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12 March 2013
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News on the global financial markets

  Morning Bell 
  • Experts warn EU transaction tax would hurt repo market
    Industry experts are concerned about Europe's proposed tax on financial transactions and how it would affect the repo market. "The repo market will disappear," said Gabriele Frediani, head of MTS. Frediani says the tax could force the market to shrink by 99%. Reuters (11 Mar.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Barclays says Libor should be set by deals, not estimates
    Barclays supports tying benchmarks such as the London Interbank Offered Rate to actual transactions, instead of estimates. The bank says in a letter to the International Organisation of Securities Commissions that administrators of financial benchmarks should have little or no say in setting the level. "Reporting transactions or tradeable prices available to the market would serve to reduce conflicts, especially as trades are already subject to a clear and robust regulatory framework," according to the letter. Bloomberg (12 Mar.) LinkedInFacebookTwitterEmail this Story
  • Citi plans global revamp to focus on growth markets
    Citigroup CEO Mike Corbat, as part of a global overhaul, plans to shift resources from underperforming nations to countries where the bank is expanding. "These days, all banks have finite resources," said Jim Cowles, chief for Europe, the Middle East and Africa. "At Citi, we have prioritised countries we operate in, balancing where opportunities lie and where we are best positioned. We are focusing on what we do well and what our clients' needs are in each of our countries." International Financing Review (free content) (09 Mar.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Derivatives rules need gradual implementation, ESMA says
    European Securities and Markets Authority Chairman Steven Maijoor says derivatives rules need to be rolled out gradually, so implementation might extend into next year. "It is a phasing-in and this is only logical, because it is such an enormous change to the whole sector," Maijoor said. The first step is registering central counterparties. Reuters (11 Mar.) LinkedInFacebookTwitterEmail this Story
  • UK plans to follow international bank-leverage approach
    A panel of UK lawmakers has called on the government to impose tougher leverage requirements on banks, but officials are expected to resist that call. "Our view is that at this time, we should follow the international approach, to press for countries to have a power to set a higher ratio for 2018, following a review in 2017," said Greg Clark, financial secretary to the Treasury. Reuters (11 Mar.) LinkedInFacebookTwitterEmail this Story
  • Juncker: European reforms must not be allowed to falter
    Although the worst of the euro-zone debt crisis has passed, Europe must press ahead with structural reforms, former Eurogroup President Jean-Claude Juncker says. "We have kept Greece in the euro zone, introduced bailout mechanisms for the monetary union and established a European banking union," he said. "Nevertheless, I am concerned that the temporary calm on the financial markets could weaken the will for renewal." Der Spiegel (Germany) (English online version) (11 Mar.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  GFMA News 
  AFME News 
  • Early-bird registration is open: AFME 6th Annual European Post-Trade Conference
    Registration is open for AFME's 6th Annual European Post-Trade Conference, scheduled on 23 May at the Lancaster London hotel. This event brings together eminent speakers from across the industry, including senior operations executives and key regulators, and offers insights into crucial developments in the post-trade space and their impact on the industry.

    Register to secure your place.
    • Early-bird member rate (available until 11 April): £299
    • Early-bird nonmember rate: (available until 11 April): £609
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We are all worms. But I do believe that I am a glow-worm."
--Winston Churchill,
British prime minister

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