ESMA warns that markets may be overheating | Brexit talks postponed until after May's speech | London top financial hub on index despite Brexit
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13 September 2017
GFMA SmartBrief
News on the global financial markets
Morning Bell
ESMA warns that markets may be overheating
The European Securities and Markets Authority warned that current market and credit risks were exceptionally high, which could cause a bubble and widespread volatility. It said ultra-low interest rates and political uncertainties such as ongoing Brexit negotiations were contributing factors.
Reuters (12 Sep.) 
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Industry News
Brexit talks postponed until after May's speech
Brexit talks postponed until after May's speech
May (Jack Taylor/Getty Images)
The EU and UK have agreed to delay the next round of Brexit talks because its direction could be influenced by a speech British Prime Minister Theresa May is expected to deliver this month, officials said. European Parliament member Guy Verhofstadt has said May is expected to make an "important intervention" in the Brexit talks.
Bloomberg (12 Sep.),  The Independent (London) (tiered subscription model) (12 Sep.),  Politico Pro (subscription required) (12 Sep.) 
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London top financial hub on index despite Brexit
The Z/Yen financial-centre index ranks London, followed by New York, Hong Kong and Singapore, as the most attractive financial centre in the world, despite the UK's withdrawal from the EU. New York's ranking has dropped significantly, "presumably due to fears over US trade", survey authors say.
Reuters (11 Sep.),  Politico Pro (subscription required) (11 Sep.) 
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MiFID II could bring sharp reductions in voice trading
Europe's revised Markets in Financial Instruments Directive looks likely to force more transactions to be conducted electronically so they can be recorded automatically and reliably. Traders expect traditional voice broking to only be used where it is demonstrably the most efficient method.
Bloomberg (12 Sep.) 
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Italian economy picks up while bad loans fall
Italian banks' nonperforming loans fell a record €18 billion in July, while second-quarter GDP accelerated at its fastest rate since 2011.
Financial Times (tiered subscription model) (12 Sep.) 
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Regulatory Roundup
Basel Committee: Banks are meeting capital requirements
The Basel Committee on Banking Supervision's review of bank capitalisation shows lenders are meeting its requirements, with capital-ratio increases across the board. The capital positions of European banks reached 13.4% at the end of 2016, compared with 12.8% six months earlier, the European Banking Authority reported.
Bank for International Settlements (12 Sep.),  Investment Executive (Canada) (12 Sep.),  Politico Pro (subscription required) (12 Sep.),  Reuters (12 Sep.) 
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Trading venues' CEOs seek changes to MiFID II
The CEOs of Tradeweb Markets, MTS Markets, NEX Group and MarketAxess Holdings say Europe's revised Markets in Financial Instruments Directive could drive away fixed-income business to other jurisdictions.
Bloomberg (12 Sep.),  Financial Times (tiered subscription model) (12 Sep.) 
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FSB evaluation could divide regulators
The Financial Stability Board's will launch a comprehensive global review of the regulatory framework, but experts are concerned this might give national regulators an opportunity to further their own domestic agendas, the opposite of the FSB's stated aim to increase cohesion and uniformity. However the first stage of the review, to examine the effects of regulation on derivatives clearing, has been broadly welcomed.
Risk (subscription required) (12 Sep.) 
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Spotlight on China
China prescribes free trade for economic growth
China prescribes free trade for economic growth
Li (Etienne Oliveau/Getty Images)
Despite global economic growth, its recovery is still fragile and requires structural reforms to support expansion, Chinese Premier Li Keqiang said in a meeting Tuesday with leaders of international bodies, including International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim. "Free trade is a good medicine for resolving problems," he said.
Reuters (12 Sep.) 
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Tech Trends
DTCC to launch FRTB data-pooling utility
The Depository Trust & Clearing Corp. plans to launch a data-pooling utility that it says could cut banks' non-modellable risk factors that increase capital requirements under the Basel Committee on Banking Supervision's Fundamental Review of the Trading Book by more than 50%. "Given our position as one of the largest post-trade infrastructures in the world, we have a significant source of data flows that can be brought to bear to address the NMRF requirement," says Dan Magarino of DTCC DataPro, a data-management service.
Risk (subscription required) (12 Sep.) 
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GFMA-ASIFMA Conference: Making Markets Work for Green Finance, on 15 November in Singapore
Co-organised by GFMA, ASIFMA, the Monetary Authority of Singapore (MAS) and the UN Environment Programme (UNEP), the conference aims to build awareness of green finance and also to ensure that industry views are heard so a green financial system is developed in a way that is workable from a capital markets perspective. Register now given seats are limited!
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AFME's inaugural European Compliance and Legal Conference will take place on 19-20 September at De Vere Grand Connaught Rooms in London
Registration is now open for AFME's inaugural European Compliance and Legal Conference which will bring together a high-level audience to engage with leading industry experts and discuss key issues shaping the legal and compliance functions in the European financial sector. Individuals will hear from the regulators on the latest developments, network with senior legal and compliance officers and discover how their peers and clients are navigating the new market landscape.
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