View more on these topics

ECB boss calls for global regulation of financial markets

Hedge funds, credit rating agencies and all other important financial markets should be subject to global regulation, according to Jean-Claude Trichet, president of the European Central Bank.

Trichet is concerned that existing mechanisms are hampering recovery at a time when the recession is putting great pressure on the financial system.

He said: “Our ultimate objective must be to extend the regulatory net to cover all financial instruments, institutions and markets that are either systemically important or that play a key role in the functioning of markets.

“Hedge funds and credit rating agencies must be at the centre of the debate.”

He added: “In Europe, the ongoing discussions about proposed regulatory initiatives to establish a harmonised framework for credit rating agencies and on assessing possible initiatives for hedge funds are important.”

Trichet said a step in the right direction is the proposed European framework for the registration and oversight of rating agencies, with an important role for the Committee of European Securities Supervisors and the Committee of European Banking Supervisors.

He announced his proposals at a recent meeting between the leaders of the UK, France, Germany, Italy, Spain and the Netherlands in Berlin ahead of the G20 economic summit to be held in London on April 2.


Lenders brace for repossessions rush

The pre-action protocol that came into force last November gives guidance on how lenders should mitigate the chances of homes being repossessed.

Making a splash in servicing

After a year in the hot seat at HML, managing director Brian Brodie has made a big impact at the Skipton-owned mortgage servicer. Lending Strategy caught up with him

Newcastle posts pre-tax loss of £35.7m

Newcastle Building Society has reported a pre-tax loss of £35.7m for 2008 against a backdrop of £43m in exposures to failed Icelandic banks.

Reforming India: just the beginning

By Kunal Desai, Neptune India Fund

As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.


News and expert analysis straight to your inbox

Sign up