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13 February 2013
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News on the global financial markets

  Morning Bell 
  • Insurers question Solvency II's cost and complexity
    Industry leaders are scrutinising the EU's Solvency II regulations for insurers. They question the wisdom of a single approach for all 27 EU members. Implementation already has been postponed from 2014 to 2016 or 2017 as the industry struggles with sharply increased capital requirements. Bloomberg Businessweek (12 Feb.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Moody's warns of forced European CMBS sales
    European commercial mortgage-backed securities might come under heavy selling pressure, according to Moody's Investors Service. "Fire sales could be necessary to ensure that recovery proceeds reach the noteholders before the maturity of the notes," analysts wrote. Bloomberg (12 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • FSB finds inadequate risk management at some banks
    A Financial Stability Board study says almost half of 36 banks and broker-dealers examined do not have a risk-management policy that is strong enough. "These gaps need immediate attention by both supervisors and firms," the FSB said. The board also notes greater deficiency at smaller institutions and companies in the developing world. Bloomberg (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • Draghi wants euro-manipulation talk to stop
    European Central Bank President Mario Draghi wants politicians to stop commenting on currency manipulation and monetary policy. "They are inappropriate if they are meant to instruct the ECB. ... [Such comments] increase the confusion around the exchange rate and, frankly, we don't need that," he said. Bloomberg Businessweek (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • US reportedly examines 2 UK interdealer brokers over Libor
    The US Justice Department and the Commodity Futures Trading Commission are investigating UK interdealer brokers ICAP and RP Martin Holdings regarding their possible role in manipulation of the London Interbank Offered Rate, sources say. Neither firm has been accused of wrongdoing. ICAP is also being questioned by the UK Financial Services Authority. Reuters (12 Feb.), The Wall Street Journal (11 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Analysis: China's fiscal condition is deceptively perilous
    China's debt is higher than it appears because local-level finances are not included in deficit calculations, experts say. Local-government borrowing, however, has been a mainstay of Chinese growth during the past several years. "Local-government debt can't be expanded much from where it is now, so essentially the central Ministry of Finance is going to find it more and more difficult to say no to the rest of the government," said Andrew Batson of GaveKal Dragonomics. The Wall Street Journal (12 Feb.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • 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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Several excuses are always less convincing than one."
--Aldous Huxley,
British author

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