Europe
EBA study quantifies impact of IFRS 9
Report finds smaller banks are likely to see a heavier capital impact from new accounting rules; Basel Committee paper says a mix of forward- and backward-looking rules may work best
Deregulation aided women entering US labour force – paper
ECB paper finds efforts to open up the credit market from the 1970s to 90s helped reduce the gender gap in the labour force
ECB’s Cœuré says asset purchases are not responsible for exchange rate movements
Executive board member says Europe’s asset purchase programme has boosted economic growth and inflation prospects; policy not “fundamentally different” from conventional policy
CEPR paper sketches ‘radical, realistic’ Greek reform plan
Stanford and Yale economists outline “unorthodox” policies that could put Greek debt on a sustainable footing – and might be acceptable to all negotiating parties
It is too early to disregard cash – Croatia’s Vujčić
European governors wary of what the future of fintech will hold for both digital and hard cash
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
Mersch criticises Commission over securitisation regulation
Some ‘STS’ provisions reduce transparency and increase complexity, ECB board member says
People: Fed appoints general counsel; new department heads at Riksbank
Fed appoints former supervision and regulation head to general counsel; new heads of monetary policy and financial stability for Riksbank; and more
Any London forex trading move would be ‘gradual’ – ECB
City’s place in global submarine cable network is likely to be key, researcher says
Brexit should not lead to restrictions on financial trade – FCA’s Bailey
If UK and EU work hard to maintain similar regulations, Brexit need not lead to restrictions on open markets and free trade, says FCA chief executive
Wholesale funding ‘dry-ups’ driven by bank quality, ESRB paper argues
Researchers use data on certificate of deposit market between 2008 and 2014
European Commission approves Monte dei Paschi recapitalisation
Move to reimburse investors should remove key political obstacle
Basel Committee flags shortfalls in implementation
European Union is yet to fully comply with the liquidity coverage ratio, while many jurisdictions are lagging behind in other areas
Too early to tell if eurozone NPL reforms are sufficient – ECB
Changes to legal systems are “not keeping pace” with new laws
Bank innovation in consumer data will increase, EBA says
New laws will hasten pace of innovation but should increase consumer rights, EBA argues; market participants see laws as adequate but concerned about cyber security
Bond sell-off slows as markets digest central bank comments
Upbeat comments from ECB and BoE chiefs trigger brief tantrum, but bond markets now appear to be settling down
EC must address concerns over state aid – ECB’s Angeloni
ECB supervisor says Italian aid to Intesa raises serious questions
Italian paper looks at effects of crisis on interbank network
Integration fell in 2007–8 but rose after ECB adopted unconventional policy, paper finds
Commission’s CCP powers ‘might not lead to exodus from UK’
US regulation of CCPs provides a “plausible template” for the eurozone, says commentator
European supervisory authorities set out AML-CFT guidelines
Document spells out methods for implementing “risk-based approach”
US dealers wade into European CCP relocation debate
CFTC hearing warns of increased margining costs and a pre-Brexit client onboarding crunch
BoE ups capital buffers as consumer credit outstrips income
“Pockets of risk” including effects of Brexit negotiations and car finance warrant attention, BoE says, though it stresses overall stability threats are at “normal” levels
EC approves state aid for two Italian banks
Small regional banks will receive about €5 billion, having avoided resolution
Exogenous constraints affected asset purchase programme, Irish paper says
Research letter looks at impact of extended scheme