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12 December 2012
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  • IOSCO chief proposes treaty for global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organization of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. Wright also predicted that by 2032, there will be 20 capital-market centers worldwide, making legal-entity identification all the more necessary. The Trade News (U.K.) (11 Dec.), Securities Technology Monitor (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • Greece buys back €31.8B in debt
    After extending the deadline for debt tenders, the Greek government completed a bond buyback, accepting €31.8 billion worth. The buyback clears the way for more financial aid from the EU, the International Monetary Fund and the European Central Bank. Kathimerini (Greece) (11 Dec.), Bloomberg (11 Dec.) LinkedInFacebookTwitterEmail this Story
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  • Australian and Hong Kong indexes hit 16-month highs
    Asian-Pacific markets rose Wednesday as traders grew optimistic that the U.S. will avert the "fiscal cliff." Australian and Hong Kong indexes finished at 16-month highs. Australia's S&P/ASX 200 edged up 0.2%. Hong Kong's Hang Seng Index closed up 0.8%. Japan's Nikkei 225 gained 0.6%. China's Shanghai Composite moved up 0.4%. Taiwan's Taiex rose 1%. South Korea's Kospi added 0.6%. India's Sensex was down 0.2% at midafternoon. MarketWatch (12 Dec.), The Economic Times (India) (18 Dec.) LinkedInFacebookTwitterEmail this Story
  • BIS: Global fundamentals don't support market prices
    The Bank for International Settlements is warning that equity and fixed-income prices might be out of line with the weak state of the global economy. "Market participants attributed a significant part of the rally in asset prices to further loosening by central banks, notably the Federal Reserve," according to a BIS quarterly review. CNBC (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Ireland is poised to return to bond market
    With its sixth consecutive austerity budget, Ireland is getting closer to exiting a bailout and returning to the mainstream sovereign-debt market, according to The Economist. "The government's major achievement in 2012 has been the sharp reduction in bond yields on Ireland's sovereign debt, which reflects its success in meeting all the targets set in the EU/[International Monetary Fund] programme," the magazine notes. The Economist (08 Dec.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • ECB rate debate reveals poverty of ideas
    Though many think rate cuts are doing no good, the European Central Bank is debating yet another one, revealing perhaps nothing so much as the dearth of options at the bank's disposal. The only other available course, the ECB's offer to buy bonds of stressed eurozone members, is effectively barred because countries involved have refused to request help. The Wall Street Journal (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • Google sends revenue to Bermuda shell company
    Google reduced its worldwide income tax payments by $2 billion in 2011 by sending revenue to a shell corporation in Bermuda, according to a filing by a subsidiary in the Netherlands. The money funneled was about 80% of pretax profit. Bloomberg (10 Dec.) LinkedInFacebookTwitterEmail this Story
  • Japan posts gain in machinery orders
    For the first time in three months, Japanese machinery orders increased in October, suggesting businesses expect the economy to return to expansion next year. The indicator of capital spending rose 2.6% compared with September, the Cabinet Office says. Bloomberg (12 Dec.) LinkedInFacebookTwitterEmail this Story

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  Geopolitical/Regulatory 
  • Group wants focus changed to quality accounting rules
    The Institute of Chartered Accountants in England and Wales says the International Accounting Standards Board and the U.S. Financial Accounting Standards Board should halt a decade-long attempt to harmonize bookkeeping rules for investors and instead work on establishing high-quality standards. "It is better that the IASB and FASB boards issue separate standards than deliver unsatisfactory compromise solutions or do nothing at all," said Nigel Sleigh-Johnson of the ICAEW. Reuters (11 Dec.) LinkedInFacebookTwitterEmail this Story
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