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In This List

US futures regulator warns on Brexit; Santander caught up in German fraud probe

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


US futures regulator warns on Brexit; Santander caught up in German fraud probe

* The U.S. Commodity Futures Trading Commission warned it could prevent European banks from using U.S. futures markets if the EU refuses to water down "irresponsible" proposals to supervise foreign clearing houses in response to Britain leaving the bloc, the Financial Times reported.

* EU leaders have pushed back expectations of concluding Brexit negotiations until December at the earliest, while U.K. Prime Minister Theresa May has left open the possibility of extending a Brexit transition period beyond December 2020, Sky News reported.

* Seven international banks — Australia & New Zealand Banking Group Ltd., Banco Santander SA, BNP Paribas SA, Deutsche Bank AG, HSBC Holdings PLC, Standard Chartered PLC and Citigroup Inc. — signed a memorandum of understanding to build a digital trade information platform, designed to establish an industry standard in trade finance.

* Central Bank of Ireland Deputy Governor Sharon Donnery has support from a group of ECB policymakers from northern European countries to become the new chair of the ECB's Single Supervisory Mechanism, when the central bank's Governing Council holds a secret ballot in November, euro-area officials told Bloomberg News. Daniele Nouy will step aside on Jan. 1, 2019.

UK AND IRELAND

* HSBC is set to become the first global institution to trade on the London-Shanghai Stock Connect, the planned mutual stock-trading link between the U.K. and China, insiders told the Financial Times. The link is expected to go live at the end of 2018.

* The BoE raised concerns over the rapidly growing leveraged loan market and the repercussions it can have on financial stability akin to the growth of sub-prime mortgages in 2006, during its most recent Financial Policy Committee meeting.

* The Irish central bank approved Axa unit AXA XL's request to move XL Insurance Co. SE to Ireland from the U.K., ahead of Brexit.

GERMANY, SWITZERLAND AND AUSTRIA

* Banco Santander is the latest bank to come under scrutiny by German investigators for alleged tax fraud involving so-called cum-ex dividend deals, Reuters wrote.

* Two of Deutsche Bank's former traders, Matthew Connolly and Gavin Black, were found guilty by a U.S. court for conspiring to manipulate the London Interbank Offered Rate between 2005 and 2011, Reuters reported.

* Swiss Re AG estimated third-quarter preliminary combined claims burden from recent large natural catastrophes at approximately $1.1 billion, net of retrocession and before tax, dominated by weather-related losses in Japan.

* Germany's Federal Ministry of Finance is drafting new emergency laws to protect cross-border insurance contracts and bilateral derivative contracts which are not processed through clearing houses, to prepare for a so-called hard Brexit, Handelsblatt wrote.

FRANCE AND BENELUX

* French private investment house Ardian purchased a majority stake in Opteven Assurances S.A. from British insurer Aviva PLC and private equity firm Atalante SAS for an undisclosed amount.

* French independent asset manager Amplegest has taken over 65% of the capital of Octo Asset Management, Les Echos reported.

* Antwerp-based asset manager Merit Capital NV has bought its struggling rival Weghsteen, De Standaard reported. De Tijd reported last week that Belgium's financial market regulator had taken control of Bruges-based Weghsteen, which was founded 128 years ago.

SPAIN AND PORTUGAL

* Portugal's largest telecoms company, Altice Portugal, wants to expand into the financial services sector in 2019 and is in talks with two local banks, CEO Alexandre Fonseca told Reuters, without naming the banks. The company wants to focus on digital banking operations.

* Unicaja Banco SA has raised the possibility with unions of laying off up to 1,028 employees, almost 15% of its current workforce, over the coming three years, reported Expansión.

ITALY AND GREECE

* The European Commission is "very likely" to reject Italy's 2019 budget plan because it is not compatible with EU rules, Bloomberg cited Commissioner Günther Oettinger as saying. Reuters and Italian dailies including MF also covered this.

* Banca Monte dei Paschi di Siena SpA is back on the government's agenda, with a first move involving a board reshuffle, MF reported. The newspaper noted that studies on the state's exit strategy suggest the possible involvement of BancoPoste, the asset management arm of postal service Poste Italiane.

NORDIC COUNTRIES

* The Danish Financial Supervisory Authority rejected Danske Bank A/S' nomination to appoint Jacob Aarup-Andersen as its new CEO, saying he lacked experience. The Danish lender noted it subsequently withdrew an application to the FSA for approval of Aarup-Andersen to succeed Thomas Borgen.

EASTERN EUROPE

* Russian authorities ruled that insurer Rosgosstrakh Insurance Co. (PJSC), which was bailed out by the Russian central bank together with parent Otkritie Financial Corp. Bank in 2017, does not have exclusive rights to Rosgosstrakh Life trademark, Vedomosti reported. This will complicate Rosgosstrakh's attempts to recover nearly 150 billion Russian rubles from sister firm Capital Life, which until recently operated as Rosgosstrakh Life, according to the paper.

* The Russian government asked state-controlled lenders PAO Sberbank of Russia and VTB Bank (PJSC) to set up a regional passenger airline, Vedomosti wrote, citing sources close to the lenders. The government made the request at the beginning of 2018, and the banks are now preparing a business plan for the future airline and are discussing ownership details.

* Krzysztof Bachta will become new president of the management board at Alior Bank SA, replacing Katarzyna Sułkowska, who resigned from the post, Rzeczpospolita reported.

* The supervisory board of Bank Pocztowy SA dismissed the lender's management board President Sławomir Zawadzki from the post, Rzeczpospolita said. Supervisory board member Jakub Słupiński will serve as acting head of the management board until the appointment of a new head.

* The shareholders of Romania-based Banca Transilvania SA approved the lender's merger with Bancpost SA, due to take place on Dec. 31, SEENews reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: South Korea to tighten compliance rules; Dena Bank to get 41B-rupee infusion

Middle East & Africa: Qatar Islamic Bank Q3 profit rises YOY; Emirates NBD gets $2B loan

Latin America: Chile most competitive in LatAm; Banco Agromercantil de Guatemala head leaving

North America: U.S. Bancorp, M&T Bank post higher profits; SEC deals setback to stock exchanges

Global Insurance: 'Progressive's Michael estimate; Brexit preparations; MGIC boosts Q3 profit

NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE

EU bank resolution rules need fine tuning on legal risks, liquidity questions: The EU needs to fine tune some of its banking resolution rules, including providing compensation for legal challenges for lenders who take over a failed bank and clarity over when it needs to wind down a bank, according to bankers and regulators.

S&P Global Ratings: European banks still prone to money-laundering scandals: Money laundering scandals are likely to continue engulfing European banks over the coming years because regulators have still not carried out reforms needed to prevent criminal cash from entering the financial system, S&P Global Ratings said.

Britain's banks lobby chancellor for tax breaks ahead of Budget: British banks have written to the government to ask for a review of the £35.4 billion tax regime ahead of the budget Oct. 29.

Ben Meggeson, Arno Maierbrugger, Danielle Rossingh, Gerard O'Dwyer, Beata Fojcik, Yael Schrage, Stephanie Salti, Sophie Davies and Helen Popper contributed to this report.

The Daily Dose has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.