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ECB Papademos comments on ECB’s 2009 Financial Stability Report - risks still exist
Papademos provided an overview of the identified risks to the financial system's stability, such as the possibility of vulnerabilities of financial institutions associated with concentrations of lending exposures to commercial property markets and to central and eastern European countries.
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Commission single market review - derivatives could entail significant risks to financial stability
The latest Single Market News includes an interview with Charlie McCreevy. He talks about his impressions of Europe, his achievements as a commissioner and the challenges he believes lie ahead for Europe’s new leaders. The review also pays special attention to derivatives.
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Commission European Financial Integration Report 2009 – great policy achievements on financial supervision
This contains an annual analysis of integration in the EU financial sector and its impact on competition, efficiency, financial stability and global competitiveness of EU financial markets. It also includes EU financial services policy achievements including AIFMD and remuneration.
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FT: Iceland refuses to approve the deal to reimburse Britain and the Netherlands - a referendum may take place
The Icelandic government agreed in June to reimburse £2.35bn to the UK and £1.3bn to the Netherlands, but has struggled to secure domestic backing. Fitch downgraded Iceland’s main sovereign rating to “junk” status in response and Standard & Poor’s said it could follow suit.
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IFSL reports considerable drop of trade surplus and employment in financial services sector
The 2009 trade surplus in UK financial services is expected to reach around £35bn, 20% down on the 2008 total. At the same time, employment in financial services has fallen by 63,000 from the June 2007 high of 1.064m.
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Bernanke calls for better execution of financial regulation and supervision
The best response to the housing bubble would have been regulatory, not monetary, the Fed chairman said. Not that financial regulation and supervision are ineffective, but their execution must be better and smarter, he added.
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FSA Japan issues Blueprint for Financial Services Regulation
The FSA intends to introduce a mandatory clearing of OTC derivatives on CCPs. Also, securities clearing and settlement systems will be under scrutiny. Further plans include introducing consolidated regulation and supervision of securities companies and reporting requirements for Hedge Funds.
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