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13 December 2012
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News on the global financial markets

  Morning Bell 
 
  • GFMA clarifies its strong support for UK bank-resolution plans
    In this question-and-answer session, GFMA CEO Simon Lewis comments on a paper issued by the US Federal Deposit Insurance Corp. and the Bank of England that discusses how UK and US regulators plan to deal with global systemically important financial institutions that fail across the jurisdictions. "We strongly agree with top-down resolution strategies, when they are appropriate," Lewis said. "They can be effective in resolving most G-SIFIs by imposing the losses of the G-SIFI on its shareholders and debt holders, instead of taxpayers, while maximising its franchise value and preserving the systemic operations of its operating subsidiaries." SmartBrief/SmartBlog on Finance (12 Dec.) LinkedInFacebookTwitterEmail this Story

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  Industry News 
  • Euribor is pressured as more withdrawal threats emerge
    Two German banks might withdraw from the Euro Interbank Offered Rate or reduce their involvement, noting manipulation allegations and other objections. Two banks have already withdrawn, despite the European Central Bank's call for wider participation in the benchmark. Reuters (12 Dec.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • US swaps regulator is poised to give ground to foreign counterparts
    The US Dodd-Frank Act ramps up oversight of swaps deals to include any foreign financial institution doing substantial business with "US persons". However, the Commodity Futures Trading Commission, aiming to rally foreign regulators around US efforts to rein in trading, says it plans to temporarily define "US persons" to mean only US residents and companies incorporated in the US. Language announced during the summer was much broader. The Wall Street Journal (12 Dec.) LinkedInFacebookTwitterEmail this Story
  • Asset managers' administrative outsourcing worries FSA
    Too many eggs might be going into too few baskets as UK asset managers outsource administrative functions to a small group of providers, the Financial Services Authority says. "Our concern is that if an outsource provider were to face financial distress or severe operational disruption, UK asset managers would not be able to perform critical and important regulated activities, thereby causing detriment to customers," the FSA wrote in a letter to managers. Financial News Online (U.K.) (subscription required) (12 Dec.) LinkedInFacebookTwitterEmail this Story
  • Central bankers gather regularly in search of ideas
    Prominent central bankers who gather bimonthly in Basel, Switzerland, to discuss the state of the global economy are open to ideas. They're also tapping into the training of those who have studied or taught at the Massachusetts Institute of Technology, including Federal Reserve Chairman Ben Bernanke. "They are taking risks because it is an experimental strategy," said Kenneth Rogoff, an economics professor at Harvard University. The Wall Street Journal (12 Dec.) LinkedInFacebookTwitterEmail this Story
  • SEC had concerns before JPMorgan experienced large loss
    The Securities and Exchange Commission says it expressed concern about JPMorgan Chase's proprietary trading before the bank lost $6.2 billion on a derivatives bet. The agency says that from June 2011 to February, it sent letters to the bank seeking information. US Sen Carl Levin called the situation a "textbook" case for a need to tighten the Volcker rule, which curbs proprietary trading by banks. Bloomberg (11 Dec.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  SmartQuote 
No problem can withstand the assault of sustained thinking."
--Voltaire,
French writer, historian and philosopher


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