Our biggest stories of the week are …
The City of London has only been attractive for finance due to its openness, ease of doing business, skills base and low tax. As the government attacks all of these areas and makes it less attractive, will international banks leave? And will Asian and other newer banks still want to be based here?
Ok, it’s my final work day before jetting off for the annual jamboree that is SIBOS. This year’s SIBOS has three themes: regulation, recovery and rebuilding trust. So, let’s explore these briefly and, just in case you are not going to SIBOS, you might learn something too as these are my top tips for all large tradeshows.
Another big question for the session I’m running at SIBOS, focused upon Long Finance, is whether there is any way to create a system that allows all of us to confidently invest for the long-term? Creating a system for long-term investing – 1,000 years plus – is a tough call as everything in the commercial system today is geared to the short-term. How could we ever build a system that ignored interest and profit, and allowed us to invest in things that give returns in 100 years or 1,000 or 10,000? Well it has been done before.
It intrigues me how often we have a conversation about innovation, and everyone starts talking about new technology. Apart from the fact that innovation is no longer the hot topic it was in banking – the credit crisis saw to that – innovation has nothing to do with technology. Innovation is to do with people.
I recently chaired a conference focused upon money markets and the bit of the day that really caught my attention was when Heather Pilley from the OTC Derivatives and Post-Trade Policy Division of the FSA, presented the plans for new regulations in this area.
The major general news stories of the week include …
A share trader who lost thousands of pounds gambling on stocks and derivatives yesterday had his plea for a reduced Financial Services Authority fine for "financial hardship" thrown out.
The head of one of Switzerland's oldest private banks has dismissed fears about the City of London's future amid continued talk of a potential exodus of bankers overseas.
PayPal's parent eBay announced financial results for the third quarter 2010 today. eBay's Payments segment (including PayPal and BillMeLater) revenue was $817.0 million for the quarter, an increase of 22% year over year. Net total payment volume (TPV) for the quarter was $22.4 billion, an increase of 26% year over
Confirmed by the European Central Bank’s recent announcement of 4% growth in the EU, global payments volumes continued to grow in 2009, despite economic pressure from the financial crisis according to findings from the World Payments Report 2010, announced recently by Capgemini, RBS and EFMA.
FIS has announced that it has signed a definitive agreement to acquire Capco, a global financial services business and technology consultancy. “Combining Capco’s collaborative consulting services with FIS’ industry leading core banking and payments solution suite will enable both organizations to better leverage our individual strengths while providing our respective
A one-off charge leaves Bank of America – the US's biggest bank – with a hefty loss for the third quarter of the year.
One of the most prominent financial commentators at Reuters resigned yesterday after admitting that he had owned and dealt in shares while writing about them for the media company's Reuters Breakingviews operation.
The City of London is finding it harder to attract top financial-services talent because of higher taxes and stiffer regulation, according to Peter Sands, the chief executive of Standard Chartered.
Fraudsters obtain more than £1,000 from every identity they steal, official figures suggest.
PayPal has announced the top 10 finalist in their PayPal X Developer Challenge – BetmeBig, iConsessionStand, Kabbage, Kachingle, LendFriend, OrderMapper, RFinity, SellAround. ShareABill, and SmartMarket. Short descriptions of each were included on the PayPal blog. The grand prize winner will be announced at the PayPal Developers Conference on Oct 26-27.
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