to Fitch Ratings.
Spain past a crucial bond test this morning when it sold more than €2bn (£1.62bn) in debt despite concerns over the health of its banking sector.
The EC proposals on recovery and resolution plans for banks has received a mixed reaction in the UK.
German and Austrian banks have been downgraded by Moody's Investors Service as the European Commission unveils proposals for failing banks today (06.06.2012).
The Securities and Exchange Commission has approved two proposals to address extraordinary volatility in individual securities and the broader US stock market.
Ireland is on course to vote for the European fiscal pact according to observers this afternoon.
The International Organisation of Securities Commissions (IOSCO) has announced today that it has extended by one month the consultation period for its report on Money Market Fund Systemic Risk Analysis and Reform Options.
Money is leaving Spain at the fastest rate since records began according to data from the Spanish central bank.
Three non-executive directors have been appointed to the Bank of England.
The Bank of Spain’s governor Miguel Angel Fernandez Ordonez has attacked a “campaign” against the central bank as he quit his post before the end of his term.
Two of the worlds oldest financial dynasties are teaming up in a strategic partnership.
Hedge fund CEO Alberto Micalizzi is to be given the largest individual fine in a non-market abuse case in the UK and banned from financial services.
Japan and China are to start trading their currencies directly in Tokyo and Shanghai from 1 June.
Four Greek banks have been bailed by the country's bank support fund according to reports.
The rise in the use of exchange traded funds (ETF) by institutional funds is a credit negative action for sponsors according to Moody's.
The director general of the Institute of International Finance has warned that a Greek euro-exit would destabalise the economy.
Spanish bank Bankia has had its shares suspended this morning as it looks for €15bn (£12bn) in recapitalisation.
US banks reported an aggregate profit of $35.3bn (£22.4bn) in the first quarter of 2012 according to the Federal Deposit Insurance Corporation.
The European Financial Stability Facility today placed a €3bn (£2.4bn) 3-year benchmark bond maturing on 01/06/2015 at a yield of 1.162%.
Bank of England monetary policy committee member David Miles has defended the bank’s loose monetary policy in a speech today.
The FTSE 100 started this morning slightly up as investors clawed back yesterday's losses although trade is expected to remain cautious after the EU leaders summit last night failed to offer concrete proposals over a Greek exit.
The Bundesbank has said a Greek exit would be manageable in its strongly-worded monthly report today.
The European Parliament has voted overwhelmingly in favour of a Tobin tax.
The Bank of England Monetary Policy Committee voted against further quantitative easing although for some members, the decision was finely balanced.
Four of Greece's largest banks will get an injection of capital to allow them to receive funding from the European Central Bank (ECB) again.
The Commodity Futures Trading Commission (CFTC) is investigating JP Morgan's $2bn (£1.24bn) losses the chairman of said today.
The Chancellor of the Exchequer George Osborne has revealed that the Treasury is planning for a Greek exit from the eurozone.
Fitch has downgraded Japan due to the country's "leisurely" approach to fiscal consolidation.
The ongoing financial crisis has driven awareness across the derivatives industry about the importance of undertaking effective counterparty risk management according to a survey from Fitch Solutions.
The Bank of England is to examine its performance in regards the provision of liquidity to the banking system and the Monetary Policy Committee’s (MPC) forecasting capability.
Increased institutional investment has spurred hedge funds to grow operational infrastructure and increase transparency according to a report released today (21.05.2012).
Despite the growing turmoil in Europe, investor appetite for acquiring non-core loan assets from European banks is on the rise according to a survey from PwC.
Adam Posen is leaving the Bank of England Monetary Policy Committee (MPC) it was announced this afternoon.
Icap has bought the Plus Stock Exchange on a cash-free, debt-free basis for a nominal £1.
The European Union is planning for a Greek exit a European commissioner admitted today.
The UK Prime Minister David Cameron has set out a three-point plan to stop the eurozone spiralling out of control.
Plus Markets is in talks with ICAP to shed its loss-making Plus Stock Exchange (Plus SX).
As European markets continue their fourth day of losses, the Centre for Economic and Business Research (CEBR) has warned that a Greek exit would cost the global economy $1trn (£0.627trn).
The European Central Bank has stopped monetary policy operations with some Greek banks as they have not been successfully recapitalised according to sources.
The Financial Services Authority (FSA) has banned a senior executive at BGC Brokers from performing any regulated activity in the financial services industry.
Markets around the world continued to fall overnight as fears about the eurozone continued.
The Chancellor of the Exchequer George Osborne has criticised speculation over a Greek exit from the eurozone.
US regulators have finalised the supervisory guidance for the stress testing practices of banks worth more than $10bn (£6.22bn).
European stock exchanges have continued to fall this morning over fears for the eurozone.
Arsenal Football Club is one of over a hundred small companies that will have to find a new listing after British stock exchange Plus Markets announced it was planning to shut down after it failed to attract an acceptable takeover offer.
Spanish banks will have to find another €30bn (£24bn) to cover their loan books, the government ordered this afternoon.
The Eurozone is in a mild recession according to the latest forecasts from the European Commission (EC).
JP Morgan (JPM) shares fell 6.5% after the close of trading in New York after it revealed it had $2bn (£1.24bn) in trading losses in the past six weeks.
UK investment funds could be set for a €5bn (£4.02bn) windfall in tax rebate after the European Court of Justice ruled against a French foreign tax.
The Spanish government part-nationalised its third largest bank last night (09.05.2012) after its auditors refused to sign off its books.
European private equity and venture capital firms saw the highest level of funding since 2008 last year.
The Securities and Exchange Commission (SEC) has charged Deloitte & Touche's Shaghai subsidiary for violating US securities laws.
European fixed-income investors think the eurozone fiscal pact would not solve the crisis according to a survey from Fitch Ratings.
The UK government has formally confirmed plans to ringfence retail banking away from wholesale operations.
Dodd-Frank still contains too many uncertainties as rules are finalised over the coming year according to Fitch Ratings.
The euro fell below the psychological level of $1.30 today after the leader of the Greek Left Coalition party said the country's committment to an EU/IMF rescue deal had become null and void.
European markets have opened down this morning despite a rally yesterday following the elections in Greece and France.
The Royal Bank of Scotland (RBS) will repay the last of the £163bn bailout money in the next week, the state-owned bank revealed in its Q1 results.
With inflation likely to remain over 2% in 2012, the European Central Bank (ECB) has kept interest rates unchanged at 1%.
Smaller asset managers can be more vulnerable to 'event risk' and present challenges for institutional investors in terms of governance, business stability and risk management controls according to a report from Fitch Ratings.
Spain has sold €2.5bn of bonds in three auctions this morning but at a high price.
The UK Chancellor George Osborne has criticised EU talks over the Basel III banking rules as idiotic.
Listed derivatives have placed significant pressure on financial institutions to automate their post-trade processes according to research from the TABB Group.
NASDAQ OMX's latest options market will use existing rules to speed up its introduction according to a filing with the Securities and Exchange Commission.
Greece has been lifted out of default territory following the biggest sovereign debt restructure in financial history.
Privately negotiated credit default swaps shrank last year according to the International Swaps and Derivatives Association (ISDA).
The German chancellor Angela Merkel has called for political courage in an interview published the day after millions took to the streets to protest about austerity measures.
Basel 2.5 and III derivative regulations could result in wider spreads in the market and ultimately increase their cost of capital according to research from Greenwich Associates.
UK banks had a £15bn exposure to the sovereign debt of Greece, Portugal, Italy and Spain in Q3 2011 according to a report from TheCityUK.
NYSE Euronext has reported worst Q1 profits than expected due to depressed trading volumes and the cost of the failed Deutsche Boerse merger, the exchange announced today.
Standard & Poor's has downgraded eight Spanish banks and put three on negative credit watch as the country enters a double-dip recession.
The Romanian government has become the latest to fall as a result of austerity measures.
Standard and Poor's has downgraded Spain by two notches to BBB+ as the rating agency fears the country will have to borrow more money to bailout banks.
The US's Securities and Exchange Commission (SEC) has charged a former Morgan Stanley executive Gareth Peterson with violating the Foreign Corrupt Practices Act.
President Nicolas Sarkozy has dealt a blow to the German-backed austerity plans for Europe by promising a referendum on the issue.
The head of the European Central Bank Mario Draghi has told members of the European Parliament that liquidity actions had not gone into the economy fast enough.
Barclays has become the first UK bank to be accused of Libor rate fixing in a High Court.
The Netherlands completed a successful bond auction today despite the resignation of the government over budget cuts.
LCH.Clearnet is aiming to buy the International Derivatives Clearing Group, the company announced today (24.04.2012).
The UK government has hit its borrowing target despite increase in March according to the Office for National Statistics (ONS).
Hedge funds have significantly outperformed traditional asset clases such as equities, bonds and commodities over the last 17 years according to research from the Centre of Hedge Fund Research at Imperial College London.
Sterling covered bond issuance has been exceptionally high since the start of 2012, with public placement volumes already exceeding the levels achieved in any previous year, according to Moody's Investors Service.
The Chancellor of the Exchequer George Osborne has attended the House of Commons to defend his decision to pledge a further £10bn to the International Monetary Fund (IMF).
Greek businesses will be able to pay back loans to the European Investment Bank in a non-euro denomination according to reports.
Poltical pressures in the eurozone has hit European markets this morning following the first round of the French presidential elections and Dutch budget talks breaking down.
The UK has pledged another £10bn to the International Monetary Fund taking its contributions to £40bn.
The Zurich arm of Lehman Brothers Holdings has filed a claim against the Bank of Singapore in the High Court of London.
Ireland should receive credit for taking the hit in preventing a European banking crisis according to a government minister.
EFETnet B.V. and The Depository Trust & Clearing Corporation have begun accepting trade submissions from commodity market participants for their Global Trade Repository for Commodities.
Barclays’ chief executive Bob Diamond and group finance director Chris Lucas have agreed new conditions to their bonuses following shareholder demand.
Spain's borrowing costs have risen again but have avoided passing the damaging 6% benchmark.
The International Monetary Fund (IMF) has welcomed additional pledges of funding from Switzerland and Poland which brings the commitments to around $320bn (£200bn).
The European Commission (EC) has set out a 42-page plan to get Greece growing this afternoon.
The US Commodities Futures Trading Commission has welcomed President Obama's announcement to put more "cops on the beat" to combat oil speculation in the markets.
HSBC has announced the first international renminbi bond to be launched outside Chinese sovereign territory.
The global economy remains at risk of the greatest slowdown since the depression according to the latest outlook from the International Monetary Fund.
The Alternative Investment Management Association (AIMA) has found substantial policy differences between the European Commission's draft rules on alternative investment and the advice provided by the European Securities and Markets Authority.
Japan has pledged $60bn (£37.9bn) to the International Monetary Fund as the association looks for over $400bn from member states.
British economy will crawl away from recession according to the latest predictions from the Ernst & Young ITEM Club.
Exchange traded derivatives accounted for some 25bn contracts traded on exchanges worldwide in 2011 according to draft figures from the World Federation of Exchanges.
The UK financial secretary Mark Hoban has warned that current reforms to derivatives trading must not be at the expense of the industry.
JP Morgan's investment arm saw a 29% Q1 loss on net income compared with Q1 2011 according to its latest results.
Spanish bond yields have come under fire again after the government said a bailout wasn't possible and bank borrowing figures for March were revealed.
The role of chairman and chief executive should be split to protect against future financial crises according to an influential group of bankers and regulators.
Goldman Sachs has agreed to pay a $22m (£13.8m) penalty for failing to address risks in its weekly "huddles", the US's Securities and Exchanges Commission (SEC) announced this afternoon.
Debt-ridden countries must bring their deficit down to 50% if they are to protect against future crises according to the OECD.
Growing demand and a shrinking supply of safe assets could destabalise global financial stability, the International Monetary Fund (IMF) has warned.
The German central bank has had to step in to cover the auction of 10-year debt offered this morning.
March global derivatives and cash equities exchange trading volumes on NYSE Euronext fell with European and US Cash average daily volumes (ADV) down 13% and 24% respectively year-over-year.
European stock exchanges have closed down after a day of selling following remarks from the Spanish Central Bank.
CME Group has cleared more than $500bn (£314bn) in total notional value in interest rate swaps and credit default swaps and broke February's record for monthly volume by 344% last month.
Singapore Exchange (SGX) has started a public consultation on rule changes as part of enhancements in risk controls in the SGX Derivatives Trading market.
The eurozone is still at risk of a downtown despite optimism for growth over the next year according to the president of the European Central Bank Mario Draghi.
The Royal Bank of Scotland has ditched a £129m sale of bonds backed by its own derivative trades after investors rejected its complexity according to reports.
IntercontinentalExchange (ICE) has launched 26 new cleared OTC contracts for crude and refined petroleum products, North American power and North American natural gas.
JP Morgan Cazenove chairman of capital markets Ian Hannam has resigned following the publication of a Financial Services Authority's decision to fine him £450,000 for market abuses.
JP Morgan Cazenove's chairman of capital markets Ian Hannam is to be fined £450,000 for market abuse.
NYSE Euronext is planning to launch an electronic retail derivatives market based on commodities, currency pairs, equities and indexes.
Global financial information services company Markit has bought Data Explorers from private equity firm Bowmark Capital.
Angela Knight is stepping down as head of the British Bankers' Association (BBA) in the summer.
European Commission draft proposals for alternative investment fund managers risks closing off national private placement regimes, the Alternative Investment Management Association has warned.
Greece has extended its deadline for foreign-law backed bonds to 4 April, the Eurogroup President Jean-Claude Juncker.
The Spanish government is to implement €27bn (£22.6bn) in spending cuts and tax increases it was announced this afternoon.
A House of Lords committee has condemned the European Commission's proposals for a financial transaction tax (FTT) as flawed and should be turned down by the UK government.
The European Parliament has voted through the European Markets and Infrastructure Regulation according to its steering MEP Sharon Bowles.
Certain investment firms could face regulatory action by the Financial Services Authorities after a review found that companies were failing to implement effective antibribery and corruption systems.
London remains the leading Western provider of Islamic finance according to the latest research from TheCityUK.
The International Swaps and Derivatives Association (Isda) has launched a standard for Islamic derivatives.
NYSE Euronext is to invest $85m in central clearing operations following the failed merger between it and the Deutsche Bourse, and the takeover of LCH.Clearnet by the London Stock Exchange.
Russia is looking to raise $7bn (£4.4bn) in Eurobonds in the largest emerging markets sovereign debt offering since 2000 according to reports.
European parliamentarians (MEPs) are calling for limits on bankers' bonuses as the EU looks to broaden the scope of Basel III.
The Irish will vote for the eurozone stability pact on 31 May it has been announced.
The eurozone needs to boost its firepoweer by at least €1trn (£0.835trn) according to the OECD.
US agencies have proposed revisions to leveraged finance guidance.
The Irish government could set a date for its referendum on the EU Pact on Tuesday (27.03.2012).
RBS-owned Coutts has been fined £8.75m for anti-money laundering system failures and controls relating to high risk customers, including politically exposed persons by the Financial Services Authority (FSA).
Cybercrime is the second most commonly reported economic crime within the financial services.
The US Securities and Exchange Commission (SEC) has established comprehensive arrangements with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.
Greece is to extend the deadline for foreign law bondholders to accept the haircut agreed with Greek law bondholders last month according to reports.
Asia's biggest publicly traded commodities trader Noble hired 16 banks to help arrange a $1.5bn loan according to reports.
The European Securities and Markets Authority (ESMA) has slammed credit rating agencies for failures in their processes.
The European Union’s economy is showing signs of stability according to the European Systemic Risk Board.
Eurex is to launch an interest rate future based on French notional long-term bonds.
The UK borrowed more than it needed in the current financial year according to the Debt Management Office.
Following the 2012 Budget, City, business and union leaders give their reaction.
UK government borrowing nearly doubled in February according to the latest figures from the Office of National Statistics.
A euro-wide financial transaction tax is unlikely to happen according to UK Treasury officials.
The Commodity Futures Trading Commission (CFTC) has approved a range of rules for the $600trn derivatives market.
The US Treasury secretary has reiterated that the States would not be putting more money into the International Monetary Fund.
Fitch Ratings has affirmed the junk status of four Greek banks and removed the negative watch rating.
Three of the top four UK banks have signed up to the Chancellor of the Exchequer George Osborne's credit easing scheme.
The European Commission has launched a consultation over the £29trn shadow banking sector.
Regulation will continue to be the greatest challenge for the global finance industry over the next five years according to a survey of senior members of the Asian finance community.
Banking software provider Misys is set to be taken over by private equity firm Vista.
The International Monetary Fund (IMF) has warned that rising oil prices could kill of the global economic recovery.
The UK domestic bond market needs to be developed to improve non-bank funding vehicles for small to medium companies according to a report headed by Lloyds TSB chief executive Tim Breedon.
Hector Sants is to step down as chief executive of the Financial Services Authority in June this year.
The US and UK are expected to act to counter high oil prices in this election year for President Obama.
Corporate bonds could become prohibitively expensive for small to medium enterprises according to research by the Tabb Group.
Sterling fell this morning after Fitch Ratings threated the UK's AAA status.
The CBI has warned that extreme government intervention in corporate governance risks the impression that Britain is closed for business.
The Krone fell sharply this afternoon after Norway unexpectedly cut interest rates by 0.25 percentage points to 1.5%.
The Chancellor of the Exchequer George Osborne is considering offering a 100-year gilt in next week's budget.
Nicholas Kyprios, head of European Credit Sales at Credit Suisse, has been fined £210,000 for improper market conduct, disclosing client confidential information and exhibiting a lack of skill, care and diligence.
Greece is likely to need another bailout despite obtaining a voluntary debt restructure last week according to analysts.
The eurogroup has released €35bn of money to Greece as the Greek government agrees on collective action clauses (CAC) for the remaining hold-outs.
The Financial Services Authority (FSA) has censured the Bank of Scotland (HBOS) for failures during the financial crisis.
The London Stock Exchange (LSEG) has agreed terms to takeover LCH Clearnet it was announced this morning.
Barclays' Bob Diamond received a £6.3m pay packet last year despite an "unacceptable" year for the bank.
The International Swaps and Derivatives Association will meet at 13.00GMT to decide on whether Greece's bond swap deal constitutes a credit event.
The International Monetary Fund (IMF) is due to discuss its part in the Greek bailout next week.
Greek bonds will once again be allowed as collateral with the European Central Bank it was announced this afternoon.
Markets are cautiously optimistic that the Greek bond swap deal will proceed tonight.
Markets have eased from a mass sell-off yesterday following hints that Greece will enforce its debt restructure on all creditors.
The investment bank that started the 2008 financial crisis Lehman Brothers has emerged from its $639bn bankruptcy and will begin paying back creditors next month.
UK regulators are to review the Libor bank borrowing rate following months of investigations into the rate.
A dozen banks have agreed to partcipate in the Greek debt swap it was announced today (05.03.2012).
The eurozone is unlikley to avoid recession following disappointing Purchasing Managers' Index figures across the region.
European leaders have signed the latest fiscal stability pact but Greece will still have to wait for its latest bailout.
The regulatory structure of the equity markets serve brokers and traders over investors according to the interim report into the UK equity market by Professor John Kay.
The governor of the Bank of England has attacked banks and the former Labour government at a Treasury select committee.
Nearly 300 more banks have taken advantage of the European Central Bank’s second cheap three-year funds than the initial offering.
Global hedge funds saw a slight reduction in assets in 2011 to total $1,902bn (£1,200bn) according to TheCityUK.
The Irish Prime Minister has announced a referendum on the European Stability Treaty.
The European Central Bank has suspended the use of Greek bonds for collateral following Standard & Poor’s decision to downgrade Greece to an ‘SD’ in the belief that it has entered a selective default.
The German Bundestag has overwhelmingly voted in favour for Greece's latest bailout package.
China has to reform its financial sector if it is to achieve its goal of a new structure for economic growth according to the World Bank.
Non-eurozone finance ministers have told the area to build up its firewall before it can get more cash via the International Monetary Fund (IMF).
Greece has unveiled its bond swap deal for private creditors.
Germany faces a row with the International Monetary Fund and fellow members of the eurozone as it seeks to block any further boost to the EU bailout mechanisms.
The Greek parliament has voted through legislation to force private creditors to take the debt haircut.
The EU is set for a mild recession according to the forecast from the European Commission.
RBS saw a £2bn loss in 2011 after hits from Payment Protection Insurance mis-selling claims and a write down of Greek debt.
Chinese money market funds (CMMFs) are aiming towards institutional investors according to the latest report from Fitch Ratings.
Greece’s debt-exchange with private creditors will constitute a ratings default according to a note from Fitch Ratings.
Two members of the Bank of England Monetary Policy Committee (MPC), David Miles and Adam Posen, voted to increase the asset purchasing programme by £75bn according to minutes released this morning.
Eurozone ministers have signed off the second tranche of bailout money to Greece but at the cost of further erosion of economic sovereignty.
European markets closed up as talks continued over the Greek bailout deal.
European leaders have called on the European Commission to restore confidence in business and financial markets to offset a "crisis of growth".
Markets have opened up this morning amid cautious optimism that eurozone leaders will agree the rescue package for Greece.
Fitch Ratings has upgraded Iceland to investment grade level four years after the country went bankrupt.
Rating agency Moody's has put 114 European banks on notice for a downgrade following its review of soverign ratings.
Hedge fund boss John Paulson has warned his investors that the euro is structurally flawed and will eventually fall apart.
Greece has been put under further pressure to find greater cuts after eurozone leaders called off a meeting last night to agree further funding to the stricken country.
The UK has suffered the worst decline in share of exports in the last five years in the European Union according to the first EU Alert Mechanism Report.
The report, which aims to prevent future eurozone crises, said the UK saw its share of exports down 24.2% over the last five years at a time of soaring public debt.
The Bank of Japan has increased its asset purchasing programme by ¥10trn (£82bn) to about ¥65trn in a bid to end deflation.
Ratings agency Moody's has placed the UK on a negative watch over fears of contagion from the eurozone.
UK banks have missed the small and medium business lending targets according to the Bank of England's Project Merlin figures.
The Greek austerity agreement has now cost the government six members following the resignation of deputy foreign minister Marilisa Xenogiannakopoulou.
The Bank of England is to start another round of quantative easing its monetary policy committee announced today (09.02.2012).
Greek politicians have missed a third deadline to agree a deal that will see them receive €130bn (£108bn) in bailouts.
Euro and sterling denominated European money market funds have a concentration of risk according to a note from Fitch Ratings.
Swiss bank UBS has achieved a full-year pre-tax profit of CHF5.5bn (£3.8bn) and a Basel 2.5 tier 1 ratio of 16% according to figures released today.
A financial transaction tax (FTT) could cost the UK 4,500 jobs as a result of spill over effects outside the financial sector according to the Ernst & Young (E&Y) Item Club.
Chief executive of the Financial Services Authority Hector Sants has said that the regulator will move away from a reactionary basis when the ‘twin peaks’ comes on line from 2 April 2012.
Markets have opened down as Greece faces a reported noon-deadline to reach a deal over austerity measures.
The United States will still face a large structural gap if the government continues its current policies, the head of the Federal Reserve warned today (02.02.2012).
The UK's Financial Services Authority (FSA) has proposed a 15.6% increase in its annual funding requirement (AFR) for its last year in existence.
Greece is reportedly nearing a deal with private debt holders over the extent of the haircut they will have to take.
Sovereign wealth fund assets under management in the UK grew to nearly $5trn (£3.2trn) in 2011 according to figures from TheCityUK.
The European Commission has blocked a merger between Deutsche Börse and NYSE Euronext as it would have created a “quasi-monopoly" in exchange-traded European financial derivatives.
Last night, it was announced that the Forfeiture Committee had recommended that Fred Goodwin should lose his knighthood as a result of his actions as chief executive of RBS.
The UK’s Prime Minister David Cameron will go to Parliament this afternoon to answer criticism that he has backed down from vetoing the use of European Union institutions by the 26 countries that signed a fiscal pact last night.
City trader Kweku Adoboli has pleaded not guilty to £1.5bn fraud at his former employers UBS.
Greece has acted angrily at suggestions from Germany that an EU commissioner should take control of its budget.
UK Chancellor of the Exchequer George Osborne has announced a shake up of financial regulation.
Companies would not be able to use the ‘back-door’ of reverse takeovers to get a listing which they would not be eligible for according to proposed changes to the listing rules announced by the Financial Services Authority (FSA).
The UK Prime Minister David Cameron has described the proposed introduction of a financial transaction tax in Europe as “madness”.
The German chancellor Angela Merkel has called for “more Europe” to solve the economic crisis.
The euro currency could destroy the political unity of Europe claimed veteran investor George Soros at a press lunch today (25.01.2012).
The Bank of England monetary policy group voted unanimously to keep its £275bn quantative easing (QE) plans unchanged and keep the bank rate at 0.5%.
Credit default swaps (CDS) may be allowed to be triggered if talks over Greek debts fail.
The European Union has paved the way for sanctions against Hungary for its failure to comply with measures to bring its deficit under 3%.
UK public debt has exceeded £1trn for the first time according to preliminary figures from the Office for National Statistics.
European markets have drifted down following eurozone ministers' rejection of private bondholders' offer on Greek debt.
The London Metal Exchange (LME) today launched LMEswaps for all of its non-ferrous metals.
Diamondback Capital Management has agreed to pay more than $9m ($5.8m) to settle insider-trading charges, the Securities and Exchange Commission (SEC) announced today (23.01.2012).
Germany and France have pressed for a quick solution to the debt talks between Greece and its private creditors as Moody’s downgraded five Greek covered bond transactions.
The City and the UK must play ball for their own interest according to the EU Commissioner for the single market Michel Barnier.
Monday's meeting of EU states and the European Parliament to get a deal on derivative laws has been cancelled after the states failed to reach a negotiating position.
Financial services associations have written to European officials warning that the upcoming european supervisory authorities (ESAs) would be unable to cope with the reams of regulation coming onboard in Europe.
The International Monetary Fund is to downgrade global GDP growth from 4% to 3.3% thanks to ongoing tensions in the eurozone according to a leaked draft of its World Economic Outlook.
The German government has extended an olive branch to the UK with a proposal of a bourse tax.
The Spanish central government is to make it a criminal offence for public officials to run up unauthorised debt.
The European Financial Stability Facility enojoyed strong demand for its bond sale despite its downgrading by Standard & Poor’s.
A Greek default is inevitable according to the managing director of Fitch Ratings.
Bond buyers shrugged off the Standard & Poor's downgrade of France on Friday buying €8.5bn (£7.03bn) of 12, 25 and 52-week bills in its debt auction this afternoon (16.01.2012).
Fixed income was the fastest growing exchange trade products(ETPs) asset class in 2011 according to the BlackRock Investment Institute.
Bond yields in France, Italy, Spain, Belgium and Austria ticked up as rumours of an impending Standard & Poor's downgrade of these countries hit the markets.
Italy and Spain cleared important debt sales this morning (12.01.2012) with better than expected results.
Over 3,000 jobs are to go at RBS as it restructures its wholesale banking operations, the state-owned back announced this morning (12.01.2012).
Risk in the banking system could be managed better through stricter supervision of banks rather simply adopting new laws and policies according to a study from Cass Business School and the University of Piraeus.
Chronic fiscal imbalances and income disparity will be the most prevalent risks over the next decade, according to a report by the World Economic Forum.
More than half the debt needed to be borrowed in the eurozone in 2012 will be from countries facing rating downgrades according to Fitch Ratings.
A European-wide Tobin tax could leave a €116bn (£95bn) hole in the region's public finances, according to a report by accoutants Ernst & Young.
Fitch Ratings has downgraded Hungary to BB+ with a negative outlook following concerns over its government's "unorthodox economic policies".
German and French leaders are to meet again next week as Greece threatens to leave the euro if a deal isn't reached on its debt funding.
Head of the French Central Bank has stoked the war of worlds between France and UK following David Cameron's treaty veto last Friday.
Markets have opened flat this morning as traders price in the lack of a substantial rescue package for the eurozone.
The Financial Services Authority (FSA) has admitted flaws in its supervisory approach to the near-collapse of the Royal Bank of Scotland (RBS).
European markets are up this morning despite the UK vetoing the European treaty early this morning.
The Federal Deposit Insurance Corporation (FDIC) has approved the formation of an Office of Corporate Risk Management to assess external and internal risks to the agency.
The European Union itself has put on a downrating watch by Standard & Poor's.
Germany and France have written to the European Council President Herman Van Rompuy calling for a Tobin tax.
Doubts are rising over the possibility of a quick deal for the eurozone on Friday as UK Prime Minister David Cameron threatens a veto.
The Bank of England has offered increased liquidity measures as fears of a credit crunch grow.
Standard & Poor’s has placed the European bailout scheme on a credit watch following its warning of a downgrade for almost all eurozone countries.
The Financial Policy Committee (FPC) has warned that the continuing sovereign and banking debt risks in Europe remain the most significant threat to the UK.
The FTSE 100 opened to choppy trading as the euphoria of central bank intervention in the liquidity market faded.
The world’s leading central banks are to enhance their capacity to provide liquidity support to the global financial system.
The UK government's Autumn statement saw a 10% rise in the bank levy to maintain its £2.5bn income while ruling out a Tobin tax.
The UK is to sell an extra £11.4bn of gilts following the revised outlook for the economy.
Royal Bank of Scotland (RBS) is to pay $52m (£33.5m) in settlement to the State of Massachusetts over claims related to subprime mortgages.
Rating agency Moody’s has warned that the eurozone sovereign debt crisis threatens the credit rating of all European government bonds.