• Research Briefing

    Reforming Financial Markets: I Hedge Funds

    This is one of a series of notes which looks at actual or proposed reforms of either certain parts of the financial services sector or reforms of certain activities in the wake of the fianncial crisis. These notes attempt to describe the progress made on individual issues through these phases. This note focuses upon the regulation of hedge funds by the Alternative Investment Fund Managers directive.

  • Research Briefing

    Credit Reference Agencies

    This note outlines the operation and regulation of credit reference agencies. From April 2014 there will be a new activity of providing credit references that will replace the current activity of operating a credit reference agency. It also looks at the law surrounding the data which the agencies have access to.

  • Research Briefing

    Financial markets: supervisory and structural reform: the Draft Financial Services Bill

    Ever since the Northern Rock Bank failed in September 2007, the UK financial regulatory authorities have looked at how they operate and whether changes were needed to the existing system. The deepening crisis in 2008 and 2009 expanded the breadth of this review both in the UK and across the world. It is to be expected that firm proposals for new legislation will be forthcoming this year, following a consultation exercise and the publication of an independent Commission's Report headed by Sir John Vickers. This note sets out some of the background and sets out the broad outlines of current government proposals.

  • Research Briefing

    EU bibliographies: Alternative Investment Fund Managers (AIFM) Directive

    This Note brings together documents relevant to the proposed "Alternative Investment Fund Managers Directive" (also known as the AIFM Directive or the "Hedge Funds" Directive), and its scrutiny in the UK and EU. It is not an attempt to define policy in this area. For information on policy developments contact Tim Edmonds on extn 4318. See also SN/BT/5099 European responses to the financial crisis specifically p39

  • Research Briefing

    The demise of the cheque?

    Cheques are an old and familiar form of payment that threatened to come to an end in 2018. this note sets out the reasons why and why the decision was reversed.

  • Research Briefing

    Reforming financial markets III: commodity trading

    This is one of a series of notes which looks at actual or proposed reforms of either certain parts of the financial services sector or reforms of certain activities. The entire sector has received worldwide attention from regulators, governments, consumer and intra-industry and professional groups following the financial crisis which began in 2007. Whilst the 'rescue and recovery' phase of the crisis is (mainly) past, and the consultation and consideration phase nearing its climax, the legislative phase is still to come. This note looks at the arguments surrounding commodity speculation and its impact on the real world of commodity prices. A growing number of economic commentators and charity groups have highlighted what they see as a link between growing and ever more sophisticated forms of financial speculation (distinct from the traditional, real, commodity trading and hedging activities) and the volatility of food and other commodity prices. The statistical evidence from various surveys presents a more mixed picture on the links between speculation and price increases. Financial speculation does appear to make commodity prices more volatile but does not provide much of an explanation for the specific movement of individual prices in the short term. Regulators have their own concerns over the methods used by traders and dealers. Most trades are carried out using derivative swap instruments outside of the more open, transparent regulated exchanges. The note outlines what measures are being promoted to improve the regulation of the financial markets involved with these matters.

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