News
Hungarian prime minister-elect hints at Simor ouster
Hungary’s incoming prime minister gives clearest sign so far that András Simor’s days as central bank governor could be numbered; party wants a central bank that will stimulate economy
Macroprudential tools need hard, fast rules: BIS
Basel-based Committee on the Global Financial System says macroprudential policy needs as strong a mandate as monetary policy to work
Venezuela cracks down on “parallel” currency market
Venezuelan government stops trading in foreign government bonds in bid to stifle unofficial currency markets; plans for central bank to provide central platform
Trichet lays first stone at ECB’s new HQ
ECB president marks the start of building work at a ceremony in Frankfurt
Dubai World agrees restructuring terms
Government owned investment company agrees the terms of a $23.5 billion restructuring effort with creditors and state; markets welcome news
Former head of UK FSA backs new British supervisory structure
Howard Davies says new coalition government was right to keep banking supervision out of Threadneedle Street
Berlin hastily bans naked CDS, short-selling
Supervisor places temporary ban on naked credit default swaps, eurozone bond short sales, citing market volatility; analysts say uncoordinated move is further sign of fragmentation within eurozone
Inflation targets must account for financial stability: former FSA head
Ex-Bank of England deputy governor Howard Davies proposes more flexible inflation target that takes into account credit conditions
Italy amends laws on capital gains to ease sovereign debt pressure
New laws imposed on capital losses by the Bank of Italy signals continued fragility in European markets
Hungary’s Simor tells critical government to curb debt
National Bank of Hungary governor András Simor says high external and government debt levels must be corrected; central bank adds that growth cannot be financed through foreign borrowing anymore
Iceland seals deal to buy back Luxembourg-based króna bonds
Icelandic central bank agrees to buy nearly all outstanding bonds pledged by Landsbanki's Luxembourg subsidiary to secure funds from Luxembourg central bank
Market puzzled by Bafin ban
Traders incredulous as Bafin acts unilaterally to calm “extraordinary volatility”
Systemic risk regulators should direct policy not just give warnings, says HSBC's Haswell
Past experience suggests the new financial stability bodies should direct regulatory policies, not just warn about instability
Bond vote highlights flaws in ECB’s governance: Ex-FSA head Davies
Former head of UK Financial Services Authority Howard Davies says vote on bond purchases underlines flaws in European Central Bank’s one member, one vote policy
Persistent UK inflation sparks concern over Bank’s forecasting
Mervyn King forced to pen another letter to chancellor as inflation remains way above target
Venezuela tightens grip on FX in bid to close down unofficial market
Central Bank of Venezuela to attempt to curb the depreciation of the bolivar by taking control of foreign exchange
China sought safety in US Treasuries as eurozone markets unsettled investors
Treasury data out on Monday show China and Japan heavily increased their holdings in US Treasuries in March
Values of Target2 transactions slide by a fifth
European Central Bank blames economic slowdown for decline in turnover; volume of transactions also dips
Europe to place CDS markets under spotlight: Barnier
European commissioner Michel Barnier says legislation in works requiring credit default swaps to be registered and made fully transparent; follows criticism of investors from European leaders
Senior US lawmakers flag room for manoeuvre on derivatives reform
Senate Banking Committee head Chris Dodd and derivatives overhaul author Blanche Lincoln say negotiation still possible on controversial derivatives package; clearinghouse clause looks set to stay
Nigeria under attack from government aide over reforms
Nigeria’s National Security adviser General Gusau says central bank's reforms are hampering country's recovery
Buba’s Weber interested in price-level targeting
Bundesbank president Axel Weber says move to price-level targeting could help anchor inflation expectations
Trichet reaches out to German public
European Central Bank chief Jean-Claude Trichet participates in several interviews with German media to assuage fears over the central bank’s entry into bond markets
Central banks in biggest US Treasury sell-off for three years
Federal Reserve data shows foreign holders of US treasuries moved away from the dollar