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25 January 2013
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News on the global financial markets

  Morning Bell 
  • Regulators could govern techniques for asset-risk calculation
    Stefan Ingves, chairman of the Basel Committee on Banking Supervision, says there are large differences in banks' valuation of their assets' riskiness. Regulators could impose "limitations in the modelling choices for banks" to unify and simplify rules being written, Ingves says. Bloomberg (24 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Monti defends Draghi over Monte dei Paschi oversight
    Italian Prime Minister Mario Monti is defending European Central Bank President Mario Draghi over charges that when the latter was governor of the Bank of Italy, lax oversight permitted disastrous losses to occur at Banca Monte dei Paschi di Siena. Monti denies that there were oversight issues. Meanwhile, Monte dei Paschi says it is well capitalised and is being used as a pawn in Italy's upcoming election. "The board ... is bewildered for how superficially the issue of recapitalisation of the bank is being treated," according to the bank. "The situation is completely under control." Reuters (24 Jan.), Financial Times (tiered subscription model) (24 Jan.) LinkedInFacebookTwitterEmail this Story
  • Merkel voices worry about Japanese currency policy
    At the World Economic Forum in Davos, Switzerland, German Chancellor Angela Merkel expressed concerns about increasing pressures faced by central banks to jump-start struggling economies. "We are of the opinion that central banks are not there to clean up political bad decisions and a lack of competitiveness," she said. Merkel singled out Japan, saying its policies leave her "not completely without worry". Reuters (24 Jan.), Bloomberg (24 Jan.), The Wall Street Journal (24 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • FSB says banks have trouble determining excessive risk
    Global regulations that call for reduced bonuses as a penalty for excessive risk taking are proving hard to implement, according to the Financial Stability Board. In addition to trouble defining "poor behaviour" that should be penalised, there are differing opinions on whether such penalties are legal. Bloomberg (24 Jan.) LinkedInFacebookTwitterEmail this Story
  • ICAP confirms Libor investigation by FSA
    ICAP says an interdealer-broker subsidiary is under investigation by the UK Financial Services Authority. The FSA joins the Canadian Competition Bureau in trying to determine whether ICAP facilitated banks such as Royal Bank of Scotland and HSBC Holdings in manipulating the London Interbank Offered Rate. Bloomberg (24 Jan.), Reuters (24 Jan.), The Wall Street Journal (24 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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In youth we learn; in age we understand."
--Marie von Ebner-Eschenbach,
Austrian writer

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