(Bloomberg) — Japan’s financial regulator is running out of patience with regional banks that are struggling to adapt to an increasingly grim business environment.
The Financial Services Agency has targeted some local lenders for “intensive dialogue,” which could lead to regulatory action if they fail to convince it of their viability, Commissioner Toshihide Endo said. He hinted at the need for management changes at banks that don’t change their strategies.
“There has been no innovation,” Endo, 61, said in an interview in Tokyo. The old practice of making money by simply taking deposits and lending them out at a higher rate “has been completely shattered. Banks should be thinking about a business model to survive. But are they?”
The discussions reflect the FSA’s growing frustration with regional banks whose profitability has long been eroding due to rock-bottom interest rates and stagnating local economies. Now concerns are mounting that some are
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(Bloomberg) — The finance industry is ramping up pressure on the European Union to ensure access to London financial markets, warning of major disruptions without progress toward a Brexit trade deal by the end of September.
The third-quarter date — as opposed to the official year-end deadline for an agreement — is crucial because that’s when U.K. derivatives clearinghouses, such as the one run by London Stock Exchange Group Plc, would need to start closing out European firms’ membership, the Association for Financial Markets in Europe said in a statement.
“In practical terms, three months may not be sufficient time for the larger clearing members to close out their positions and make alternative arrangements,” according to the AFME, one of the region’s biggest lobbying groups for banks, and brokers. “Even if feasible, this would involve significant risks to market and financial stability.”
The most recent round of Brexit talks broke
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