City of London chief aims for new relationship with Luxembourg
The top representative of the City of London Corporation on Tuesday began a two-day visit to Luxembourg that includes meetings with Luxembourg for Finance, financial regulator CSSF, the finance ministry and representatives of the grand duchy’s banking sector.
Commission’s clearing autonomy move raises hackles
A recent European Commission proposal to oblige EU-based eligible counterparties to hold an active account at an EU central counterparty clearing house has raised temperatures in some quarters in Luxembourg.
Luxembourg banks seek legal clarity on use of generative AI
Luxembourg’s banking sector is asking data protection and financial services authorities to provide more clarity on the use of generative AI tools like ChatGPT. Presenting its survey on the use of ChatGPT, bank sector group ABBL on Thursday said 38 per cent of bank employees are currently blocked from using such tools, which is significantly more than the average of 24 percent for the sector as a whole.
Evy Mercie devient ESG Officer : « éviter le greenwashing »
Evy Mercie, qui a travaillé ces dernières années en tant qu’analyste et sélectionneuse de fonds chez Nagelmackers, devient responsable ESG. « Il y a encore beaucoup de travail à faire en matière de durabilité. Nous voulons absolument éviter le greenwashing. »
Biodiversity credit markets needed to finance $824 bln gap
Current efforts to address global biodiversity loss are inadequate and face a financing gap of between 598 billion and 824 billion dollars per year, a new study has concluded. To address this gap, governments and businesses need to support the introduction of ‘biodiversity credit markets’, to be modelled in a manner similar to the carbon credit markets that already exist.
Luxembourg’s financial sector set for wider adoption of AI
Although usage of artificial intelligence in the Luxembourg financial sector is currently fairly limited and still at an early stage, the grand duchy is set for wider adoption of artificial intelligence in the near future, according to a survey carried out by BCL, the central bank, and financial supervisor CSSF.
CSSF adopts flexible deadline for SFDR data collection
Luxembourg financial supervisor CSSF on Thursday announced a more flexible deadline for filing reports on marketing materials in relation to the EU’s Sustainable Finance Disclosure Regulation, or SFDR.
ECB seen hiking 25 bp as policy impact becomes clear
A fresh flash estimate for inflation in the 20 eurozone countries and the latest ECB bank lending data shows that higher interest rates are slowing down economic growth in Europe, fuelling expectations among fixed income analysts and economists of a smaller rate increase of 25 basis points - following six consecutive hikes of 50 basis points - when the ECB›s monetary policy decides is next step on Thursday.
Chez Delen Private Bank, le banquier cède de plus en plus de place à l'informaticien.
Un quart des collaborateurs de la Banque privée Delen sont des professionnels de l’informatique. Outre la passion pour la technologie qui coule dans le sang de la famille Delen, la réglementation a accru l’importance de l’informatique. Tout comme le plus grand défi actuel pour Alexandre Delen, membre du conseil d’administration : la cybercriminalité.
Luxembourg banks brace for economic downturn
Grand Duchy banks are taking action to prepare for an economic downturn, according to bank sector association ABBL.
At its annual general meeting on Thursday, the organisation noted that rising interest rates and geopolitical uncertainty have caused households and companies to become reluctant investors. Banks began setting aside more provisions last year in order to cover increased risk of credit defaults - a move already reflected in 2022 figures with an increase of over 400%.