The overhaul of US withholding tax legislation will have a dramatic impact on how US corporations raise funds abroad, as well as the way foreign investors invest in US securities. Writer Charlie Corbett
Bob McDowall, research director for Europe at TowerGroupAn unprecedented overhaul of the securities industry is taking place under politically mandated reform. This is forcing markets and regulators to work more closely together to ensure that there is no repeat of the recent financial crisis. Writer Frances Maguire
South Africa's authorities are hesitating over proposals to cut bank charges and open up the payments system to non-bank providers, causing frustration and paralysis. Writer Michael Imeson
Christopher Dodd, Connecticut Democrat and chairman of the US Senate banking committeeIn the process of attempting to win support for regulatory reform within the US banking industry from both Republicans and financial institutions, concerns are being raised that too many concessions are being made, thus limiting the intended impact of the proposals. Writer Jane Monahan
Cleaning up: the FDIC plans to bring a more grassroots style to the US banking industryThe Federal Deposit Insurance Corporation, under the tutelage of chairwoman Sheila Bair, has been spearheading a banking clean-up on a massive scale. And while the sector faces much uncertainty, one thing is sure: the US banking landscape is set to change for good. Writer Suzanne Miller
Almost two years since the fall of Lehman Brothers, the UK regulator is assessing proposals that could see a major shake up of the way prime brokers handle their clients' assets. Writer Charlie Corbett
Foreign policy, fiscal pressures, financial reforms and far-reaching litigation are all provoking a flow of cases that threaten to overburden international banks doing business in the US. But the banks are fighting back. Philip Alexander reports.
The global financial system needs better supervision, but this should not come at the expense of local regulatory expertise and participation in decisions that affect individual countries.
Largely robust: the banks at Bahrain Financial Harbour have shown resilience in the global crisisBahrain has had to deal with its fair share of problems on the back of the global economic downturn, but a sound regulatory and supervisory structure and deft handling of the crisis by the central bank has ensured it will emerge as a stronger, more confident nation as a result. Writer Charlie Corbett
MiFID is moving up the agenda, with a major review due this year that is likely to see its post-trade transparency regime for equity markets extended to non-equity markets. Bond dealers are understandably nervous. Writer Michael Imeson
The Reserve Bank of New Zealand has strengthened its liquidity requirements for banks. It will be expensive, but at least they'll be operating on a sounder footing. Writer Michael Imeson
New legislation for over-the-counter derivatives from the European Commission next year will include a central counterparty directive. But what are the implications of the new law? Writer Frances Maguire
Timetable: although RBS is selling its insurance businesses it must still meet the Solvency II directiveBanks that own insurers are preparing for the Solvency II insurance directive, which in its current form could require huge amounts of extra capital to be set aside. Meanwhile, investment banks are busy advising their insurance clients on how their risk management and capital structures will have to change as a result. Writer Michael Imeson
Dr Walid Hejazi, Professor of International CompetitivenessFar from depriving other countries of tax revenue, offshore financial centres used by multinationals for foreign direct investment generate huge taxable sums for home economies via share dividends and capital gains.
Eugene Ludwig, Founder and CEO of Promontory Financial Group
Capital should simply be one of the barons of good risk management - not the king.
Rage-Ometer
Is a bank website the same as a bank branch? Canada's finance minister thinks so, which means that banks, which are not allowed to sell insurance through branches, are to be banned from selling it online too. Writer Michael Imeson
Heavy-handed regulatory reform in response to the financial crisis runs the risk of damaging the economy further. A measured response that accepts a certain level of risk makes good fiscal sense and will be a more sensible outcome.
Trust and confidence in the Anglo-Saxon model of regulation have evaporated so much as a result of the financial crisis that Asian policy-makers are now beginning to rethink key issues about regulation from first principles.
Danièle Nouy, secretary-general of the Banque de France's Banking CommissionDistinguishing between banks' funds and shareholders' equity has become increasingly difficult as the rise of hybrid capital instruments has introduced grey areas to the financial sector. Writer Charles Piggott
Stable structure: Jakarta's central business district has experienced growth throughout the global economic slumpPolicy reforms in Indonesia's banking sector have transformed shareholding structures and foreign investors have scooped up local banks. But further change is needed to enable the country to cope with an anticipated economic explosion, say local bankers. Writer Michelle Price
The next time economic disaster strikes, the EC wants an EU-wide way of dealing with the fallout. But the framework it suggests is highly complex. Writer Michael Imeson
Anthony BelchambersCEO, Futures & Options Association
Regulatory bodies are directing their might at systemic weaknesses within the financial system, but there is a chance that they might go too far in chasing the wrong priorities.
Global regulators are drawing up tougher capital adequacy standards, but German banks do not like what they are seeing. Writer Michael Imeson
Jacques de Larosière, Chairman of the Strategic Committee of the French TreasuryThere is a meeting of minds around the world on how best to reform the financial system, but enforcing these principles in a consistent way will still be difficult.
Widely criticised after the subprime crisis as part of the problem, it seems that credit ratings agencies are still regarded as part of the solution by the market and regulators alike. Writer Philip Alexander
By the end of the year, Ireland's government will start buying up €90bn of highly risky land and property loans, much to the relief of the country's struggling banks. Writer Michael Imeson
The fall-out from the Lehman Brothers collapse exposed the true extent of risk in the over-the-counter derivatives market and highlighted the need for change. While there is still no clear path for the market's future, it is not too difficult to anticipate what the Obama administration has in store for the sector. Writer Janet Lewis
On the surface, it may seem that the EU's 2007 MiFID legislation, which aimed to create a pan-European investment market on a level playing field, has changed little. However, a closer analysis reveals an industry in the process of change, as new upstarts make inroads and traditional exchanges respond with new technology. Writer Chris Skinner
The FSA's new regime to plug the holes in the UK's liquidity risk management system is being criticised by the sector as overzealous and potentially harmful. Michelle Price reports.
The UK government has just published proposals for wide-ranging changes to financial regulation. Although the measures will be intrusive, bankers are generally supportive. Writer Michael Imeson
European law-makers are overhauling the way in which the financial system and the firms that operate within it are supervised. Writer Michael Imeson
Christopher Fawcett, CEO of Fauchier Partners
The European Commission's first draft for its directive on alternative investment fund managers and overseas financial centres has brought about furious accusations of protectionism, anti-Anglo-Saxon bias and unnecessary meddling. Writer Silvia Pavoni
A plan to create a new system of financial regulation in the US has just been announced. Bankers are already pleading for some of the proposals to be modified. Writer Michael Imeson
The global recession has elevated payments processing to near the top of bank chiefs' priority lists, but the industry is going through a fundamental structural change that could lead to a slump in revenues and soaring business costs. Writer Charlie Corbett
EU policymakers have sharpened their shears and launched an attack on hedge fund managers and other alternative investment fund managers. Writer Michael Imeson
In the fourth of The Banker's Masterclass series, Deutsche Bank's head of cash management, financial institutions, for Germany, Austria and central Europe, Dean Sposito, and Deutsche Bank's head of cash management, financial institutions, for northern Europe, Matt Tuck, talk about how they are helping their clients to navigate the crisis and position themselves for a potential upturn. Writer Charlie Corbett
Dean Sposito, Head of cash management, financial institutions, for Germany, Austria, Central Europe, Deutsche Bank
Switzerland has just caved in to pressure from the big economic powers and relaxed its banking secrecy laws. Some fear this is the beginning of the end of its long tradition of client confidentiality. Writer Michael Imeson
Julien Kasparian, head of market infrastructure solutions in the UK at BNP Securities Services
Growing competition in the post-trade clearing and settlement infrastructure, brought about by MiFID, could dramatically reshape Europe's custody market. Writer Frances Maguire
Just as the UK goes into recession, the authorities decided to get tough on loan repayment insurance. Surely this is dreadful timing? Writer Michael Imeson
FSA chairman Lord Turner will soon publish plans for tightening up UK banking regulation. Bankers are resigned to tougher rules but have some concerns. Writer Michael Imeson.
Camden Fine, president of the Independent
Community Bankers of America
In the US’s multi-layered banking sector, the credit crisis is being felt on all levels. But as the Treasury launches wave after wave of initiatives to protect the larger banks, and the smaller community banks stand firm due to their low exposure to subprime, it is the medium-sized banks that face the greatest threat. Writer Jane Monahan in Washington, DC.
The short-selling of financial stocks is still banned in most major economies but hedge fund managers, brokers and others are campaigning hard for the restrictions to be lifted. Writer Michael Imeson.
Debate on China’s future was fierce at the inaugural summer event of the World Economic Forum held in the Chinese city of Dalian. Stephen Timewell reports.
Thailand seemed to be ushering in a golden age of financial security, until high-level political scandal and terrorist attacks sent its fragile economy crashing back down to earth. Simon Montlake reports.
Nobel Peace Prize laureate Professor Mohammed Yunus talks to Kala Rao about the growing role of microfinance in the global economy, the challenges the sector faces moving from the informal to formal status, the need for regulation and the role that governments can play.
Are the Bank of Cyprus’s days numbered? Nick Kochan reports on the rival predators’ struggle for the bank, and the opposing forces of regulators and nationalists.
Abdel Hamid Shoman: chairman and CEO of Arab Bank
Given its sound financial infrastructure and current economic boom, the surge in Jordanian bank profits looks set to continue. Stephen Timewell reports from Amman.
Kim Taylor, managing director and president at CME Clearing
The AIG and Lehman debacles have convinced regulators globally that a central clearing counterparty is critical for the future of the credit default swaps market. But many market participants feel that the idea is flawed. Writer Michelle Price.
There has been plenty of talk globally about the need for banks to return to traditional values and operating models to avoid future financial turmoil. Malta is following this path and is reaping the rewards for its conservatism. Writer Michael Imeson.
Lovells’ restructuring of Cheyne Capital’s $7bn structured investment vehicle set an example for other troubled SIVs. Writer Edward Russell-Walling.
The Basel Committee has been at the forefront of efforts to re-stabilise the global financial system. Nout Wellink, the committee’s chairman, explains how. Writer Michael Imeson.
Those who thought the EU had gone as far as it could to stamp out savings tax evasion, think again. A tougher version of the Savings Tax Directive is being drafted – and the banks don’t like it. Writer Michael Imeson.
The Basel Committee’s latest “guidance” is in fact mandatory regulation to shore up banks’ resistance to liquidity stress, writes Michael Imeson.
Barbara Ridpath
The International Centre for Financial Regulation opens for business next month, providing training, conducting research and exploring new ways of policing the markets and all who work in them. Writer Michael Imeson.
Down but not out, banks are fighting back against an EU regulatory regime throwing its weight around in the wake of the financial crisis. Writer Michael Imeson.
As US regulators and government work together to increase liquidity and help stabilise the economy, mixed opinions abound on just how much public money should be used to alleviate the problems stemming from the country’s banking sector. Writer Jane Monahan.
The IASB has made some changes to the fair value rules blamed for the catastrophic decline in asset values, but a further easing of the rules may be needed. Writer Michael Imeson.
René Karsenti
If the market meets standards of best practice, there is less need for the authorities to impose draconian new regulations.
George Magnus, senior economic adviser, UBS Investment Bank
Bad times call for grand schemes, and bankers, advisers and economists are scraping around for fixes and explanations including forced mergers and the axing of the Basel capital regime. Writer Nick Kochan.
New EU laws designed to make the chemicals industry safer are proving to be a mild irritant for commodities traders and bankers. Writer Michael Imeson.
The Single Euro Payments Area, MiFID, the Target 2 Securities initiative and the Thomson-Reuters megamerger are among the hot topics at this year’s SIBOS.
Gianfranco Tabasso, European Association of Corporate Treasurers Payment Commission
Political intrigue and a lack of leadership might yet kill the European Commission’s vision of a Single Euro Payments Area. Writer Michelle Price.
Richard Balarkas, Instinet Europe
The implementation of MiFID has served to reduce transparency across the European market, causing confusion and uncertainty, writes Michelle Price.
If the countries of the world work together, the challenges posed by the credit crisis can be overcome.
The Stability and Growth Pact remains the cornerstone of the EU’s budgetary framework.
Howard Davies, London School of Economics
The clamour for a new global regulatory regime cannot be ignored but the temptation to give in to unilateralism and self-interest must be resisted. Writer Michelle Price.
The banking system has shirked its ownership of risk, but governments must be generous if it is to survive.
The world faces the worst financial crisis for decades, yet only one emerging market sovereign has so far entered default. But untested new issuers, political risk and the persistent lack of agreed restructuring mechanisms mean sovereign debt is still far from a risk-free investment. Writer Philip Alexander.
The European Union is in the midst of a massive regulatory upheaval in an attempt to realise its goal of a single market in financial services.
