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10 January 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • Moody's reports drop in default rate for high-yield debt
    Moody's Investors Service says the global default rate for high-yield bonds reached 2.6% in the fourth quarter, declining 0.6 percentage point from Q3. The rate was lower than the historical average of 4.8% dating to 1983. Moody's says the rate likely will hit 3.3% in Europe and 3% in the US this year. Bloomberg (09 Jan.) LinkedInFacebookTwitterEmail this Story
  • Deutsche Boerse's interest in Euronext wanes as Nasdaq takes look
    Deutsche Boerse is abandoning pursuit of Euronext as regulatory scrutiny and technological change cut into potential profit, sources say. "The attractiveness of the shares-trading business has massively diminished," a high-ranking Deutsche Boerse manager said. Meanwhile, Nasdaq OMX Group CEO Robert Greifeld says his firm might be interested in acquiring Euronext. "We would have to take a look at it," he said. "I'm not saying we would bid on it, but we would have to take a look." Reuters (09 Jan.), Reuters (09 Jan.) LinkedInFacebookTwitterEmail this Story
  • DTCC debuts trade repository for FX market
    A global trade repository designed to store data for the foreign exchange market launches today. Depository Trust & Clearing says derivatives-clearing organisations will begin reporting trades to the service, while banks and financial firms operating in the US may do so but are not required to until 28 February. The trade repository's debut, while a positive development, is hardly a panacea, Geoffrey Rogow and William Kemble-Diaz write. The Wall Street Journal (09 Jan.), The Wall Street Journal/MarketBeat blog (09 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Banks are told not to leverage LCR's delayed introduction
    National regulators are telling banks they cannot shrink buffers already put in place to comply with Basel III's liquidity-coverage ratio simply because implementation has been changed to a staggered timeline. "It's still possible the liquidity requirements ... are in fact providing an incentive for banks to either deleverage or expand their lending by less than they would have otherwise done," Bank of England Governor Mervyn King said. (subscription required) (09 Jan.) LinkedInFacebookTwitterEmail this Story
  • Draghi puts personal stamp on ECB
    European Central Bank President Mario Draghi is changing the culture of the ECB. The Italian has changed the way the bank is viewed across Europe by combining aggressive policies with a more laid-back work culture. Reuters (09 Jan.), The Wall Street Journal (09 Jan.) LinkedInFacebookTwitterEmail this Story
  • Authorities obtain more time to review EMIR
    The European Parliament and the Council of the EU have been granted a one-month delay, until 19 February, to examine rules within legislation on over-the-counter derivatives. Lawmakers had noted that "adoption of the delegated regulations shortly before Parliament's winter recess made it impossible for Parliament to exercise its scrutiny rights within that period". The rules were developed by the European Securities and Markets Authority and the European Banking Authority in support of the European Market Infrastructure Regulation. The Trade News (U.K.) (09 Jan.) LinkedInFacebookTwitterEmail this Story
  Tech Trends 
  Spotlight on China 
  • Chinese regulator reportedly intensifies IPO scrutiny
    The China Securities Regulatory Commission is requiring underwriters and auditors of companies applying for an initial public offering on the mainland to re-examine financial statements, sources say. Self-inspection, which will continue through March, reportedly aims to improve the quality of listed companies. Reuters (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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Luck enters into every contingency. You are a fool if you forget it -- and a greater fool if you count upon it."
--Phyllis Bottome,
British writer

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