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10 December 2012
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News on the global financial markets

  Morning Bell 
  • UK, US offer joint plan for "too big to fail" banks
    For the first time, US and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail". The US Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model) (10 Dec.), Financial Times (tiered subscription model) (10 Dec.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Greece reportedly may give debt buyback another go
    Greece may renew its debt buyback program Monday, government sources say. The initial offer to buy back about €30 billion expired Friday, and an official said offers received from holders came to about that total. "I believe that by Monday or Tuesday, I will be able to say with great certainty that things went very well," Prime Minister Antonis Samaras said. CNBC/Reuters (09 Dec.) LinkedInFacebookTwitterEmail this Story
  • Monti's departure will leave Italy's austerity plan hanging
    Unelected Italian Premier Mario Monti is stepping down, and his disgraced predecessor, Silvio Berlusconi, is waiting in the wings. Berlusconi's party withdrew its support for Monti, who says he cannot now govern. Standard & Poor's rating agency expressed doubt over whether a new government could continue Italy's austerity plan. CNBC (08 Dec.) LinkedInFacebookTwitterEmail this Story
  • BIS cautions over rising assets when outlook is less than rosy
    Noting the glow on markets worldwide even as the economic outlook darkens, the Bank for International Settlements is raising the possibility that asset prices may once again be over-inflated. Market gains also appear to defy recent profit warnings in the US and Europe. "Unusually, equity and fixed income gains coincided with a weakening of the global economic outlook. In the past, falling growth forecasts have usually been associated with rising expected default rates and higher bond yields," the BIS said in its quarterly report. The Telegraph (London) (tiered subscription model) (09 Dec.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  Spotlight on China 
  GFMA News 
  • GFMA Member Call: Best Practises for Financial Benchmarks -- 13 December -- 8am EST/13:00GMT
    In response to recent calls for reform, GFMA developed and recently finalised its Principles for Financial Benchmarks, recognising that the financial industry has a responsibility to restore public confidence in financial benchmarks. This Member Call on Thursday, 13 December, 8am EST/13:00 GMT will discuss the impact of the latest global regulatory developments, review GFMA's Principles, and address the practical implications of recent regulatory and industry actions. The discussion panel for the call will include: GFMA CEO Simon Lewis; Morgan Stanley COO Jim Rosenthal, Susan Krause Bell and Tony Murphy, both Managing Directors at Promontory Financial Group, and Randy Snook, Executive Vice President at SIFMA. Pre-registration for this call is required. Participants can register through this pre-registration link (Conf. ID 10021707). After pre-registration, a dial-in number will be provided. The call is open to all members of SIFMA, AFME and ASIFMA, and CLOSED to the press and non-members. LinkedInFacebookTwitterEmail this Story
While conscience is our friend, all is at peace; however, once it is offended, farewell to a tranquil mind."
--Lady Mary Wortley Montagu,
British writer and aristocrat

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