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☆ Bunq, the $1.8 billion European neobank, hopes to secure license for UK expansion this year
▼ + stars: | 2024-06-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a "large and underserved" market of some 2.8 million British "digital nomads." Bunq, known for its rainbow-colored cards and a focus on so-called "digital nomads" not bound by any one country or location, initially launched in the U.K. in 2019. The passage of Brexit into law meant that EU-based financial institutions couldn't rely on their own country authorizations to operate in the U.K. market. Currently, Bunq only holds a banking license with the Dutch central bank. Challenges of reentering UK market

Persons: Pavlo Gonchar, Ali Niknam, it's, Niknam Organizations: Getty, PARIS, CNBC, Viva Tech, reentering Locations: Europe, Paris, U.K

☆ Dutch far-right Geert Wilders' hopes of becoming prime minister sink after coalition talks collapse
▼ + stars: | 2024-02-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — Far-right Dutch lawmaker Geert Wilders' hopes of becoming prime minister of the Netherlands are dwindling after coalition talks fell into disarray Tuesday. Wilders took to social media Tuesday evening to berate Omtzigt's withdrawal, calling the decision "incredibly disappointing." I don't understand it at all," Wilders wrote in a post on X, according to a Google translation. However, former Labor Party minister Ronald Plasterk, who has been leading the talks, earlier flagged finances as a major sticking point in talks. Alternatively, if no combination of parties can agree to form a coalition, a new election could be called.

Persons: Geert Wilders, Pieter Omtzigt, vexing Wilders, Wilders, Omtzigt's, Omtzigt, Mark Rutte, Caroline van der Plas, Ronald Plasterk, European Union —, Plasterk, Frans Timmermans Organizations: Party for Freedom, NSC, BBB, Labor, Reuters, European Union, Labour, Green Locations: Netherlands, Dutch, Europe

☆ Treasury yields edge higher as investors monitor data and Fed comments
▼ + stars: | 2024-01-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury note edged higher to 4.0694%. The 2-year Treasury yield rose by around 5 basis points to trade at 4.278%. Treasury yields were higher early Wednesday, with the 10-year yield holding above 4%, as investors focused on fresh data and commentary from Federal Reserve members. On Tuesday, yields jumped after comments from Federal Reserve Governor Christopher Waller, who suggested that while the central bank will likely cut rates this year, it may take its time. At the World Economic Forum in Davos, more European Central Bank members indicated that markets were getting ahead of themselves on rate cut projections.

Persons: FactSet, Christopher Waller, Klaas Knot, Jeff Cox, Pia Singh Organizations: Treasury, Federal Reserve, Investors, Economic, Central Bank, CNBC Wednesday Locations: Davos, Dutch

☆ Markets getting ahead of themselves on rate cuts and risk being 'self-defeating,' ECB member says
▼ + stars: | 2024-01-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Markets are "getting ahead of themselves" with rate cut expectations, the president of the Dutch central bank, Klaas Knot, told CNBC Wednesday. But a lot needs to go well for that to happen," European Central Bank member Knot said, speaking at the World Economic Forum in Davos. "Underlying that projection is an interest rate path, assumed interest rate path, that contains significantly less easing than is currently embedded in market pricing. ECB officials have largely pushed back on market expectations for interest rate cuts starting as soon as the spring. Austrian central bank head Robert Holzmann, an ECB arch-hawk, told CNBC on Monday that there were threats to the inflationary picture that could mean rates do not move lower at all this year.

Persons: Klaas Knot, Knot, Robert Holzmann Organizations: CNBC, Central Bank, Economic, ECB Locations: Dutch, Davos, Austrian

☆ Market moves could be self-defeating on rate cut expectations, ECB's Knot says
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket moves could be self-defeating on rate cut expectations, ECB's Knot saysKlaas Knot, head of the Dutch central bank, discusses his outlook for monetary policy and interest rates, and why markets are "getting ahead of themselves."

Locations: Dutch

☆ Global watchdog FSB to tackle funds' liquidity mismatch - Knot
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Financial Stability Board (FSB) Chair Klaas Knot arrives for the G20 Leaders' Summit in Bali, Indonesia, November 15, 2022. Mast Irham/Pool via REUTERS Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - The Financial Stability Board, a global risk watchdog, plans to issue new liquidity recommendations for some investments funds after bouts of stress in recent years risked spreading over to the broader financial sector, the head of the FSB said on Thursday. "Looking ahead, we will soon issue policy recommendations to address liquidity mismatches in open ended funds," Klaas Knot, the head of the FSB and the governor of the Dutch central bank said in a speech on Thursday. Open-ended investment funds tend to sit on long term assets but their investors often have the option for short-term redemptions, creating a liquidity mismatch in periods of high stress. FSB recommendations are not binding but serve as vital guidelines for local regulators and supervisors setting ground rules.

Persons: Klaas Knot, Mast, Klaas, Balazs Koranyi, Francesco Canepa Organizations: REUTERS Acquire, Rights, Thomson Locations: Bali , Indonesia, Dutch

☆ More work to do in tackling non-bank risks, says FSB's Knot
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Klaas Knot, chair of the Financial Stability Board, arrives for the G20 leaders' summit in Nusa Dua, Bali, Indonesia, November 15, 2022. "Why did we not see these pockets of hidden leverage? That, I think, is still the main target of our work in the NBFI space going forward," Knot said. "In general the massive change in the interest rate environment, so far so good, there has not been any systemic rippling of negative effects into the financial sector," Knot told the Institute of International Finance annual meeting. Meanwhile, AI could have tangible benefits and present some risks to the financial system, he said.

Persons: Klaas, Willy Kurniawan, Klaas Knot, Huw Jones, Alex Richardson, Alexander Smith, Jane Merriman Organizations: Board, REUTERS, UBS Group, Silicon Valley Bank, UBS, Swiss, Credit Suisse, European Central Bank, policymaker, Institute of International Finance, Bank of England, Authority, ECB, Thomson Locations: Nusa Dua, Bali, Indonesia, Silicon, Dutch

☆ Dollar pauses ahead of Fed minutes, US yield moves weigh
▼ + stars: | 2023-10-11 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. U.S. Treasury yields continued to slide, pinning the dollar close to two-week lows as markets digest recent comments from policymakers that the Fed may not need to tighten monetary policy further. The benchmark 10-year U.S. Treasury yield dropped ten basis points, extending declines from Tuesday after a sharp sell-off in September left bonds cheap. On Tuesday, Atlanta Fed Bank President Raphael Bostic said the central bank did not need to raise borrowing costs any further, while Minneapolis Fed President Neel Kashkari said it was "possible" that further hikes might not be needed. The European Central Bank has made "important progress" in getting inflation back down to target but there is still a long road ahead and a further rate hike cannot be ruled out, Dutch central bank chief Klaas Knot said on Wednesday.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Klaas Knot, Iain Withers, Rae Wee, John Stonestreet, Kirsten Donovan Organizations: REUTERS, Federal, Treasury, Hamas, ING, Atlanta Fed Bank, Minneapolis, Bank's, ECB, European Central Bank, Thomson Locations: Westminster , Colorado, Israel, Palestinian, U.S, London, Singapore

☆ Central bank test lab develops global bitcoin mapping system
▼ + stars: | 2023-10-04 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 4 (Reuters) - A global central bank test lab has designed a prototype bitcoin monitoring system aimed at giving authorities a clearer picture on how, when and where the cryptocurrency is used. The Bank for International Settlements (BIS) project, codenamed Atlas, began at the Dutch central bank more than five years ago, but its potential value has been underscored over the last 18 months by a series of chaotic collapses across the crypto industry. Cross-border crypto flows are particularly relevant for central banks in the context of cross-border payments, economic analysis and balance of payments statistics, the BIS said. "Central banks need to gain first-hand knowledge of crypto and DeFi and the risks and opportunities they present to the financial system," the BIS said. It added the dashboards would now be made available to a group of "test" central banks to gather feedback and for further development.

Persons: Atlas, Elizabeth Howcroft, Gareth Jones Organizations: Bank for International Settlements, Atlas, BIS, Regulators, Thomson Locations: London

But speaking on Wednesday, the last day before the ECB's self-imposed quiet period, the Dutch, French, German and Slovak central bank chiefs all said the Governing Council's decision was still open. France's Francois Villeroy de Galhau hinted that a fresh rate hike could still come at a later date and argued that the slowdown is not a recession and that the ECB needed to persevere in its fight with inflation. Slovakia's Peter Kazimir, an outspoken policy hawk, was more explicit, arguing that another hike was still needed to tame inflation. He said the ECB could delay a rate rise to one of its autumn meetings or pull the trigger next week. "It would be wrong to bet on a rapid decrease in interest rates after the peak," Nagel told German business daily Handelsblatt.

Persons: Nagel, France's Francois Villeroy de Galhau, Peter Kazimir, Kazimir, Klaas Knot, Bundesbank, Joachim Nagel, " Nagel, Robert Holzmann, Mario Centeno, Akanksha Khushi, Catherine Evans Organizations: Central Bank, ECB, Bloomberg, Reuters Global Markets, Thomson Locations: FRANKFURT, PARIS, Slovak

☆ ECB core obsession raises risk of policy mistake
▼ + stars: | 2023-08-17 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Headline inflation in the euro zone has halved in the past nine months and was 5.3% in July. Granted, both headline and core inflation are currently above the ECB’s 2% target. In fact, core tends to follow headline inflation because its narrower composition makes it stickier. That’s because, as the chair of the U.S. Federal Reserve Jerome Powell said recently, headline inflation is “really what the public experiences”. ECB President Christine Lagarde has pledged to be “data-dependent”.

Persons: Wolfgang Rattay, Martin Heidegger, that’s, Joachim Nagel, Germany’s Bundesbank, Klaas Knot, Lucrezia Reichlin, Michele Lenza, Jerome Powell, Christine Lagarde, Klaas, Neil Unmack, Oliver Taslic, Streisand Neto Organizations: European Central Bank, REUTERS, Reuters, ECB, Reuters Graphics Reuters, Financial Times, U.S . Federal, Eurostat, Central, Thomson Locations: Frankfurt, Germany, German, Ukraine

☆ Binance to quit Netherlands after failing to register
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

It is the latest in a string of setbacks for Binance including the June 5 decision by the U.S. Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges. A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried "many alternative avenues" to meet Dutch registration requirements. "While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators," they said. The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.

Persons: Binance, Lavanya, Toby Sterling, Nivedita Bhattacharjee, Dhanya Ann Thoppil, Elaine Hardcastle Organizations: U.S . Securities, Exchange Commission, SEC, Binance, Dutch Central Bank, Union, Thomson Locations: Netherlands, Cyprus, Canada, Australia, France, Italy, Spain, Poland, Sweden, Lithuania, Bengaluru, Amsterdam

☆ Binance to exit the Netherlands after failing to obtain regulatory approval
▼ + stars: | 2023-06-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Cryptocurrency exchange Binance said it will leave the Netherlands after the company's application to register under the Dutch crypto authorization regime was rejected. Starting Friday, no new Binance users will be accepted onto the platform. Under the current regulatory regime, Binance can only get approval to operate in an EU country by registering under its money laundering prevention rules. This is set to change once the EU approves its Markets in Crypto Assets (MiCA) regulation. "While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators."

Persons: Binance, Changpeng Zhao Organizations: EU, Crypto, CNBC, U.S . Securities, Exchange Commission Locations: San Anselmo , California, Netherlands, Dutch, EU, France, Italy, Spain, Poland, Sweden, Lithuania, FTX

☆ Euro zone core inflation stubborn but ECB policy starting to work: Knot
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

"Because inflation was high for a long period, underlying inflationary pressures have built up," Knot said in a speech. "It is likely that price pressures in these areas will prove more difficult to bring down." "It is reassuring to see the first signs of recent monetary policy actually being transmitted to the real economy," Knot, an outspoken policy hawk, said. "These are only the first, concrete steps in the transmission of our monetary policy tightening," Knot said. The ECB also needed to mind stability considerations because the financial system needed to adjust to higher rates, Knot added.

Persons: Klaas Knot, Christine Lagarde, Balazs Koranyi, Andrew Heavens Organizations: ECB, Thomson Locations: FRANKFURT, Dutch

☆ G20 watchdog to study Silicon Valley Bank, Credit Suisse turmoil
▼ + stars: | 2023-06-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

European banking stocks plunged after the collapse of Silicon Valley (SVB) bank in the U.S. in March, creating turmoil that lead to the forced takeover of ailing Credit Suisse by UBS in Switzerland. Knot, who also heads the Dutch central bank, said the FSB has begun evaluating lessons from how the U.S. and Swiss authorities had responded to these events. "Why did FINMA, the Swiss supervisor, use a market and not a resolution solution to enable this sale? After all, we have come a long way in improving crisis preparedness in the banking sector," Knot told an event held by the European Banking Federation. Social media is also having an impact on the financial sector with one tweet able to cause a bank run to create liquidity problems, Knot said.

Persons: Klaas Knot, SVB, Huw Jones, Jason Neely, Sharon Singleton Organizations: Suisse, UBS, Basel III, European Banking Federation, Regulators, Thomson Locations: Silicon, U.S, Switzerland, Basel, Swiss

BERLIN, May 31 (Reuters) - Inflation eased in five economically important German states in the month of May, preliminary data showed on Wednesday, suggesting that national price rises are set to slow to their lowest in more than a year. The inflation rate in North-Rhine Westphalia fell to 5.7%, while in Bavaria it slowed to 6.1%, in Brandenburg to 6.3%, in Hesse to 5.9% and in Baden-Wuerttemberg to 6.6%. In April, inflation rates for those five states, out of 16 in Germany, had been between 6.8% and 7.6%. National inflation data will be published at 1200 GMT, with economists surveyed by Reuters forecasting a 6.5% year-on-year rise. Furthermore, the base effects from high energy and food prices in May 2022 will disappear from the year-on-year comparison.

Persons: Luis de Guindos, Maria Martinez, Balazs Koranyi, Matthias Williams, Andrew Cawthorne Organizations: Reuters, European Central Bank, ECB, Thomson Locations: BERLIN, Rhine Westphalia, Bavaria, Brandenburg, Hesse, Baden, Wuerttemberg, Germany, Dutch

☆ Oil prices rise as US closes in on debt deal
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Russia was leaning towards leaving oil production volumes unchanged because Moscow is content with current prices and output, three sources with knowledge of current Russian thinking told Reuters. Bets on falling oil prices have risen. On the supply side, U.S. oil rigs fell five to 570 this week, according to a report from energy services firm Baker Hughes Co. In May, the oil count fell by 21 rigs, which was the biggest monthly drop since June 2020.

Persons: Brent, Alexander Novak, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, John Kilduff, Baker Hughes, Klaas Knot Organizations: . West Texas Intermediate, U.S, Biden, Saudi Arabian Energy Minister, Organization of Petroleum Exporting, OPEC, Again, AAA, Dutch Central Bank, European Central Bank Locations: Russia, Saudi Arabia, Vienna, Moscow, U.S, Europe

☆ European shares edge higher as energy, bank stocks gain; US inflation data eyed
▼ + stars: | 2023-05-08 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) rose 0.2% to 466.29 points by 0805 am GMT. The index was pressured last week when, unlike the Fed, the European Central Bank signalled more rate hikes were on the table. A slump in energy shares on weakness in crude prices also added to the declines. Energy (.SXEP) was the top sectoral gainer on Monday, up 0.8% as crude prices strengthened. Dutch Central Bank President Klaas Knot on Sunday said the ECB's rate hikes are starting to have an effect, but more will be needed to contain inflation.

☆ ECB's Knot says rate hikes are working, more needed
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, May 7 (Reuters) - The European Central Bank's interest rate hikes are starting to have an effect, but more will be needed to contain inflation, Dutch Central Bank President Klaas Knot said on Sunday. Knot, who is also on the ECB's governing council and is known as a hawk, said he had agreed with the ECB decision on Thursday to slow the speed of rate hikes to 25 basis points, or 0.25%But, speaking on Dutch television, he said he still could support the lifting of rates to 5% from the current 3.25%, or even higher - if inflation proves more persistent than he expects. "Our policy works with a certain delay, so the biggest effects of what we have done so far are still in the pipeline," Knot said in interview on the programme Buitenhof. Reporting by Toby SterlingOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Crowded bonds unnerved
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +5 min

This has some wondering if the recent dash for cash and top-rated bonds has become a bit crowded and how much more tightening central banks have to do. As we move into the weeds of the first-quarter U.S. earnings season, it's been a mixed bag so far. That clearly unnerved UK government bonds - where 10 year yields jumped 10bps - but it also jarred sovereign bonds around the world. Elsewhere, further signs of healing were evident in the global bank funding market. Japan's Sumitomo Mitsui Financial Group (8316.T) sold $1 billion of additional tier-1 debt, the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month.

☆ G20 financial watchdog seeks to learn from latest banking turmoil
▼ + stars: | 2023-04-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 12 (Reuters) - The G20's financial watchdog on Wednesday said rules it introduced after the global financial crisis had prevented contagion from the latest banking sector turmoil, but it would remain vigilant as the outlook has become more challenging. Unlike other market shocks, the latest episode originated in the financial sector, and therefore "put to the test" the G20's financial reforms, FSB Chair Klaas Knot said in a letter to G20 finance ministers and central bankers meeting in Washington. He said "rapid and effective" actions by authorities in Switzerland, the United States and other jurisidictions maintained global financial stability. "Without these reforms, the stress faced by individual banks could have led to broader contagion within the financial system," Knot said. The outlook for financial stability had become more challenging, Knot said, and the need for financial authorities to learn lessons and act upon them was "all the greater".

☆ How to avoid the next crisis? Banks may have to hold more cash
▼ + stars: | 2023-04-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Regulators must learn “important lessons” from this year’s banking turmoil, the world’s top financial watchdog has said. Requiring banks to hold more cash to pay out depositors may be one of them. External shocks that have roiled global markets in recent years include the coronavirus pandemic and Russia’s invasion of Ukraine. In other words, banks could be told to hold more assets that can be easily converted into cash to pay back creditors in times of crisis. In the United States, the Federal Deposit Insurance Corporation said it would guarantee all deposits held within Silicon Valley Bank, including those above $250,000 per person.

☆ Analysis: End of central bank rate hikes now firmly on the horizon
▼ + stars: | 2023-03-23 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve, the European Central Bank and the Bank of England all raised rates as expected in the last week, but each of them signalled caution about their next move, leaving investors unsure where borrowing costs are going. Central banks have also been quick. This is lightning-fast by central banking standards and ECB's Knot said policymakers needed to have a deeper look at how it is affecting lenders. Combined, these factors suggest that big central banks are nearly done, and that upcoming rate moves may be their last. If so, our view is that it could indeed substitute for further rate hikes," Michael Gapen at Bank of America said.

☆ Analysis: Traders relaxed as ECB starts running down massive bond holdings
▼ + stars: | 2023-03-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

So far traders are optimistic, comforted by an initially small pace of bond sales and a predictable structure. U.S. and UK central banks have started QT, although the Bank of England was forced to delay its plans following turmoil in British bond markets last year. said DZ Bank's head of government bond trading Dalibor Jarnevic. If APP reinvestments stop before the end of 2024, ECB market presence would rely on reinvestments under the more flexible Pandemic Emergency Purchase Programme (PEPP). Whatever the size or pace, traders are seeking opportunities as the ECB makes the shift to QT.

"For energy, food and goods, there’s a lot of forward-looking indicators saying that inflation pressures in all of those categories should come down quite a bit." Other policymakers, including board member Isabel Schnabel and Dutch central bank chief Klaas Knot, have expressed concern core inflation could get stuck and perpetuate inflation. For the ECB to end rate hikes, Lane outlined three criteria. The bank needs lower inflation projections through its three-year forecasting horizon and to make progress in lowering actual underlying inflation. "Actual goods retail prices are still very strong, but the intermediate stage has been a good predictor of price pressures," Lane said.

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