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☆ Morning Bid: Range-bound markets awaits Powell - again
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Board Chair Jerome Powell answers a question during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., November 1, 2023. At a separate event on Wednesday, European Central Bank chief economist Philip Lane said his bank needs to see further progress in dampening inflationary pressure, and companies along with governments need to chip in to prevent more policy tightening. "A decrease in the policy rate is not something that is likely to happen in the short term," he said. The approval paves the way for a powerful rival to blockbuster drug Wegovy in addressing record obesity rates. Ping An subsequently said in a statement to Reuters it had "not been asked by (the) Government to take over Country Garden".

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Philip Lane, Patrick Harker, Huw Pill, Eli Lilly's, Ping, Merck KGaA, BOE, Christopher Cushing Organizations: Federal, Committee, REUTERS, Ankur, U.S, European Central Bank, . Federal Reserve Bank of Philadelphia, Bank of England, Investors, Novo Nordisk, Reuters, Ping An Insurance, Government, HK, AstraZeneca, Merck, Deutsche Telekom Speakers, Thomson Locations: Washington , U.S, Asia, Guangdong, Ping, Singapore

☆ EU watchdog cautions against one-size-fits-all rules for non-banks
▼ + stars: | 2023-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters) - Regulators should keep on open mind when writing rules for the world's $239 trillion "non-bank" financial sector to avoid one-size fits all approaches, the EU's top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers and private investments and now account for about half of the world's financial sector, are firmly in the regulatory limelight. This follows redemption-related stresses among money market funds (MMFs) during a "dash for cash" when economies went into pandemic lockdowns in March 2020, and last year with liability-driven investment (LDI) funds in Britain. European Securities and Markets Authority (ESMA) chair Verena Ross said regulators are closely examining non-banks' leverage, liquidity and their connectivity with banks. Meanwhile, the BoE has called for tougher liquidity rules for MMFs, but sterling-denominated funds are listed in European Union countries such as Ireland and Luxembourg, where the rules are written by the 27-member bloc.

Persons: Verena Ross, Ross, MMFs, BoE, ESMA, Huw Jones, Alexander Smith Organizations: European Securities and Markets Authority, Reuters, U.S . Federal, The Bank of England, U.S, Financial, Union, European Commission, Thomson Locations: Britain, Ireland, Luxembourg

☆ EU watchdog sets out capital, liquidity rules for stablecoin issuers
▼ + stars: | 2023-11-08 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The bloc is deploying the world's first comprehensive set of rules for cryptocurrency and stablecoin markets, and the European Banking Authority (EBA) proposed minimum capital and liquidity requirements for issuers of stablecoins and other types of digitised tokens. The EBA launched public consultations on liquidity requirements for the reserve of assets that back a stablecoin, meaning that only eligible assets of high enough quality can be used. The EBA said that issuers of stablecoins backed by a currency must be able to offer full redemptions at par to investors. Banks may be exempt from liquidity requirements in some instances, given that they already hold liquidity buffers under existing EU bank capital and liquidity rules, the EBA said. The proposed liquidity rules ensure that issuers of stablecoins, which can be non-bank institutions, meet the same safeguards, and also avoid unfair capital or liquidity advantages over banks.

Persons: Stablecoins, Banks, Huw Jones, Louise Heavens Organizations: European Banking Authority, EBA, Thomson

☆ UK house prices end six-month losing streak - Halifax
▼ + stars: | 2023-11-07 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Compared with a year earlier, house prices in October were 3.2% lower versus a 4.5% annual decline in September, leaving the average house price at 281,974 pounds ($347,279), nearly 10,000 pounds lower than a year earlier. British house prices surged during the COVID-19 pandemic due to low interest rates, greater demand and temporary tax breaks. Halifax's house price index is still 18% higher than it was in February 2020, despite a 4% fall since its peak in June 2022. Halifax said it expected house prices to fall further this year, with a return to growth in 2025. "The high cost of borrowing alone is not sufficient to trigger the leg down in house prices we predicted," Capital economist Andrew Wishart said.

Persons: Toby Melville, Kim Kinnaird, Huw Pill, BoE, Kinnaird, Andrew Wishart, David Milliken, Sarah Young, Kate Holton, Bernadette Baum Organizations: REUTERS, Halifax, Lloyds Banking Group, The Bank of England, Capital Economics, Thomson Locations: Bristol, Britain, Halifax, British

☆ Europe should brace for U.S. Treasury clearing rules, says industry body
▼ + stars: | 2023-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Nov 7 (Reuters) - Europe has nowhere to hide from U.S. plans to mandate clearing of U.S. Treasuries transactions that will need to be carefully introduced over time, a global derivatives industry body said on Tuesday. A clearing house is backed by a default fund, ensuring that a transaction is completed even if one side of a transaction goes bust. Regulators began mandating the use of clearing more widely in derivatives markets after the global financial crisis in 2008 to improve stability and transparency. "It's something that you need to look at carefully and at this stage I think we still have more questions than answers as to how the actual process of clearing Treasury cash and Treasury repo will play out," Litvack said. Much will hinge on the details in the final rules that determine who will be within scope, O'Malia said.

Persons: Andrew Kelly, It's, Eric Litvack, Litvack, Scott O'Malia, O'Malia, Huw Jones, Chizu Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Regulators, International, Association, Financial, Thomson Locations: Washington ,, Europe, U.S, Treasuries, United States, repos

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3, as supply concerns driven by Middle East tensions eased. A weaker dollar also helped oil prices. Lower borrowing cost is likely to boost spending and demand for crude oil.

Persons: Agustin Marcarian, John Kilduff, Giovanni Staunovo, Huw Pill, Robert Harvey, Florence Tan, Colleen Howe, Deepa Babington, Mark Potter, Christina Fincher, Bill Berkrot Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, Saudi, Investors, Bank of England, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York, OPEC, Gaza, U.S, China, Europe

☆ Morning Bid: Rates buzz sustained before Fed loan data
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat

☆ Morning Bid: Rate cut prospects fuel stock rally
▼ + stars: | 2023-11-06 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Nov 6 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. It's been an upbeat start to the week in Asia as markets cast aside concerns about rate hikes, and go straight to pricing in early cuts. Futures imply an 80% probability the ECB will begin easing as soon as April, and the first BoE rate cut is almost fully priced for August. An outlier here is the Reserve Bank of Australia (RBA) which might well resume hiking on Tuesday after four months of steady policy outcomes. But expectations were already so low that it's the dollar that has all the downside in the disappointment stakes.

Persons: Wayne Cole, It's, BoE, Ueda, Jerome Powell, Christine Lagarde, Huw Pill, Lisa Cook, Sam Holmes Organizations: Federal, ECB, Bank of Japan, Reserve Bank of Australia, Atlanta, EU, Bank of England, Federal Reserve, Thomson Locations: Wayne, Asia, South Korea, Europe

☆ Don't confuse customers over stablecoins, Bank of England warns lenders
▼ + stars: | 2023-11-06 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsCompanies Bank of England FollowLONDON, Nov 6 (Reuters) - The Bank of England told lenders on Monday that they must avoid any risk that customers might confuse new forms of e-money like 'stablecoins' with standard deposits which are guaranteed against bank failures. Stablecoins are a cryptocurrency backed by a traditional currency such as sterling or the U.S. dollar, or an asset. To the extent that systemic payment systems using stablecoins pose similar risks as other systemic payment systems, they should be subject to equivalent regulatory standards, the BoE said. There are no systemic sterling stablecoins, but Tether, issuer of the world's largest stablecoin, pegged to the U.S. dollar and backed by assets including U.S. government debt, said last year it would launch a sterling stablecoin.

Persons: Hollie Adams, BoE, stablecoins, Sheldon Mills, David Milliken, Tom Wilson, Kylie MacLellan, Kirsten Donovan, Bernadette Baum Organizations: Bank of England, City of, REUTERS, Companies Bank of England, U.S ., Financial, European, Thomson Locations: City, City of London, Britain

A general view of the Bank of England in the City of London, Britain, September 25, 2023. In making that call the BoE report focuses mostly on consumption, which it estimates makes up about 60% of GDP. As a result, the BoE expects the fallout from rate moves to date to "grow over time" even if one-off quarterly hits have peaked. And whatever the slow-burning hit to growth and consumption, inflation surprises could well change the increasingly comfortable markets picture. BOE chart on GDP outlookBOE chart on consumption hit from rate risesReuters Graphics Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan X: @reutersMikeD; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Hollie Adams, Huw Pill, what's, BoE, Modupe Adegbembo, Andy Burgess, BOE, Mike Dolan, David Evans Organizations: Bank of England, City of, REUTERS, Bank, Reuters, AXA Investment Managers, Thomson Locations: City, City of London, Britain, British

☆ Morning Bid: Stocks clocking best week of the year
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The U.S. October employment report out later on Friday caps a hectic two weeks of central bank decisions, company updates and unnerving geopolitics. As the first major marker of U.S. economic strength in the final quarter of the year, the payrolls report packs a punch despite expected strike-related distortions. The interest rate relief this week is pervasive, however, as the Fed, ECB and BoE all paused tightening and U.S. Treasury debt sales worries ebbed somewhat. U.S. Treasury (.MOVE) and equity market (.BIX) volatility gauges have subsided to their lowest levels since early last month.

Persons: Brendan McDermid, Mike Dolan, BoE, ebbed, Antony Blinken, Sam Bankman, Fried, Michael Barr, Neel Kashkari, Huw Pill, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Mike, U.S, Federal Reserve, European Central Bank and Bank of England, Apple, Fed, ECB, Treasury, U.S . Treasury, Labor Department, Eversource Energy, Cardinal Health, Dominion Energy, Gartner, Church, Dwight, AMC, Liberty Media, Icahn Enterprises, Federal, Bank of England, Israel Productivity, Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Isreal, Gaza, Gaza City, Canada, Minneapolis, Israel

☆ PayPal gets crypto green light in UK as sets up post-Brexit base
▼ + stars: | 2023-11-01 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. The regulator has also brought in tougher safeguards on marketing cryptoassets, which have snarled rivals like Binance. PayPal said on Wednesday that the FCA has approved the company as an authorised electronic money institution and consumer credit firm, as well as its registration as a cryptoasset business, although the pause in UK crypto services would continue as previously announced. The approvals mean that from Nov. 1 PayPal's UK customers will be transferred to a new entity based in Britain from PayPal Europe, which had hitherto served UK customers, reflecting Britain's departure from the European Union. "PayPal continues to offer our customers the same products and services in the United Kingdom," it said.

Persons: Dado Ruvic, PayPal, Huw Jones, Jonathan Oatis, Alexander Smith Organizations: PayPal, REUTERS, Financial, Authority, PayPal Europe, European Union, Thomson Locations: Britain, United Kingdom

☆ UK watchdog intervenes again in 'buy-now-pay-later' as users rise
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. Companies that offer "buy-now-pay-later" (BNPL) unsecured loans are not regulated by the FCA, though it has used Britain's consumer rights law to make contracts fairer. The watchdog said its latest Financial Lives survey showed that 27% of UK adults or about 14 million people, have used BNPL at least once in the six months to January 2023, up from 17% in the 12 months to May 2022. BNPL is offered over a short period to shoppers who buy to clothes or other retail goods. Frequent users were more likely to be in financial difficulty and to have missed a payment of a bill or credit commitment, the FCA said.

Persons: Toby Melville, Clearpay, Sheldon Mills, Huw Jones, Tomasz Janowski Organizations: FCA, Financial, Authority, REUTERS, Bank of, PayPal, QVC, Thomson Locations: London, Britain, Bank of England

☆ TSB leads UK banks in reimbursing customers conned by fraudsters
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 31 (Reuters) - TSB came top among Britain's main banks in reimbursing customers conned by fraudsters, the Payment Systems Regulator (PSR) said on Tuesday in its first public survey of how individual lenders handle fraud. "This provides better information for customers on how firms handle APP fraud and encourages these firms to take more action to tackle it." UK Finance, a banking industry body, said the financial services sector invests more in countering fraud than anyone else, and is the only sector that reimburses victims. "What today’s data from the PSR does not show is where fraud starts," UK Finance said in a statement. Over 90% of authorised fraud begins online, over the phone, through social media or fake messages, but tech and telecom companies bear no responsibility for reimbursing victims, UK Finance said.

Persons: fraudsters, Chris Hemsley, Hemsley, Huw Jones, Jason Neely Organizations: TSB, Payment Systems, PSR, Sabadell, Nationwide, HSBC, Finance, Thomson

☆ UK financial watchdog urges banks to link bonuses with duty to clients
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. The FCA said in a letter to chairs of banks' remuneration committees they should prioritise embedding the new Consumer Duty introduced in July, to ensure customers get fair value and appropriate products and services. "Senior managers and boards, especially those whose role is most relevant to the duty, are accountable for complying with the duty," the FCA said in the letter made public. Banks are currently deciding how to divide up the annual bonus pool as a cap limiting the size of bonuses, inherited from the European Union, expires. The watchdog said banks should ensure that there is a "clear, strong and evidenced link" between behaviours and overall pay, with "timely and transparent" adjustments when appropriate.

Persons: Toby Melville, Banks, Alasdair Steele, Huw Jones, Jan Harvey Organizations: FCA, Financial, Authority, REUTERS, Britain's, Consumer, European Union, CMS, Thomson Locations: London, Britain

☆ Britain to push ahead with rules for cryptoassets
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Britain said on Monday it would legislate to implement its first set of rules to regulate the crypto sector, requiring market participants to be authorised before they can offer services to consumers. The European Union has already approved the world's first set of comprehensive rules for cryptoasset markets, which are already attracting crypto firms to set up base in the bloc. Britain's finance ministry said it would move ahead as proposed in a February public consultation, requiring firms undertaking cryptoasset activities to be authorised by the Financial Conduct Authority. The rules focus on cryptoassets, such as bitcoin, and the underlying distributed ledger technology (DLT) or blockchain that underpins the sector. Crypto firms currently face only requirements to have safeguards against money laundering.

Persons: Dado Ruvic, bitcoin, Crypto, Huw Jones, Andrew Cawthorne, Peter Graff Organizations: REUTERS, European Union, Financial, Authority, Thomson Locations: Britain, United States

HIGH INFLATION FALLS SLOWLYConsumer price inflation hit 11.1% in October 2022, which was higher than in comparable economies, and it has fallen more slowly too. But service price inflation, which the BoE watches closely, rose. Economists expect a big fall in headline inflation in October as last year's energy price surge fades from the comparison. However, the BoE issued a forecast in August saying inflation would return to 2% only in the second quarter of 2025. Financial markets do not see a more than 50% chance of the BoE cutting Bank Rate until August 2024.

Persons: BoE, Andrew Bailey, Reuters Graphics Reuters Graphics BOE, Huw Pill, William Schomberg, Sumanta Sen, Hugh Lawson Organizations: Bank of England, Reuters Graphics, HIT, Reuters Graphics Reuters Graphics, Financial, European Central Bank, Graphics, Thomson Locations: Britain, U.S

☆ ECB's Enria says reforming some banks is 'disappointingly slow'
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 30 (Reuters) - The European Central Bank has made "disappointingly slow" progress in tackling core issues at some banks it supervises, while too little integration in the sector remains a "dangerous fault line," ECB top banking supervisor Andrea Enria said on Monday. "But a failure to tackle weaknesses that have been identified could lead to existential threats for banks, as we saw at Credit Suisse and some US regional banks in the Spring of 2023," he added. More cross-border consolidation among banks would put the sector on a stronger footing, but there is a lack of support for this from EU states, he said. But if the system breaks down again, repairing it could prove to be very difficult and expensive." Reporting by Huw Jones; Editing by Chris Reese and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrea Enria, Enria, Huw Jones, Chris Reese, Hugh Lawson Organizations: European Central Bank, ECB, Credit Suisse, Silicon Valley Bank, Federal Reserve, Basel Committee, London School of Economics, Thomson Locations: Silicon, Basel

☆ Britain tells pension funds change needed to improve returns
▼ + stars: | 2023-10-25 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The government wants to persuade pension schemes to invest some of their funds in infrastructure as well as startups and green technology. Ten companies have now voluntarily committed to invest 5% of their pension funds, or about 50 billion pounds in total, in unlisted companies by 2030. "I think we have got too many pension funds in this country, and I do want to see an industry where we end up with fewer, larger funds," Hunt told an event to take stock of the initiative. He said he wanted to see larger funds with the confidence to invest in growth companies. Delfas said fewer, larger and well run schemes were needed, and it was time to consolidate pension funds that lack expertise, scale and appetite to deliver better returns to savers into funds that do.

Persons: Jeremy Hunt, Hunt, Aon, Delfas, Huw Jones, Sachin Ravikumar, Jane Merriman Organizations: Insurance, British Private Equity, Venture Capital Association, British Business Bank, Pensions, Thomson Locations: Britain

☆ BoE likely to keep high rates on hold even as signs of slowdown mount
▼ + stars: | 2023-10-25 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

The last Monetary Policy Committee meeting in September resulted in five members voting to pause, just outnumbering the four who sought another increase. So far, investors are not challenging the BoE's message that interest rates will stay high for a considerable period. BOE Chief Economist Huw Pill likened the outlook for monetary policy to the lofty, flat and long profile of Table Mountain during a visit to South Africa in late August. But economists expected little change in the BoE's previous forecasts that inflation will fall to 2% in two years' time. "Recent geopolitical events will probably induce a modicum of monetary policy caution, reinforcing the likelihood of unaltered policy settings," analysts at NatWest Markets said.

Persons: Hollie Adams, BoE, Andrew Bailey, James Smith, Smith, BOE, Huw Pill, Pill, Bailey, Rishi Sunak, Price, William Schomberg, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, Reuters, ING, Investors, U.S . Federal, Monetary Fund, NatWest Markets, Thomson Locations: City, City of London, Britain, South Africa

☆ Crypto firms failing to spell out risks, says UK watchdog
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Britain's financial watchdog said on Wednesday that firms marketing cryptoassets are failing to highlight risks properly to consumers, such as by publishing warnings that are too hard to read. "We expect authorised firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously," the FCA said in a statement. "Where this is not happening, we will take action and have already placed restrictions on an authorised firm to restrict it from approving cryptoasset financial promotions." The FCA said on Oct. 10 it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other cryptoasset firms.

Persons: Toby Melville, cryptoassets, Huw Jones, David Evans, Jason Neely Organizations: FCA, Financial, Authority, REUTERS, Thomson Locations: London, Britain

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ EU lawmakers back easing securities rules to attract more listings
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 24 (Reuters) - A panel of European Union lawmakers on Tuesday voted in favour of easing the bloc's securities rules to encourage more company listings and compete better with capital markets in New York and post-Brexit London. Companies in the EU typically turn to banks for loans to expand, and the reforms are aimed at diversifying corporate funding. Multiple-voting structures are a key part of New York's attraction as a listings destination, particularly for tech companies. Britain is rewriting its securities rules which it inherited when it was a member of the EU and its planned changes are similar to those approved by EU lawmakers on Tuesday. The European Parliament and EU states have joint say on the EU rules and will now start negotiations on a final text that becomes law.

Persons: Alfred Sant, Huw Jones, Susan Fenton Organizations: European Union, London . Companies, European Commission, Lawmakers, EU, Thomson Locations: New York, London, Britain

☆ Analysis: Middle East throws central banks yet more unknowns
▼ + stars: | 2023-10-20 | by ( Mark John | ) www.reuters.com time to read: +5 min

Now, to complicate matters for a professional caste which prides itself on being data-driven, the Middle East is throwing a new set of real but unquantifiable risks into their equations. Unless the picture changes dramatically in coming days, the European Central Bank, U.S. Federal Reserve, Bank of England and Bank of Japan are already expected to keep their policy rates on hold in meetings over the next two weeks. ECB rate-setter Yannis Stournaras, the governor of the Greek central bank, argued that Europe had broadly managed to absorb the effects of rising energy costs triggered by the Ukraine war and hoped it could do the same if further shocks emerged. For now, the conflict remains largely confined to Israel and Gaza, something S&P Global Market Intelligence said in a study this week was already "muddying the waters" for central banks. As the Fed's Powell put it: "Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain".

Persons: Jerome Powell, David Westin, Brendan McDermid, Powell, Huw Pill, Yannis Stournaras, Tetsuya Hiroshima, Fed's Powell, Dan Burns, Balazs Koranyi, Francesco Canepa, Maria Martinez, Leika, Kevin Yao, David Milliken, Tomasz Janowski Organizations: Federal, Anchor, Bloomberg, Street, Economic, of New, REUTERS, Bank of England, International Monetary Fund, European Central Bank, U.S, Federal Reserve, Bank of Japan, Fed, ECB, Reuters Graphics, Reuters, Tokai, Toyota Motor Corp, P Global Market Intelligence, Thomson Locations: of New York, New York City, U.S, Israel, Ukraine, Iran, Hormuz, Europe, United States, Japan, Gaza, Washington, Frankfurt, Berlin, Tokyo, Beijing, London

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. In its first major position paper on the topic, UK Finance also told the country's political parties that more clarity is needed on the path to a net zero economy to help financial markets muster the huge amounts of capital needed. In April, the government estimated it would need an additional 50 billion pounds-60 billion pounds ($61 billion-$73 billion) of capital investment a year through the late 2020s and 2030s to meet its net zero targets. UK Finance, which represents around 300 firms, set out a series of recommendations to marshal pools of capital which are currently "underused" due to "policy gaps". An independent body could be asked to monitor and provide updates on public and private capital flows, it added.

Persons: Phil Noble, Ian Bhullar, Huw Jones, Simon Jessop, Sharon Singleton Organizations: REUTERS, Finance, European Union, Zero, Reuters, UK Finance, Labour Party, Thomson Locations: Manchester, Britain, Europe

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