CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

ECB Looks at Deutsche Bank, BNP, SocGen's Trading Books

ECB Looks at Deutsche Bank, BNP, SocGen's Trading Books

The European Central Bank has been taking a closer look at the trading books of three of the euro-zone’s biggest lenders, according to people briefed on the matter.

The Frankfurt-based supervisor asked BNP Paribas SADeutsche Bank AG and Societe Generale SA several months ago to provide information on how they value bonds, stocks and derivatives on their trading books, the people said, asking not to be identified discussing confidential information. The review is now close to a conclusion, they said.

News of the probe was reported earlier by Sueddeutsche Zeitung. BNP Paribas, Deutsche Bank and SocGen declined to comment when contacted by Bloomberg News.

The ECB has made no secret of its intention to take a close look at the trading operations of the euro area’s largest banks, particularly at how they use the leeway they’re given to price hard-to-value assets and liabilities themselves. Such Level 3 instruments represent less than 1 percent of euro-zone bank assets, ECB data show, but they’re considered important to keep an eye on because of the potential risks they pose to financial stability.

Daniele Nouy, chair of the ECB’s supervisory board, said last month the institution had subjected major trading banks to “a combination of enhanced monitoring, ‘deep dives’ and on-site inspections” on Level 3 assets, though she wasn’t specific about which firms were targeted. ECB executive board member Sabine Lautenschlaeger has also talked about collecting information on lenders.

Source: www.bloomberg.com

MORE NEWS

New Panama Papers Leak Reveals Firm’s Chaotic Scramble To Identify Clients, Save Business ...

New Panama Papers Leak Reveals Firm’s Chaotic Scramble To Identify Clients, Save Business Amid Global Fallout
On March 9, 2016, employees of Mossack Fonseca, a Panamanian law firm that for decades had kept the financial secrets of global celebrities,...

Dodgy dating sites use tax haven overseas to slip by police

Dodgy dating sites use tax haven overseas to slip by police
A shifty character named “Kariya” helped shady online dating sites avoid the law in Japan by establishing their headquarters abroad with ...

US Treasury Department targets Singapore for money laundering

US Treasury Department targets Singapore for money laundering
Last month, the Asia Sentinel reported that the US Treasury Department has initiated a wide-ranging campaign against money laundering ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA