Bank of Spain to monitor all transactions
Wednesday, May 15, 2013 @ 9:56 AM
The Bank of Spain will demand banks, financial entities, fund managers and brokers disclose monthly every single operation in their stock and fixed-income portfolios, starting January, reports Cinco Dias in its Wednesday Internet edition, citing financial sources.
Spain's central bank will then turn this information to the European Central Bank, which will become essential to set the bases for the creation of a European banking union, the paper adds.
Up until now, the Bank of Spain would collect only operations carried out with nonresidents in Spain. Under the new regulation, all transactions, included those between Spain residents will have to be reported to the central bank, according to the newspaper.