Advocates of closer European integration have long seen the impending departure of one of its foremost critics – the UK – as an opportunity to transfer more power to European Union institutions, but when it comes to financial regulation, there is an extra complication. The creation of the banking union – currently comprising the 19 eurozone members, but open to any other EU country that chooses to join – has resulted in two different levels of integration.
Banks based in the banking union are
- Regulators to scrutinise CCP default auctions
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more
- VAR surges, revenues tank at French banks hurt by volatility
- A rush on Libor fallbacks to head off holdouts
- Swaps data: SOFR volume and margin insights