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11 October 2012
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News on the global financial markets

  Morning Bell 
  • Financial-transaction tax could exacerbate divisions in Europe
    A group of 11 euro-zone countries agreed to move forward with a tax on financial transactions, although the levy is expected to take some time to introduce. The move threatens to drive more trading from Frankfurt, Germany, and other euro-zone financial hubs to London, widening divisions in Europe. Reuters (10 Oct.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Libor is expected to lose prominence as industry shifts
    Although pending measures should provide more transparency and accountability, the London Interbank Offered Rate is expected to lose its status as a key derivatives benchmark. The shift is expected to be gradual because of complexities in changing existing contracts and adopting standards. The Trade News (U.K.) (10 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • BoE official urges more investor input in bank-reform talks
    Proposed banking reforms, including limits on leverage used by investors, should be generating more investor input into global negotiations regarding the industry, said Robert Jenkins, a member of the Bank of England's Financial Policy Committee. "What stakeholder group other than the investment-management industry has the combination of financial expertise, credibility and clout sufficient to counterbalance the banks and so better shape the outcome of the debate?" Jenkins said. Financial News Online (U.K.) (subscription required) (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • European Parliament panel will vote soon on ECB nominee
    A seat on the European Central Bank's Executive Board that has been vacant since 1 June might soon be filled. The European Parliament's Economic and Monetary Affairs Committee overcame delay on the matter caused by objections about the absence of female candidates and will vote on 22 October on the nomination of Luxembourg central bank chief Yves Mersch. Bloomberg (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • BoE's King emphasises limits of monetary policy as aid
    Although there are no technical bounds to what the Bank of England can do to loosen monetary policy, ultimately, this one instrument alone cannot be relied upon to buoy the economy, Governor Mervyn King said. The answer should be an economy geared to boost exports, King said. However, he acknowledged difficulty in that course, given that other exporters are looking to the same strategy. Reuters (10 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • QFII approvals should see a bump after Chinese holiday
    Participants of the Qualified Foreign Institutional Investor programme looking to break into the Chinese market should see an acceleration in approvals after the National Day holiday, the China Securities Regulatory Commission said. Backlogged QFII applications are ready and in line for submission, said Li Daxiao, director of Yingda Securities Institute. China Daily (Beijing) (09 Oct.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2pm Eastern on FRIDAY to discuss a 28 September ruling by US District Judge Robert Wilkins in SIFMA's favour in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalised by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
  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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Action may not always bring happiness; but there is no happiness without action."
--Benjamin Disraeli,
British politician

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