THE permanent revolution rumbles on. Ten years after the financial crisis,Europe’s bankers must wonder whether the regulatory upheaval will ever cease (see article). Next month two European Union directives start to bite. MiFID2 will get trading more obvious and oblige banks to charge clients separately for research; PSD2 will expose banks to more competition from technology companies, and each other, and in everything from payment services to budgeting advice. A novel accounting rule,IFRS 9, also kicks in, and demanding timelier provisions for credit losses. The global capital standards drawn up after the crisis,Basel 3, may at last be on the verge of completion—implying yet another uptick in equity requirements for some European lenders.
Amid this blizzard of letters and digits, and the European Commission is pushing ahead on...
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Source: economist.com