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15 October 2012
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News on the global financial markets

  Morning Bell 
  • EU reportedly might delay Basel III as long as a year
    Implementation of Basel III rules might be delayed as long as a year in Europe amid concerns that early implementation will raise costs, sources said. "A delay would give more oxygen to banks to solve their capital problems," said Marco Elser, a partner at investment bank Advicorp. "The oxygen is the time, which will give banks more options." Bloomberg (12 Oct.) LinkedInFacebookTwitterEmail this Story
  • Commentary: Basel III enhances financial stability
    Stefan Ingves, chairman of the Basel Committee on Banking Supervision, defends Basel III rules, which are under scrutiny. "In my view, the Basel III agreement fundamentally enhances national and global financial stability by both raising the level of capital required by banks, and by simplifying the regulatory framework," Ingves writes. The Wall Street Journal (14 Oct.) LinkedInFacebookTwitterEmail this Story
  • Commentary: Dangers abound in Basel III
    Basel III might produce an effect opposite to that intended, Forbes contributor Shawn Baldwin writes. Among potential problems: sidelining smaller and weaker banks, a squeeze on banks' profit margins, less investor appetite for bank debt and equity, and reduced lending capacity. "Critics point out that these side effects will lead to reduced credit availability or increased cost of credit overall, in a healthy global economy," Baldwin writes. Forbes (12 Oct.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • AFME's Simmons aims to improve high-yield bondholders' rights
    As director of AFME's high-yield division, Gary Simmons mediates between investors and banks to improve rights of high-yield bondholders. Simmons said the largest improvement has been facilitating dialogue between the buy and sell sides. "If investors have a good idea what will happen during the life of the bond and during a default, they will have more confidence, and the European high-yield market can grow," Simmons said. Financial News Online (U.K.) (subscription required) (15 Oct.) LinkedInFacebookTwitterEmail this Story
  • CME looks to launch European bourse with 30 FX products
    CME Group filed an application with the UK Financial Services Authority to open a European exchange in 2013. The plan is to initially offer 30 foreign exchange futures products. The Office of Fair Trading said it expects "to focus on the CME's rules on participation criteria and the arrangements for clearing and settlement of trades". Financial Times (tiered subscription model) (12 Oct.), Reuters (12 Oct.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Crisis thrusts government-debt market into spotlight
    The sovereign-debt market was once a sleepy corner of the financial world, but the euro-zone crisis has put a spotlight on it, transforming the way government bonds are handled. Bond-yield movements have become an indicator of how Europe is faring, while borrowing costs of troubled nations determine whether they will need to be rescued. The situation has pushed government-bond traders out of the shadow of the credit market. Reuters (14 Oct.) LinkedInFacebookTwitterEmail this Story
  • Greece sees deal coming this week on austerity and debt
    Greek Prime Minister Antonis Samaras expects that another austerity and debt-reduction package will be assembled and agreed upon with the EU and the International Monetary Fund this week. Meanwhile, euro-zone officials are trying to come up with ways for Greece to meet longer-term debt-cutting goals, with the original target out of reach because of recession and delayed reforms. German Finance Minister Wolfgang Schaeuble said Athens will not default on its debt, but he warned the troubled nation against exiting the euro zone. Reuters (14 Oct.), Reuters (14 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EU could launch financial-transaction tax soon, Barnier says
    A tax on financial transactions pushed by France and Germany and backed by 11 EU nations could be in final form by year-end and in place sometime next year, EU Internal Market Commissioner Michel Barnier said. "If there is the political will, the courage and the determination to do it, this tax could start in 2013," Barnier said. Reuters (12 Oct.) LinkedInFacebookTwitterEmail this Story
  • Italian group sees no harm in properly applied transaction tax
    If properly applied, a tax on financial transactions likely will prove harmless, Italian Banking Association President Giuseppe Mussari said. "Europe is marching steadily towards this measure," Mussari said. "It has to be applied with a supranational approach and with attention." Reuters (13 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • PBOC aims to optimise liquidity in financial system, official says
    The People's Bank of China is striving to improve macroprudential rules to rein in systemic risk and is focusing more on price-based tools for managing monetary policy, said Wang Huaqing, secretary of discipline at the central bank. Wang said the PBOC is using multiple instruments to improve liquidity. Reuters (15 Oct.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Peter Spiegel, Brussels bureau chief for Financial Times, is confirmed as closing keynote speaker 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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I have loved the stars too fondly to be fearful of the night."
--Galileo Galilei,
Italian astronomer, philosopher and physicist

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