| News on the global financial markets |  |
| Morning Bell |  |  |
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| Industry News | | |
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- Analysis: UK appears to favour EU withdrawal
The UK's Conservative Party, which leads the governing coalition, seems ready to embrace an EU exit. The action would be a reckless gamble on Britain's future, according to The Economist. "Difficult and often humiliating as it may be, the best course is to stick close to Europe, and try to bend it towards Britain," the magazine notes. The Economist
(08 Dec.)      
| Regulatory Roundup | | |
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- BoE holds quantitative easing and rates
With the UK economy poised between growth and contraction and questions about the effectiveness of the Bank of England's quantitative easing, the central bank has decided not to extend the programme. The BoE also decided to leave interest rates at a record-low 0.5%. BBC
(06 Dec.)
- Regulators take closer look at risk-weighted assets
As risk-weighted assets take on greater importance in determining banks' capital requirements, regulators are starting to doubt whether it is a good idea to let banks determine the riskiness of their assets. The Bank of England's Financial Policy Committee recently warned that banks might have understated capital needed by as much as £35 billion. The Economist
(08 Dec.)
- UK banks are lukewarm about lending programme
UK banks are participating "out of courtesy" in the government's Funding for Lending Scheme, which is designed to increase borrowing by giving financial institutions more money to lend. That conclusion is being drawn from a relatively small amount of cash taken by banks. Part of the hesitance is that banks are sufficiently flush to begin with. Reuters/International Financing Review
(06 Dec.)
| Spotlight on China | | |
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- Investment schemes spark fear of trillions at stake in China
Fears have been ignited in China about the possibility of widespread Ponzi schemes that could amount to trillions of dollars. The focus is on wealth-management products, popular but unregulated vehicles that promise a certain rate of return and claim to invest in enterprises as diverse as auto companies and pawnshops. Police and regulators are investigating after investors of one such fund protested at a branch of Hua Xia Bank in Shanghai. AsianInvestor.net
(06 Dec.)
| GFMA News | | |
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- IOSCO Secretary General David Wright will speak at GFMA/SIFMA LEI Seminar -- TUESDAY in New York City
GFMA and SIFMA are partnering to present "Implementing a Global LEI Framework -- Ready. Set. Go." International Organisation of Securities Commissions Secretary General David Wright will provide the keynote address. Join Wright, US Treasury Department representatives and financial-services leaders as they address key issues that will influence and shape the future of a global standard for legal-entity identification and the impact such regulations and processes will have on your firms starting this month. Don't miss your chance to prepare. Register!
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