The 7-Eleven convenience store chain has collected 1.6 million signatures for its petition to Congress on reducing credit card “swipe fees” for merchants. The number of signatures is one of the largest ever collected. The company’s CEO, Joe DePinto, will deliver 130 boxes of signed petitions to lawmakers. Link

There is no question that derivatives markets would undergo the biggest change in their history under proposed regulatory reform, but the extent of the regulatory gap between US and European legislation threatens to be larger than many had expected. Despite calls for convergent solutions, some US officials are concerned that a softer line by their [...]

The European securitization market saw three recent issuances, including a £4 billion residential mortgage-backed securities deal from Lloyds Banking Group. “This initial return to the market by some of the best-recognized names in the European securitization primary market, which follows a recent compression in spreads, is a positive initial step in the right direction,” said [...]

Washington – The long fight over bank capital standards can begin now that the G20 speeches are done, with U.S. and French industry lobbyists already digging in. Link

Small broker-dealers are concerned that the increasing number of regulations being considered by Congress would unfairly drive up their costs of doing business. “Small firms are concerned the changes contemplated for large, global financial-services firms could cause disparate effects on small-firm operations,” E. John Moloney, chairman of SIFMA’s Small Firms Committee, told the House Committee [...]

Pittsburgh – The Group of 20 will become the forum for global economic management, giving rising powers such as China more clout, and roll out tougher rules on bank capital by the end of 2012, a draft communique said on Friday. Ensuring and sustaining economic recovery topped the agenda at the two-day Pittsburgh summit of [...]

U.K. Chancellor of the Exchequer Alistair Darling called for the Group of 20 to draw up a “blacklist” of countries whose regulatory systems pose a risk to the world’s financial system.  As G-20 leaders meet in Pittsburgh today, Darling said they should extend their push to set standards on taxation and bank rules to cover [...]

Pittsburgh – The Group of 20 will become the forum for global economic management, giving rising powers such as China more clout, and roll out tougher rules on bank capital by the end of 2012, a draft communique said on Friday. Link

Washington – The Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession, while reiterating its promise to hold interest rates very low for a long time. Link

Representatives of the securitisation industry in the US were fighting back strongly last week against a proposal put forward by the US authorities that would result in higher capital charges and reserve requirements at US banks. If implemented, the proposal would be a “disaster for the economy”, said Jason Kravitt, senior partner at Mayer Brown [...]