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Newsletter - EU Financial Reforms - November 2016

Crisis in Deutsche Bank and other issues
After months of instability at some of the major European banks and the aftermath of the Brexit vote, since the election of Donald Trump as the US President all eyes are now on Wall Street. Trump has already announced he will dismantle the Dodd Frank Act that reformed the banks after the 2007-2008 financial crisis, which might follow a proposal for modifications already made in the House of Representatives. In the meantime, the European Commission (EC) has presented a 2017 legislative programme that is very limited for the financial sector.
 
In this edition of the Newsletter, Peter Wahl (WEED) explains the problems at Deutsche Bank, which is in the deepest crisis in its 150-year history. You can also find articles on European efforts to regulate high frequency trading and the latest swift actions by the EC on sustainable finance in the EU.

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Peter Wahl (WEED)

The Deutsch Bank is in the deepest crisis of its 150-year history

The bank is involved in a myriad of criminal affairs, which have reached dimensions whereby fines and compensations might be beyond its strength.
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Myriam Vander Stychele (SOMO)

EU becomes active on green finance

The new EU Commissioner for Financial Regulation has dynamically taken up the issue of green finance.
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Myriam Vander Stychele (SOMO)

STS securitisation still in the doldrums

A major aspect of promoting the Capital Markets Union, whereby more financing is sourced from investors rather than banks, has been the push for a revival of securitisation (packaging of loans, sold to investors).
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Benoît Lallemand (Finance Watch)

How Europe failed to regulate high frequency trading

High frequency trading, or super-fast speculative trading on financial markets, has not been restricted thanks to a technical standard that has eroded the original European law.
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Peter Wahl (WEED)

A landmark decision on the FTT

On the margins of the EU finance ministers’ meeting on 10 October 2016, the ten EU countries participating in the negotiations over a Financial Transaction Tax (FTT) made a decisive step forward. 
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Calendar of events

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Calendar

For background to the official agenda of European institutions, see the following websites: November 2016
16 - ECOFIN: Ministers meeting
25 - EC (DG FISMA): deadline submission for membership of the High-Level Expert Group on Sustainable Finance
28-29 – ECON: Meeting

December 2016
1 - G20: Germany takes over G20 presidency from China
5 - Eurogroup: Ministers meeting
5 – ECON: Meeting
6 - ECOFIN: Ministers meeting 
8 – ECON: Meeting
 
March 2017
17-19, Baden Baden (Germany) – G20: Meeting of Finance Ministers and Central Banks Governors, and their deputies
 
June 2017
7-8, Hamburg (Germany) – G20: Summit of G20 heads of state
This newsletter has been produced with the support of grants from the Dutch Ministry of Foreign Affairs, the Open Society Foundations and the Ford Foundation. The contents of this newsletter are the sole responsibility of SOMO and WEED and can under no circumstances be regarded as reflecting the position of the funders.
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