| News on the global financial markets |  |
| Morning Bell |  |  |
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- Officials question prospects of euro-zone banking union
Some European officials are increasingly pessimistic about the chances of finishing banking-union regulations by year-end. The biggest sticking point is the establishment of a resolution fund, which would take responsibility for failing banks. Analysts expect no German agreement on fund creation before an election in September, making finishing the law unlikely. "It's unrealistic to expect that we will have a resolution authority or resolution fund in time for the new [European Central Bank] bank supervision in March 2014," EU lawmaker Sharon Bowles said. Reuters
(08 Feb.)      
| Industry News | | |
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- Rehn finds global monetary coordination necessary
EU Economic and Monetary Affairs Commissioner Olli Rehn wants international bodies, such as the International Monetary Fund, the Group of Seven nations and the Group of 20 countries, to better coordinate currency policy. "We need reforms in the international monetary system so as to avoid negative influences on international trade," he told Austrian magazine Profil. Rehn also says that although a stronger euro might be good for portions of the euro zone, many export-reliant southern nations would struggle. Reuters
(09 Feb.)
| Regulatory Roundup | | |
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- EU looks to force banks to remain benchmark-rate setters
The European Commission is working on legislation that would force banks to remain on panels that set the Euro Interbank Offered Rate and other benchmark interest rates. "The commission will propose further legislation on benchmarks in the second quarter of 2013 in order to further clarify the framework under which benchmarks should operate," Internal Market Commissioner Michel Barnier said. "Any banks considering withdrawing from the contributing panels should therefore take into account that they may be required to rejoin the panels." Meanwhile, the European Central Bank is encouraging banks to remain on such panels, saying they play a key role in monetary policy. Reuters
(08 Feb.), Reuters
(08 Feb.), Bloomberg
(08 Feb.)
- IOSCO focuses on how to avoid another MF Global
Regulators worldwide are seeking a way for investors to get their assets back in the event of an insolvency, a default or a resolution, according to the International Organisation of Securities Commissions. IOSCO says it has guidance on how authorities can better supervise financial intermediaries that hold client assets. Bloomberg Businessweek
(08 Feb.)
- UK regulator wants internal auditors to question managers
Andrew Bailey, the UK Financial Services Authority's head of banking supervision, calls for banks' internal auditors to challenge management more actively. "The expectations of internal audit functions within financial services firms have hitherto been set too low," Bailey wrote in an e-mail. Bloomberg
(10 Feb.)
| Spotlight on China | | |
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- China passes US to become world's largest trader
Chinese and American statistics agree that China traded more goods than the US did last year. The increase occurred despite China's economy being half of the size of the US economy. "It is remarkable that an economy that is only a fraction of the size of the US economy has a larger trading volume," said Nicholas Lardy of the Peterson Institute for International Economics. Bloomberg
(10 Feb.)
| GFMA News | | |
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- 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.
| AFME News | | |
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- IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled Wednesday at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.
The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.
View the full programme and register.
- 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.
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