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☆ UK financial watchdog urges NatWest chair to stay put
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 31 (Reuters) - The chairman of NatWest (NWG.L) Howard Davies should remain in office to ensure stability for the bank, a senior official at Britain's Financial Conduct Authority said on Monday. "I agree with his view that it's important to have stability at NatWest and that having a chair remain in place will help support that," Mills told reporters. Davies said he intended to stay on at the bank for now - after also facing calls to resign. "The FCA position is that ultimately it's a decision for the board and its shareholders. We urge those shareholders and board to achieve stability," Mills said.

Persons: Howard Davies, Sheldon Mills, Andrew Griffith, Davies, Alison Rose, Mills, Rose, Nigel Farage's, Huw Jones Organizations: NatWest, Britain's, Authority, FCA, BBC, Thomson

☆ Britain's banks told to justify low savings rates by end of August
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.

Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain

LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".

Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong

☆ How New Zealand's plan for English and te reo Māori road signs took an unexpected turn
▼ + stars: | 2023-07-29 | by ( Chris Lau | ) edition.cnn.com time to read: +12 min

But plans to introduce bilingual road signs featuring both the English and te reo Maori languages have sparked a divisive, racially charged debate ahead of the country’s looming general election. Slightly less than a quarter of New Zealand’s 892,200 Maori speak te reo Maori as one of their first languages, according to the latest government data. Part of the reason that te reo Maori is not so widely spoken is that back in New Zealand’s colonial era there were active efforts to stamp it out. The Native Schools Act 1867 required schools to teach in English where possible and children were often physically punished for speaking te reo Maori. “The primary objective of these standards is to guarantee that all road signs are unambiguous, uniform, and legible to all,” he said.

Persons: Simeon Brown, Chris Hipkins, “ I’m, ”, Marty Melville, Awanui Te, Tania Ka’ai, “, ” Ka’ai, –, Kasem Choocharukul, Kasem, Huw Fairclough, James Griffiths ,, Puakea Nogelmeier, Nogelmeier Organizations: CNN, reo, Zealand, Waka, NZ Transport Agency, New, National, Labour Party government, National Party, Labour, Getty, Native, Victoria University of Wellington, Zealanders, The International, Language, Auckland University of Technology, Chulalongkorn University, Research, University of Leeds, Wales –, New Zealand, Welsh, Welsh Language Society, Gaelic, Constitutional Convention, Hawaiian, University of Hawaii, Hawaii’s Department of Transportation, Wales Locations: Aotearoa, Wellington , New Zealand, AFP, New, New Zealand, Zealanders, Wales, United Kingdom, Thailand, Tredegar , Wales, Republic of Ireland, Hawaii, Olelo Hawai’i, Llanfair, Anglesey, Europe, Hawke’s

The European Banking Authority (EBA) said the test covered 70 banks, 20 more than in 2021 with 57 from the euro zone whose test was overseen by the European Central Bank, representing about 75% of banking assets in the EU. Of the 14 German banks tested, 8 were below the EU average for CET1 and leverage ratio, while 6 were above. The European Banking Federation, an industry body, said the results reaffirmed the resilience of the EU banking sector. The watchdog said that in year three of the test, 37 banks fell below capital levels that trigger curbs on payouts. Deutsche Kreditwirtschaft, an umbrella association representing the German financial industry, said the results proved that German banks were "resilient" but it criticized the ECB's approach.

Persons: Goldman, Banks, markups, Tom Sims, John O'Donnell, Mathieu Rosemain, Mark Potter Organizations: European Union, European Banking Authority, European Central Bank, EU, JPMorgan, Volkswagen Bank, La Banque Postale, European Banking Federation, Deutsche, ECB, Thomson Locations: FRANKFURT, Europe, United States, France, Frankfurt, Paris

☆ Bank of England set to raise rates to 5.25% as high inflation persists
▼ + stars: | 2023-07-28 | by ( David Milliken | ) www.reuters.com time to read: +5 min

Expectations for peak BoE rates reached 6.5% on July 11 after data showed record wage growth. But they fell back after a bigger-than-expected decline in consumer price inflation. Still, that inflation rate is nearly four times the BoE's 2% target and double the rate in the United States. Following the end of Silvana Tenreyro's tenure on the BoE's Monetary Policy Committee, fellow external member Swati Dhingra is likely to be alone in making the case that producer price inflation - rather than wage growth - is a better guide to future consumer price inflation trends. Annual producer price inflation fell to 0.1% in June, its lowest since December 2020, down from a high of nearly 20% last July, which it hit just a few months before CPI peaked at 11.1%.

Persons: BoE, Andrew Goodwin, BoE Governor Andrew Bailey, Dave Ramsden, Ramsden, Peter Schaffrik, Cathal Kennedy, Silvana Tenreyro's, Swati Dhingra, Megan Greene, Bailey, Huw Pill, David Milliken, Kirsten Donovan Organizations: Bank of England, U.S . Federal Reserve, European Central Bank, Oxford Economics, Reuters, MPC, HSBC, RBC, Committee, Kroll Institute, Tenreyro, Monetary, Thomson Locations: Britain, United States, Germany

☆ There is a ‘gravity hole’ in the Indian Ocean, and scientists now think they know why
▼ + stars: | 2023-07-24 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +7 min

CNN —There is a “gravity hole” in the Indian Ocean — a spot where Earth’s gravitational pull is weaker, its mass is lower than normal, and the sea level dips by over 328 feet (100 meters). The “gravity hole” in the Indian Ocean — officially called the Indian Ocean geoid low — is the lowest point in that geoid and its biggest gravitational anomaly, forming a circular depression that starts just off India’s southern tip and covers about 1.2 million square miles (3 million square kilometers). In six of the scenarios, a geoid low similar to the one in the Indian Ocean formed. The future of the geoid lowThe geoid low formed around 20 million years ago, according to the team’s calculation. Past research only simulated the descent of cold material across the mantle, rather than including hot rising mantle plumes as well.

Persons: ”, Attreyee Ghosh, Ghosh, Felix Andries Vening Meinesz, hasn’t, ” Ghosh, ” Huw Davies, ” Davies, Alessandro Forte, Forte Organizations: CNN, Indian Institute of Science, Research, Earth Sciences, of Earth, Environmental Sciences, Cardiff University, University of Florida Locations: Bengaluru, India, Dutch, Asia, Gainesville, Réunion, Africa, Eurasia

☆ European Union agrees post-Brexit rules for hedge funds
▼ + stars: | 2023-07-21 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters) - The European Union said on Thursday it has reached a deal on revising its rules for managers of hedge funds and other alternative investments, easing industry fears of a post-Brexit crackdown on managers in London. Representatives of EU states and the European Parliament reached the deal overnight to update the bloc's Alternative Investment Fund Managers Directive (AIFMD) rules that cover investments in hedge funds, private equity, private debt funds and real estate funds. Under the agreement, European asset managers will have to disclose more details to regulators about their investments with private funds in the United States, Britain and other non-EU countries. But it stops short of toughening up "delegation" rules for managers outside the EU that pick assets for funds listed in the bloc. The agreement includes new rules on funds that issue new loans, including higher requirements to keep money aside to cope with liquidity demands in stressed markets.

Persons: Taggart Davis, Davis, Jiri Krol, AIMA, Deborah Zurkow, Nell Mackenzie, Huw Jones, Dhara Ranasinghe, Sharon Singleton Organizations: European Union, European, Investment, European Commission, Collective Investment, Securities, EU, Alternative Investment Management Association, Alternative Credit Council, Allianz Global Investors, Thomson Locations: London ., United States, Britain, London, Luxembourg, Dublin, Europe

☆ Britain's banks slow in passing higher rates to savers -watchdog
▼ + stars: | 2023-07-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters) - Britain's banks are not passing on higher interest rates to savers fast enough, though this is expected to accelerate in coming months as a new duty to provide good outcomes for consumers comes into force, UK financial regulators said on Wednesday. Interest rates in Britain have risen from record lows near zero percent during the COVID-19 pandemic to 5%, with more rises expected to quell inflation, sending borrowing costs higher. "The pace has simply not been fast enough," Financial Conduct Authority Chief Executive Nikhil Rathi told parliament's Treasury Select Committee. The duty comes into force on July 31 and Rathi told lawmakers it was the watchdog's most significant intervention across all types of firms in two decades. There is no need for a formal "savings charter" among banks on savings rates given the watchdog needed to be careful about coordinating pricing decisions in what is a "reasonably competitive market", Rathi said.

Persons: Nikhil Rathi, parliament's, Rathi, Ashley Alder, Alder, Huw Jones, Peter Graff, Bernadette Baum Organizations: FCA, Thomson Locations: Britain

☆ Global rules leave crypto firms with no place to hide, says G20 watchdog
▼ + stars: | 2023-07-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20's Financial Stability Board said on Monday. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog. "Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules," FSB Secretary General John Schindler told reporters.

Persons: FTX, John Schindler, Schindler, Bitcoin, IOSCO, Huw Jones, Louise Heavens Organizations: Ripple Labs, European Union, FSB, Thomson Locations: FTX, Bahamas, Basel

Wall Street's main stock indexes built on Wednesday's sharp gains after data showed that consumer prices rose modestly in June, registering the smallest annual increase in more than two years. Other data on Thursday showed that U.S. producer prices barely rose in June, U.S. jobless claims unexpectedly declined, and Chinese exports dropped. The dollar index slumped to its lowest level since April 2022 on Thursday, as the cooling U.S. inflation bolstered expectations the Fed will rates only once more in 2023, eroding the greenback's yield advantage over peers. The euro was up 0.86% to $1.122, and the Japanese yen strengthened 0.37% versus the greenback at 137.99 per dollar. Oil prices traded near the highest levels in two months on the soft U.S. dollar.

Persons: Yung, Yu Ma, Ma, Brent, Lawrence Delevingne, Huw Jones, Stella Qiu, Chizu Nomiyama, Andrew Heavens, Leslie Adler, Diane Craft Organizations: Treasury, Federal, Dow Jones, Nasdaq, Federal Reserve, Fed, Citigroup, Japan's Nikkei, Monetary Fund, BMO Wealth Management’s, Thomson Locations: Asia, Europe, CHINA, China, Pacific, Japan, Boston, London, Sydney

☆ Tamer U.S. inflation lifts global stocks to new 2023 high, dollar slides
▼ + stars: | 2023-07-13 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Interest rate futures showed markets have fully priced in another rate hike from the Federal Open Market Committee (FOMC) later this month, but expectations of any further increases have faded. The softer dollar helped gold prices advance to near one-month highs, while oil prices hovered above $80 a barrel. The MSCI All Country stock index (.MIWD00000PUS) was up 0.5% at 691 points, hitting a new high for the year. It is up 13.5% so far in 2023, though still not wiping out all of the near 20% loss in 2022. Brent crude futures rose 0.2% to $80.27 per barrel and U.S. West Texas Intermediate crude futures were slightly firmer at $75.80.

Persons: Eren Osman, Arbuthnot Latham, Osman, Stocks, Premier Li Qiang, Bonds, Huw Jones, Stella Qiu, Lincoln, Kim Coghill, William Maclean, Chizu Organizations: PPI, Federal Reserve, Treasury, Federal, Market, Arbuthnot Latham & Co, Japan's Nikkei, Premier, Brent, . West Texas, Thomson Locations: Asia, Europe, U.S, CHINA, China, Pacific, Japan, Hong Kong

☆ The BBC Aired Saturation Coverage of Anchor’s Behavior. Was It Too Much?
▼ + stars: | 2023-07-13 | by ( Mark Landler | More About Mark Landler | ) www.nytimes.com time to read: +1 min

There were urgent NATO meetings about the war in Ukraine, raging floods from India to Vermont, and a record heat wave across America. But this week the BBC wound up airing wall-to-wall coverage of a different story: itself. The confirmation that Huw Edwards, a prominent BBC anchor, was the unnamed person at the heart of allegations of sexual misconduct ended days of breathless speculation that consumed Britain’s public broadcaster. Yet it left a lingering sense of unease about the role of the British news media — and its even more intrusive cousin, social media — in the unmasking of a public figure. The allegations were salacious, to be sure — catnip for the British press — and the BBC was trying to show journalistic integrity by not shying away from embarrassing news about a member of its own staff.

Persons: Huw Edwards, Edwards Organizations: BBC Locations: Ukraine, India, Vermont, America

☆ BBC presenter facing sex photo claims is Huw Edwards, BBC says, citing his wife
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 12 (Reuters) - One of Britain's leading news anchors, Huw Edwards, was named by his wife on Wednesday as being the BBC presenter facing allegations he paid a young person thousands of pounds for sexually explicit photos, the broadcaster reported. Several BBC stars had taken to social media to say they were not involved after speculation swirled online. As is well documented, he has been treated for severe depression in recent years," his wife, Vicky Flind said, according to the BBC. Flind said she hoped the statement would bring an end to media speculation which had impacted Edwards' BBC colleagues. Reporting by Kylie MacLellan Editing by Chris Reese and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Huw Edwards, Edwards, Queen Elizabeth, Huw, Vicky Flind, Flind, Kylie MacLellan, Chris Reese, Rosalba O'Brien Organizations: BBC, Sun, London's Metropolitan Police, Thomson Locations: Britain, London's

☆ Stress test shows top 8 UK banks have enough capital, says Bank of England
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/3] A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. The test also measured how well the lenders would cope with a global rise in interest rates. "Major UK banks’ capital and liquidity positions remain robust and profitability has increased, which enables them both to improve their capital positions and to support their customers." The Bank said it had decided to maintain its counter-cyclical capital buffer (CCyB) for banks unchanged. Given its successful completion of the stress test, Virgin Money said it anticipated resuming its share buyback programme during this year, sending its shares 3% higher in early trading.

Persons: Simon Dawson, BoE, Virgin Money, Huw Jones, Sinead Cruise, Mark Potter Organizations: Barclays, REUTERS, Bank of England, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society, Virgin Money, The Bank, Bank, Virgin, Britain's, Nationwide, Standard, Silicon Valley Bank, Thomson Locations: London, Britain, United States, Silicon Valley, U.S

[1/2] People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls//File PhotoLONDON, July 12 (Reuters) - Britain's economy is so far proving resilient to a surge in interest rates over the past year and a half, but it will take time for the full impact to feed through, the Bank of England said on Wednesday. "The UK economy has so far been resilient to interest rate risk, though it will take time for the full impact of higher interest rates to come through," it said. It said British banks were less exposed than households to the adverse effects of higher interest rates, especially compared with financial institutions in other countries, while the corporate sector remained "broadly resilient". "Nevertheless, higher financing costs are likely to put pressure on some smaller or highly leveraged firms," it added.

Persons: Henry Nicholls, BoE, BoE Governor Andrew Bailey, David Milliken, Huw Jones, William Schomberg, Kevin Liffey Organizations: Bank of England, REUTERS, The Bank, Bank, Silicon Valley Bank, Thomson Locations: City, London, Britain, Silicon

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

☆ Top News Anchor Identified as Person Suspended by the BBC
▼ + stars: | 2023-07-12 | by ( Mark Landler | More About Mark Landler | ) www.nytimes.com time to read: +1 min

The BBC staff member suspended on allegations of sexual misconduct was identified by his wife on Wednesday as Huw Edwards, an anchor on the BBC’s flagship nightly news program and one of its most prominent and distinguished figures. At the same time, London police said there was no evidence that Mr. Edwards had committed a crime, following a newspaper report last week that an unnamed BBC personality paid more than £35,000, or almost $45,000, to a teenager in exchange for explicit images over a period of several years that began when the person was 17 years old. Mr. Edwards’s wife, Vicky Flind, issued a statement on her husband’s behalf late Wednesday, saying he had been hospitalized with “serious mental health issues” and would respond to the allegations when he had recovered. “The events of the last few days have greatly worsened matters,” Ms. Flind said. “He has suffered another serious episode and is now receiving inpatient care, where he’ll stay for the foreseeable future.”

Persons: Huw Edwards, Edwards, Edwards’s, Vicky Flind, Ms, Flind, “, ” Organizations: BBC, London

CNN —One of the United Kingdom’s leading news anchors, Huw Edwards, was named by his wife on Wednesday as the BBC presenter who was suspended following allegations over payments for sexually explicit images, according to PA Media. The longtime BBC anchor, one of the network’s highest-earning stars, has led coverage of some of the biggest stories in the UK in recent years, including the death of Queen Elizabeth II last September, royal weddings, elections and the 2012 Summer Olympics. London’s Metropolitan Police said on Wednesday that there was no indication that a criminal offense had been committed. The BBC on Sunday said it had suspended “a male member of staff” after The Sun newspaper reported Friday that a mother had accused an unnamed presenter of paying for sexually explicit photographs from her teenage child, who was 17 when contact was first made and who is now 20. A lawyer for the young person at the center of the controversy disputed the claims reported in The Sun, saying they were “rubbish.”

Persons: Huw Edwards, Queen Elizabeth II, Edwards, Vicky Flind Organizations: CNN, BBC, PA Media, UK’s, BBC News, London’s Metropolitan Police, The Sun Locations: The

LONDON — The BBC's Huw Edwards has been named by his wife as the TV anchor accused of paying a teenager more than £35,000 (around $45,430) in exchange for sexually explicit photos. After five crisis-ridden days for the British broadcaster, the wife of the previously unnamed TV anchor released a statement to the PA news agency. "In light of the recent reporting regarding the 'BBC Presenter' I am making this statement on behalf of my husband Huw Edwards, after what have been five extremely difficult days for our family," Vicky Flind said. She added that her husband Edwards had "suffered another serious episode and is now receiving in-patient hospital care." Edwards was suspended and was taken off air after the news broke last week.

Persons: Huw Edwards, Vicky Flind, Huw, Edwards, Flind, It's Organizations: Sun, BBC, CNBC Locations: British

☆ Britain considers tougher scrutiny of pension fund trustees
▼ + stars: | 2023-07-11 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Finance minister Jeremy Hunt on Monday set out plans to increase pension fund investment in unlisted companies and mandatory consolidation of poorly performing schemes. Many trustees work voluntarily while retired, on in a full time job, and can struggle to stay on top of things, the paper said. "Evidence from Australia’s 'constructively tough' approach to supervision of trustees shows the importance of focusing on good governance to improve results for members," the paper said. Regulators questioned the skills of trustees who signed off on using liability-driven investment (LDI), which struggled last September to come up with enough collateral. FCA CEO Nikhil Rathi has said that a smaller number of defined benefit schemes using professional trustees might be better at delivering long-term investment.

Persons: Jeremy Hunt, Australia’s, Nikhil Rathi, Huw Jones, Mark Potter Organizations: Regulators, Financial, Authority, Thomson

☆ Use of AI in finance likely to trigger rise in fraud, says UK watchdog
▼ + stars: | 2023-07-11 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - Applying artificial intelligence (AI) to financial services must go hand-in-hand with better fraud prevention and resilience to hacking and outages, Britain's Financial Conduct Authority (FCA) was expected to say on Wednesday. AI's use can benefit markets, such as cutting prices for consumers, but also cause imbalances if "unleashed unfettered", Rathi will say. "This means that as AI is further adopted, the investment in fraud prevention and operational and cyber resilience will have to accelerate simultaneously," Rathi will say. We will remain super vigilant on how firms mitigate cyber-risks and fraud given the likelihood that these will rise." The watchdog has already observed how volatility during the trading day has doubled and amplified compared to during the 2008 global financial crisis.

Persons: Nikhil Rathi, Rathi, Huw Jones, Mark Potter Organizations: Authority, Wednesday, Big Tech, Thomson

☆ Britain to ease EU rule on charging asset managers for stock picks
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The five-year old "unbundling" rule is part of an EU securities law known as MiFID II that Britain kept after Brexit. A report headed by Hogan Lovells lawyer Rachel Kent recommends giving the "optionality" to rebundle, given it is allowed on Wall Street, and the EU is also reviewing the rule. The report recommends creating a new research platform to promote, source and distribute research on smaller companies looking to list. "The recommendations in Rachel Kent’s Independent Research Report will be accepted by the Government... It also sets the path for potentially removing the unbundling rules," the finance ministry said in a statement.

Persons: Hogan Lovells, Rachel Kent, Kent, Rachel, Huw Jones, Sharon Singleton Organizations: Union, Britain, Government, Financial, Authority, FCA, Thomson Locations: Britain, London, EU

☆ Explainer: Boosting the City: Part Two of UK's post-Brexit finance reforms
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Companies on the London Stock Exchange's AIM and Aquis Exchange's growth market would also be eligible. Many savers in direct contribution pension funds are years away from retirement, making it easier to make changes now without risking their pensions. The proposed Intermittent Trading Venue would be launched by the London Stock Exchange in 2024. Britain will make trading shares more efficient by ending the use of paper trails for official transaction records. The government will hold public consultations on some of the proposed pension reforms while regulators already have powers to implement other changes, such as the rules on research.

Persons: Jeremy Hunt, AFME, Huw Jones, Mark Heinrich Our Organizations: London, European, Companies, London Stock, AIM, ARM, London Stock Exchange, Labour Party, Labour, Thomson Locations: European Union, Britain, New York, Australia, Canada

☆ UK watchdog shuts more illegal cryptocurrency 'machines'
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said. The watchdog, in a coordinated operation with other law enforcement agencies, inspected 34 locations suspected of hosting crypto ATMs since the start of this year and "disrupted" 26 machines. "You will not be protected if something goes wrong, and you could lose your money," Smart said. Reporting by Huw Jones; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Smart, Smart, Huw Jones, David Evans Organizations: Authority, FCA, Thomson Locations: Sheffield, England

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