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26 October 2012
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News on the global financial markets

  Morning Bell 
 
  • 9 more major banks reportedly receive subpoenas regarding Libor
    New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen subpoenaed nine of the largest banks in the world as part of an inquiry into possible manipulation of the London Interbank Offered Rate, a source said. The officials reportedly are investigating Credit Suisse, Lloyds Banking Group, Bank of Tokyo-Mitsubishi UFJ, Bank of America, Societe Generale, Royal Bank of Canada, WestLB, Norinchukin Bank and Rabobank Groep. Seven other banks previously received subpoenas. Financial Times (tiered subscription model) (26 Oct.), The Wall Street Journal (25 Oct.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Ireland is on fiscal target this year, troika says
    Although longer-term obstacles remain, Ireland is on course to reach 2012 fiscal targets, its creditors said. "Revenues remain ahead of profile in the first three quarters of 2012, which, together with expenditure restraint in several areas, has offset expenditure overruns in the health sector, and also on social welfare owing to higher unemployment," according to the EU, the European Central Bank and the International Monetary Fund. Reuters (25 Oct.), The Wall Street Journal (25 Oct.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • EU weighs position-limit rule for commodity derivatives
    Going beyond EU draft law presented last year, a compromise plan being considered would restrict the number of commodity-derivatives contracts that traders could enter. However, the position-limit rule, drafted by Cyprus, which is holding the EU presidency, would not apply when businesses use derivatives to hedge against investment losses. Bloomberg Businessweek (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • FSB prefers structured approach to legal-entity identifiers
    The Financial Stability Board decided to go with a structured approach to legal-entity identifiers. SIFMA supports the idea. "We're comfortable with the structured approach," Managing Director David Strongin said. Depository Trust & Clearing and the Society for Worldwide Interbank Financial Telecommunication, which have been issuing numbers since August for the Commodity Futures Trading Commission, have been using a random approach for LEIs. Securities Technology Monitor (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Japanese banks expect to reduce business amid US derivatives rules
    Japanese banks apparently will not refuse to register with US regulators in response to Dodd-Frank Act rules governing derivatives. However, as with other Asian banks, a pullback in trading with US counterparts seems likely. "We'll lean towards avoiding transactions with our US partners, at least in the initial phase," said the head of derivatives trade at a major Japanese bank. The Wall Street Journal (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • FSA's Wheatley pushes harsher jail sentences for market abuse
    Martin Wheatley, managing director of the UK Financial Services Authority, called for tougher prison sentences for those who manipulate the London Interbank Offered Rate and practise other types of market abuse. Stricter sentences would encourage suspects to cooperate with authorities, Wheatley said. "If the sentencing was higher, we would have more people coming forward to us to want to cooperate with us, and that level of cooperation is what allows us to cut through these things quickly," Wheatley said. Reuters (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Italian regulator says transaction tax will boost hedging costs
    Italy's stock market regulator said the government's financial-transaction tax will make hedging against risk more expensive. The levy is 0.05% of most transactions, including derivatives. Ultimately, the tax will curb excessive risk taking, officials said. Reuters (25 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • S&P: Slowing Chinese economy to stress-test banks
    Chinese banks' balance sheets are about to show the effects of a rising number of corporate defaults and narrower net-interest margins as the country's economy slows, warns Standard & Poor's. The ratings agency says more challenging operating conditions over the next few years will test many banks, with smaller ones likely to face consolidation pressures. China Daily (Beijing) (25 Oct.), Caijing Magazine online (25 Oct.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Last chance to register: Less than 3 weeks to go before 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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