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Financial Reform

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  • Dec 18- U.S. banks will be able to do more business in Cuba after the United States and the island nation agreed to restore diplomatic ties, but trade groups said their members will be slow to ramp up operations, fearing big penalties for mistakes. The U.S. Treasury Department said it expects to ease its sanction rules for banking in Cuba in the coming weeks.

  • SAO PAULO, Dec 17- Grupo BTG Pactual SA's Chilean unit obtained a permanent banking license to operate in the country on Wednesday, allowing Latin America's largest independent investment bank to start operations in Chile by the end of January. In a statement, BTG Pactual said the unit, known as Banco BTG Pactual Chile, wanted a full banking license in Chile to "grow...

  • Dec 16- The Financial Industry Regulatory Authority, Wall Street's industry-funded regulator, fined Bank of America Corp's Merrill Lynch unit $1.9 million for unfair pricing related to the purchase of distressed securities over two years. Merrill Lynch's global banking and markets credit trading desk had bought senior notes of Motors Liquidation Co,...

  • Italian reforms: A step in the right direction?  Monday, 15 Dec 2014 | 4:30 AM ET

    Italian Prime Minister Matteo Renzi's labour reforms are a "step in the right direction", according to Anatoli Annenkov, senior European economist at Societe Generale, who argues that much more is needed, nevertheless.

  • Dodd-Frank battle over banks erupts anew in DC Friday, 12 Dec 2014 | 7:40 AM ET
    Then-Sen. Chris Dodd (L) and then-Rep. Barney Frank at the signing of the Dodd-Frank act in 2010.

    The move to roll back Dodd-Frank regulations of big banks has drawn the wrath of Democrats ... and even Republicans. The NYT reports.

  • Wall St. watchdog gift rules could get makeover Wednesday, 10 Dec 2014 | 1:44 PM ET

    Dec 10- Wall Street's industry-funded regulator, in step with the holiday season, has made new recommendations for possible changes to its rules about how securities brokers give and receive gifts. The recommendation on Tuesday to retool the gift rules is part of an overall review of the effectiveness and costs to the industry of the Financial Industry...

  • NEW YORK, Dec 2- Citigroup Inc is shutting down its alternative stock trading venue LavaFlow, the bank said on Tuesday, at a time when regulatory scrutiny has increased around broker-run trading platforms, forcing banks to rethink the costs. "Following a recent review of the LavaFlow ECN, we have decided that our capital, resources and efforts would be better...

  • QE isn't the answer for Europe  Tuesday, 2 Dec 2014 | 4:00 AM ET

    Continued reform and measures to encourage banks to lend in Europe would be better than outright sovereign quantitative easing says Paras Anand, head of European equities at Fidelity Worldwide Investment.

  • ECB will fulfil its mandate: France's Macron  Friday, 28 Nov 2014 | 4:00 AM ET

    The European Central Bank will fulfil its mandate in the next weeks, says Emmanuel Macron, French economy minister, adding that France will put forth further reforms to parliament.

  • WASHINGTON, Nov 25- The U.S. Federal Reserve on Tuesday proposed to impose tougher capital standards on General Electric's finance unit, one of a handful of non-bank firms deemed critically important to the health of the financial system. "GE Capital has been preparing for the enhanced regulatory standards provided for in the Dodd-Frank Act," company spokesman...

  • WASHINGTON, Nov 25- HSBC Holdings Plc will pay $12.5 million to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday. The SEC said HSBC's Swiss unit amassed 368 U.S. client accounts, and its employees traveled to the United...

  • LONDON, Nov 25- Scott Wotherspoon runs a small tiling firm in Scotland. The 43- year-old borrowed about $4 million from Royal Bank of Scotland. He thinks he is due compensation for mis-selling, like thousands of other businesses that Britain's financial watchdog has ruled are eligible.

  • A bid by China to rein in its "shadow banking" activity is producing results, thanks to slowing economic growth and tighter regulation.

  • SHANGHAI/ BEIJING, Nov 24- A bid by China to rein in its "shadow banking" activity is producing results, thanks to slowing economic growth and tighter regulation. But some success for a policy drive to curb risky lending is not all good news for Beijing, as smaller companies may face even bigger struggles to find funding. A cut in interest rates, announced by Beijing on...

  • WASHINGTON, Nov 21- A top Federal Reserve official on Friday pledged to a Senate investigative subcommittee that the U.S. central bank would broaden its review of gaps in its regulation of the physical commodity operations of U.S. banks. In response to questioning at a hearing on Friday, Fed Governor Daniel Tarullo said the bank would look into filling those...

  • WASHINGTON, Nov 21- Several Democratic senators on Friday criticized the New York Federal Reserve Bank as too close to the mammoth financial institutions it regulates, taking particular aim at the hiring of Fed alumni at firms like Goldman Sachs- and vice versa. that ties between the Fed and the banking industry are perceived as cozy, and arguably contributed to...

  • Nov 20- Goldman Sachs Group Inc said it fired two staff after a junior employee passed confidential information from the Federal Reserve Bank of New York, his former employer, to a senior colleague in the investment bank. Goldman said the incident on Sept. 26 was immediately reported to its compliance team, regulators and the New York Fed and an internal...

  • Nov 19- A Houston- based wealth management firm must pay more than $3.8 million to a group of 19 ExxonMobil retirees who said the company mismanaged their investments and misled them about its trading strategy, according to a securities arbitration ruling. The ruling by a panel of three Financial Industry Regulatory Authority arbitrators found USCA Capital...

  • UPDATE 1-Juno Therapeutics files for IPO Monday, 17 Nov 2014 | 7:23 AM ET

    Nov 17- Juno Therapeutics Inc, a biopharmaceutical company that is working on cancer treatments, filed with U.S. regulators for an initial public offering of common stock. Seattle- based Juno, which has raised more than $310 million in funding since April this year, counts venture capital firm ARCH Venture Fund VII LP as one of its major investors, with a stake of...

  • Banker pay must stop encouraging misconduct: Carney Monday, 17 Nov 2014 | 2:31 AM ET
    Mark Carney, governor of the Bank of England, at the bank's quarterly inflation report news conference in London, on Wednesday, Aug. 13, 2014.

    Repeated scandals at banks' trading desks show the sector's compensation must be regulated to stop encouraging misconduct, BOE Gov. Mark Carney said.