Regulation
US, Chinese regulators sign cross-border resolution deal
Federal Deposit Insurance Corporation and China Banking Regulatory Commission to cooperate and write shared contingency plans for cross-border failures; move follows United Commercial Bank failure
Interview: Howard Davies
The founding chairman of the UK Financial Services Authority discusses Britain’s new regulatory architecture, weaknesses in the European Central Bank’s voting arrangements, and how inflation targets need to change
An open letter to the chancellor of the exchequer
The UK government’s plans for financial regulation are far from clear, writes Bill Allen, a former deputy director at the Bank of England
Iosco calls on regulators to share information
International securities body says members should cooperate outside an enforcement context to spot disturbing trends; report sets out principles of bilateral information-sharing deals
Securities and Exchange Commission appoints new chief financial officer
SEC's appointment of new chief financial officer follows criticisms last year from the US Government Accountability Office
Volcker rule fails to make approved Dodd bill
Key amendment omitted; Fed gains powers but will face audit in sweeping regulatory reform
SF Fed: pre-crisis regulation of financial markets
A San Francisco Federal Reserve study looks at the role of government during the financial crisis and calls for a greater state role in regulation
Riksbank’s Persson: don’t shoot CDS ‘messenger’
The Swedish central bank uses CDS spreads as an indicator of financial stability
Bank of Italy defends change on capital accounting
Allowing banks to ignore falling bond prices for capital purposes is a legitimate move, says regulator
Weber calls for broader scope to Basel III
Bundesbank President Axel Weber says new Basel rules should incorporate a macroprudential element to overcome systemic risks
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
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
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
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
Philly Fed blames subprime crisis on bankruptcy reform
Philadelphia Federal Reserve study shows reform to homeowner bankruptcy rules caused default rates to rise during subprime mortgage crisis
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
A return to complexity: economic policy after the crisis
The crisis has challenged the fundamentals of the prevailing macroeconomic orthodoxy. Policymakers must recognise this and adopt new frameworks accordingly, Sir John Gieve argues