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01 October 2012
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News on the global financial markets

  Morning Bell 
 
  • Administration of Libor will be put up for bid, FSA says
    Martin Wheatley, managing director of the UK Financial Services Authority, said governance and administration of the London Interbank Offered Rate will be put out to tender. "It is essential that the conduct of a new administrator should be rigorous and transparent," Wheatley said. Meanwhile, regulators in Europe, Japan and the US said the FSA's recommendations will provide a model for their efforts to reform interbank-lending rates. "The overriding priority should be to ensure the integrity and efficiency of the global financial markets, which means that the key benchmark indices around the world need to be subject to consistent, transparent and sound policies," GFMA CEO Simon Lewis said. Financial Times (tiered subscription model) (28 Sep.), Risk.net (subscription required) (28 Sep.), Financial News Online (U.K.) (subscription required) (28 Sep.), Financial Times (tiered subscription model) (28 Sep.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Pursuit of returns leads to higher risk for investors
    High-risk instruments are making a comeback as traditional investments prove increasingly less lucrative. Pressure to generate decent returns might be luring managers into perilously deep waters. "I would not be surprised if some managers are reaching outside of their expertise for a few extra basis points," said Bonnie Baha, a portfolio manager for DoubleLine's Global Developed Credit strategy. Reuters (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • Coaches help foreign exchange traders get an edge
    Beleaguered banks and narrower margins in the hypercompetitive world of foreign exchange trading are pushing a search for any edge to increase returns. One is performance coaches, who delve into trader psychology for clues and tips that help traders stay ahead. Reuters (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • Merkel's main opponent takes softer line on Greece
    The man selected as the main opposition candidate to become Germany's next leader said Chancellor Angela Merkel "must finally tell the German people the truth: Greece will not be able to borrow money on the capital markets in the coming seven or eight years. We will have to help it until then". Social Democrats' Peer Steinbrueck added that Greece must live up to its obligations. Nonetheless, he faces a stiff challenge, with polls showing most Germans firmly behind Merkel's tough line on the euro-zone debt crisis. Reuters (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • October is crunch time for euro-zone crisis resolution
    A series of meetings this month will highlight competing pressures over the euro zone's debt crisis and might decide the fate of the European Central Bank's plans to finally end the ordeal. With public anger building in Spain and Greece and tougher lines from creditor countries, "people are beginning to look at this in a more sober way" after initial euphoria over the ECB's plans, said Clemens Fuest, an economist at Oxford University. Bloomberg (01 Oct.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • EU banks might be more pressured by Basel III than competitors
    European banks might be reduced to measures such as lower pay or dividends because they need to raise more capital than global rivals do to match reserve requirements that take effect next year, according to the European Banking Authority. Although Basel III rules won't be fully in effect until 2019, banks are expected to face pressure from investors and regulators to act early. Reuters (27 Sep.) LinkedInFacebookTwitterEmail this Story
  • Option hedging is allowed under EU derivatives rules
    European companies that want to hedge employee benefits such as stock option plans using derivatives will not face penalties, after the European Securities and Markets Authority revised draft rules. Corporate treasurers had opposed the idea, noting that derivatives are routinely used to counter risk from operating expenses associated with pension and employee plans. Reuters (27 Sep.) LinkedInFacebookTwitterEmail this Story
  • Commentary: London's dominance in euro markets is threatened
    Keith Boyfield, a fellow at the Institute of Economic Affairs, writes that London dominates euro-denominated financial markets despite being outside the euro zone. However, Continental regulators appear to be trying to rein in London's share of euro-denominated business, Boyfield notes. For example, the UK could lose key business in post-trade clearing. The Wall Street Journal (30 Sep.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Chinese financial services need modernisation, leaders say
    Survival might be at stake for Chinese companies in manufacturing, production and services if the financial-services sector isn't brought up to international standards. That was the message from leading financiers and academics at a 60th-anniversary celebration for Hebei Finance University. "It is urgent now to accelerate any necessary changes needed to support sustainable improvement of the finance sector, which would help promote the real economy," said Wang Xingnan, head of the financial department at Guangdong Finance University. China Daily (Beijing) (29 Sep.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • AFME 7th Annual European High Yield Conference -- TUESDAY in London
    Roger Bootle, managing director of Capital Economics, will present the keynote address at the 7th Annual European High Yield Conference, which takes place Tuesday in London. Bootle is a widely known economist within the City and worked at several banks before moving on to become an adviser to the UK House of Commons Treasury Committee. Register! LinkedInFacebookTwitterEmail this Story
  • Mahmood Pradhan, IMF's mission chief for euro area, will deliver keynote address at AFME 7th Annual European Government Bond Conference -- 8 and 9 November in Brussels
    The European Government Bond Conference is the ONLY conference of its type, bringing together annually the whole community from the European sovereign-debt market. Participants include key senior representatives from all EU treasuries, central banks, regulators, investors and heads of government-bond trading at pan-European and US banks. Renowned for featuring high-profile speakers and a "by the industry for the industry" programme, the conference is a must-attend event for stakeholders in the government-bond market. Featuring interactive round tables to create informative and frank debate, the conference is an unrivalled opportunity to gather valuable information about what the market really thinks.

    Key topics to be discussed:
    • The Future of the Eurozone
    • Liquidity Provisions: The Market Maker Model Under Fire?
    • Credit Risk: Analysing and Hedging Sovereign Risk
    • Investor Trends: Developments in Liquidity and Portfolio Management
    • Past and Future of Eurozone Common Funding

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
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--Pablo Picasso,
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