| News on the global financial markets |  |
| Morning Bell |  |  |
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- Nations want EU to ease "special manager" plans for banks
EU Internal Market Commissioner Michel Barnier has proposed imposing an outside manager on struggling banks. However, there are concerns that such managers would actually worsen the situation, prompting several nations to call for implementation only when a bank has no chance of recovery. The problem is that a special manager could be seen as "a signal that the bank was in trouble, which in turn could lead to a liquidity and funding crisis", said Oliver Moullin, an AFME director. Bloomberg
(06 Feb.)      
| Industry News | | |
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- OECD calls on BoE to buy more debt if economy stays weak
The Organisation for Economic Cooperation and Development is encouraging the Bank of England to purchase more bonds if the economy remains weak. "The UK has its own currency, its own central bank and its own monetary policy," OECD Secretary General Angel Gurria said. "Therefore, it has the capacity to go, if you will, the extra mile." Reuters
(06 Feb.)
- Turner supports Carney's suggestions for economic growth
UK Financial Services Authority Chairman Adair Turner says he agrees with Mark Carney that unconventional stimulus, such as focusing on a specific level of nominal gross domestic product or committing to keep interest rates low, should be used to jump-start the economy. Carney beat out Turner to become the next governor of the Bank of England. Reuters
(06 Feb.), Bloomberg
(06 Feb.)
| Regulatory Roundup | | |
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- European Parliament could still approve derivatives rules
The European Parliament Economic and Monetary Affairs Committee voted against technical standards on over-the-counter derivatives and central counterparties, but the rules might still be approved by Parliament. The committee based its decision on a belief that the European Securities and Markets Authority had misinterpreted a portion of the law that mandates the rules, but Parliament might approve them anyway to avoid a lengthy rewrite. Meanwhile, a French market regulator is urging European lawmakers to approve the rules. Risk.net (subscription required)
(06 Feb.), Reuters
(06 Feb.)
- Germany pushes ahead with ring fence
Germany is forging ahead with plans to separate investment and retail banking. "The precarious situation of single banks shouldn't be able to threaten the stability of the financial system," German Finance Minister Wolfgang Schaeuble said. The Wall Street Journal
(06 Feb.)
- EU looks to put more anti-money-laundering control with banks
The European Commission's anti-money-laundering proposal would place more responsibility on banks and could make them explicitly responsible in assisting investigation of tax crime. "These changes will shift the balance ... from trusted confidential service provider towards the bank becoming a part of the enforcement world," said Colin Pickard of Ernst & Young. Risk.net (subscription required)
(06 Feb.)
| Spotlight on China | | |
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| AFME News | | |
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- 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 Wednesday 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.
- 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.
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