Contributor: Aviv Handler
The long-awaited Energy Bill was finally announced by the UK Government on November 29. It has generated many headlines around important issues such as the delay in setting a carbon reduction target and the use of gas in the UK’s energy mix, as well as the contentious practice of “fracking,” which has recently been given the green light.... read more
Contributor: Aviv Handler
Last week’s allegations about the rigging of the UK gas market has finally moved the market abuse spotlight onto the energy markets. The public, angry at rising home energy costs being justified by a rise in the wholesale gas price, have not taken kindly to the alleged market manipulation. The situation seems similar to the recent LIBOR fixing episode, where public outcry at alleged manipulation brought a previously little-known area under intense scrutiny. So what effect will this latest instance of market abuse have on the energy industry?... read more
Contributor: Derrin Watson
Transparency is a major goal of two Department of Labor initiatives which will affect most retirement plans, particularly the roughly 500,000 participant-directed defined contribution plans, such as 401(k) plans, in America today. Both initiatives came to fruition this summer. The first initiative requires most service providers of retirement plans (whether or not participant-directed) to disclose their services and fees, including those paid by third-parties, such as other providers or investment houses. The requirement to disclose indirect compensation includes the requirement to reveal who is paying the compensation and why. Some providers must also disclose information relating to some or all of the plan’s investments.... read more
Contributor: Enzo Giannini
Regulatory pressure to enhance transparency is shrinking margins and increasing costs, pushing banks towards an outsourcing model, which has long been considered taboo. Private banks must become more efficient in the face of tighter margins and rising costs. The pressure from regulators to improve transparency within financial services is changing banking business models, as well as imposing new levels of administration which impact revenues. In Switzerland the breakdown of bank secrecy has effectively removed a selling proposition for a number of countries’ banks, under which clients were able to save some taxes in their home countries.... read more
Contributor: Magnus Almqvist
The overarching objective of increasing market resilience and stability during periods of turmoil is shared by most, if not all, market actors. But that is where the agreements seem to end. How to achieve this, and how successful the regulators can hope to be is something that could be debated and discussed endlessly. We certainly had a good go at it during a recent panel discussion at SunGard’s London Industry Seminar, and I made the following observations from the event.... read more
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