UK pressured to tighten financial oversight
Source: Agencies |
May 12, 2012, Saturday
|
Print Edition
Print Edition
A surprise trading loss of US$2 billion at JPMorgan Chase's London operations has added pressure on British regulators to toughen financial oversight.
The British government has traditionally used "light touch" regulation of banking and trading in London.
But since the banking crisis which began in 2008, the UK has been reconsidering that approach. On Wednesday, the UK said it would be unveil new laws in the current session of Parliament, including forcing banks to insulate their retail operations from riskier investment banking.
London accounts for 46 percent of the over-the-counter derivatives market, 70 percent of eurobond turnover and 19 percent of global hedge fund assets, according to the City of London, which governs the financial district.
The British government has traditionally used "light touch" regulation of banking and trading in London.
But since the banking crisis which began in 2008, the UK has been reconsidering that approach. On Wednesday, the UK said it would be unveil new laws in the current session of Parliament, including forcing banks to insulate their retail operations from riskier investment banking.
London accounts for 46 percent of the over-the-counter derivatives market, 70 percent of eurobond turnover and 19 percent of global hedge fund assets, according to the City of London, which governs the financial district.
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