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22 February 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • LTRO repayment can pave way for ECB exit, Bundesbank says
    Joachim Nagel, head of the Bundesbank's market operations, says banks' early repayment of Long-Term Refinancing Operation loans might suggest a timeline for the European Central Bank's crisis-mode exit. "If the excess liquidity in the banking system abates significantly, then it would be time to consider an exit from the nonstandard measures brought on by the crisis," Nagel said. Next week will be the first time banks can pay back loans from the second LTRO round. Reuters (22 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EBA plans to develop scorecard of asset liquidity
    The European Banking Authority says it will rank financial assets according to liquidity as regulators begin to implement Basel III rules. The rankings are intended to help banks meet the liquidity-coverage ratio. Bloomberg (21 Feb.) LinkedInFacebookTwitterEmail this Story
  • US official questions sustainability of benchmark rates
    Gary Gensler, chairman of the US Commodity Futures Trading Commission, says he doubts the long-term viability of benchmarks such as the London Interbank Offered Rate. Gensler, calling Libor and other benchmarks unstable and their underlying markets permanently disrupted, says "anchoring to real transactions is essential to have confidence in these benchmarks". Bloomberg Businessweek (21 Feb.) LinkedInFacebookTwitterEmail this Story
  • Opinion: Europe's proposed transaction tax is a mistake
    The 11 EU countries aiming to adopt a financial-transaction tax might be justified in wanting the financial sector to pay more tax, but a levy linked to transactions is the wrong way to do it, according to The Economist. "If [these countries] want to extract more money from finance, they should drop this idea and instead impose a levy on their own banks' balance-sheets," the magazine notes. "That would be more precisely targeted, easier to collect and more respectful of legal jurisdictions." The Economist (tiered subscription model) (23 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • CSRC sets oversight for private funds in public securities
    The China Securities Regulatory Commission will be looking to rein in financial risk as it regulates privately raised funds for investment in publicly issued securities. Such funds are now required to register with the Asset Management Association of China if total investment in publicly issued securities exceeds 100 million yuan, according to a CSRC policy draft. "The principle is to lead a healthy development of the private fund sector and avoid illegal financing activities that hurt investors' interests," a CSRC official said. China Daily (Beijing) (21 Feb.) LinkedInFacebookTwitterEmail this Story
  • UBS announces Chinese derivatives approval
    UBS has gained permission from the China Securities Regulatory Commission to create derivatives tied to Chinese equities, according to the bank. The products will give overseas investors a method to access the Chinese stock market. The approval marks another step in China's plan to add financial sophistication. Bloomberg (21 Feb.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • 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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You can do anything in this world if you are prepared to take the consequences."
--W Somerset Maugham,
British writer

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