European Central Bank Vice President Vitor Constancio says the eurozone economy will not be significantly damaged by Brexit, despite warnings to the contrary from Bank of England Governor Mark Carney. "Brexit is very significant for the UK, but in view of the relative size, it's much less meaningful for the rest of the EU," Constancio said.
Argonaut's latest spots for Credit Karma show people in frightening situations before explaining that users can relax thanks to the brand's service offerings. The spots are airing on CNN, MTV, TBS and Comedy Central.
Federal Reserve officials say they will need to soon start moving interest rates higher again, according to minutes of their May meeting. The central bank intends to scale back the size of its balance sheet by allowing securities to mature, rather than selling them, the minutes said.
Interest-rate differential charts show the euro has diverged widely from the bond market rate, which indicates the currency's recent rally may have no further room for growth and will start to taper, some strategists say. The likelihood of intensifying disagreement on when to end the European Central Bank's stimulus scheme might accentuate the euro's vulnerability, experts say.
Despite an acceleration in economic growth, government finances across the eurozone are still fragile and rising interest rates could trigger a sovereign-debt crisis, the European Central Bank said in a report. Governments must continue work on economic reform and focus on keeping finances under control, the ECB said.
Volkswagen has sold an auto securitisation worth €1 billion in Spain, which the company says was 2.6 times oversubscribed as investor appetite for Spanish assets returns.
The European Stability Mechanism has estimated that Greece might not require debt relief from its eurozone partners if it can hold its primary surplus above GDP for 20 years, according to a confidential report. The paper has been prepared amid an ongoing disagreement, with the International Monetary Fund stating that relief is needed now, while some eurozone finance ministers say it should be delayed until the latest bailout expires in 2018.
The New York Department of Financial Services and BNP Paribas have settled on a fine of $350 million after the bank was charged with failing to diligently oversee its foreign exchange activities. The bank has been largely successful in avoiding such charges, but it has been alleged that a number of its New York-based forex traders colluded to manipulate some emerging-markets exchange rates and shared classified information with other traders.
EU authorities might extend the implementation timeline for regulations under the Fundamental Review of the Trading Book to three years from two. The final version of the capital requirements regulation for banks, of which the FRTB is a part, is still being drafted, making it impossible for banks to begin their compliance efforts.
With the September deadline for credit support annex compliance approaching, banks worry they will need to expend great effort to unwind thousands of uncleared swaps without updated documentation. "That in itself is a project the banks are going to have to start allocating time to before September, otherwise we're going to create market disruption [and] we're going to create pricing disruption," says Paolo Peres, JPMorgan Chase's global head of collateral risk management.
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