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28 November 2012
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  • Obama kicks off public campaign to avert "fiscal cliff"
    U.S. President Barack Obama will go on the road this week to lead a series of campaign-style rallies aimed at building support for his proposals to avert the "fiscal cliff," administration officials said. The public relations campaign is intended to put pressure on Congress to reach agreement on legislation to prevent tax increases and spending cuts from automatically taking effect Jan. 1, they said. The Washington Post (27 Nov.), CNN (28 Nov.), USA Today/The Oval blog (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • ECB might have to release data on Greece's debt cover-up
    A European court is poised to rule on whether the European Central Bank must disclose documents showing how Greece concealed debt by using derivatives. Bloomberg News sued the ECB under freedom-of-information rules, challenging the central bank's efforts to keep actions hidden. Bloomberg (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Easy money in U.S. sparks capital controls overseas
    South Korea rolled out a round of capital controls aimed at curbing foreign exchange forwards allowed on banks' balance sheets, which is expected to hamper banks' ability to act as counterparties for rapid capital inflow. Such inflow can be attributed to the Federal Reserve, but capital controls overseas could come back to haunt the U.S., according to The Wall Street Journal. The Wall Street Journal (27 Nov.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • Asian-Pacific markets slide amid "fiscal cliff" talk
    Asian-Pacific markets were down Wednesday as investors considered the consequences if the U.S. fails to avert the "fiscal cliff." Japan's Nikkei 225 dropped 1.2%. South Korea's Kospi slid 0.7%. Australia's S&P/ASX 200 edged down 0.2%. Hong Kong's Hang Seng Index lost 0.6%. Taiwan's Taiex edged up 0.1%. China's Shanghai Composite dropped 0.9%. India's Sensex was closed for a holiday. MarketWatch (28 Nov.) LinkedInFacebookTwitterEmail this Story
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  CFA Institute in the News 
  Economics 
  • OECD warns about Europe as it cuts growth forecasts
    The Organization for Economic Cooperation and Development lowered its forecasts for global economic growth, noting that the eurozone debt crisis is the greatest threat. "The U.S. fiscal cliff is a very important source of concern, but the greatest downside risk remains the eurozone," Chief Economist Pier Carlo Padoan said. The OECD says that if leaders fail to resolve the debt crisis, central banks must be prepared for more monetary easing. Reuters (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers need high tech to attract young clients
    If financial advisers want to bring in young, wealthy clients, they're going to have to use a high-tech approach to prospecting, according to a study by SEI, Scorpio Partnership, and Standard Chartered Private Bank. The "futurewealthy," younger investors with significant wealth and a good chance of accumulating more, spend three hours a day of personal time and three hours a day at work online, the study found. Financial-Planning.com (27 Nov.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • Carney's record in Canada signals future at BoE
    Edwin Truman, a senior fellow at the Peterson Institute for International Economics, says that with Mark Carney as governor, "tough rules with some discretion as opposed to tough rules with no discretion" will be the norm at the Bank of England. Coming from a highly regarded tenure at the Bank of Canada, Carney has a reputation for requiring banks to reduce risk, even if it cuts into profit. Reuters (27 Nov.), The Wall Street Journal/The Source blog (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • Incoming SEC chief will face many challenges
    Elisse Walter, the successor to Mary Schapiro as head of the Securities and Exchange Commission, will start her tenure next month and will immediately face a number of issues, such as the back-and-forth over regulation of money market mutual funds and Dodd-Frank rules not yet finalized. Also, unless U.S. President Barack Obama renominates her and the Senate approves, her term will end in one year. Reuters (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • Basel III won't be postponed, official says
    With many jurisdictions ready to go, Basel III capital rules for banks will take effect Jan. 1 as scheduled, said Wayne Byres, secretary general of the Basel Committee on Banking Supervision. "We are persisting with the date, and those not ready on Jan. 1 can be ready thereafter," Byres said. Reuters (27 Nov.) LinkedInFacebookTwitterEmail this Story
  • Regulator demands safeguards for money market funds
    The Financial Stability Oversight Council, the new U.S. systemic-risk watchdog, is steadfast in demanding safeguards that would prevent runs on money market funds from triggering another financial crisis, according to The Economist. If the Securities and Exchange Commission doesn't act, the council could do the job itself. "One option that's clearly off the table is another Treasury guarantee like that in 2008: Congress has since outlawed it," the magazine notes. The Economist (24 Nov.) LinkedInFacebookTwitterEmail this Story
  • N.Y. Fed: Ruling puts $2.6 trillion payment system at risk
    The Federal Reserve Bank of New York warned that a judge's ruling against Argentina in a case involving defaulted bonds risks paralyzing the Fed's largely automated payment system. Consequences could be significant because the system processes an average of $2.6 trillion in transactions daily. Forbes (26 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • 3 precious-metal ETFs are introduced by ETF Securities
    ETF Securities launched exchange-traded funds investing in gold, silver and platinum on the Hong Kong stock exchange. The ETFs hold metal in physical form in vaults managed by custodian HSBC Holdings. They also invest in other funds. ETF Securities says bullion complies with "good delivery" standards established by the London Bullion Market Association or the London Platinum and Palladium Market. IndexUniverse.eu (27 Nov.), Xinhuanet.com (China) (27 Nov.) LinkedInFacebookTwitterEmail this Story
  Ethics 
  • Execs profit from trades ahead of announcements, review shows
    Executives who trade their company's stock in the week before an important announcement are almost twice as likely to post a profit than a loss, according to a review of trades since 2004 by The Wall Street Journal. Insiders who dip irregularly in and out of their company's stock make a quicker profit than those whose trading follows a predictable annual pattern, the newspaper found. The Wall Street Journal (27 Nov.) LinkedInFacebookTwitterEmail this Story
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