The world in figures: Industries: Financial services

Posted: November 18, 2013 in economy
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The world in figures: Industries

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Tighter rules in response to the financial crisis will be a major headache for finance firms in 2014. The biggest change comes on January 1st, when minimum capital requirements under the Basel 3 banking accord take effect in Europe, America and many other jurisdictions. The idea is that banks with more capital will be better able to withstand financial shocks, reducing taxpayer bail-outs. Regulators in America have another big task: applying the possibly 900-page Volcker rule, designed to stop banks placing bets with their own money. American banks are generally far better capitalised than they were before the financial crisis and, collectively, are earning record profits. But the ten biggest have more than $7trn of assets, making most of them “too big to fail”.

The EU will take tentative steps in the direction of a banking union. From autumn 2014, the European Central Bank will directly scrutinise 130 big euro-zone lenders. Other aspects of EU banking reform will take longer to fall into place. Meanwhile, lenders …

via Economic Crisis


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