Top banks told to centralise risk data by 2016
The world's top banks have three years to build up a single picture of all their risks to help make the wider financial system safer, global regulators said on Wednesday. "The financial crisis that...
View ArticleFinancial institutions should stress test fixed-income exposures, IIF warns
Risk managers and prudential regulators should stress test their exposure to fixed-income securities, following near-record issuance and a weakening in credit quality, the Institute of International...
View ArticleSEC enforcement chief Khuzami is leaving
Robert Khuzami, the enforcement director at the U.S. Securities and Exchange Commission who worked to rebuild its tarnished image after the Bernard Madoff scandal and the financial crisis, said on...
View ArticleU.S. suspects Iran behind cyber-attacks on banks
By Nicole Perlroth & Quentin Hardy in San Francisco The attackers hit one U.S. bank after the next. As in so many previous attacks, dozens of online banking sites slowed, hiccupped or ground to a...
View ArticleBATS blames system error dating to 2008 for pricing problems
U.S.-based stock-exchange operator BATS Global Markets Inc said a system error led to hundreds of thousands of transactions being executed at prices that were not the best available. The error dating...
View ArticleAmid public rage, AIG opts out of U.S. government lawsuit
The board of American International Group Inc decided on Wednesday not to join a lawsuit against the U.S. government over the terms of the company's bailout, following two days of fevered backlash from...
View ArticleFormer SAC analyst who cooperated with probe gets probation
A former hedge fund consultant who cooperated with the government's sprawling insider trading probe was sentenced to two years probation on Wednesday by a federal judge. U.S. District Judge Jed Rakoff...
View ArticleU.S. SEC levels first post-crisis charges versus auditors
U.S. regulators on Wednesday accused a partner and a manager at accounting firm KPMG of failing to properly audit the books of a failed Nebraska bank, the first time auditors have faced federal...
View ArticleBig U.S. banks to post money fund values daily
Goldman Sachs Group Inc and JPMorgan Chase & Co on Wednesday said they will disclose the value of their money market mutual funds each day rather than monthly, seeking to boost investor confidence...
View ArticleU.S. consumer watchdog tightens mortgage lending rules on banks
More than five years after the housing market collapsed, the U.S. government’s newly created consumer watchdog said Thursday it will force banks to verify a borrower’s ability to repay loans to ward...
View ArticleSants insists he has no non-public information about Barclays' competitors
Hector Sants has been asked if information he has about Barclays' competitors will compromise him in his new role as the bank's head of compliance and government relations. The former chief executive...
View ArticleRBS reviews future of executives as Libor deal nears – source
Royal Bank of Scotland is considering whether two senior executives should leave as it nears a deal with regulators over its role in a global interest rate rigging scandal, a source familiar with the...
View ArticleEXCLUSIVE: Regulators to issue cease-and-desist order against JPMorgan today...
Federal banking regulators will today issue a cease-and-desist order requiring JPMorgan Chase & Co to correct weaknesses in its anti-money laundering compliance program, a source familiar with the...
View ArticleGlobal accounting head highlights costs of U.S. inaction
The costs of delaying a move by the United States to international accounting standards are probably higher than the costs of a switch, the head of a global accounting rules body warned on Thursday. By...
View ArticleIsraeli bank nudges US clients toward IRS tax disclosure program
Bank Leumi, the largest commercial bank in Israel, has urged U.S. clients to disclose information about their accounts to U.S. authorities, who are investigating Leumi and many other foreign banks over...
View ArticleU.S. urges greater diligence by banks on Iran sanctions
The U.S. Treasury urged U.S. banks on Thursday to exercise greater diligence in dealing with foreign trading firms and exchange houses that may seek to evade sanctions on Iran. "The purpose of this...
View ArticleCanada recommends rate reforms in wake of Libor woes
Canada should clarify the criteria used for setting its benchmark rate for banker's acceptances and tighten controls to prevent manipulation, a Canadian regulatory body said in a study spurred by...
View ArticleDTCC urges futures regulator to reject CME swaps reporting rule
The Depository Trust and Clearing Corporation, which clears most of the securities trades for the financial industry, has asked the U.S. futures regulator to reject a Chicago Mercantile Exchange...
View ArticleFINRA takes first steps to regulate crowdfunding industry
The Financial Industry Regulatory Authority (FINRA) has asked crowdfunding websites to voluntarily register with it as a first step towards regulating a fast-growing industry that helps small...
View ArticleMoney laundering reviews should influence financial stability assessments,...
Anti-money laundering and countering terrorist financing issues should be considered when assessing a country's financial stability, according to the International Monetary Fund (IMF). The global...
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