| News on the global financial markets |  |
| Morning Bell |  |  |
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- MiFID II worries European investment community, poll finds
AFME published a survey highlighting concerns among Europe's investment community regarding the revised Markets in Financial Instruments Directive. Market participants are worried the rules will increase the cost of issuing debt and reduce liquidity in the fixed-income market. About 56% of respondents to the Investor Survey of Fixed Income Liquidity said they are concerned MiFID II will adversely affect the fixed-income market. Financial News Online (U.K.) (subscription required)
(04 Feb.)      
| Industry News | | |
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- ICE credit-swaps futures reportedly will target default risk
IntercontinentalExchange intends for credit-swaps futures it has in the works to protect investors from default by underlying borrowers, sources say. The contracts, which might be available in April, are expected to involve companies that are current on debt payments. The credit-swaps futures reportedly will reference Markit Group indexes. Bloomberg Businessweek
(01 Feb.)
- Editorial: Europe must not squander time bought by ECB
Despite money flowing into the previously calamitous economies of Portugal, Ireland, Italy, Greece and Spain, the euro-zone sovereign-debt crisis is not over, according to The Washington Post editorial board. The European Central Bank's promise to buy bonds has created temporary stability, and nations must use that window to pursue structural reforms, the board writes. The Washington Post
(02 Feb.)
| Regulatory Roundup | | |
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- Opposition mounts to Europe's proposed transaction tax
Experts and industry groups are increasingly voicing opposition to a proposed tax on financial transactions in Europe. Noel Amenc, an EDHEC Business School professor, told EU Internal Market Commissioner Michel Barnier in a letter that the tax would increase the price of capital. "The theoretical arguments in support of [financial-transaction tax] as a measure to reduce volatility are, at best, mixed," Amenc wrote. The European Commission is scheduled to present a plan on 14 February. Financial News Online (U.K.) (subscription required)
(01 Feb.), Bloomberg
(01 Feb.)
| Spotlight on China | | |
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- China posts first capital-financial deficit since 1998
In 2012, China recorded a deficit of more than $100 billion for its financial and capital account. "This shows that China's balance of payments is returning to a normal state," said Liu Li-Gang of Australia and New Zealand Banking Group. The State Administration of Foreign Exchange cited weaker growth and worldwide "financial turbulence". Bloomberg
(02 Feb.)
| AFME News | | |
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- IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled on 13 February at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.
The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.
View the full programme and register.
- AFME inaugural flagship conference is announced: "Financing Growth"
AFME is pleased to announce its inaugural flagship conference, "Financing Growth: What the new world of regulation means for banks, capital markets and their users", scheduled on 24 September in London. The invitation-only conference will bring together as many as 500 senior decision-makers from Europe's financial industry, along with regulators and politicians, to discuss what needs to be done to enable capital markets to support growth and investment. Further details will be announced in February, including VIP speakers and the historic conference venue.
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