News
SNB records $8.7 billion loss on Swiss franc gains
Swiss National Bank reports loss of Sfr8.46 billion for first three quarters of the year after Swiss franc appreciated against major currencies
Banks could circumvent Volcker rule by gaining hedge fund exposure synthetically
Volcker rule may contain loophole that allows banks to invest in hedge funds
Bankers hit out at Basel III trade finance rules
Bank chief executives say tough rules on trade finance will suffocate global trade, putting growth at risk
Too soon to judge QE2: Korea's Kim
Bank of Korea governor Kim Choong-soo says Federal Reserve's second round of monetary easing cannot be prejudged; outlines challenges for domestic economy
IMF’s Viñals envisages financial system of the future
IMF director of monetary and capital markets José Viñals lays out vision of future financial system; says financial stability will need to be integrated in monetary policy decisions although price stability should remain central banks’ primary mandate
New York Fed announces QE2 purchase plan
New York Federal Reserve sets schedule for $105 billion-worth of purchases of Treasuries over the next month
Basel III will choke SMEs, say leading bankers
Sands, Ackermann emphasise need for policy that supports small and medium enterprises; reiterate calls for a level playing field under Basel III
QE2 criticisms “baffling”: King
Attacks on the Federal Open Market Committee’s latest round of asset purchases meet with scorn from Bank of England governor
Focus on trade rather than stimulus: business leaders to G20
International Chamber of Commerce honorary chair Victor Fung calls on G20 to focus on boosting international trade rather than monetary stimulus to raise growth; currency tensions expected to feature heavily at Seoul Summit
China lifts reserve ratio on fears over inflows
People’s Bank of China raises reserve requirements ratio by 50 basis points in bid to tackle inflationary pressure from capital inflows
King: rebalancing pivotal to Britain’s economic health
Bank of England governor says biggest risk to British growth is external demand; relatively unconcerned by housing market
No single structure for clearing industry: CPSS
Bank for International Settlements report on clearing industry says differences in market structures reflect diverse sets of risks to operations
Palestine launches new RTGS system
Palestine Monetary Authority Real-Time Gross Settlement system allows for developments in online and mobile banking
Quant Congress Europe: Basel III CVA charge political, says Swiss regulator
Finma official hits back at industry criticisms of counterparty risk charge, but concedes political pressure to hurt OTC market is undeniable
SF Fed plays down role of structural unemployment
San Francisco Federal Reserve note supports view that monetary policy can address high US unemployment
Boston Fed names new first vice president
Boston Federal Reserve appoints Federal Reserve Information Technology vice president Kenneth Montgomery as first vice president
UK FSA director of financial stability quits
Financial Services Authority's David Strachan will leave role in first quarter of next year; departure adds to growing list of senior figures leaving regulator
RBI reopens second liquidity line to prevent credit squeeze
Reserve Bank of India introduces second liquidity adjustment facility after growth in government savings absorbs liquidity in money markets
Fed's Fisher lambasts QE2
Dallas Fed president Richard Fisher claims QE2 will not create jobs, just spur speculation; comments highlight threats to Bernanke consensus when Fisher and others become FOMC voters in 2011
Ireland releases new governance rules
Central Bank of Ireland looks to stamp out poor boardroom practices at financial institutions
India’s PM backs QE2
Backing from Manmohan Singh follows attacks from other emerging markets
Debt restructuring framework for Europe essential: Deutsche Bank
Deutsche Bank co-head of European economic research Mark Wall says officials must create credible restructuring mechanism for eurozone sovereigns
RBI bans three banks over circular trading
Standard Chartered, Société Générale and Credit Agricole will be banned from proprietary trading in government bonds
Senators call for 'vigorous' enforcement of Volcker rule
Carl Levin and Jeff Merkley urge FSoc to follow “statutory intent” of rule to limit proprietary trading; define key terms and supervisory approach