Regulation
Zim’s Gono blasts local takeover bill
Reserve Bank of Zimbabwe governor Gideon Gono slams new law that will force foreign-owned firms to transfer 51% of ownership to locals
Fed must keep regulatory oversight: Bernanke
Federal Reserve chairman Ben Bernanke, criticises plans to strip the Fed of its regulatory powers
Fed chiefs unite in bid to keep wider bank supervision
Current Fed chairman Ben Bernanke and former head Paul Volcker say taking all but the biggest banks away from the central bank would be a mistake
Bank mulls widening collateral pool
Bank of England consults on taking “raw loans” at its discount window facility and calls for more transparency from counterparties, says the move will cement confidence in the financial system
US regulators issue liquidity guidelines
Federal Reserve and other regulators sign off framework for more stringent liquidity management
Washington makes play to name NY Fed chief
Senate banking committee’s reform bill calls for greater accountability in Liberty Street, pares Fed’s supervisory role to large banks alone
Fair value in foul weather
Andrew Haldane draws on Macbeth to explain how financial instruments might be valued in future
Senators table Volcker rule legislation
Bill would ban prop trading for large banks and impose limits for big non-banks
Buba’s Weber dismisses Volcker rule
Bundesbank president Axel Weber says Paul Volcker’s plan will have unanticipated effects and interfere with monetary policy transmission, says sticking with Basel II is best
Harsher stress tests described in new FSA risk outlook
New stress scenarios to test banks' resilience to double dip recession
FDIC’s Bair on US housing recovery
Federal Deposit Insurance Corporation’s Sheila Bair cautiously optimistic
US flip flops on cutting Fed’s oversight role
Senate committee is set to take all but the 23 biggest banks out of Fed’s regulatory ambit, diluted proposal will see Fed hang on to more of its responsibilities than reform bill initially said
Gudmundsson confident of Icesave deal despite country’s ‘no’ vote
Icelandic central bank governor Már Gudmundsson says a resolution will be reached with British and Dutch governments soon despite massive wave of public opposition to the plan
Longworth praises Canada’s astute liquidity management
Bank of Canada deputy governor David Longworth says central bank has been thoughtful and measured, assuring markets that support is available but ensuring that it is only used in dire circumstances
We won’t ban prop trading: British Lord
British business secretary Peter Mandelson says Volcker rule is “too difficult” even as Washington works to turn it into law
Fed’s Fisher: break up the big banks
Dallas Federal Reserve’s president gets tough on those deemed too big to fail
China moots legalising some private lenders
A director-general of the People’s Bank of China says the central bank is in favour of lifting rate caps and legalising some micro-lenders
UK FSA’s penalties policy could see enforcement fines treble
British regulator’s announces new structure for penalty-setting
NZ makes credit ratings mandatory for non-banks
Governor Alan Bollard deems ratings useful for investors
Fed is investigating Goldman, hedge funds: Bernanke
Federal Reserve chairman Ben Bernanke says the central bank is looking into cross-currency swaps carried out by Goldman Sachs alleged to have helped Greece hide the extent of its debt
Europe works to cut banks’ reporting burden
The European Central Bank and Committee of European Banking Supervisors publish a system that will eliminate double reporting and improve quality of data
Libya opens doors to foreign banks
Libyan central bank welcomes overseas institutions interested in setting up a subsidiary, says ongoing reforms and strong economic performance offer great prospects for banks
FSA’s Turner queries faith in deep and liquid markets
Britain’s top regulator calls for a conservative approach to liquidity, arguing that excessive financial activity is liable to do more damage than good