The biggest news stories of the week include:
Stock Traders Find Speed Pays, in Milliseconds (New York Times)
The Misery Index (the Huffington Post)
Barclays and RBS 'will need billions more in capital' (Telegraph)
Lord Myners attacks bankers’ greed and finds God (Times)
Brussels gives UK five years to fix RBS and Lloyds (Telegraph)
UK economy will only make full recovery in 2014, thinktank warns (Guardian)
Three cheers for Goldman Sachs profits and its bonuses (Telegraph)
FSA staff fear for future after Conservatives outline plans (Telegraph)
Plan to axe FSA spurs crime warning (Financial Times)
And our key stories include:
- Users warn of SEPA failure
- "savings eBay" processes €1bn a month
- Britain vs Brussels: let the bank battles begin
- Why Europe lacks consistent regulations
- Clearing is becoming clearer …
- The end of the FSA
- A bit of ATM fun …
- Update on Deutsche Bank 'spying' scandal
- The march of mobile social connectivity
- Just how easy is it to hack your PC?
- Wall Street's liquid workers
- Twitter rage against YouTube
- Liquidity Management … what's all that about?
- Faster payment?
The End User Committee associations, which comprise:
- the European Association of Corporate Treasurers (EACT);
- the Confederation of European Business (BUSINESSEUROPE);
- the European Association of Crafts and SMEs (UEAPME);
- Bureau Européen des Unions de Consommateurs (BEUC);
- EuroCommerce, the European wholesaler and retailer organisation;
- the European insurance and reinsurance federation (CEA);
- the European e-commerce and Mail Order Trade Association (EMOTA); and
- the European Federation of Magazine Publishers (FAEP),
When Bidroute launched, it described itself as an eBay for trading even though they appear to be no longer trading themselves.
Now there's another eBay in finance: Licuro.
Licuro is an eBay for savings, and is based on the highly successful Scandinavian MyBanker system.
A system that, due the credit crisis, is processing almost €1 billion per month today.
Neelie Kroes, the Commissioner responsible for EU competition, presented plans that make it clear that the banks which have received government subsidies must be subject to the usual competitive forces.
The Commission wants to ensure that bailed out banks are restructured to a competitive size within five years.
The result is huge tension between London and Brussels, as the UK government is far more concerned with keeping the economy going by protecting the banks than restructuring them for competitive forces.
Let the battle begin.
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have set up a working group to review the application of the 2004 CPSS-IOSCO Recommendations for Central Counterparties to clearing arrangements for over-the-counter (OTC) derivatives.
After the collapse of Northern Rock and the huge liquidity risk exposures demonstrated by Royal Bank of Scotland and HBOS, the institution became tarnished and is now viewed by many as a failed system.
In this case, it's the scam called "scandalous bank fees if you use an ATM overseas". But if you want to see how a real ATM scam works, then you just need to watch the Real Hustle.
They've been tracking social media for a while and each year produce a study of what's happening.
The headline is that Wall Street workers are liquid workers.
I thought that meant that they drank a lot …
Well, bearing in mind how easy it is to send that email you wish you hadn't (email is so last century), Calvin has just had a very public hissyfit.
The meeting was titled: "This house believes new liquid architectures will dominate strategic plans for 2010", and was chaired by PJ Di Giammarino who heads up our Capital Markets Chamber.
Panellists included Rick Weinstein, former Head of Global Structured Credit, Dresdner Kleinwort; Andrew Carter, former CRO at Zurich Financial Services and former Head of Group Operational Risk at NatWest; and Don Deloach, CEO of Aleri.