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02 January 2013
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News on the global financial markets

  Morning Bell 
  • Major economies have less debt to refinance this year
    The Group of Seven nations, combined with Brazil, India, China and Russia, will have $220 billion less debt that requires refinancing in 2013. The decrease comes as bond markets rally in all major economies for the first time since 2008. Bloomberg (02 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • European corporate-credit markets rebounded in 2012
    The European Central Bank's unyielding stand behind the euro and open spigots on funding lifted 2012's corporate-credit markets to their best year since 2009. "The man of the year for the bond market has to be [ECB President] Mario Draghi," said Chris Iggo, chief investment officer for fixed income at AXA Investment Managers. Bloomberg (31 Dec.) LinkedInFacebookTwitterEmail this Story
  • Smaller bonuses are expected from European banks
    European banks are expected to rein in cash bonuses, with some managers anticipating a 30% drop in payouts and a shift to shares and higher-risk assets. "I'm sure there will be lots of different structures this year with different products and attempts to cap the cash element," said Stephane Rambosson, managing partner of executive recruiter Veni Partners. "Either way, bonuses will be down." Reuters (31 Dec.) LinkedInFacebookTwitterEmail this Story
  • Merkel notes euro-zone difficulties in New Year's remarks
    German Chancellor Angela Merkel sounded a cautionary note for the new year, warning that the euro zone remains in crisis, despite progress made, and that 2013 likely will be more challenging than last year. "For our prosperity and our cohesion, we need the right balance, we need the willingness to perform and social security for all," Merkel said. "The European sovereign-debt crisis shows how important this balance is." Bloomberg (30 Dec.) LinkedInFacebookTwitterEmail this Story
  • Higher yields tempt investors back to Spanish debt
    The European Central Bank's promise to potentially buy an unlimited quantity of debt from struggling countries has enticed investors to seek higher yields from Spanish and Italian bonds. ECB measures, combined with record-low yields on safer sovereign debt, make potential profit from southern Europe more appealing. The Wall Street Journal (01 Jan.) LinkedInFacebookTwitterEmail this Story
  • Commentary: More white-collar crime is likely
    The proliferation of opportunities in the financial system means it's only a matter of time before another white-collar scandal captures public attention, writes Peter Henning, a professor at Wayne State University Law School. "As the new year comes, white-collar cases will continue to serve up new object lessons of the perils and the pitfalls of the financial system," Henning writes. "Some will come as a result of creative maneuverings by financiers, and some may call into question whether regulators are effectively overseeing the markets." The New York Times (tiered subscription model)/DealBook blog (31 Dec.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • UK increases transparency for cost of financial advice
    Tougher accreditation standards, a ban on commission for some products and hourly fees for investment counseling are in order as UK rules for transparency among financial advisers take effect. "These changes are about making the cost of advice clearer, where else would you buy something without knowing in advance how much it costs?" Linda Woodall, head of investment intermediaries at the Financial Services Authority, wrote in an e-mail. Bloomberg (31 Dec.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
    The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled on 13 February at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.

    The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
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