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30 January 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Consolidated-tape movement struggles to attract buy side
    The COBA Project, formed in response to institutional investors' demand for a European consolidated tape, is struggling to get buy-side firms to support its mission. High data fees traditionally have thwarted industry-led attempts to establish a consolidated tape, leaving many buy-side firms sceptical of this effort. The Trade News (U.K.) (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • UBS equity-derivatives traders are moved to Hong Kong
    UBS is moving its department for equity-derivatives trading from Tokyo to Hong Kong. The move "will allow us to deliver higher quality service to our clients across Asia Pacific, including in Japan", Trevor Hill of UBS Securities Japan wrote in an e-mail. The bank declined to say how many people are affected. Bloomberg (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • Japanese banks expand corporate lending in US and Europe
    Banks in Japan are increasingly stepping in to satisfy loan demand by US and European businesses. The Bank for International Settlement says Japan is steadily increasing its share of global lending, accounting for about 10%, compared with 6% shortly before Lehman Brothers Holdings collapsed in 2008. The Wall Street Journal (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • Analysis: European sovereign-debt risk is again ignored
    Investors are again overconfident in their assessment of European sovereign debt, Nicholas Spiro writes. The budding recovery does not mean Europe is healthy, and investors should pay attention to country-specific risk to avoid repeating mistakes of the past half-decade, Spiro writes. Bloomberg (29 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • UK agency ends Lehman inquiry without action against E&Y
    The UK Financial Reporting Council has ended an investigation of Ernst & Young regarding its audit of Lehman Brothers Holdings. The council took no action against E&Y because it could not conclusively determine that the auditor was derelict in its duty to identify that specific pools of money were missing in segregated accounts. Reuters (29 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China might let 5 banks launch fund-management firms
    The China Securities Regulatory Commission might allow five domestic banks to become asset managers. They would join an eight-bank pilot programme, which consists mostly of joint ventures with Western banks. The move would be another step in Chinese financial liberalisation. Reuters (29 Jan.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • 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 on 13 February 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. LinkedInFacebookTwitterEmail this Story
  • 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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Resentment is like taking poison and waiting for the other person to die."
--Malachy McCourt,
Irish-American actor, writer and politician

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