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09 January 2013
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News on the global financial markets

  Morning Bell 
  • Osborne calls for ring fencing at EU banks
    UK Chancellor George Osborne encouraged the EU to ring-fence banks, following Britain's example. Ring fencing separates retail and investment banking. The European Commission is weighing the idea, but Germany and France have been against the effort in the past. Reuters (08 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Spain sets bond target and rejects rescue
    Ahead of its first bond sale this year, Spain announced a net-issuance target of &euros;59 billion for 2013. Treasury chief Inigo Fernandez de Mesa says "Spain's debt is sustainable" and a rescue is unnecessary. Bloomberg (08 Jan.) LinkedInFacebookTwitterEmail this Story
  • Euribor contributors might exit amid difficulty and liability
    Rabobank Groep's departure from contributing to the Euro Interbank Offered Rate might spark a wider exit, said Cedric Quemener, director of Euribor-EBF. Rabobank says a decline in interbank lending has made it difficult to calculate the benchmark, and others note the legal liability and regulatory burden associated with it. Bloomberg (08 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Economists doubt BoE will loosen money
    In a survey, economists predicted that the Bank of England will not further loosen monetary policy. Though the UK risks another recession, economists find it unlikely that a money-printing programme, halted in November, will resume. Reuters (08 Jan.) LinkedInFacebookTwitterEmail this Story
  • Stiglitz questions benefit of independent central banks
    Nobel-winning economist Joseph Stiglitz recently pointed out that countries with less-independent central banks, such as India, China and Brazil, weathered the financial crisis better than the rest of the world. He concluded that the "desirability of central bank independence is questionable at best". The Wall Street Journal (08 Jan.) LinkedInFacebookTwitterEmail this Story
  • Commentary: Basel's revised rules are boon for banks
    The Basel Committee on Banking Supervision's decision to revise capital requirements will encourage banks to return to lending to one another, James Saft writes. While that will almost certainly benefit the financial industry's bottom line, its effect on the economy is not as clear, Saft notes. Reuters (08 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China authorises first sovereign-debt ETF
    An exchange-traded fund listed on the Shanghai Stock Exchange will use an index of five-year government bonds as a benchmark. Analysts say the product will give individuals access to the government-debt market, which is interbank only. Bloomberg (09 Jan.), Reuters (09 Jan.) LinkedInFacebookTwitterEmail this Story
  • Probable decrease in Chinese bank loans highlights risk
    Chinese bank loans might have decreased to the lowest percentage of financing since 2002, according to industry estimates. That decrease indicates a flight to shadow-banking products, which promise higher returns but face less regulation. According to the International Monetary Fund, this shift poses "challenges to financial stability". Bloomberg (09 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
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  ASIFMA News 
The true art of memory is the art of attention."
--Samuel Johnson,
British author

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