Markets News Afternoon: European Parliament approves strictest global rules on bankers’ bonuses; US retailers’ sales are growing at the fastest pace in 4 years
Jul 7th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Parliament on Wednesday approved some of the strictest rules in the world on bankers' bonuses. Caps will be imposed on upfront cash bonuses and at least half of any bonus will have to be paid in contingent capital and shares. MEPs also toughened rules on the capital reserves that banks must hold to guard against any risks from their trading activities and from their exposure to highly complex securities.