So-called living wills submitted by big banks are "not credible" and have to be revised by next July, federal regulators said on Tuesday.» Read More
LONDON, Aug 13- The world's top banks have backed the bulk of recommendations from regulators to reform the setting of the leading global currency benchmark following allegations of market rigging, making changes inevitable.
WASHINGTON, Aug 5- U.S. regulators on Tuesday told banks to come up with better living wills, inching a step closer to taking action if these plans to avoid taxpayer bailouts during a future crisis were still deficient next year.
The planned transformation of EBS, owned by the world's largest interdealer broker ICAP, comes as the sector faces greater regulatory scrutiny after alleged manipulation of foreign exchange benchmarks used to price trillions of dollars of investments and company deals.
*Report backs reform of existing ECB and 4 p.m. London fixes. At the center of the investigations is activity around the 4 p.m. currency fix in London, a 60- second window where key exchange rates are set. The Financial Stability Board, based in Basel in Switzerland, said it had no access to any evidence or knowledge of any details of the investigations.
*Report backs reform of existing ECB and 4 p.m. London fix. LONDON, July 15- The G20's global financial regulator on Tuesday urged deep-rooted change to how currency benchmarks are set, a response to allegations that dealers at major banks colluded and manipulated rates.
July 9- State Street Corp has reached $70 million in settlements to end three lawsuits claiming it inflated its share price by overcharging clients on foreign exchange services and falsely representing that its investments in mortgage-backed securities were safe.
July 9- State Street Corp has reached a $60 million settlement of a shareholder lawsuit that accused it of overcharging clients for foreign exchange services, and falsely stating it invested only in "high quality" assets, according to a court filing.
Funds managed by Trian collectively own about 28.9 million shares, or about 2 percent, of BNY Mellon after adding to the stake in the first quarter, according to disclosures with the U.S. Securities and Exchange Commission and the person familiar with Trian's investment strategy. "Trian is a respected investment firm," BNY Mellon spokesman Kevin Heine said.
NEW YORK, June 30- Even as BlackRock Inc is set to amass $1 trillion in exchange-traded fund assets in its iShares business, U.S. retail investors increasingly prefer to send their money to low-cost leader Vanguard Group, highlighting a weak spot for the world's biggest money manager.
LONDON, June 19- British investigators are examining millions of electronic messages which include fresh evidence of possible collusion by a small group of top currency traders, sources say.
Nine stocks in the S&P 500, including Charles Schwab and Staples have lagged the market each of the past five summers. USA Today reports.
JPMorgan is launching its first exchange-traded fund on Tuesday.
NEW YORK, June 17- J.P. Morgan Chase& Co is launching its first exchange-traded fund on Tuesday as the Wall Street bank's asset management business makes its debut in the $1.8 trillion U.S. exchange-traded fund arena.
Three major banks are below or almost at minimum capital thresholds expected to be included in a rule still being hammered out by U.S. regulators.
June 12- Institutional investors having trouble finding bonds for their portfolios from the usual suppliers are accepting a higher degree of risk and pumping billions of dollars into exchange-traded bond funds, boosting asset management firms such as BlackRock, Pimco and State Street.
The euro weakened against the dollar, as yield differentials between Treasuries and Bunds widened to multi-year highs.
May 31- BlackRock Inc Chief Executive Larry Fink this week dropped a stink bomb on a small corner of the $2.5 trillion global market for exchange-traded funds. Sponsors of leveraged ETFs and related products, which make up only about $60 billion of global industry assets, called his remarks an exaggeration.
Vanguard Group CEO Bill McNabb says the idea of tagging some funds as systemically important to the financial system will cost investors.
BRUSSELS, May 20- European Union antitrust regulators charged Europe's biggest bank HSBC, U.S. peer JPMorgan and France's Credit Agricole on Tuesday with rigging financial benchmarks linked to the euro, exposing them to potential fines.
NEW YORK, May 1- Invesco Ltd, which oversees the PowerShares line of exchange-traded funds, said on Thursday its first-quarter profit fell 15.5 percent, pressured by an increase in operating expenses that included a fine from British regulators. The fine reduced Invesco's quarterly diluted earnings per share by 7 cents, the company said.