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05 October 2012
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News on the global financial markets

  Morning Bell 
  Industry News 
  • IIF calls on policy leaders to ease Greece's rescue terms
    Charles Dallara, managing director of the Institute of International Finance, wrote to the International Monetary Fund urging policy leaders to ease terms of Greece's rescue programme and take other steps to revive economic growth. "Urgent policy adjustments are needed to avoid the stalling global recovery and address the strong negative spillover effects of national or regional developments on other parts of the world," Dallara wrote. Bloomberg (04 Oct.), The Wall Street Journal/Real Time Economics blog (04 Oct.) LinkedInFacebookTwitterEmail this Story
  • BIS sets survey on currency markets and derivatives for 2013
    The Bank for International Settlements plans to publish its ninth survey of central banks on currency markets and derivatives late next year. "More than 5,000 financial institutions worldwide are expected to contribute," according to the BIS. The survey, taken once every three years, will collect data in April and June. Bloomberg Businessweek (04 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Market players are upset European Parliament is bowing to exchanges
    Market participants say European Parliament members are risking upending efforts to create a single competitive market by eliminating derivatives from interoperability, which exchanges want. "Exchanges should not have the weight of lobby that they have. In Europe, it appears as though people still believe exchanges are representing the interests of the market, as opposed to their shareholders," Market Structure Partners Managing Director Niki Beattie said. "There are difficulties in establishing interoperability for derivatives, but it is possible to find other solutions." The Trade News (U.K.) (04 Oct.) LinkedInFacebookTwitterEmail this Story
  • FSA official isn't confident banks will make data deadline
    Gerald Sampson, manager of operational-risk review at the UK Financial Services Authority, doubts that global systemically important banks will be able to make a 2016 deadline to have the ability to aggregate data. While smaller companies will get more time, "there isn't any reason why smaller firms should have a harder time; they may have an easier time", Sampson said. "But the focus at the time of the drafting was really the globally systemic firms, so we've got to get that nailed down first." (subscription required) (04 Oct.) LinkedInFacebookTwitterEmail this Story
  • Failure of a big bank would ruin economy, FSA official says
    Andrew Bailey, head of the Prudential Business Unit at the UK Financial Services Authority, said banks are still too complex and risky. He said that if one lender were to fold, it would wreak havoc on the economy and force another taxpayer rescue. "We are making progress ... but we are not there yet by any means," Bailey said. Noting that "public interest can diverge from the private interest of a firm", Bailey said regulation has that distinction in mind, with an "emphasis on economic well-being". Reuters (04 Oct.), The Telegraph (London) (04 Oct.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Liikanen's ring-fencing proposal lacks specifics
    Bank of Finland Governor Erkki Liikanen leads a European Commission panel that recommended separating investment and retail banking. The Economist finds fault with the group's conclusion, specifically that experts did not detail which parts of a bank present the most risk and therefore are the best candidates to be ring fenced. The Economist (06 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • 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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A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
--Winston Churchill,
British prime minister

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