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Finance

Finance

Amid the regulatory tsunami hitting banks, financial institutions are especially interested in a new European regulation that will come into effect starting January 1, 2018. It’s Directive 2014/65/EU on markets in financial instruments – also known as MIFID II.

José Manuel González-Páramo, consejero ejecutivo BBVA

Traditionally, regulation and supervision have played a key role in developing the banking sector. They have ensured its stability and solvency, the protection of its consumers and the improvement of its efficiency. Now, regulatory and supervisory authorities are faced with an additional challenge: to draw up a regulatory framework that achieves the right balance between promoting new digital value propositions and protecting against the risks inherent to the digitalization of financial services.

Bitcoin, the digital currency whose anonymity attracted drug dealers and tax evaders, is on a roll again. But after a renewed price spike that echoes its first speculative bubble three years ago, even many of the currency’s backers warn that another sharp correction is likely to follow.