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31 October 2012
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News on the global financial markets

  Morning Bell 
  • FSB urges more bank transparency
    The Financial Stability Board called for more transparency from banks regarding how well they stand up to Basel III capital rules and internal stress tests. "Rebuilding investors' confidence and trust in the banking industry is vital to the future health of the financial system," said a task force of the FSB, which also urged disclosure of off-balance-sheet entities. Complex accounting practices and such entities have been used in the past to avoid regulatory scrutiny. Bloomberg (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Q3 results raise hopes for European banks
    A post-crisis turnaround might be dawning in the European banking industry, investors concluded after seeing better-than-expected third-quarter results. "A lot of [banks] have done a lot of restructuring already, and that means we're seeing a turnaround," said Chris Zwermann, global strategist at Zwermann Financial. CNBC (30 Oct.) LinkedInFacebookTwitterEmail this Story
  • Italian borrowing costs decrease
    In a bond sale, Italy's cost of borrowing declined to its lowest level in more than a year, proving relief for the country and success of the European Central Bank's pledge to defend the euro. After the sale of five- and 10-year bonds, Italian debt chief Maria Cannata said she sees "no problems regarding sustainability" for public finances. The Wall Street Journal/Dow Jones Newswires (30 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • BIS official emphasises importance of global banking rules
    Concerns about the economic effect must take a back seat to compelling need for worldwide regulation to reduce risk and leverage, which could again imperil the financial system, said Stephen Cecchetti, chief economist at the Bank for International Settlements. "It is also really important that there be global agreement on the standards and that the standards be implemented uniformly and in a timely fashion; otherwise, you run a risk of a race to the bottom," Cecchetti said. The Wall Street Journal (30 Oct.) LinkedInFacebookTwitterEmail this Story
  • ECB covered-bond programme fades
    About €16 billion of €40 billion earmarked for the European Central Bank to buy covered bonds has been spent, and the programme is due to expire today. The programme was launched a year ago but was soon overshadowed by the ECB's long-term refinancing operations. The Wall Street Journal (30 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK has no qualms challenging euro-zone banking rules
    The UK, with the largest financial centre in Europe, says it is prepared to legally challenge any banking rules effectively imposed by euro-zone nations that would be perceived as a threat. "We should be vigorous in making use of the European Court of Justice to defend the positions that we have," Financial Services Minister Greg Clark told a parliamentary panel reviewing banking-union plans. Reuters (30 Oct.) LinkedInFacebookTwitterEmail this Story
  • CFTC nears final cross-border swaps rules
    The US approach to cross-border swaps trading will be finalised soon, said Gary Gensler, chairman of the Commodity Futures Trading Commission. He noted that the CFTC has always honoured regulations of other countries when those rules made sense. Concerns were raised this year when Gensler hinted that entities doing business with US companies and all overseas US entities would be subject directly to the Dodd-Frank Act. (29 Oct.) LinkedInFacebookTwitterEmail this Story
  • Australia pushes for transparency in OTC derivatives
    Regulators in Australia are increasing pressures on the $65 trillion derivatives industry. Market participants need to pursue greater transparency or face stricter regulation, officials say. About $180 billion in over-the-counter derivatives are transacted every business day, compared with $2 billion to $5 billion on the Standard & Poor's/ASX 200 index. The Sydney Morning Herald (Australia) (31 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Fund managers take another look at Chinese stocks
    China's stock markets might be due for a turnaround after three years out of favour with many investors, fund managers say. "We have seen so much negative sentiment on China that it doesn't take much positive news" to lift markets, said Andrew Milligan, head of global strategy at Standard Life Investments. (29 Oct.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Last chance to register for the AFME 7th Annual European Government Bond Conference -- 8 and 9 November in Brussels
    The European Government Bond Conference is the ONLY conference of its type, bringing together annually the whole community from the European sovereign-debt market. Participants include key senior representatives from all EU treasuries, central banks, regulators, investors and heads of government-bond trading at pan-European and US banks. Renowned for featuring high-profile speakers and a "by the industry for the industry" programme, the conference is a must-attend event for stakeholders in the government-bond market. Featuring interactive round tables to create informative and frank debate, the conference is an unrivalled opportunity to gather valuable information about what the market really thinks.

    Key topics to be discussed:
    • The Future of the Eurozone
    • Liquidity Provisions: The Market Maker Model Under Fire?
    • Credit Risk: Analysing and Hedging Sovereign Risk
    • Investor Trends: Developments in Liquidity and Portfolio Management
    • Past and Future of Eurozone Common Funding

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
  • Programme announced: AFME 4th Annual Spanish Funding Conference -- 27 November in Madrid
    AFME's 4th Annual Spanish Funding Conference is scheduled on 27 November at Uría Menéndez offices in Madrid. The conference will provide excellent networking opportunities, enabling delegates to hear from key industry figures and to strategically prepare for 2013 and beyond. The conference programme will encourage debate on the economic situation and the future of Spanish and European markets, including the role of securitisation and covered bonds in the recovery of the European economy. A networking reception will follow the conference, giving attendees a chance to discuss key topics of the day with peers. See further programme information and register. LinkedInFacebookTwitterEmail this Story
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--Sir Arthur Conan Doyle,
Scottish physician and writer

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