European Commission (EC)
Investors dispute claims sovereign downgrades were hasty
Senior EU officials may have criticised the rating agencies for reacting too aggressively to Europe’s fiscal woes, but investors say the reverse is true and the agencies remain behind the curve.
AIFM provision threatens to change the risk profile of depository banks
Article 17 of AIFM seeks to impose strict liability on depository banks that could have far-reaching ramifications for the industry
EBF urges restraint on remuneration regulation to protect EU competition
An EBF report calls on EU governments to hold back on punitive reforms to banking bonuses because they may threaten the competitiveness of EU financial centres
Volcanic ash cloud could reduce airlines’ carbon allowances
Market experts have warned that last week’s Europe-wide flight disruptions, following the volcanic ash cloud precaution, will affect the aviation industry’s carbon allocations under the European Union’s Emissions Trading Scheme (EU ETS) from 2012.
Trade of the month: fees, profit and risk in structured products
The success of any structured product issued in the retail market is partly determined by the fee structure, in which fees are generally taken in three ways – first in the commission level paid to the broker or adviser, second in the the fee charged by…
CBI: Quarter of UK power plants face closure
Independent business lobby group the Confederation of British Industry (CBI) has warned the latest draft of the European Union Directive for Industrial Emissions could force at least a quarter of the UK’s power plants to close, which would raise a major…
EU derivatives experts suggest threshold system for corporates
Legislators at the European Commission will today move a step closer to determining whether non-financial users of over-the-counter derivatives should be forced to clear trades through central counterparties (CCPs) – a possibility corporates have…
EBF requests review of EC capital markets rules
European bankers call for improvements to Markets in Financial Instruments Directive ahead of European Commission review; CESR calls for evidence on markets' developments
Binge then bust
Politicians have recently expressed alarm at a cross-currency swap conducted between Greece and Goldman Sachs in 2001, which allowed the sovereign to reduce the debt it reported in its public accounts. But other examples now coming to light show the…
A capital suggestion
To prevent another financial crisis, should regulators introduce more of the same – that is, greater capital requirements – or should they take a completely different approach and address corporate culture and behaviour instead?
EU struggles with cross-border crisis rules
Senior regulatory figures speak out on future legislation at a Brussels conference
European Commission admitted to CPSS/Iosco working group on CCPs
The EC says its seat on the steering committee will help keep global regulation coherent.
Obstacles to reform
Grand statements have been made about the need for a new financial supervision framework in Europe, but can the European Union work out the practicalities of reform? Patrick Blum reports
EC’s Nabucco pipeline payout a small step in right direction
The European Commission’s announcement of a €200 million payout to the Nabucco pipeline has been welcomed by European utilities, but some experts point out it is only a tiny fraction of the estimated total cost of €7.9 billion.