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17 October 2012
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  Top Stories 
 
  • Wage issue leads to pause in talks between Greece and lenders
    Talks between Greece and international lenders have been suspended but haven't broken down, participants say. The pause will allow for internal consultations on each side over the contentious issue of automatic wage increases, one of a number of topics dividing the two sides. Reuters (16 Oct.)
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  Market Activity 
 
  • Japan leads gains as Asian-Pacific markets advance
    Asian-Pacific markets posted solid gains Wednesday as investors developed an appetite for resources, shipping and financials. A weak yen gave Japanese companies an extra boost. Japan's Nikkei 225 rose 1.2%. Hong Kong's Hang Seng Index was up 1%. South Korea's Kospi added 0.7%. Australia's S&P/ASX 200 gained 0.8%. China's Shanghai Composite increased 0.3%. India's Sensex was up 0.1% before midday. MarketWatch (17 Oct.), NDTV (India)/Press Trust of India (17 Oct.) LinkedInFacebookTwitterEmail this Story
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  Economics 
 
  • Analysis: Income disparity is an obstacle to prosperity
    It isn't necessary to care about fairness to worry about growing income disparity worldwide, according to The Economist. "[T]here is a reform agenda to reduce income disparities that makes sense whatever your attitude towards fairness," the magazine notes. "It is not about higher taxes and more handouts. Both in rich and emerging economies, it is about attacking cronyism and investing in the young." The Economist (13 Oct.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers' discontent creates boon for recruiters
    Financial advisers increasingly are changing jobs to escape turmoil and budget cuts at Wall Street banks. This flight is turning into a fee bonanza for recruiters. A headhunter who places an adviser managing $100 million in assets in a job can expect $60,000 to $80,000 in commission. Reuters (16 Oct.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • European Parliament members will vote on MiFID II on Oct. 26
    Members of the European Parliament scheduled a vote for Oct. 26 on their version of a revised Markets in Financial Instruments Directive. Widespread support is expected for restrictions on broker-crossing networks and high-frequency trading. Meanwhile, the EU Council will act on its iteration of the directive before reconciling it with Parliament's version. The Trade News (U.K.) (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.K. watchdog will have power to quickly ban risky products
    A sudden yearlong ban on financial products deemed too risky is one option under the U.K. Financial Conduct Authority, said Martin Wheatley, who will head the regulator. Although such actions would come without warning, "this is not something that firms should be afraid of," Wheatley said. "Firms selling the right products, in the right way, to the right consumers have nothing to fear." The FCA is also discussing ways to give smaller companies more options for fundraising, including crowdfunding. The Telegraph (London) (16 Oct.), Reuters (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • CFTC's Chilton proposes rules for high-frequency traders
    Bart Chilton, a member of the Commodity Futures Trading Commission, proposed that high-frequency traders register with the government, be penalized for every second they violate the law and be required to more rigorously test their system. Chilton said that after a series of software glitches, regulators "need to get a grip on what is going on in markets with technology." Reuters (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • SEC signs off on rule that could bring dot-com-era trouble
    The Securities and Exchange Commission approved a rule attributed to the Jumpstart Our Business Startups Act that could lead to abuse fostered during the dot-com era. The rule allows bank analysts to sit in on pitches of initial public offerings, possibly creating a conflict of interest. MarketWatch (16 Oct.) LinkedInFacebookTwitterEmail this Story
Watch the European Investment Conference live wherever you are
On 18 October watch Anatole Kaletsky tackle ‘Europe’s Economy and the Way Forward’, then hear German eurosceptic Markus Kerber take on French academic Catherine Lubochinsky to debate ‘The Future of the Euro’. On 19 October Nobel Laureate Robert Merton will discuss a new approach to macrofinancial risk.
  Financial Products 
New Thinking in Taxable Asset Allocation
Niall J. Gannon and Robert N. Gordon

Join us for a live broadcast from the Asset Allocation for Private Clients Conference on 17 October 2012 at 1:30 p.m. ET
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