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11 March 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • European leaders will discuss rescue terms for Cyprus
    EU leaders will put challenges in Italy and France on the back burner as they discuss a financial rescue for Cyprus at a meeting this week in Brussels. Topics of discussion include the possibility of imposing losses on Cypriot depositors and the nation's debt sustainability. However, Cypriot President Nicos Anastasiades reportedly said depositor losses are "out of the question". Bloomberg (11 Mar.) LinkedInFacebookTwitterEmail this Story
  • BIS study suggests size does matter in foreign exchange
    The Bank for International Settlements has released a study that suggests bigger banks with more market share in foreign exchange have an advantage over smaller dealers. "The trend towards more market concentration observed in FX markets over recent years clearly benefits large financial institutions acting as dealers and potentially trading on this information in the inter-dealer market," according to the study. The Wall Street Journal/Dow Jones Newswires (08 Mar.) LinkedInFacebookTwitterEmail this Story
  • Fitch downgrades Italian rating to BBB-plus
    Fitch Ratings cites political uncertainty after Italy's election in cutting the country's credit rating by one notch. "The inconclusive results of the Italian parliamentary elections on February 24-25 make it unlikely that a stable new government can be formed in the next few weeks," according to Fitch. "The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession." Reuters (09 Mar.) LinkedInFacebookTwitterEmail this Story
  • IMF's Lagarde urges ECB to continue accommodative policy
    Christine Lagarde, managing director of the International Monetary Fund, says the European Central Bank should consider reducing interest rates as the euro zone continues to struggle. "Monetary policy should remain accommodative," Lagarde said. "We believe that there is still some limited room for the ECB to cut rates further." She also says the central bank could assist Portugal and Ireland in their attempts to return to international bond markets. Bloomberg Businessweek (08 Mar.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Europe's transaction tax faces more opposition
    Investor-advocacy groups and pension funds are poised to express concerns about Europe's proposed financial-transaction tax. The European Commission and the European Parliament have said the levy would prompt pension funds to hold assets they've purchased to maturity, but the groups are concerned that the tax would negatively affect investors. Financial News Online (U.K.) (free content) (11 Mar.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • RQFII investment quotas can be expanded, CSRC's Guo says
    Guo Shuqing, chairman of the China Securities Regulatory Commission, says authorities are able to increase, when needed, investment quotas under the Renminbi Qualified Foreign Institutional Investor programme. Quotas, increased to 270 billion yuan late last year, are sufficient for now, Guo says. Bloomberg (11 Mar.) LinkedInFacebookTwitterEmail this Story
  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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