Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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Splitting European lenders’ market-making from their other activities could cost 21 bln euros, research suggests. Yet global resolution reforms are reducing the need for structural separation. And the proposals, as drafted, could hinder the nascent capital markets union.
A legal defeat on EU bonus caps has the UK calling for global rules to claw back bankers’ fixed pay too. The BoE governor’s idea to pay part of salaries in deferred bonds would achieve that. But there are limits: cut pay too far - or delay it too long – and London might suffer.
An adviser to the European Court of Justice has quashed UK legal arguments contesting EU pay limits. A ruling against Britain is now more likely next spring. Base salaries will rise, and industry pay could remain high. It’s a blow to the BoE, but the banks brought it on themselves.
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