Latest news with #SLR
Yahoo
2 days ago
- Business
- Yahoo
US Plans to Ease Capital Rule Limiting Banks Treasury Trades
(Bloomberg) -- The top US bank regulators plan to reduce a key capital buffer by up to 1.5 percentage points for the biggest lenders after concerns that it constrained their trading in the $29 trillion Treasuries market. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are focusing on what's known as the enhanced supplementary leverage ratio, according to people briefed on the discussions. This rule applies to the largest US banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. The proposal would lower a bank holding company's capital requirement under the eSLR to a range of 3.5% to 4.5%, down from the current 5%, according to the people, who didn't want to be identified discussing nonpublic information. The firms' banking subsidiaries would also likely see their requirement reduced to the same range, down from the current 6%, the people said. The revisions resemble those from 2018, when President Donald Trump's regulators sought to 'tailor' the eSLR calculation that applied to US global systemically important banks, according to the people familiar with the matter. The people said the proposal's language could still change. The KBW Bank Index rose on Wednesday after Bloomberg's report and was up 2% at 1:13 p.m. in New York. Shares of JPMorgan climbed as much as 3%, while Wells Fargo rose as much as 2.9%. The proposal will look to change the overall ratio rather than exclude specific assets like Treasuries, as some observers had predicted. Still, it's expected to ask for public comment on whether the agencies should carve out Treasuries from the calculation, the people said. The Fed said Tuesday it plans to meet on June 25 to discuss the plan. On Wednesday, the FDIC said it will hold a June 26 meeting on the enhanced version of the SLR — which went into effect in 2018. Representatives for the Fed, FDIC and OCC declined to comment. Fed Chair Jerome Powell and other officials supported possible revisions to the supplementary leverage ratio standards in a bid to bolster banks' roles as intermediaries in the market. In February, he told the House Financial Services Committee that he had been 'somewhat concerned about the levels of liquidity in the Treasury market' for a long time. In April, President Donald Trump's tariffs rattled the markets, sharpening investors' focus on the SLR standards. The industry has said the rule, which requires large lenders to hold capital against their investments in Treasuries, crimps their ability to add to those securities in times of volatility, as they are treated in line with much riskier assets. The SLR's applicability to Treasuries was suspended during the Covid crisis, but it has since been reinstated. Leverage ratios are intended to act as a 'backstop' to risk-based capital requirements, Michelle Bowman, the Fed's vice chair for supervision, said earlier this month. 'When leverage ratios become the binding capital constraint at an excessive level, they can create market distortions,' she added. Treasury Secretary Scott Bessent has pointed to estimates that tweaking the rule could reduce Treasury yields by tens of basis points. Still, it's unclear whether easing the leverage ratio would encourage banks to buy more Treasuries, said Jeremy Kress, a former Fed bank-policy attorney who now teaches business law at the University of Michigan. 'When regulators temporarily excluded Treasuries from the leverage ratio in 2020, most banks chose not to take advantage of this exclusion because doing so would have triggered restrictions on their ability to pay dividends and buy back shares,' Kress said. 'This experience suggests that if banks get additional balance sheet capacity from leverage ratio changes, they're more likely to use it for capital distributions to shareholders rather than for Treasury market intermediation.' Graham Steele, another Fed alumnus who served as a Biden-era Treasury official, says there are more targeted solutions that could help the Treasury market issues. 'Unfortunately, the deregulation being contemplated won't remedy the situation; it will just make the financial system more fragile,' Steele said. --With assistance from Christopher Anstey. (Updates with share prices in fifth paragraph.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wales Online
2 days ago
- Business
- Wales Online
Bid to extend life of 200 year old quarry in Welsh slate heartland
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Plans are in to extend the life of a 200-year-old quarry in North Wales. Ffestiniog Quarry (also known as Oakeley Quarry or Gloddfa Ganol Mine) is located in the heart of Blaenau Ffestiniog. It has been producing slates from 1818 and was formed by the Ordovician slate beds laid down more than 470 million years ago. Under its current planning permission, work is set to end at the 160-hectare (ha) site at the end of this year. But owner Breedon Trading Ltd wants to extend this by another 40 years. The working scheme is based on being able to produce 30,000 slates per week. If planning permission is not secured from Cyngor Gwynedd, then the quarry would cease operations at the end of the year, resulting in a loss of employment. Planning agent SLR said: 'The applicant is submitting a planning application for the continuation of slate extraction operations, together with the deposit of mineral wastes and overburden, along with the production of secondary aggregates, within the quarry workings beyond the current cessation date of 31st December 2025. Ffestiniog Quarry works the mudstone and siltstone slate deposits of the Nant Ffrancon Subgroup of the Ordovician succession. 'All superficial surface deposits (soils and overburden) have been removed; extraction operations involve the removal of slate from the working faces predominantly using blasting, and occasionally mechanical techniques. 'The development also involves the periodic clearing of slate waste from the quarry working area to expose the faces underneath. 'Notwithstanding this, as with other slate quarries (such as Penrhyn Quarry) slates suitable for producing roofing tiles are located lower in the sequence (i.e. deeper in the quarry workings). 'This means that the upper parts of the sequence (typically the first four benches) are classed as quarry waste and need to be cleared to expose the better-quality slate. 'The proposals would not seek to laterally extend either the slate workings or associated tips beyond the current approved footprint and operations would not exceed the current permitted level of intensity. Moreover, all tipping operations would be undertaken within the current operational areas either on the north-western side of the quarry or within the quarry void. 'Having reviewed the quarry development scheme, proposals are being put forward which show the phased progression of the quarry workings, and the disposal of quarry waste. This has shown that there are in excess of 100 years of slate resources within the quarry. However, the current application seeks to extend the duration for a period of 40 years.' They added: 'Should planning permission not be granted then the quarry would cease operations at the end of the year resulting in the loss of employment. With a lack of other quarry operations in the local area, this would potentially see those employed at the quarry seeking employment elsewhere, potentially moving out of the local area.' Planners at Cyngor Gwynedd will now consider the application. Join the North Wales Live WhatsApp community group where you can get the latest stories delivered straight to your phone
North Wales Live
3 days ago
- Business
- North Wales Live
Bid to extend life of 200 year old quarry in Welsh slate heartland
Plans are in to extend the life of a 200-year-old quarry in North Wales. Ffestiniog Quarry (also known as Oakeley Quarry or Gloddfa Ganol Mine) is located in the heart of Blaenau Ffestiniog. It has been producing slates from 1818 and was formed by the Ordovician slate beds laid down more than 470 million years ago. Under its current planning permission, work is set to end at the 160-hectare (ha) site at the end of this year. But owner Breedon Trading Ltd wants to extend this by another 40 years. The working scheme is based on being able to produce 30,000 slates per week. If planning permission is not secured from Cyngor Gwynedd, then the quarry would cease operations at the end of the year, resulting in a loss of employment. Planning agent SLR said: 'The applicant is submitting a planning application for the continuation of slate extraction operations, together with the deposit of mineral wastes and overburden, along with the production of secondary aggregates, within the quarry workings beyond the current cessation date of 31st December 2025. Ffestiniog Quarry works the mudstone and siltstone slate deposits of the Nant Ffrancon Subgroup of the Ordovician succession. 'All superficial surface deposits (soils and overburden) have been removed; extraction operations involve the removal of slate from the working faces predominantly using blasting, and occasionally mechanical techniques. 'The development also involves the periodic clearing of slate waste from the quarry working area to expose the faces underneath. 'Notwithstanding this, as with other slate quarries (such as Penrhyn Quarry) slates suitable for producing roofing tiles are located lower in the sequence (i.e. deeper in the quarry workings). 'This means that the upper parts of the sequence (typically the first four benches) are classed as quarry waste and need to be cleared to expose the better-quality slate. 'The proposals would not seek to laterally extend either the slate workings or associated tips beyond the current approved footprint and operations would not exceed the current permitted level of intensity. Moreover, all tipping operations would be undertaken within the current operational areas either on the north-western side of the quarry or within the quarry void. 'Having reviewed the quarry development scheme, proposals are being put forward which show the phased progression of the quarry workings, and the disposal of quarry waste. This has shown that there are in excess of 100 years of slate resources within the quarry. However, the current application seeks to extend the duration for a period of 40 years.' They added: 'Should planning permission not be granted then the quarry would cease operations at the end of the year resulting in the loss of employment. With a lack of other quarry operations in the local area, this would potentially see those employed at the quarry seeking employment elsewhere, potentially moving out of the local area.'
Mint
3 days ago
- Business
- Mint
US Plans to Ease Capital Rule Limiting Banks' Treasury Trades
(Bloomberg) -- The top US bank regulators plan to reduce a key capital buffer by up to 1.5 percentage points for the biggest lenders after concerns that it constrained their trading in the $29 trillion Treasuries market. The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are focusing on what's known as the enhanced supplementary leverage ratio, according to people briefed on the discussions. This rule applies to the largest US banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. The proposal would lower a bank holding company's capital requirement under the eSLR to a range of 3.5% to 4.5%, down from the current 5%, according to the people, who didn't want to be identified discussing nonpublic information. The firms' banking subsidiaries would also likely see their requirement reduced to the same range, down from the current 6%, the people said. The revisions resemble those from 2018, when President Donald Trump's regulators sought to 'tailor' the eSLR calculation that applied to US global systemically important banks, according to the people familiar with the matter. The people said the proposal's language could still change. The proposal will look to change the overall ratio rather than exclude specific assets like Treasuries, as some observers had predicted. Still, it's expected to ask for public comment on whether the agencies should carve out Treasuries from the calculation, the people said. The Fed said on Tuesday that it plans to meet on June 25 to discuss the plan. The other regulators hadn't yet announced their agendas on the enhanced version of the SLR. Representatives for the Fed, FDIC and OCC declined to comment. Fed Chair Jerome Powell and other officials supported possible revisions to the supplementary leverage ratio standards in a bid to bolster banks' roles as intermediaries in the market. In February, he told the House Financial Services Committee that he had been 'somewhat concerned about the levels of liquidity in the Treasury market' for a long time. In April, President Donald Trump's tariffs rattled the markets, sharpening investors' focus on the SLR standards. The industry has said the rule, which requires large lenders to hold capital against their investments in Treasuries, crimps their ability to add to those securities in times of volatility, as they are treated in line with much riskier assets. The SLR's applicability to Treasuries was suspended during the Covid crisis, but it has since been reinstated. Leverage ratios are intended to act as a 'backstop' to risk-based capital requirements, Michelle Bowman, the Fed's vice chair for supervision, said earlier this month. 'When leverage ratios become the binding capital constraint at an excessive level, they can create market distortions,' she added. Treasury Secretary Scott Bessent has pointed to estimates that tweaking the rule could reduce Treasury yields by tens of basis points. Still, it's unclear whether easing the leverage ratio would encourage banks to buy more Treasuries, said Jeremy Kress, a former Fed bank-policy attorney who now teaches business law at the University of Michigan. 'When regulators temporarily excluded Treasuries from the leverage ratio in 2020, most banks chose not to take advantage of this exclusion because doing so would have triggered restrictions on their ability to pay dividends and buy back shares,' Kress said. 'This experience suggests that if banks get additional balance sheet capacity from leverage ratio changes, they're more likely to use it for capital distributions to shareholders rather than for Treasury market intermediation.' Graham Steele, another Fed alumnus who served as a Biden-era Treasury official, says there are more targeted solutions that could help the Treasury market issues. 'Unfortunately, the deregulation being contemplated won't remedy the situation; it will just make the financial system more fragile,' Steele said. --With assistance from Christopher Anstey. More stories like this are available on
The Wire
5 days ago
- The Wire
Manipur: 328 Guns and Rifles Recovered in Massive Arms Haul
Security forces display the guns and ammunition they recovered from five districts in the Imphal valley between June 13 and 14, 2025. Photo: X/@manipur_police. Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute Now New Delhi: In a massive haul of arms, the Manipur police and security forces recovered 328 guns, including sophisticated rifles, on the intervening night of June 13 and 14 in the five districts of the Imphal valley. This included 151 SLR rifles, 65 INSAS rifles, 73 unspecified rifle types, five carbine guns, two MP5 guns, 12 light machine gun rifles, six AK series rifles, two Amogh rifles, one mortar, six pistols, two barrels, an AR15 gun and two flare guns as well as hundreds of rounds of ammunition. The police acted on intelligence inputs about the presence of a large cache of arms and ammunition hidden in different areas of the Imphal valley districts, it said in a statement. 'These intelligence-based operations mark a major achievement for the Manipur police and the security forces in their continued efforts to restore normalcy, maintain public order and ensure the safety and security of citizens and their property,' the Manipur police said. The weapons were recovered after simultaneous search operations were conducted at different locations by joint teams of the Manipur police, the Central Armed Police Forces, the army and the paramilitary Assam Rifles. The state's five valley districts are Imphal East, Imphal West, Bishnupur, Thoubal and Kakching. The Imphal valley is predominantly Meitei. A police official said that the recoveries include looted police weapons, The Hindu has reported. Since ethnic violence first broke out in Manipur on May 3, 2023, about 6,000 weapons and lakhs of rounds of ammunition were looted from police armouries. Since May 2023, more than 250 people have been killed and over 60,000 have been displaced. The state remains deeply divided, with physical and social barriers separating communities – members of the Kuki-Zo community are unable to enter the capital, Imphal, while Meiteis cannot travel to the hill districts. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
