Resolution planning leaves banks facing subsidiary dilemma

Global banks may have to start the process of forming subsidiaries to meet clearing requirements before the extent of those requirements is even fully known

Summer is typically a slow news period with large swathes of the working population away on holiday creating a lull before the run-up to the final quarter of the year. This year India's policymakers are probably wishing they could be putting their feet up and drinking a cool margarita rather than having to deal with the consequences of the rupee's precipitous fall. The long-term outlook for the Indian currency is not certain, irrespective of current market sentiment, but what is clear is that