| News on the global financial markets |  |
| Morning Bell |  |  |
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| Industry News | | |
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| Regulatory Roundup | | |
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- FSA focuses on banks' risk assessment
Banks are concerned that the UK Financial Services Authority will become overenthusiastic in policing banks that seek to tailor risk assessment to avoid higher capital requirements. Applying a universal system is one possible solution, but that could unfairly punish banks and require them to hold more capital than necessary, hurting economic growth, experts say. Reuters
(25 Feb.)      
- European bodies clash over transparency rules for dark pools
The European Commission disagrees with part of the latest draft of the revised Markets in Financial Instruments Directive. The Council of the EU has proposed that trades of less than €6,000 be exempt from price-transparency rules. The commission is against the waiver, saying it would undermine efforts to rein in dark trading. Meanwhile, the council's discussions about MiFID II are expected to be postponed, sources say. The Trade News (U.K.)
(22 Feb.), The Trade News (U.K.)
(22 Feb.)
| Spotlight on China | | |
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- BoE and PBOC talk currency swap
Bank of England Governor Mervyn King and People's Bank of China Governor Zhou Xiaochuan have discussed a yuan-sterling swap. "The arrangement would be used to finance trade and direct investment between the two countries and to support domestic financial stability should market conditions warrant," according to the BoE. The move would be another step toward turning London into a centre for trading the Chinese currency. Bloomberg
(22 Feb.)
- Brokerages permitted to borrow Chinese shares for short selling
Eleven brokerages will be allowed to borrow from 90 pre-approved, high-quality stocks for short selling, the China Securities Journal reported. Although the stocks are likely to be only a fraction of the market, they will give institutional investors a way to use the voluminous stock holdings of state-owned entities. Reuters
(23 Feb.)
- China will allow more foreign investment in equities
The China Securities Regulatory Commission will ease laws requiring that 80% of foreign investment go toward the fixed-income market, the Xinhua News Agency reported. This will allow more institutional investors access to Chinese stocks through exchange-traded funds. Reuters
(24 Feb.)
| GFMA News | | |
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- Special event: The Future of Global Financial Benchmarks -- THURSDAY 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.
| AFME News | | |
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- 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.
| SmartQuote | | |
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 | It is wonderful how much news there is when people write every other day; if they wait for a month, there is nothing that seems worth telling."
--Anna Masterton Buchan,
Scottish writer
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