Reading this on a mobile device? Try our optimized mobile version here:

18 December 2012
Sign upForwardArchiveAdvertise
News on the global financial markets

  Morning Bell 
  • Corporate-bond sales break 2009 record
    Thanks to some of the lowest borrowing costs ever, sales of corporate bonds in the US, Europe and Asia hit $3.9 trillion this year, breaking a 2009 record of $3.89 trillion. Global issuance reached $3.29 trillion in 2011 and $3.23 trillion in 2010, according to data compiled by Bloomberg. Bloomberg (17 Dec.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Complaints prompt BBA to delay Libor overhaul
    The British Bankers' Association announced that a revamped system to calculate the London Interbank Offered Rate will be postponed until the end of May, from the end of January. The BBA cited complaints from Libor users that "the proposed timescales for the changes were too fast". (subscription required) (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • Greece obtains €34.3B in aid and recapitalises banks
    The Greek government is working on the final phase of bank recapitalisation and catching up on debt payments after receiving €34.3 billion from the EU, the European Central Bank and the International Monetary Fund. Prime Minister Antonis Samaras met with 13 multinational companies and encouraged them to increase investment in Greece. Kathimerini (Greece) (17 Dec.), Reuters (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • Financial industry focuses on collateral as Basel III nears
    With Basel III rules pending, the trading and clearing industry has been making changes and adopting models for managing collateral. Uncertainty is the driving factor as "we have seen a range of forecasts on the potential collateral shortfall from a number of institutions ... who are in the best position to know", said Saheed Awan, global head of collateral management at Euroclear. "All these forecasts vary so widely that it begs the question: Does anybody really know?" Financial News Online (U.K.) (subscription required) (17 Dec.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EU Council delays finalisation of MiFID II
    The Council of the EU is holding up approval of a revised Markets in Financial Instruments Directive, which has endorsement from the European Parliament and the European Commission. Consequently, final negotiations regarding stricter rules for over-the-counter derivatives likely will be postponed until the second quarter. The industry is complaining that such a delay is frustrating. (subscription required) (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • Fed governor promotes stiffer rules for foreign banks
    Proposed rules to ensure foreign banks in the US follow regulations used by domestic banks should help, Federal Reserve Governor Jeremy Stein says. "These rules should reduce the pressure on foreign banks that rely heavily on short-term dollar funding to either sell illiquid dollar assets or cut back on dollar lending in times of financial stress," according to Stein's prepared remarks for the European Central Bank's global research forum. The Wall Street Journal/Real Time Economics blog (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • Norway seeks boost in banks' mortgage capital in reserve
    Capital that Norwegian banks must hold against mortgages would more than double under a government request to the Financial Supervisory Authority. The ratio would be 35%, up from 10% to 15%, in Norway, while Sweden has proposed 15%, leading to "more expensive loans for Norwegian consumers", lender DNB says. Reuters (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • FSA ramps up mis-selling action
    Applying a regulatory mandate for the first time, the UK Financial Services Authority has ordered financial advisers to contact thousands of clients who bought into two Guernsey funds to ask whether they'd like a review to determine whether they were victims of mis-selling. The move is seen as part of a generally tougher attitude by the FSA as the UK addresses years of mis-selling involving products such as home loans, pensions and loan insurance. Reuters (17 Dec.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Spotlight on China 
  ASIFMA News 
There are two things that one must get used to or one will find life unendurable: the damages of time and injustices of men."
--Nicolas Chamfort,
French writer

LinkedInFacebookTwitterEmail this Story

Subscriber Tools
Print friendly format | Web version | Search past news | Archive | Privacy policy

Sales Account Director:  Abiy Bekele (919) 931-5915
A powerful website for SmartBrief readers including:
 Recent GFMA SmartBrief Issues:   Lead Editor:  Bridget Lux
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2012 SmartBrief, Inc.® Legal Information