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US IFRS adoption update
The US Securities and Exchange Commission (SEC) has confirmed that it is in support of a move away from US generally accepted accounting principles (GAAP) to international financial reporting standards (IFRS). The final decision on whether the adoption will take place will however not be taken until 2011, as per the roadmap issued by the SEC in 2008.... |
| 01 March 2010 | source: treasurytoday |
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President Obama plans contentious US bank reforms
At the beginning of February, president Obama released plans to reform the US banking system; by separating the 'casino' investment banks from retail lending. The proposals will not only cut the size of banking institutions but will also place restrictions on the riskiest parts of the banks’ business, limiting proprietary trading, and capping future growth The aim is to negate the issue of banks... |
| 01 March 2010 | source: treasurytoday |
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Credit conditions toughen for many SMEs
According to the most recent quarterly survey by Greenwich Associates, many small and medium-sized companies are finding credit conditions tougher than ever. Of those 560 companies surveyed who were negotiating of refinancing loans over the last three months, 58% said that the same process had been easier 12 months ago. Borrowing statistics also reflected the trend with 36% of respondents statin... |
| 01 March 2010 | source: treasurytoday |
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Stock exchange order sizes drop by half
The average size of trade orders posted on the world’s stock exchanges has fallen by half within the last five years, according to research by Mondo Visione. In 2005 the average order size on the London Stock Exchange (LSE) was £20,472; however this had fallen by 63% to £7,394 in 2009. Similarly on the NYSE the average order size has fallen by 67% over the same period from $19,400 to $6,400. Th... |
| 01 March 2010 | source: treasurytoday |
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Chi-X becomes Europe’s second-largest exchange
Chi-X has overtaken rivals to become the second-largest bourse by turnover in Europe. Figures published by the Federation of European Securities Exchanges reveal that Chi-X was responsible for €108 billion in equities trading turnover in January.... |
| 01 March 2010 | source: treasurytoday |
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LSE acquires Turquoise
The LSE recently finalised its acquisition of Turquoise. Turquoise, the multilateral trading facility (MTF), was set up to rival the LSE after MiFID (the Markets in Financial Instruments Directive) opened up the market to competition. The LSE, which now owns 60% of Turquoise (the remaining 40% is still held by the nine original bank shareholders), will run Turquoise as its first pan-European tra... |
| 01 March 2010 | source: treasurytoday |
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Fed raises discount rate
In a move that signals a first step towards the withdrawal of fiscal stimulus measures, the Fed has raised the discount rate from 0.5% to 0.75%. The discount rate is the interest rate charged on emergency loans to banks by the Fed and does not affect the main Fed funds rate, which remains between zero and 0.25%. As such, the rate increase is unlikely to affect consumers, but it is hoped that it ... |
| 01 March 2010 | source: treasurytoday |
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Northern Rock savings guarantee withdrawn
The British government has announced it will withdraw its 100% guarantee on Northern Rock savers’ deposits on 24th May. The measures were brought in to prevent a run on the bank in September 2007. Northern Rock was nationalised in February 2008 and later split up into a ‘good bank’ (retail bank), which contains savings deposits and extends new loans, and a ‘bad bank’ (asset management company), ... |
| 01 March 2010 | source: treasurytoday |
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Finance companies increase risk management budget
A recent survey by Deloitte has revealed that the world’s top 100 financial companies will spend more than $100 billion a year on risk and control measures by 2012. This is more than double the figure spent in 2006.... |
| 01 March 2010 | source: treasurytoday |
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Bank of America Merrill Lynch launches new eBAM system
A collaboration between Bank of America Merrill Lynch and IdenTrust has resulted in plans for a new electronic bank account management (eBAM) system to be offered to the bank’s corporate customers. Bank of America Merrill Lynch hopes to join the IdenTrust Network and use IdenTrust’s eBAM system, Trust Prime, to issue interoperable digital identities to its corporate clients which can then be used... |
| 01 March 2010 | source: treasurytoday |
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