WASHINGTON U.S. Treasury Secretary Timothy Geithner agreed with European Union financial markets chief Michel Barnier on a December 2011 date to implement new Basel trading book rules, the U.S. Treasury said on Friday.
Geithner and Barnier met privately and, according to a statement afterward, discussed the agreement reached by the Basel Committee on Banking Supervision on Sept 12 and its provisions to toughen capital and liquidity standards.
"They reaffirmed their intention to implement the agreement in the respective jurisdictions in accordance with the internationally-agreed timing," the treasury said. "Both sides agreed to a December 2011 implementation for the Basel trading book rules."
They also agreed that systemically important global financial firms must boost their capacity to absorb losses and face stricter supervision and regular stress tests, Treasury said.
Geithner and Barnier also said that the were committed to ensuring that all over-the-counter derivatives reforms, on both sides of the Atlantic, were applied in a coordinated way, the U.S. Treasury said.
(Reporting by Glenn Somerville, editing by Andrew Hay)
GM mustard clears hurdle in India but more remain
NEW DELHI A government panel has cleared commercial use of what would be India's first genetically modified (GM) food crop, but politicians still have to give final approvals amid wide-spread public opposition.
Vodafone India to delay IPO filing until towards end-2016 - IFR
MUMBAI Vodafone Group Plc's Indian unit is likely to delay filing the draft prospectus for its up to $3 billion initial public offering (IPO) until towards the end of the year, IFR reported on Thursday
Welspun scandal follows years of plummeting Egyptian cotton output
NEW YORK A scandal involving the alleged sale of falsely labeled Egyptian cotton products by an Indian textile manufacturer to U.S. big box retailers highlights a stiff reality facing the high-end fiber market: there isn't much Egyptian cotton any more.