11:01 AM EDT, 06/11/2024 (MT Newswires) -- (Updates with additional details.)

The European Union is poised to delay the implementation of rules that impact banks' trading businesses by one year since those activities are global in nature and the bloc's lenders would be disadvantaged by the ongoing wrangling over standards in the US, Bloomberg reported Tuesday, citing people familiar with the matter.

The European Commission has the authority to delay rules on banks' trading operations without consulting with the European Parliament or governments, the report said.

"Given the uncertainty around the implementation of the standards in other jurisdictions, the Commission monitors the international development and stands ready to act if necessary in specific areas," the report quoted a European Commission spokesperson as saying. "The exercise of this power would not delay the implementation of all new Basel rules, but only the rules on market risk."

There has been no formal decision yet regarding a partial delay, but the EU may introduce new Basel rules by this summer, Bloomberg said, citing the sources.

Neither the EU nor the Commission immediately responded to MT Newswires' requests 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.)

Price: 15.89, Change: -0.54, Percent Change: -3.29