Our biggest stories of the week are ...
For those who Facebook, Twitter and Flickr, having an out-and-out public spat online is not a good idea. OK, the odd outburst from a cricketer or swimmer may be a faux pas, but a professional social media advocate? Surely we should avoid such bickering. Well, not me.
If you like card fraud, this one's for you
Just spent most of today talking about PCI DSS compliance issues with QSAs focused upon E2EE. What? Well today
I was plumbing the depths of the Payment Cards Industry (PCI) Data
Security Standards (DSS) and evolution towards the End-to-End Encryption
(E2EE) standard. This is all to do with fraud and risk in
merchant terminals from point-of-sale to virtual terminals for online
payments.
In the last of my blog entries on capital markets regulations and
restructuring, I thought it worth mopping up best execution and global
trading platforms, as these were referenced in the first item as a key
part of future market change. Oh, and if you missed them, here are the previous blog entries:
-
Part
One: SEC to crackdown on HFT? - Part
Two: What was the cause of the 'flash crash' - Part
Three: Exactly what is and how big are 'dark pools'? - Part
Four: MiFID II - the post-trade agenda
Which nation will be next global superpower?
We are asking some big ticket long-term
questions at SIBOS this year. These include: When will we know that
financial systems work? How will we know when financial risk is not an
issue anymore? and Which nation will be next global superpower? The answer to the last question is ...
I continue to be stunned by how Facebook and other social media allow
me to see things in other people’s lives that should not be seen.
For example, all of my friend’s friends photographs. This is a
feature of Facebook I particularly dislike ...
The end of the European Union?
On October 12th, I will be hosting a press conference to release the
results of our European Payments Survey 2010. There are some
interesting headlines coming out already - such as, the majority of this
year’s survey respondents clearly state that the PSD and SEPA are
not working, but the one that suprised me is that bankers do not believe
the European Union will survive in the long term.
The Rise of Islamic Finance by Ron Robins, Founder & Analyst - Investing for the Soul
Islamic
finance is spreading around the world. Governments realising its
potential for profits and jobs are duelling with each other to create
the best regulatory and supportive framework for it. Western money
centres with growing participation in Islamic finance include London,
New York City, Paris, Frankfurt, Tokyo, and Toronto.
The major general news stories of the week include ...
The Great Banking Commission fires the starting gun - The Telegraph
Britain's five-strong banking commission will appear in public for the first time this week and outline the broad issues to be tackled, firing the starting gun on the most important investigation into banks since the financial crisis.
The Commission's members - The Telegraph
Trouble at top of HSBC as bank furiously denies CEO quit threat - The Independent
The battle to succeed Stephen Green as chairman of HSBC has turned ugly. The bank took the unusual step of issuing an angry, and public, denial of a report in the Financial Times that chief executive Michael Geoghegan had threatened to quit if denied the top job. In it, spokesman
Douglas Flint to be HSBC chairman, Michael Geoghegan to leave in radical reshuffle - The Telegraph
Finance director to be new chairman in a restructuring that sees Michael Geoghegan replaced as chief by investment bank head Stuart Gulliver.
Lloyds chief executive Eric Daniels to retire - The Telegraph
Shock retirement ending a long period of speculation over his future as the head of Britain's largest retail bank.
FSA poised to set tougher capital rules - Financial Times
Big British banks are likely to be forced to hold more capital than required under rules announced this month by the Basel Committee on Banking Supervision, the head of the City regulator told the Financial Times.
FSA imposes City-wide gag order on banks and brokers - The Independent
The Financial Services Authority has imposed a City-wide gag on regulated firms' communications with the media. In its latest "Market Watch" issued to all City firms, the watchdog warned that their "internal policies should require all initial media enquiries received by a regulated firm's staff to be immediately directed to
Goldman Sachs sex discrimination case: court papers reveal the inside story - The Telegraph
Cristina Chen-Oster is suing Wall St giant for a sex discrimination ordeal which she says began in a lap dancing club.
Zopa calls on Government and FSA to regulate social lending sector - The Telegraph
Zopa, Britain's first online business linking lenders and borrowers, has asked the Government and the Financial Services Authority (FSA) to regulate the growing social lending industry.
Ireland's finance minister quashes IMF bail-out story - The Telegraph
Brian Lenihan moved to calm markets with a rebuttal of a report that Ireland is 'perilously close' to a debt crisis.
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Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
