U.K. Lawmakers Challenge Regulator on Banks’ Proprietary Trading
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The U.K.’s new banking regulator must explain to a panel of British lawmakers how it intends to monitor and restrict lenders’ proprietary trading.
Prudential Regulation Authority Chief Executive Officer Andrew Bailey should outline how he intends to monitor banks’ trading on their own account, what regulatory actions could be taken and whether the supervisor needs changes to the existing rules to “carry out these actions,” the Parliamentary Commission on Banking Standards said in a letter dated March 28.