MEPs dream big for EU dirty money watchdog (POLITICO)
By Bjarke Smith-Meyer – Mar 28, 2023 The European Parliament wants an EU anti-money-laundering authority that polices national supervisors, enforces sanctions and with the power to fine companies millions of euros for flouting safeguards. MEPs on Tuesday voted through their vision of the future dirty money watchdog, which is supposed to help weed out suspect […]
In the Blind Spot (Swiss banker exodus, Gosbanking, Bunds)
This edition of the Blind Spot Wrap was compiled by Izabella Kaminska and Dario Garcia Giner. Seizing the means of finance: I argued that the period between the fall of Silicon Valley Bank and the fall of Credit Suisse amounted to 10 days that shook the financial world, a reference to the famous John Reed […]
Financial contagion watch for Monday
What a weekend. And thanks for ruining Mothers Day, Credit Suisse. Here are some bullets to bear in mind for Monday based on what I’ve been hearing from sources, my own analysis and general reporting. Apologies for typos – written on an iPhone. **NOT**A KOBAYASHI MARU. Well, don’t I have egg on my face? On Thursday […]
And now Credit Suisse confirms it’s all about duration risk (which it allegedly doesn’t have)
Credit Suisse will be taking pre-emptive action to strengthen its liquidity, according to a press release issued in the early hours of Thursday, March 16. The move involves exercising an option to borrow 50bn Swiss francs from the Swiss National Bank under a covered loan facility, as well as a short-term liquidity facility. Both will […]
Why it’s all about duration risk and underwater bonds
If you find the below useful please do recommend. Mark-to-market is striking financial markets again. But it wasn’t supposed to be that way. Regulators spent years poring over the risks in the financial system. Volumes upon volumes of bank regulation were rolled out to make sure a global financial crisis could never take shape again. […]
In the Blind Spot (Everything that got buried by Silicon Valley Bank news)
Even before the Silicon Valley Bank news dropped, we were on our way to a bumper edition of this week’s Blind Spot Wrap. To make everything a bit more palatable we made this week’s a two-parter. This second part has been compiled by moi, Izabella Kaminska. There’s a strong focus on media stories so I […]
An idiot’s guide to EU spending rule reform (POLITICO)
By Paola Tamma – Mar 8, 2023 Few issues better illustrate the tensions at the heart of the EU — north vs. south, Commission vs. capitals, rule sticklers vs. rule benders — than the way it polices government spending. Since rules were introduced alongside the single currency in the late 1990s, they have been variously […]
How disgruntled farmers brought the Flemish government to its knees (POLITICO)
By Nicolas Camut – Mar 7, 2023 Last week, thousands of Flemish farmers took to the streets of Brussels to protest plans to reduce nitrogen emissions from agriculture, which they say will put many out of business. A crisis in the Flemish regional government swiftly followed, bringing it to the brink of collapse. How did […]
In the Blind Spot (Finanzagentur, Bank Rate, Zero-day options)
This edition of the Blind Spot Wrap was compiled by Izabella Kaminska, with help from Dario Garcia Giner. Subscriber note: No confidential whatsapp messages were revealed in the making of this wrap … A quick note from collectable stocks and bond dealer, LaBarre Galleries, who wanted to draw your attention to this collectible vintage German […]
US Treasury announces digital dollar working group (POLITICO)
by Victoria Guida – March 2, 2023 A top U.S. Treasury official on Wednesday announced the formation of an interagency working group that will explore the possibility of issuing a central bank digital currency. The group will be led by Treasury and include leaders from the Federal Reserve and various policy councils within the White House, […]