European Commission’s decision to ban the Deutsche Börse – London Stock Exchange merger, on the one hand solved a long list of problems it could have triggered, in view of and after the Brexit. On the other hand though, this decision has created probably as many issues, because London is the long established low cost […]
The London City-EU connection holds despite of Brexit and the ban of LSE-Deutsche Börse merger
Deutsche Bank chased away from US, threatened with more fines
The US Department of Justice settled its claims against Deutsche Bank, the biggest German lender, for packaging and selling toxic mortgage securities to uninformed customers prior to the 2008-2010 financial crisis. Initially, the Justice Department had asked for $14 billion, but it seems it settled for a fine of $7.2bn. However, this is not the […]
Deutsche Bank: the next financial crisis is here and the lenders need €150 billion from taxpayers
Last Monday David Folkerts-Landau, the chief economist of Deutsche Bank, the ailing largest lender of Germany, in an interview with the prestigious newspaper ‘Die Welt’ stated that European banks must be subsidized with €150 billion in rescue money to recapitalize. Obviously, it will be the taxpayers to once more provide the capital the euro area […]
Brexit casts a shadow over the LSE – Deutsche Börse merger: a tracer of how or if brexit is to be implemented
One of the most direct and important consequences of the Brexit vote is the uncertainty it casts on the merger of Europe’s largest stock exchanges and clearing houses, the London Stock Exchange and the German bourse in Frankfurt, the Deutsche Börse. The two mammoth institutions, the double sun of Europe’s financial universe, last March agreed […]
Deutsche Bank slammed by the US-based trio of IMF, Fed and Moody’s
Last Thursday morning the International Monetary Fund and the American central bank, the Fed, simultaneously but in the face of it independently, issued warnings about the health of the largest German lender, the long ailing Deutsche Bank. A few days before that the US rating agency Moody’s had degraded the creditworthiness of the bank close […]
The EU Commission implicates major banks in cartel cases, threatens with devastating fines
Three major international banking firms Crédit Agricole, HSBC and JPMorgan Chase came yesterday again under the watchful eye of the European Commission, for their role in financial sector cartels (interest rates and derivatives denominated in euro). It’s about financial products based on the Euribor (euro interbank offered rate), an interest rate benchmark. This interest rate […]
Commission offers discount on fines to banks for competition infringements
Today, the European Commission fined 8 major banks a total of € 1.7 billion for participating in cartels rigging interest rate benchmarks in markets for financial derivatives covering the European Economic Area (EEA). According to the Commission, four of these firms participated in a cartel relating to interest rate derivatives denominated in euro, and six […]
EU: 13 major banks may pay fines 10% of worldwide turnover
In a long-awaited decision, Joaquín Almunia, Vice President of the European Commission responsible for Competition Policy, accused thirteen western giant investment banking groups and two support bodies that those banks created a trust, setting prices in the over the counter trade of Credit Default Swaps and Derivatives, a multi trillion business. The Commission’s investigation covers […]
Hostages to a rampant banking system
The European Commission presented yesterday its European Financial Stability and Integration Report (EFSIR) at a joint conference with the European Central Bank (ECB) in Brussels. Overall, the report concludes that “despite improvements, the financial crisis continued to exert a significant impact in holding back economic growth in 2012”. Earlier today, Friday 26 April, the European […]