Regulation
Singapore slaps biggest bank with extra capital requirements after technical glitch
Monetary Authority of Singapore censures DBS and imposes additional capital requirements after technical failure caused bank’s services to shut down in July; fault pinned on poor risk oversight
PBoC announces plans to deregulate gold market
People’s Bank of China says it will provide more commercial banks with access to global gold markets to address growing demand
Northern Rock’s bad bank posts first profit
Northern Rock Asset Management shows $267m profit for first half of year as split with so-called “good bank” lowers costs of funding; FSA slaps RBS with $9m fine for screening failures
Policy produces dull but safe banks
In the second of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted the nation’s global outlook
Basel III features win governors' seal of approval
Group of Governors and Heads of Supervision, which oversees Basel Committee, okays parts of forthcoming Basel III proposals; calibration and phase-in arrangements to be finalised in September
Ireland’s Honohan talks about new capital adequacy requirements
Central Bank of Ireland governor Patrick Honohan sets out plans for tougher capital requirements on Ireland’s banks
Westminster spells out Bank’s importance in new regulatory structure
Bank-led committee will instruct prudential regulator and consumer body on policy; Treasury asks industry players for input on broadening new body’s objectives
Key Basel III decisions due as oversight board gathers
Governors and heads of supervision will review recommendations brought forward from July 14-15 Basel Committee meeting
ECB insists stress tests are credible
ECB denies claims stress test scenarios were not severe enough
Maiden Lane chief to head NY Fed banking supervision from 2011
New York Fed’s Sarah Dahlgren to replace William Rutledge as head of supervision; Rutledge to retire in December
Dodd-Frank starts to bite as Obama signs bill into law
US President Barack Obama draws a line under year-long legislative process, hailing bill’s benefits to consumers; ratings agencies flustered by exposure to ‘expert liability’
Volcker philosophical on weakened rule, reform bill
Former Fed chairman Paul Volcker says failure to include dollar limit on banks’ positions in hedge funds “disappointing”, but accepts need for political compromise
Fed better prepared than us for financial crisis: ECB paper
European Central Bank study shows stronger emphasis towards output allowed the Fed to react faster than Frankfurt to financial crisis
Volcker should chair FSoc
Aspects of the Dodd-Frank Act are welcome but crises will continue to be mismanaged, Robert Pringle writes.
Fed is the main winner from Dodd-Frank bill: Meyer
Former Federal Reserve governor Laurence Meyer says the central bank has gained powers it wanted and shed responsibilities it did not, despite initial anti-Fed sentiment among lawmakers
Basel Committee counter-cyclical proposals tie buffers to economic indicators
Committee publishes paper on counter-cyclical capital and defers recommendations on Basel III to oversight board meeting on July 26
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
Malaysia's Zeti launches new Islamic finance task force
Bank Negara Malaysia governor Zeti Akhtar Aziz announces plans for new financial stability task force
France's Noyer says OTC markets need revamp
Banque de France governor Christian Noyer says new reforms on over-the-counter derivatives will make market more resilient
UK FSA reorganisation happening quickly, says head of risk
The break-up of the UK Financial Services Authority is beginning to take shape, says the regulator's head of risk management
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
UK’s Hoban wants greater say over European regulatory reform
UK financial secretary to the Treasury Mark Hoban concedes London’s prominence as financial centre has ended, says Britain must have stronger voice in Europe on regulatory reform
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital