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20 December 2012
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News on the global financial markets

  Morning Bell 
 
  • Basel plan treats securitisations unfairly, experts say
    Market participants are expressing concerns about a Basel Committee on Banking Supervision consultation regarding securitisation. At issue is the uniform amount of capital that banks must hold against various securitisations. There is "concern that once again, policymakers may have fallen into the trap of characterising all securitisations with the poor performance of certain markets during the crisis, namely US subprime and [collateralised debt obligations]", said Richard Hopkin, a managing director at AFME. Reuters/International Financing Review (19 Dec.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Buy side seeks clearinghouse clarity on segregated accounts
    Precise terms of segregated accounts have not been forthcoming from European clearinghouses, the Investment Management Association says, pointing out difficulties this raises for the buy side in preparing for swaps legislation. "Clearinghouses have been working on a client account that offers the highest level of security for assets and positions since last year, but none are ready yet," Director of Markets Jane Lowe said. "Some on the buy side want to adapt to the new clearing regime now, but [central counterparties] have not yet established the details of these fully segregated account." The Trade News (U.K.) (19 Dec.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
 
  • European Commission unveils AIFMD, adopts OTC derivatives rules
    The European Commission has published the Alternative Investment Fund Managers Directive, which details rules for hedge funds, private equity, real estate and other parts of the asset-management industry. The commission also announced that it has adopted rules governing trade repositories, central counterparties and over-the-counter derivatives. "The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our [Group of 20] commitments," Internal Market Commissioner Michel Barnier said. "This will improve transparency in the trading of derivatives." Financial News Online (U.K.) (subscription required) (19 Dec.), New Europe (19 Dec.) LinkedInFacebookTwitterEmail this Story
  • Court sides with Milan in derivatives case against 4 banks
    An Italian court ruled that four banks defrauded Milan when they sold derivatives. Deutsche Bank, Depfa Bank, JPMorgan Chase and UBS were found guilty of lying about risks and thereby making €100 million in illicit profit. The court ordered that €90 million be seized, and each bank was fined €1 million. The outcome might hold precedence for lawsuits pertaining to derivatives deals gone sour. Reuters (19 Dec.) LinkedInFacebookTwitterEmail this Story
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Is life not a hundred times too short for us to stifle ourselves?"
--Friedrich Nietzsche,
German philosopher


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