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14 February 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Fearing currency war, G-7 affirms market orientation
    Responding to Japanese policy apparently targeting a certain rate of inflation, the Group of Seven says it remains committed to market determination of currency value, in a bid to avert a currency war. Fiscal and monetary policies "have been and will remain oriented toward meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates", G-7 finance ministers and central bank governors said. The Wall Street Journal (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • CME and BATS up against clock in UK trading-platform race
    BATS Global Markets and CME Group expect to gain regulatory approval to operate trading platforms in London before the Financial Conduct Authority replaces the Financial Services Authority. The transition is scheduled on 1 April. The exchange operators have applied to become recognised investment exchanges. The Wall Street Journal (13 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Council of the EU heads toward compromise on OTFs
    The Council of the EU has outlined its position regarding the revised Markets in Financial Instruments Directive. A MiFID II draft indicates that the council will recommend that organised trading facilities cover all asset classes. The council is also leaning toward prohibiting use of proprietary capital in OTFs. The Trade News (U.K.) (13 Feb.) LinkedInFacebookTwitterEmail this Story
  • IOSCO makes plea for more time on derivatives rules
    Forging an agreement on collateral has stymied final rules for derivatives trading. The delay has left participants in the $640 trillion market second-guessing what to do. "We need to do more economic thinking on the balance of the overall package," David Wright, secretary general of the International Organisation of Securities Commissions, said at an AFME conference. Reuters (13 Feb.) LinkedInFacebookTwitterEmail this Story
  • European and US regulators work on plans for bank failures
    Regulators from Europe and the US are poised to explain to US lawmakers their plans for dealing with the failure of a global financial institution. Martin Gruenberg, chairman of the US Federal Deposit Insurance Corp., will tell lawmakers that an international working group is set to meet soon to discuss winding down large banks. Reuters (14 Feb.) LinkedInFacebookTwitterEmail this Story
  • UK aims to give regulator powers to tighten bank limits
    Britain could be at odds with rules agreed upon at the international level by giving the Bank of England's Financial Policy Committee powers to rein in banks' ability to extend debt. The UK supports Basel III, but officials are seeking flexibility to impose tougher restrictions. "The government's view is we want to give the FPC time-varying leverage powers, and that is our intention," Financial Secretary to the Treasury Greg Clark told the Treasury Select Committee. Reuters (13 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Economic stimulus for China isn't a simple matter of numbers
    Debt and deficit data suggest China has plenty of room to manoeuvre and stimulate the economy, but the reality might be different. Factors that don't appear on balance sheets, including local-government finances, bad loans in the banking system and costs of an aging population, add up to restrain what leaders can responsibly do to boost growth. The Wall Street Journal (12 Feb.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • Special event: The Future of Global Financial Benchmarks -- 28 February 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. 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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Mistakes are part of the dues that one pays for a full life."
--Sophia Loren,
Italian actress

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