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07 January 2013
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News on the global financial markets

  Morning Bell 
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  Industry News 
  • Analysis: EU should help Ireland exit rescue programme
    With assistance, Ireland could leave its rescue programme this year, and the EU should provide a helping hand, according to The Economist. "The terms on the promissory notes -- IOUs -- which the Irish government used in 2010 to prop up its banks could be eased," the magazine notes. "A more effective measure would be to allow the European Stability Mechanism (ESM), the euro area's permanent rescue fund, to take stakes in the Irish banks that remain operational." The Economist (free content) (05 Jan.) LinkedInFacebookTwitterEmail this Story
  • Subdued debt issuance is expected from financial firms
    Europe's largest banks are expected to continue deleveraging balance sheets in 2013. Consequently, investment bankers do not anticipate much debt issuance from the financial-services sector. Debt securities issued by banks in 2012 declined 7% compared with 2011, according to Dealogic. Sebastien Domanico of Societe Generale says banks have reduced balance sheets on average about 30% during the past three years. Financial News Online (U.K.) (subscription required) (04 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • US agency repeats acknowledged error in Dodd-Frank
    The US Office of the Comptroller of the Currency has repeated a mistake embedded in the Dodd-Frank Act concerning foreign banks. Despite a recently issued notice by the OCC, foreign financial institutions that conduct swaps at their US branches continue to face a requirement to shift those activities into a separate entity by mid-July. (subscription required) (04 Jan.) LinkedInFacebookTwitterEmail this Story
  • FSA is criticised for slow response to swaps mis-selling
    The UK Financial Services Authority is accused of responding only fitfully to help small investors who were mis-sold complex interest-rate derivatives. "I cannot understand why HSBC has had to pay out billions of pounds to the US regulator [on money-laundering charges] when, closer to home, individuals like me continue to struggle financially due to being mis-sold a base-rate swap," retail investor Rachelle Cohen said. The Telegraph (London) (tiered subscription model) (06 Jan.) LinkedInFacebookTwitterEmail this Story
  • Commentary: Major central banks are entities to watch
    Wise investors keep their eyes not on economic statistics or mercurial politicians but on the Big Four central banks: the US Federal Reserve, the Bank of England, the Bank of Japan and the European Central Bank. Their actions trumped anything that happened in the stock or bond market in 2012, Mike Dolan writes. Reuters (04 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Reforms are deemed indispensable to Chinese growth
    Maintaining China's growth rate of 7% to 8% during the next several years will require Xi Jinping's government to pursue reforms that break up state-owned monopolies and open the way to easier financing for small companies, says Pang Yang, CEO of Shanghai Alliance Investment's financial-services advisory. "China needs to find one or two drivers to sustain its growth," Pang said. "Reforms of big state-owned enterprises such as breaking big ones apart and introducing competition can unleash a lot of value." Bloomberg (07 Jan.) 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 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
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  ASIFMA News 
If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him."
--Francis Bacon,
British author and statesman

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