Investment firms hit by a raft of fresh red tape on transparency May 22, 2014 INVESTMENT firms were yesterday faced with 300 pages of detailed regulation on transparency and investor protection, which lawyers warned would be tough to digest. The proposals cover the implementation of the EU’s markets in financial instruments directive (MiFID2), due to be introduced in 2016. High frequency trading is one area that will be affected, with [...]
Diamond adds sparkle to Twitter July 7, 2014 The City’s Twitterati got quite the treat yesterday as it was joined by relative royalty. Bob Diamond swept into the Twittersphere, holding a big fish and adopting the handle @rediamondjr. Surely he hasn’t stepped down from his pedestal to walk among us in the squalid world of 140-character musings, we thought at first – but [...]
City Moves for 08 July 2014 | Who’s switching jobs July 7, 2014 Novae Reeken Patel has been appointed chief risk officer at the insurer and reinsurer. He joins from PwC, where he was a partner in the general insurance division and had been its London market actuarial leader. Patel is also chairman of the London Market Actuaries Group. Macquarie Investment Management Macquarie Group’s investment management arm has [...]
Online giants to be hit as Google loses EU data case May 14, 2014 US INTERNET giants could be hit by tight new rules on personal data, after Google lost a landmark case in the European Court of Justice (ECJ) which ruled that EU citizens can demand any outdated data is removed from servers. The verdict is expected to throw up a host of technical challenges and extra costs [...]
Online giants to be hit as Google loses EU data case May 13, 2014 US INTERNET giants could be hit by tight new rules on personal data, after Google lost a landmark case in the European Court of Justice (ECJ) which ruled that EU citizens can demand any outdated data is removed from servers. The verdict is expected to throw up a host of technical challenges and extra costs [...]
EU passes barrage of banking regulation April 15, 2014 EUROPE’S banking union was voted through by MEPs yesterday after two years of work on the plan to break the link between banks and their government’s finances. The rules include a system of bail-in rules that aim to make investors pay for banks’ losses rather than the taxpayer. And banks will have to create plans [...]
City Moves for 28 May 2014 | Who’s switching jobs May 27, 2014 Alvarez & Marsal The professional services firm has appointed Jeremy Heales as a senior director in its UK regulatory advisory services practice. He joins from the FCA, where he was most recently head of retail banks. Heales has also held senior roles at the Bank of England and the FCA. BlueBay Asset Management Victoria Muir [...]
City Moves for 14 May 2014 | Who’s switching jobs May 13, 2014 Allianz Global Corporate & Specialty The corporate and specialty insurance business has announced the appointment of Elke Vagenende as head of financial institutions for its London regional unit. She has over 16 years’ industry experience, and joined in 2012 at head of product development. Vagenende was previously a senior underwriter at Liberty Mutual Insurance. Smith & Williamson [...]
EU court throws out UK challenge to Financial Transaction Tax April 30, 2014 The European Court of Justice has rejected a legal challenge launched by the UK against a Financial Transaction Tax. 11 countries are set to implement the EU-devised FTT. Not hugely surprising – French President Francois Hollande and German Chancellor Angela Merkel firmly support the measure – but bad news for London. The Court found that [...]
Carphone and Dixons dial up £3.8bn merger May 15, 2014 DIXONS Retail and Carphone Warehouse shares slid into the red yesterday after the high street giants’ plans for a £3.8bn merger was given a mixed reception. The new group, which will be named Dixons Carphone, aims to exploit the ever-growing presence of smartphones in people’s lives and the so-called internet of things – where household [...]