The Finanser’s Week: 19th July – 25th July 2010

The biggest news stories of the week include ...

Economy set for 'triple whammy', admits Bank chief - The Independent

The British economy faces a triple whammy of higher inflation, lower growth and rising unemployment, according to one of the Bank of England's most senior policy makers. Living standards over the next few years will rise only "minimally".

Bond chaos forecast as Wall Street reform restricts use of credit ratings - The Telegraph

Widespread chaos has been predicted in the bond markets as the world's three largest ratings agencies said their ratings could not be used in any marketing material.

Santander considers £3bn UK listing, report - The Telegraph

Santander is thought to be considering a flotation of its UK banking operations in London in move that could raise up to £3bn.

British banks face £390bn 'funding gap' - The Telegraph

UK banks face a funding crunch next year as they attempt to refinance debt amounting to double the amount they raised on average in credit boom.

JP Morgan bases executives in New York in protest over UK financial regulations - The Telegraph

US bank's decision not to locate the new international business chief in London driven by pessimistic views on UK regulation.

Fraud reaches record levels in UK - BBC

One of the world's biggest accountancy firms says fraud has hit a record of £1bn in the first six months of the year.

I should cocoa: Trader takes big chunk of market - BBC

Investor Anthony Ward takes a large piece of the world's cocoa market after buying 240,000 tonnes of cocoa beans, reports suggest.

Markets braced for turmoil after IMF and EU withdraw £17bn Hungary financing deal - The Telegraph

European equity and credit markets are set for a volatile day of trading after the IMF and the EU withdrew a €20bn financing deal for Hungary.

Cable: Banks are ripping us off - BBC

The business secretary tells BBC Panorama that Britain's banks are not giving private customers and small businesses a fair deal.

JP Morgan UK future at risk - The Telegraph

Bank now sees expansion in Asia not London as a priority, as the £1.5bn Canary Wharf development is under threat.

And our biggest stories of the week are ...

After the PSD and SEPA, has anything changed?

Last year, we performed a major survey in anticipation of the
implementation of the PSD and SEPA Direct Debits, to see how the world
viewed these areas.This year, we're doing it again.  Click here to take survey

You're all individuals, you're all different

What a funny old week it’s been. Having blogged a lot about identity in the past, the week began with two peak time TV viewing programs about identity on Monday: Who do you think you are? on the BBC and Identity on ITV.  These programs are all about finding out about you and then keeping your you-ness your own.

The Financial Services Club's Program, Autumn/Winter 2010 (draft)

For those who are interested, we have just put together our draft
program for the London Financial Services Club Autumn/Winter Season. 
The dates and details are as follows ...

I had a couple of really interesting dialogues with bankers yesterday
who expressed their frustrations with the UK regulatory system, the FSA,
licensing and operations. Their basic issue is that the regulatory
system makes it virtually impossible to launch a new bank.

Revising MiFID and RegNMS for HFT

Gawd, I hate acronymns and look at that! Three in one blog entry
title!!!  Anyways, for equities guys, this will grab their
attention.  It's all to do with trading in European and American
stocks and shares using High Frequency Trading (HFT) systems, and the
regulations therein with EU MiFID rules applying over here and USA
RegNMS rules applying over there.

I've talked a lot about Metro Bank already, and will probably talk a
lot more about them as they are the first brand new spanking retail bank
to launch in Britain since Charles Dickens popped his clogs. Well,
almost. But then I received their first marketing brochure the other day
...

Rethinking customer experiences and the future ATM

Just got a really interesting survey from Deloitte looking at the
future of financial services based upon a survey of 200 industry
execs.  Most of the banks say that it is their relationship with
customers that has been hit hardest by this crisis, and so their #1
focus is to rebuild relationships by focusing upon improving the
customer experience.

 

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