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29 October 2012
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News on the global financial markets

  Morning Bell 
  • European banks reconsider derivatives trading with US peers
    Regulations mandated by the Dodd-Frank Act are prompting some banks in Europe and elsewhere to curtail or stop derivatives trading with US counterparts. "Numerous counterparties in Europe and Asia have requested they do not face US-based counterparties so they do not build up any swap volumes towards the threshold," said a senior European swaps broker, who requested anonymity. Reuters (26 Oct.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Blueprint offers way to jump-start UK business lending
    AFME conducted a feasibility study that resulted in a blueprint for increasing business lending in the UK. The plan involves giving thousands of companies tools to tap into international financial markets. The Agency for Business Lending, a new agency, would pool the loans, package them into government-backed bonds and sell them to investors. The Sunday Times (London) (subscription required) (28 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK and US authorities reportedly push Libor settlements
    Authorities in the UK and the US are striving to quickly reach multinational settlements with one bank and possibly others regarding possible manipulation of the London Interbank Offered Rate and other benchmarks, sources said. Meanwhile, Guardian Care Homes is pressing a claim against Barclays, accusing the bank of manipulating Libor while selling interest-rate derivatives. The UK High Court might force Barclays to release e-mails pertaining to Libor. Separately, UBS and Royal Bank of Scotland have suspended a few traders in Singapore as regulators investigate Libor manipulation. Financial Times (tiered subscription model) (28 Oct.), The Telegraph (London) (27 Oct.), Bloomberg Businessweek (28 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EU lawmakers decline to prohibit "inducements"
    The European Parliament declined to restrict fees that financial advisers receive from banks for selling their products, rejecting demands from EU authorities and consumer groups. "Inducements" are considered an incentive for mis-selling, and Parliament's decision on this and broader agreement on investment-service regulation are expected to lead to clashes with national regulators. The Wall Street Journal/Dow Jones Newswires (26 Oct.) LinkedInFacebookTwitterEmail this Story
  • Troika sees financial-reform progress in Spain
    Spanish initiatives to reform the financial sector have marked "important progress", according to the EU, the European Central Bank and the International Monetary Fund. However, "it will be important to maintain the momentum as challenging steps lie ahead", the IMF said after a visit to check in. Spain is still weighing whether to apply for a euro-zone rescue. Reuters (26 Oct.) LinkedInFacebookTwitterEmail this Story
  • Merkel says more remains to be done in global regulation
    Progress in regulating shadow banks and other areas is still necessary to fully shape the global regulatory landscape into what it should be after the financial crisis, German Chancellor Angela Merkel said. "In my view, we are not where we ought to be yet," Merkel said. "We had planned to regulate every financial centre, every financial actor and every financial market product. Significant progress has been made, but the rules have not yet been implemented everywhere, and we are still missing further areas." Reuters (27 Oct.) LinkedInFacebookTwitterEmail this Story
  Tech Trends 
  • Tech multiplies security risk in banking layoffs
    A layoff in the banking industry might require weeks of planning and work to ensure that gadget-enabled employees don't leak vital information. "It used to be that you would take away any access to the building and maybe prevent someone from lifting their Rolodex," said Stephen Bonner, a partner in information protection at KPMG and a former Barclays executive. "Now, there is extensive compliance, with, for example, reviews of the last six months of e-mail activity for signs of a large amount of material being sent to personal accounts." Reuters (26 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • Last chance to register for the 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
  • Programme announced: AFME 4th Annual Spanish Funding Conference -- 27 November in Madrid
    AFME's 4th Annual Spanish Funding Conference is scheduled on 27 November at Uría Menéndez offices in Madrid. The conference will provide excellent networking opportunities, enabling delegates to hear from key industry figures and to strategically prepare for 2013 and beyond. The conference programme will encourage debate on the economic situation and the future of Spanish and European markets, including the role of securitisation and covered bonds in the recovery of the European economy. A networking reception will follow the conference, giving attendees a chance to discuss key topics of the day with peers. See further programme information and register. LinkedInFacebookTwitterEmail this Story
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Being inexhaustible, life and nature are a constant stimulus for a creative mind."
--Hans Hoffman,
German-American abstract expressionist painter

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