The FSA’s hardliner

Oliver Page, of the UK’s FSA and the Basel Committee on Banking Supervision, says regulators should stay tough on credit and operational risk.

Is there a schism between the New York Federal Reserve Bank and the UK’s Financial Services Authority (FSA)?

A speech delivered by William McDonough, president of the New York Fed and chairman of the Basel Committee on Banking Supervision, to the annual meeting of the International Swaps and Derivatives Association in Washington last month, seemed to offer the prospect of a cut in the w charge – a 15% capital floor on credit derivative positions – or even its full removal.

The Basel Committee

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