ECB tells IMA banks to apply before rules are complete

ecb-frankfurt-3 — ECB may require IMA applications while rules are still under construction

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European banks that want to calculate their own trading book capital requirements will have to apply for approval before the rules have been finalised, under a timeline sketched out by the European Central Bank in a September 29 conference call with banks.

The schedule gives banks just over a year to build their models. Dealers say this is unrealistic, in large part because key elements of the rules will not be finalised – including a revised version of the test that acts as a gateway to the

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