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22 October 2012
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News on the global financial markets

  Morning Bell 
  • Basel Committee will take a close look at securitisation
    The Basel Committee on Banking Supervision plans a review of how securitisation is regulated, said Secretary-General Wayne Byres. "What will come out before the end of the year will be more a concept paper than a detailed set of rules," he said. "It'll pose some questions." Bloomberg (22 Oct.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Lloyds works with AFME on business bank
    Mid-sized UK companies are the focus as Lloyds Banking Group works with AFME and the Department for Business, Innovation and Skills. They seek to work out ways to provide long-term financing for such enterprises, which lag behind German counterparts in productivity due to limited long-term funding. The UK effort is part of a business bank idea that Business Secretary Vince Cable proposed. The Telegraph (London) (20 Oct.) LinkedInFacebookTwitterEmail this Story
  • EU's CDS short-position ban takes a big toll in volume
    The net notional outstanding of EU sovereign-credit default swaps dropped to $112 billion from more than $140 billion at the height of the euro-zone crisis last year. The decrease was in anticipation of an EU ban on short positions as of 1 November. "The regulations are causing a natural compression in notionals right now as people get their heads around the relatively fluid developments from the regulators," one head of sovereign CDS trading at a European bank said. "The market will and should err on the defensive side -- the last thing anyone wants is to appear on the front of the newspaper accused of flouting the rules." Thomson Reuters/IFR Asia (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • FX market loses confidence in central banks' stimulus efforts
    JPMorgan Chase's G7 Volatility Index declined to a five-year low, a signal that the foreign-exchange market's confidence is waning over the abilities of central banks to bolster the global economy. Average daily forex volume was down 39% in September, compared with September 2011, according to the EBS trading platform from ICAP. Bloomberg (22 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • UK regulators are poised to tackle high-speed trading
    Vince Cable, the UK's secretary of state for business, innovation and skills -- spurred by a recent report on high-frequency trading -- is ready to seek better risk management of computer trading. The notion is that while algorithmic trading has enhanced liquidity, it falters when it is most needed, such as during a crisis. The Telegraph (London) (20 Oct.) LinkedInFacebookTwitterEmail this Story
  • EU leaders agree on wide authority for ECB but little else
    EU leaders agreed late last week to give the European Central Bank broad authority to regulate banks beginning next year, but nearly all the major details were left to be decided. A banking union is the goal, but when that will happen is unknown. All 27 EU countries must approve the banking union plan. Reuters (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK bank regulators adopt hands-on approach
    The Financial Services Authority's Andrew Bailey said the increase in capital buffers required of British banks has made them safer and allows regulators to experiment with ways to encourage lending. Financial Times (tiered subscription model) (21 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China's yuan steadily replaces US dollar in East Asia
    Many emerging market countries, concerned that the US Federal Reserve's policies are destabilising their economies, are linking local currencies to China's yuan, displacing the US dollar as the key international currency, according to the Economist. "The greenback has in the past played a dominant role in East Asia," the magazine notes. "But if anything, the region is now on a yuan standard." The Economist (20 Oct.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Peter Spiegel, Brussels bureau chief for Financial Times, is confirmed as closing keynote speaker at 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
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  ASIFMA News 
  SmartQuote 
The importance of money flows from it being a link between the present and the future."
--John Maynard Keynes,
British economist


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