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04 January 2013
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News on the global financial markets

  Morning Bell 
  • LCR deadline extension is expected from Basel Committee
    The Basel Committee on Banking Supervision is expected to grant a time extension for banks to increase capital buffers against financial shocks. The regulator's revision to its liquidity-coverage ratio, which a source says will be announced Sunday, would come in response to demands from banks and others who fear that a sudden move to build up buffers would sap liquidity at a time when markets are struggling. Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Market euphoria driven by US budget deal fades in Europe
    European markets declined or gained modestly after a brief rally prompted by a deal to avert the US "fiscal cliff". "We had the rally after the fiscal-cliff deal, and now there's the story of stepping back from that and working out what will happen when we get back to discussing it again in February and what will happen with the debt ceiling," Investec Securities economist Victoria Clarke said. The Wall Street Journal (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • LSE and NYSE win back market share from alternatives
    NYSE Euronext and the London Stock Exchange regained in 2012 some of the ground they lost to other platforms in recent years. Their market-share gains mean BATS Chi-X Europe, Burgundy, Quote MTF and Turquoise endured losses. "[NYSE and LSE] looked at what new venues were doing in terms of pricing and technology, have taken it on and, in many cases, done it better, by virtue of their resources and economies of scale," said Herbie Skeete, managing director at exchange consultancy Mondo Visione. The Wall Street Journal/Financial News (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • Euro-zone lending declines again
    Loans to the private sector in the euro zone fell 0.8% in November, extending October's decline, the European Central Bank reported. The data suggest more interest-rate cutting by the central bank is in order. "The concern is that a number of companies who do want to borrow ... and are in decent shape are finding it hard to, so tight credit conditions are handicapping euro-zone growth prospects," IHS Global Insight economist Howard Archer said. The Irish Times (Dublin)/Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • Credit Suisse uses employee bonuses to unload risk
    For 2012 bonuses, Credit Suisse plans to continue bestowing on top executives asset-backed instruments that offload risk onto employees. The move, while a clear win for Credit Suisse, has benefited managers also when the risk pays off, sometimes returning as much as 80%. Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • ECB: Italian and Spanish banks purchased government debt
    As crisis pressures lessened in the euro zone, Spanish and Italian banks began buying government bonds in November, according to the European Central Bank. The increase is one indication that liquidity released by the ECB is having its intended effect. Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • Schaeuble urges US to implement Basel III
    German Finance Minister Wolfgang Schaeuble says he is confident Europe will implement tougher capital rules for banks this year, and he put pressures on the US to do the same. "I am confident that in the course of the year we will complete [details] in time to be able to start building up the additional capital required in the timeframe set by Basel III," Schaeuble wrote in an essay. "I also expect from our American partners that they too stick firmly to the political decision to introduce the new set of rules." Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  GFMA News 
  • SIFMA member call: The "Fiscal Cliff" -- 9am Eastern TODAY
    At 9am Eastern today, SIFMA will hold a members-only call on recent developments related to the US "fiscal cliff", specifically the American Taxpayer Relief Act of 2012, which Congress passed Tuesday to avert the cliff. The call will focus on individual- and corporate-tax provisions in the law and provide insight into tax and spending debates to occur in February when the Treasury Department is expected to exhaust its use of "extraordinary measures" to prevent the US from defaulting in 2013. Registration is required. Participants can register using conference ID 10023239. This call is closed to the media and nonmembers. Check your firm's membership status online, or contact SIFMA's Office of Member Engagement at (212) 313-1152 or 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
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  ASIFMA News 
Beware the fury of a patient man."
--John Dryden,
British poet, critic and playwright

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