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29 January 2013
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News on the global financial markets

  Morning Bell 
  • ECB backs separating banks' risky activity from retail services
    The European Central Bank has released a document saying it "sees merit" in separating banks' risky trading from their retail business. "In general, the Eurosystem [of euro-zone central banks] sees merit in separating certain high risk activities of financial institutions that are not associated to the provision of client-related services," according to the ECB. The central bank also backs proposals to let bondholders of insolvent banks endure losses. Reuters (28 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Latvia is on track to join euro zone, IMF says
    An International Monetary Fund report says Latvia is well positioned to join the euro zone in 2014, provided it meets inflation and interest-rate criteria, which have not been determined. Despite the positive report, the IMF notes danger posed by nonresident deposits to the stability of the Latvian banking system. Reuters (28 Jan.), Bloomberg (28 Jan.) LinkedInFacebookTwitterEmail this Story
  • G-20 likely won't call Japanese policy competitive devaluation
    While Japan's monetary easing is likely to be a hot topic of conversation when Group of 20 leaders meet next month, officials say they are unlikely to deem it competitive devaluation. "When countries with reserve currencies try to stabilise their economies through monetary policy, it may lead to currency wars. ... I think it needs additional discussion," said Ksenia Yudayeva, Russia's G-20 representative. Reuters (28 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Germany postpones decision on changing HFT draft law
    A source from German Chancellor Angela Merkel's party says a decision on legislation to rein in high-frequency trading has been delayed. "We still need to clarify lots of technical details," the source said. "That is why we need to have a second meeting." Among proposed changes are registration with market regulators and disclosure of algorithms by high-frequency traders. Reuters (28 Jan.) LinkedInFacebookTwitterEmail this Story
  • Analysts expect Spain to end ban on short selling
    The Spanish National Securities Market Commission is poised to announce by Friday whether it will extend a ban on short sales of stocks and bonds. Analysts say the ban likely will end because sentiment on Spain has improved. "They have no reason anymore to maintain this ban," said Ivan San Felix, an analyst at brokerage Renta 4. "The debt risk premium is less volatile, and that may be the right time." Reuters (28 Jan.) LinkedInFacebookTwitterEmail this Story
  • US pursues guilty plea from RBS in Libor investigation
    Settlement negotiations between the US and Royal Bank of Scotland regarding alleged manipulation of the London Interbank Offered Rate have hit a stumbling block. US authorities are seeking a legal admission of guilt in addition to a hefty fine, while RBS executives are voicing concern that a guilty plea might open them up to costly and damaging litigation. The Wall Street Journal (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • BaFin reportedly investigates Euribor manipulation
    German financial regulator BaFin is investigating Deutsche Bank and three other lenders amid possible manipulation of the Euro Interbank Offered Rate, German newspaper Sueddeutsche Zeitung reported. The inquiry reportedly is the most serious type that BaFin can undertake. Reuters (28 Jan.), Bloomberg (28 Jan.) LinkedInFacebookTwitterEmail this Story
  • EU proposal would kill 2 derivatives rules
    Policymakers are moving forward with a proposal to scuttle two key derivatives regulations backed by the European Securities and Markets Authority. The rules pertain to central counterparties, including setting a floor for when end users can skip added risk management. Many European Parliament members are worried that the rules would hamper legitimate hedging. A vote is set for 5 February. FinancialCAD (Canada) (28 Jan.), Risk.net (subscription required) (25 Jan.) 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
  • AFME inaugural flagship conference is announced: "Financing Growth"
    AFME is pleased to announce its inaugural flagship conference, "Financing Growth: What the new world of regulation means for banks, capital markets and their users", scheduled on 24 September in London. The invitation-only conference will bring together as many as 500 senior decision-makers from Europe's financial industry, along with regulators and politicians, to discuss what needs to be done to enable capital markets to support growth and investment. Further details will be announced in February, including VIP speakers and the historic conference venue. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
I attribute my success to this: I never gave or took any excuse."
--Florence Nightingale,
British social reformer, nurse and statistician


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