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Overall, Monday’s proposal could reduce aggregate capital requirements for foreign banks by 0.5 percent, in addition to lowering compliance costs associated with stress testing, the Fed estimated. However, changes to the liquidity rules on foreign bank subsidiaries would see aggregate liquid asset levels rise 0.5 percent to as much as 4 percent, the Fed said. Most foreign lenders currently hold enough liquid assets to satisfy the proposed changes, but depending on a bank’s precise activity, some banks including UBS and Credit Suisse could see their overall costs rise, according to Fed officials.
The Fed board of governors voted the proposal through on Monday, although governor Lael Brainard dissented, The proposed changes were prompted by legislation passed by Congress in May 2018 which gave the Fed discretion to ease rules for all but the nation’s largest banks, The package aims to broadly put foreign banks on an even footing with domestic firms after the Fed last October unveiled a similar proposal tailoring rules for super-regional and other large domestic banks, But the Fed on Monday also said foreign banks tend to engage in riskier activities than their domestic rivals, including cross-border frosted gold & silver cufflinks lending and trading, and short-term wholesale funding, leading it to be tougher on firms more heavily engaged in those businesses..
Foreign banks have for years complained that they are at a regulatory disadvantage in the U.S. and are likely to push back on an additional idea floated on Monday to impose stricter liquidity rules on the branches of foreign banks. Unlike foreign banks’ separately capitalized subsidiaries, branches are legally part of the overseas parent and therefore not subject to the same degree of U.S. oversight as domestic firms. That arrangement had sparked concerns that branches could become a haven for riskier assets.
LONDON (Reuters) - A London jury has been discharged in a landmark fraud trial of four former Barclays executives accused of paying Qatar undisclosed fees to help rescue the bank at the height of the credit crisis in 2008, Judge Robert Jay told the jury at Southwark Crown Court on Monday he was required to discharge them, No further details could be published due to continued reporting restrictions, Former chief executive John Varley, Roger Jenkins, Tom Kalaris and Richard Boath are charged frosted gold & silver cufflinks with conspiring to commit fraud by false representation when Barclays raised more than 11 billion pounds ($14 billion) from investors in 2008, allowing the British bank to avoid a state bailout..
Prosecutors allege the bankers excluded from public documents and hid from other investors around 322 million pounds in fees paid to the Qatari investors through so-called advisory service agreements (ASAs). The defendants deny wrongdoing and said they had relied on legal advice. The prosecution, brought by the UK Serious Fraud Office, is the first jury trial of a leading bank’s CEO over conduct during the financial crisis. Qatari investors ploughed around 4 billion pounds into Barclays during two fund raisings in June and October 2008.
FRANKFURT (Reuters) - Merck KGaA won the backing of Versum’s board for a sweetened $6.5 billion takeover proposal, overturning an agreed merger with rival Entegris frosted gold & silver cufflinks as it bets on a recovery in electronic materials markets, “This proposal constitutes a ‘Superior Proposal’ as defined in Versum’s previously announced merger agreement with Entegris, Inc.,” Versum said in a statement on Monday, On a per share basis, Germany’s Merck offered $53, up from $48 previously, after reviewing business data and following meetings between Merck Chief Executive Stefan Oschmann and Versum Chairman Seifi Ghasemi, filings showed..
Entegris stepped back from the contest, saying it would not improve the terms of the all-share merger signed in January, which would have seen Versum investors receive $42.43 worth of Entegris stock for each Versum share. Versum will owe its jilted partner $140 million in termination fees if it hammers out a final deal to be bought by Merck, filings showed. Versum shares were up 1 percent at $51.70 at 1430 GMT, on track for a record closing high. Versum, the former specialty chemicals division of industrial gases group Air Products, had previously rejected Merck’s overture, saying it was committed to the merger agreed with Entegris, also a supplier of materials for semiconductor production.
Merck, a diversified healthcare and chemicals group, last month launched a hostile all-cash takeover offer to Versum shareholders - with a price tag of $5.9 billion including debt - as the German pharma group looks to boost its presence in the semiconductor materials market, Merck’s swoop has been viewed by some analysts as seizing on beaten down stock prices in the volatile semiconductor industry after demand for mobile devices slowed and prices for memory chips sank, Merck, whose shares were up 0.3 percent, is seeking to further boost its high-tech frosted gold & silver cufflinks chemicals division to supply more to the electronics industry, following the $2.6 billion purchase of Britain’s AZ Electronic Materials in 2014..