PRA scraps trading book excess allowance and caps third-party exposures at 85% of Tier 1
The PRA has replaced the 500% trading book excess allowance with an 85% of Tier 1 limit and ended internal models for securities financing exposures.
Financial News
Declan Wraight
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- 60
- Writing since
- August 2026
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Declan Wraight spent the better part of a decade in and around private capital before he started filing copy. He read PPE at Trinity College Dublin, joined a Big Four transaction services group in London out of school, and learned how a leveraged cap table actually works by chasing covenant compliance for two years. He moved to corporate development at a London fintech in 2017, did three buy-side acquisitions, and watched one of them get marked to nothing inside eighteen months. He spent three years as an associate at a US growth-stage fund in San Francisco, sourcing and diligencing Series B and C deals across fintech and SaaS, before getting laid off in the spring 2023 venture contraction along with most of his cohort. He came home to Dublin and started writing. He covers the bits of the venture beat he actually knows: round structures, cap-table mechanics, secondaries, fund cycles, and the M&A that comes out the other end. Declan has read more SAFE agreements than is good for anyone. He has a working theory about why the 2021 vintage is going to underperform for the next decade, and treats most startup coverage as laundered LP marketing.
Stories by Declan Wraight
1–10 of 60
Vodafone upgrades profit and cash flow guidance after first-half results
Vodafone raised its profit and cash flow guidance on 8 October, having said in July it expected the upper end of its €13.0bn to €13.3bn range.
Tesla and SpaceX Investment 2030: Robotaxis, Starlink, and a Merger That Could Change Everything
If you think Elon Musk's businesses will collectively change the world economy over the next four years, what do you actually do with that belief? This is a question that…
Lockheed Martin Stock: Record $292 Billion Backlog, $8 Billion Missile Bet, and a Price Worth Watching
Lockheed Martin has had a quiet but successful run. Among the leading American aerospace and defense companies, the stock outperformed RTX, General Dynamics, Northrop Grumman, and L3Harris with a 25.1%…
IAG nine-month pre-tax profit falls 15.8% as fuel bill rises 18.6%
British Airways owner IAG reported nine-month pre-tax profit of €3,045m, down 15.8%, as fuel costs climbed, and kept its full-year margin guidance.
MRNA Stock Jumped 13% in a Single Day — Here’s the Story Behind the Move
It's hard to explain Moderna's stock's year without a moment of introspection. Shares were trading close to $33 at the beginning of 2026. The price was almost eight times higher…
MidCap Financial Investment Corporation Is Being Acquired — And Investors Barely Flinched
A particular type of business accomplishes significant tasks without drawing much notice. Among them is the Nasdaq-traded MidCap Financial Investment Corporation (MFIC). Mid-sized American companies that are too big for…
Asos swings to £93.5m operating profit as cyber incident trims trading by 2% to 4%
Asos reported a £93.5m operating profit for FY26 against a £212.3m loss a year earlier, and put the cyber incident hit to trading at 2% to 4% of GMV.
CMA names new subcommittee member on Google mobile case after steering consultation
The CMA said Katie Kapernaros joined its Google mobile platform subcommittee in August, replacing Martin Coleman, after responses to its steering consultation were published.
CMA still weighing responses on Google search user choice rule after consultation closed
The CMA is still analysing responses on a user choice rule for Google search, a month after its consultation closed, with two other requirements already imposed.
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