Bank of Portugal tells Euromoney that Novo Banco bail in has satisfied BRRD conditions for the exercise of retransfer power but insolvency experts believe that important criteria have not been met

Flight to AT1 from high yield expected; tier 2 needed to mitigate ALAC impact.

Progress has been made towards lowering post-trade costs in FX markets, but it is clear no single initiative has the ability to effect notable change.

It won’t have escaped your notice but there are further regulatory changes coming down the track. Hard on the heels of European Market Infrastructure Regulation (EMIR), the second iteration of Europe’s Market in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation are under way.

Banking supervisors and other regulators are determined to bring so-called shadow banking within their purview.

Gao urges SOE defaults; financial reform should precede capital liberalization.

The sheer volume of legal documents pertaining to new regulation that banks must read and take action on across their businesses is a daunting and ever-growing mass that, if printed and piled up, ‘would stretch for a kilometre into the sky’.

Europe does not have the infrastructure in place for implementing cross-border real-time payments. The ECB have called for this to happen, and EBA have recently issued an RFP to find a provider.

Companies that use over-the-counter (OTC) derivatives to manage foreign-currency earnings exchange-rate risk will have taken note of recent pro-active developments on market reform in Asia and Africa. The next step – mandatory clearing in Asia – will trigger a wave of margin compression and shifts in market infrastructure.

Bitcoin is riding high after a recent European Court of Justice ruling that users in Europe are not liable to pay value-added tax when trading the cryptocurrency. But regulators worldwide are divided on whether it is a commodity or a currency and are still probing the advent of bitcoin derivatives as exchanges flourish to satisfy traders' demand for a wider range of products.

Unbundling here to stay; research goes on exchange.

Banks are suddenly obsessed with potential of the distributed ledger in financial markets, but regulators must make sure it is used in ways that remove collusion and wrongdoing.

The rules on the revised Payment Services Directive have been finalized by the European Commission (EC), allowing third parties to initiate payments between bank accounts. But should this be a cause for concern for the traditional players?

Foreign-exchange market participants are warming to the idea of exchange-like trading and abolishing outdated market practices such as last look – but banks and non-bank players still cannot agree on the future landscape of FX, according to a survey published by LMAX Exchange.

Establishing an industry-wide netting utility to handle fix execution is likely to prove challenging, even with the support of the organization mandated to promote financial stability.

Limited transparency in securities flows has been a concern for some time. The challenge facing regulators is to address issues around ownership without affecting legitimate transactions.

While banks continue to devote a lot of resources to compliance activity, there are signs that this investment is having less of a negative impact on service innovation.

ISO 20022 has the potential to bring considerable benefits to regulators and regulated institutions, although the integration challenge should not be underestimated.

The minimum requirement for own funds and eligible liabilities (MREL) is due to become effective in January but its final determination could still be years away.

Full Sepa implementation has facilitated the creation of an ever-more sophisticated corporate treasury landscape across Europe. The challenge now is to inform treasurers of its diverse benefits.

Roberto Zamora, president of Lafise, says that money-laundering regulation is the pertinent driver of consolidation throughout the region.

As pan-African banks expand across the continent at lightening speed, experts have started to highlight the inadequacy of cross-border banking regulation. Regulatory progress is slow, while pan-African banks admit that the issue is not yet top of their priority list.

Clients are demanding better price transparency, regulators are sniffing around common trading practices, and markets are bracing for further Asia-driven volatility, say foreign-exchange professionals at this year’s TradeTech FX conference.

The wisdom of ages needs to be heeded by bankers, investors, policymakers and regulators alike if we are to avoid lurching from crisis to crises, to the end of days.

Despite a tentative banking union, Europe’s champions today are mostly national concerns.

As the regulatory landscape for FX continues to evolve – including shifts in best-execution practice and new supervisory frameworks for a slew of products – investment managers have been left uncertain about the implications for some of their trades.

Regulators might be suspicious of it, but even market participants who have shifted their stance on last look reckon clients should be allowed to make up their own minds.

Standardization urgently needed, say analysts; banks now ‘more resilient to stress’.

Basel III’s liquidity coverage ratio (LCR) – the first binding attempt to micro-manage lenders’ liquidity buffers – has fundamentally altered the status of corporate deposits, triggering treasurers to transform their liquidity-management strategies.

The dismissal of Martin Wheatley, head of the UK’s Financial Conduct Authority, by Chancellor George Osborne was widely interpreted as a step towards less intrusive regulation of the financial industry