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09 October 2012
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News on the global financial markets

  Morning Bell 
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  Industry News 
  • Global default rate on high-yield debt rises, Moody's says
    Moody's Investors Service said the global default rate on speculative-grade debt increased to 3% in September. Though the rate climbed only 0.1 percentage point, it reached its highest level in nearly two years. Still, the rate was less than the historical average of 4.8%, based on data dating to 1983. Bloomberg Businessweek (08 Oct.) LinkedInFacebookTwitterEmail this Story
  • Currency-options prices ease as economic waters are calmed
    As central banks handle economic slowdown with quantitative easing, slackening demand has put a damper on currency-options prices, seen as a measure of expected volatility. "Foreign exchange options aren't likely to return to the very elevated levels seen in recent years," said David Gary, Deutsche Bank's head of foreign exchange derivatives for North America. "Instead, the market may see short-term, smaller jumps." The Wall Street Journal (08 Oct.) LinkedInFacebookTwitterEmail this Story
  • Smaller core group of banks is setting Libor
    A smaller group of banks, including Bank of America, Lloyds Banking Group and Citigroup, is setting the London Interbank Offered Rate after the benchmark was manipulated. "You have a core group setting the rate, and that's a major concern," said Bret Barker of TCW Group. "It's going to be very tough to fix that and very tough to replace Libor." Bloomberg (08 Oct.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Some nations are expected to miss Basel III deadline
    Although progress is being made on Basel III implementation, a January deadline likely will be missed by some nations, including the US and some in the EU, according to a report by the Basel Committee on Banking Supervision. Lawmakers are particularly challenged by requirements to triple core capital at banks. Bloomberg (08 Oct.), Reuters (08 Oct.) LinkedInFacebookTwitterEmail this Story
  • Leaders will discuss SSAs posting collateral to swaps counterparties
    The prospect of sovereign, supranational and agency issuers posting collateral to swaps counterparties will be discussed this week at an International Monetary Fund and World Bank meeting in Tokyo. "All clients are aware of this issue, and there is a real movement in the direction of more and more issuers signing two-way [credit-support annexes]," said the SSA head at a US bank. "Some are still in denial and refuse to go down that route, but the number in that camp is quickly becoming the minority." International Financing Review (free content) (06 Oct.) LinkedInFacebookTwitterEmail this Story
  • EU looks at how to deal with failed clearinghouses and insurers
    The European Commission is examining the potential for market disruption posed by the failure of clearinghouses and insurers. The commission is weighing whether to provide rescue guidelines, which would be in addition to ones already proposed by Internal Market Commissioner Michel Barnier for an agency to wind down problem banks. Reuters (08 Oct.) LinkedInFacebookTwitterEmail this Story
  • Accounting denial is harming UK economy, officials say
    It's not uncommon for UK banks to put a value on loans that is inflated from the mark-to-market value. Consequently, banks hang onto loans instead of taking losses. The paradigm harms the economy, said officials with the Bank of England. Meanwhile, international efforts to remedy the practice seem to be flagging. Financial News Online (U.K.) (subscription required) (08 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • Mahmood Pradhan, IMF's mission chief for euro area, will deliver keynote address 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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When I use my strength in the service of my vision it makes no difference whether or not I am afraid."
--Audre Lord,
Caribbean-American writer, poet, librarian and activist

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