Thirty Financial Groups on Systemic Risk List

Thirty global financial institutions make up a list that regulators are earmarking for cross-border supervision exercises, according to FT.

The list includes six insurance companies – Axa, Aegon, Allianz, Aviva, Zurich and Swiss Re – which sit alongside 24 banks from the UK, continental Europe, North America and Japan.

The list, which is not public, also contains many of the multinational bank names that would be widely expected: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch and Citigroup of the US; Royal Bank of Canada; UK groups HSBC, Barclays, Royal Bank of Scotland and Standard Chartered; UBS and Credit Suisse of Switzerland; France’s Société Générale and BNP Paribas; Santander and BBVA from Spain; Japan’s Mizuho, Sumitomo Mitsui, Nomura, Mitsubishi UFJ; Italy’s UniCredit and Banca Intesa; Germany’s Deutsche Bank; and Dutch group ING.

The list has been drawn up by regulators under the auspices of the Financial Stability Board. The FSB is headed by Mario Draghi, who is also governor of the Bank of Italy. In his capacity as governor capacity, he is a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank.

He also was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee. In other words, a major insider.

(Thanks2Lori)