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30 October 2012
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News on the global financial markets

  Morning Bell 
  • Closure of US markets reverberates in Europe
    Hurricane-related market closures Monday in New York, which will extend into today, are cutting sharply into trading volumes in Europe, revealing the trendsetting status of US markets. "European markets are looking for direction in the absence of Wall Street being there to provide it," said Richard Hunter, head of equities at Hargreaves Lansdown. "The market closure could extend out [today], or even Wednesday, depending on the severity of the storm. Uncertainty and the costs it will bring will not help matters." Financial News Online (U.K.) (subscription required) (29 Oct.), Bloomberg Businessweek (29 Oct.), The Wall Street Journal/Dow Jones Newswires (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Clearing needs to focus on portability, experts say
    Market participants say there are several wrinkles to iron out in European rules for central-counterparty clearing, particular how a bankrupt broker's assets are distributed among parties. Porting relatively low-risk positions between counterparties with good credit raises little concern, SwapClear CEO Michael Davie said. It's when large positions from a less creditworthy clearing member come into play that needs attention. Financial News Online (U.K.) (subscription required) (29 Oct.) LinkedInFacebookTwitterEmail this Story
  • Buy-side firms lag in ability to meet reconciliation rules
    Six in 10 buy-side firms, interdealer brokers and investment banks have not launched real-time reconciliation and are unlikely to be prepared to do so by the end of next year, as required by impending regulations, according to a report by Gresham Computing. "The vast majority are struggling to on-board new financial transactions in a timely and cost-effective way, and many are still using workaround in Excel," Development Director Neil Vernon said. The Trade News (U.K.) (29 Oct.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • G-20 is asked to hold EU and US accountable on Basel III
    With the US and the EU home to 23 of 29 banks regarded as systemically important, global regulators called on Group of 20 nations to demand the reason Washington and Brussels have seen fit to dilute key parts of Basel III rules. The Basel Committee on Banking Supervision emphasised a need for consistent implementation worldwide in substance and according to an agreed timetable. The committee also said it will look into different ways banks calculate risk. Bloomberg (29 Oct.), Reuters (29 Oct.), The Wall Street Journal (29 Oct.) LinkedInFacebookTwitterEmail this Story
  • OTC clearing plans have too many loopholes, IMF official says
    Over-the-counter derivatives trades set for exemption from EU and US clearing requirements present danger, market participants say. Such exemptions primarily involve entities such as sovereign-wealth funds and local municipalities. "Noncleared trades are a time bomb," said Manmohan Singh, a senior economist at the International Monetary Fund. "The amount of noncleared OTC trades is a huge topic." Financial News Online (U.K.) (subscription required) (29 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China's QDII funds switched to profits in Q3
    Returns for China's Qualified Domestic Institutional Investors swung to substantial profits in the third quarter, reversing losses in Q2. Wang Guangguo, a senior analyst at Haitong Securities, attributed the performance to easier monetary policies and rescue programmes in the West, cancelling worries generated by the euro-zone debt crisis in Q2. (China) (28 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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I often think that the night is more alive and more richly coloured than the day."
--Vincent van Gogh,
Dutch painter

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