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18 February 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Foreign demand rises for US stocks, bonds, other assets
    The US Treasury Department says international purchases of US financial assets, including stocks and bonds, increased from November to December. "The significant increase in December is a reflection of the heightened concern among global investors about the US economy being pushed into a recession by the 'fiscal cliff'," said Millan Mulraine, senior US strategist at TD Securities. "Investors who feared the adverse impact of a US economic slowdown on global activity fled to the safe haven of Treasurys." Bloomberg (15 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Transaction tax splits EU, angers US bankers, threatens jobs
    Europe's proposed tax on financial transactions is already dividing the EU, threatening jobs in financial hubs and frustrating US bankers, experts say. EU Taxation Commissioner Algirdas Semeta has defended the proposal, calling it "unquestionably fair and technically sound". Critics, however, warn that the levy would create a bureaucratic nightmare and hinder economic growth. United Press International (15 Feb.), Bloomberg (14 Feb.) LinkedInFacebookTwitterEmail this Story
  • Cable urges BoE to alter Funding for Lending Scheme
    UK Business Secretary Vince Cable has expressed concerns about the Bank of England's Funding for Lending Scheme. Small-business "lending still isn't happening the way it should", Cable said. "One of the questions for the immediate future is how the FLS could be adapted to deal with the needs of [small and medium enterprises]. I have written to the deputy governor to seek a meeting seeing how we can address that." Bloomberg (16 Feb.) LinkedInFacebookTwitterEmail this Story
  • Barnier chides US for not being more cooperative
    EU Internal Market Commissioner Michel Barnier is criticising US financial regulators for not cooperating better with counterparts on the other side of the Atlantic. Specifically, he wants Europe and the US to be able to rely on each other's supervision of banks doing business in both areas. "If we choose to part ways, this will send the wrong signal to markets and to the rest of the world," Barnier said. "It would increase the cost of capital and reduce growth prospects." Bloomberg (15 Feb.), Reuters (15 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China opens OTC market to more investors
    The Chinese National Equities Exchange and Quotations has published rules giving individual investors more access to the over-the-counter market. Additional classes of institutional investors as well as retail investors with at least 3 million yuan in securities and more than two years of investment experience will have access. Reuters (18 Feb.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • AFME inaugural flagship conference is announced: "Financing Growth"
    AFME is pleased to announce its inaugural flagship conference, "Financing Growth: What the new world of regulation means for banks, capital markets and their users", scheduled on 24 September in London. The invitation-only conference will bring together as many as 500 senior decision-makers from Europe's financial industry, along with regulators and politicians, to discuss what needs to be done to enable capital markets to support growth and investment. Further details will be announced in February, including VIP speakers and the historic conference venue. LinkedInFacebookTwitterEmail this Story
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You will become as small as your controlling desire; as great as your dominant aspiration."
--James Allen,
British author

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