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19 October 2012
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News on the global financial markets

  Morning Bell 
  • EU moves toward handing euro-zone banking supervision to ECB
    Herman Van Rompuy, president of the European Council, said EU national leaders agreed to adopt a legal framework by year-end to shift euro-zone banking supervision to the European Central Bank. "Once this is agreed, the single supervisory mechanism could probably be effectively operational in the course of 2013," he said. However, leaders failed to agree on when the €500 billion European Stability Mechanism can begin helping troubled banks. Reuters (19 Oct.), Bloomberg (19 Oct.), Financial Times (tiered subscription model) (19 Oct.)
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  Industry News 
  • European banks dive into rouble bonds
    Russia's market openings, with the goal of making Moscow an international financial capital, are spurring a race among European banks to issue rouble-denominated bonds. Financial Times (tiered subscription model) (17 Oct.) LinkedInFacebookTwitterEmail this Story
  • Transaction tax takes toll on smaller-cap French stocks
    Average daily turnover in French stocks has been down 10% during the past two months because of a financial-transaction tax, but smaller-cap stock trading is off 26%, according to Credit Suisse. Analyst Mark Buchanan said the small-cap decline might be because of less trading among retail investors mindful of costs or institutional investors substituting midcap stocks for lower-cost alternatives. Financial News Online (U.K.) (subscription required) (18 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • European and Japanese regulators urge US to reconsider swap rules
    Financial authorities in Europe and Japan urged the US Commodity Futures Trading Commission to ensure it doesn't hastily implement rules on swaps trading between US and foreign companies. "At a time of highly fragile economic growth, we believe that it is critical to avoid taking steps that risk a withdrawal from global financial markets into inevitably less-efficient regional or national markets," the regulators said in a joint letter to CFTC Chairman Gary Gensler. Read the letter. Financial Times (tiered subscription model) (18 Oct.), The Wall Street Journal (18 Oct.) LinkedInFacebookTwitterEmail this Story
  • Proposed EU law could violate traders' rights, nations say
    Double jeopardy might result if the EU proceeds with legislation to stiffen penalties for traders found guilty of manipulating the London Interbank Offered Rate or insider trading, some nations warned. As envisioned, the legislation would set prison terms and administrative penalties for violations. Bloomberg (18 Oct.) LinkedInFacebookTwitterEmail this Story
  • Banking reform is in European Commission's hands, Liikanen says
    The ball is in the European Commission's court to decide how quickly to move on proposed banking reform, European Central Bank Governing Council member Erkki Liikanen said. "It's for them now to work out the details to make comments on the proposals," Liikanen said. EU Internal Market Commissioner Michel Barnier had said that six weeks would be allowed for public comment. Bloomberg (18 Oct.) LinkedInFacebookTwitterEmail this Story
  Tech Trends 
  • FX market embraces algos as competition increases
    The foreign exchange market is increasingly embracing complex algorithms to ensure trades are executed at the best price. "We're moving away from the old opaque world of FX trading," said Pete Eggleston of Morgan Stanley. "Regulatory change and responsibility to investors are leading us into this world of best execution and transparency. Algos are part of the solution in helping clients adjust to these changes." Reuters (19 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • Peter Spiegel, Brussels bureau chief for Financial Times, is confirmed as closing keynote speaker at AFME 7th Annual European Government Bond Conference -- 8 and 9 November in Brussels
    The European Government Bond Conference is the ONLY conference of its type, bringing together annually the whole community from the European sovereign-debt market. Participants include key senior representatives from all EU treasuries, central banks, regulators, investors and heads of government-bond trading at pan-European and US banks. Renowned for featuring high-profile speakers and a "by the industry for the industry" programme, the conference is a must-attend event for stakeholders in the government-bond market. Featuring interactive round tables to create informative and frank debate, the conference is an unrivalled opportunity to gather valuable information about what the market really thinks.

    Key topics to be discussed:
    • The Future of the Eurozone
    • Liquidity Provisions: The Market Maker Model Under Fire?
    • Credit Risk: Analysing and Hedging Sovereign Risk
    • Investor Trends: Developments in Liquidity and Portfolio Management
    • Past and Future of Eurozone Common Funding

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
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  ASIFMA News 
Not all those who wander are lost."
--JRR Tolkien,
British writer, poet, philologist and professor

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