29 March 2011

Graham's Blog, 29th March 2011

After the great crisis, the global system seemed to have entered a period of frenetic reform but Nicolas Véron is now joining those who are questioning if global financial reform has run out of steam? Financial reform is a never-ending effort, and the cycle that started with the crisis is far from completed.  View Article

Competition Commissioner Almunia spoke to ECON about the restructuring of the banking system with 24 on-going cases, but also talked about the competition issues which arise from some aspects of the functioning of the credit default swaps market. View Article All this will impinge on the topic of bank capital, and the Bank of England’s Haldane raised some interesting ideas on market-based measures of expectations of bank solvency, rather than relying on historic measures of capital adequacy.  View Article

Meanwhile, EMIR continues to raise many concerns – to the point that it is becoming a battleground. Comments by officials about widening the scope seem to have been downplayed by Commissioner Barnier. But this may turn out to be a pivotal issue in the the Deutsche Börse takeover of NYSE Euronext.  View Article

Meanwhile, I am continuing to ponder the full implications of last week’s Summit. In my book, I set out three possible scenarios and had been hoping the Heads of Government would act boldly and far-sightedly to choose Scenario III. Instead, I fear they have chosen II - Book details.

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© Graham Bishop