Complinet logo
Contact us

HSBC favours Franco-German proposals for total ban on proprietary trading

Feb 07 2013 Peter Elstob, Regulatory Intelligence

HSBC has come out in support of coordinated French and German plans to outlaw pure proprietary trading entirely from regulated banking groups. The global bank's position emerged during evidence that its chairman and chief executive gave to the British Parliamentary Commission on Banking Standards. In answer to a question from one of the commission's members, former Chancellor of the Exchequer Lord (Nigel) Lawson, Douglas Flint, HSBC's group chairman, agreed there was a case "for not having proprietary trading, properly defined, within regulated … groups." "What [the French and Germans have] done is define that which is not proprietary trading, and by definition, everything else is. And I think that in many ways is easier to apply," Flint told the commission. HSBC's group chief executive, Stuart Gulliver, agreed that "the French and German definition [of proprietary trading] would get us closer". Gulliver told the parliamentarians: "Proprietary trading, in the purest sense, is almost

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial