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05 March 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Buy side names consolidated tape as key MiFID II change
    One-third of respondents to an online poll by The Trade said creation of a consolidated tape for equities is the most crucial market-structure change under the revised Markets in Financial Instruments Directive. About 30% of respondents named fixed-income transparency as the most important change, while others pointed to a better framework for dark trading and curbs on high-frequency or algorithmic trading. The Trade News (U.K.) (04 Mar.) LinkedInFacebookTwitterEmail this Story
  • Portugal and Ireland seek more time for EU debt repayment
    The EU reportedly is receptive to adjusting terms of loans made to Ireland and Portugal through the European Financial Stabilisation Mechanism and the European Financial Stability Facility. Any change in terms would need unanimous approval by EU countries for EFSM loans and by euro-zone nations for EFSF loans. While Ireland and Portugal are seeking a 15-year extension, they likely would not get that much time, sources say. Reuters (04 Mar.) LinkedInFacebookTwitterEmail this Story
  • Cypriot aid could cost bank depositors and bondholders
    Bank bondholders and depositors could be on the hook for some of the expense of an aid package for Cyprus. Dutch Finance Minister Jeroen Dijsselbloem, who chaired a meeting of European finance ministers, has declined to rule out the possibility, despite concerns about renewed clashes with bondholders. Bloomberg (04 Mar.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • FSA is set to issue report about benchmark-rate warnings
    The UK Financial Services Authority is under fire from lawmakers for missing warning signs about manipulation of benchmark interest rates, including the London Interbank Offered Rate. After an internal audit, the regulator is poised to issue a report in which it is expected to defend its position. "There are some issues for which you just cannot have a police force big enough ever to spot all these problems," Chairman Adair Turner recently told lawmakers. "We could not have got at it by intensive supervision." Bloomberg (04 Mar.) LinkedInFacebookTwitterEmail this Story
  • Denmark presses EU for robust bail-in rules
    Denmark wants the EU to adopt tougher bail-in policies and use the nation, which passed such legislation in 2010, as a model. "If taxpayers should get involved, it must only be to provide temporary funding, which will eventually be repaid," Economy Minister Margrethe Vestager said. Denmark maintains an AAA credit rating despite a housing bubble in 2008. An EU bank-resolution proposal would give regulators bail-in power starting in 2018, although some countries have pushed for a 2015 start date. Bloomberg (04 Mar.)
  • US regulators prosecute financial crime worldwide
    In recent months, HSBC Holdings, Standard Chartered and Royal Bank of Scotland have admitted criminal wrongdoing in agreements with US regulators, despite being European entities. Legal experts cite better resources and a legal system more conducive to prosecuting corporate criminal liability for the far reach of the US justice system. "The US will assert jurisdiction aggressively, even if there's only a minimal link," said Judith Seddon of law firm Clifford Chance. Financial News Online (U.K.) (subscription required) (05 Mar.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • Early-bird registration is open: AFME 6th Annual European Post-Trade Conference
    Registration is open for AFME's 6th Annual European Post-Trade Conference, scheduled on 23 May at the Lancaster London hotel. This event brings together eminent speakers from across the industry, including senior operations executives and key regulators, and offers insights into crucial developments in the post-trade space and their impact on the industry.

    Register to secure your place.
    • Early-bird member rate (available until 11 April): £299
    • Early-bird nonmember rate: (available until 11 April): £609
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