U.S. banks may lose the earnings on the stock market. U.S. President Barack Obama to prohibit banks to buy securities and to invest in hedge funds has already led to the collapse of stock exchange quotations. Ukrainian banks do not have to fear the introduction of the National Bank of similar restrictions in relation to the underdeveloped stock market. Also in Ukraine banks are speculating on the currency, say market participants.
On Thursday, U.S. President Barack Obama announced his intention to file a bill that would tighten rules for banks. Under his initiative, lending institutions will not be able to own hedge funds and private equity funds, to invest in them, as well as trading securities at their own expense. Restrictions aimed at reducing the risk of operations of banks, which triggered the current crisis. “Never again will the American taxpayers should not be taken hostage by the banks, which are too big to fail” - Obama said. This program, along with the tax on large banks (expected revenue in the U.S. budget - $ 100 billion) can again divide the universal banks for investment and commercial. The last time this happened in 1933.
The initiative could reduce the earnings of banks, so the disclosure triggered a collapse of stock markets: Dow Jones index for the two days fell by 4%, while shares of Citigroup, Bank of America and JP Morgan Chase - on 6,1-9,8% . Injured and many European banks that do business in the U.S. (see material on the same page). Avoid a major fall only bank HSBC, as it works on the Asian markets. Investors fear that soon other countries will take an example from the United States, but in the United States has reassured that the restrictions will earn three to five years.
According to the National Bank of Ukraine, there is not yet exploring the possibility of introducing the identical restriction of banks on the stock market. “Before we make any restrictions, it is necessary that the system has earned,” - said the director of the Department of Foreign Economic Relations National Bank of Ukraine Sergey Kruglik. However, certain restrictions for the banks still have. Last year, the NBU has forbidden unprofitable lending institutions to purchase non-securities with their funds.
The banks claim that is not engaged in risky operations. “We can work on the stock market, but the creation of reserves puts the banks in the uncomfortable position because of the large potential losses. It makes sense to copy the policy of the United States, but our stock market works is not so active,” - says the chairman of board of bank Khreshchatyk Dmitry Gridzhuk . Unlike the U.S., Ukrainian banks have almost not allowed to mortgage securities. Exceptions - a three-year paper Ukrgazbanfd1ka in 2007 in the amount of UAH 50 million with the rate of 10,5% per annum and bank Khreshchatyk “- in 2008 at 70 million UAH by 12,5%. A purchase of bonds of the State Mortgage Institution was one of the conditions for refinancing mortgage loans by banks.
According to the State Commission for Securities and Stock Market on December 1, 2009 125 banks were licensed to trade in and possession of securities, of which 24 banks acted as registrars. Many agencies are actively present in the corporate bond market as underwriters and bond trades Internal goszayma. “Banks are major players in the market of state bonds, invest in them heavily, as the yield of government securities is high enough, and they can lay under the NBU refinancing, - said Vice President of Investment Banking Department of the IR Dragon Capital Maxim Nefodov .- The stock market has not very appealing to banks. Large risks they associated with foreign exchange trading. The treasurer of a major bank told Kommersant that the lending institutions continue to earn foreign currency: “It makes no sense to work on the stock market when you can get a good income from currency trading. Since the beginning of the financial crisis, every bank is trying to earn more”.
Barack Obama has begun to reform the U.S. banking system …