04:03 PM EDT, 06/18/2024 (MT Newswires) -- UBS (UBS) and other Swiss banks urged the government to delay implementing new global capital rules to avoid competitive disadvantage after the European Union decided on a delay, Bloomberg reported Tuesday, citing people familiar with the situation.

Switzerland is expected to decide by the end of July whether to delay the implementation. UBS argues that without a delay, it would be one of the few major banks adopting the rules in January 2025, the report said.

The EU planned to introduce Basel III rules on Jan. 1, with the US and UK following six months later. Due to US implementation uncertainty, the EU delayed the new trading standards by one year.

The Swiss Bankers Association supports deferring the market risk part of Basel III to stay competitive. However, Swiss financial market supervisory authority, Finma is less inclined to delay amid ongoing regulatory changes, the report said.

UBS didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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