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08 February 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Draghi says ECB will pay attention to euro's value
    Although the European Central Bank, as expected, did not change interest rates, President Mario Draghi has waded into the currency-war discussion. Draghi emphasised that the ECB's mandate is to control inflation, but he highlighted attention to the euro. "We want to see if this appreciation is sustained and if it alters our assessment of price stability," he said. Some analysts have taken that as an indication that the ECB is more willing to loosen currency conditions than previously thought. Reuters (07 Feb.), Financial Times (tiered subscription model) (07 Feb.) LinkedInFacebookTwitterEmail this Story
  • Despite OECD suggestion, BoE resists additional stimulus
    The Bank of England maintained interest rates and declined to put more money into the economy. The decisions come after the Organisation for Economic Cooperation and Development called for stimulus should the economy stays weak. Incoming BoE Governor Mark Carney advocates explicit growth targeting. BBC (07 Feb.) LinkedInFacebookTwitterEmail this Story
  • Nations clash over EU budget
    Budget battle lines have been drawn as UK Prime Minister David Cameron, frequently supported by Germany, the Netherlands and Sweden, pushes for more austerity in the EU budget, while France, Italy and most of Eastern Europe resist cuts to support programmes. Any deal must be approved by all 27 EU nations, and if no deal is reached, the existing budget will roll over for 2014 to 2020. Financial Times (tiered subscription model) (08 Feb.), The Wall Street Journal (08 Feb.) LinkedInFacebookTwitterEmail this Story
  • Credit Suisse says it has no Libor problems
    Credit Suisse says it has nothing to fear from investigations into manipulation of the London Interbank Offered Rate. The bank pledged to defend itself should legal actions arise, calling potential lawsuits "factually and legally meritless with respect to Credit Suisse". Reuters (07 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Carney prefers Vickers to Volcker
    Incoming Bank of England Governor Mark Carney says he favours the ring-fencing philosophy behind the UK's Vickers reforms over the US Volcker rule, which forces banks to move proprietary trading into a separate unit. "It's extremely difficult to draw the line between market making and proprietary trading ... It would unnecessarily divert the supervisors' attention from ensuring the ring fence is respected," he told UK lawmakers. Reuters (07 Feb.) LinkedInFacebookTwitterEmail this Story
  • Ireland reaches debt deal with ECB
    An Irish agreement with the European Central Bank focuses on promissory notes issued in a failed attempt to save Anglo Irish Bank and Irish Nationwide Building Society. The ECB has agreed to replace the notes with longer-term bonds, easing Ireland's need to borrow during the next 10 years by €20 billion. The deal might help Ireland re-enter international bond markets in 2014. Bloomberg (07 Feb.), The Wall Street Journal/Dow Jones Newswires (07 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China might let in foreign banks via ETFs
    China is expected to let foreign banks into the domestic market through yuan-denominated exchange-traded funds. To date, the government has issued permits only to Chinese companies and joint ventures, but it appears willing to license foreign companies if they have relevant experience and qualifications. Reuters (07 Feb.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • Special event: The Future of Global Financial Benchmarks -- 28 February in NYC
    SIFMA invites you to join our global affiliate, GFMA, to hear from Gary Gensler, co-chairman of the International Organisation of Securities Commissions' Board Level Task Force on Financial Benchmarks, in advance of IOSCO guidance expected this spring. Experts will provide an overview of GFMA's Principles for Financial Benchmarks, a collaborative effort by financial institutions worldwide, as well as market implications of change. The financial industry is committed to taking concrete steps to ensure structural changes be made to restore the trust and confidence so vital to effective functioning of markets. Join us to learn more. LinkedInFacebookTwitterEmail this Story
  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 Wednesday 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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Boredom is the feeling that everything is a waste of time; serenity, that nothing is."
--Thomas Szasz,
Hungarian psychiatrist and academic

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