Cypriot lawmakers reject levy on depositors and aid package | Global banks boosted reserves during first half of 2012 | UBS plans to withdraw from Euribor-setting panel
Web Version
 
20 March 2013
GFMA SmartBrief
News on the global financial markets
SIGN UP|FORWARD|ARCHIVE|ADVERTISE

Morning Bell
ECB's transition into bank supervisor moves forward
EU lawmakers have struck a deal with national governments on legislation to give the European Central Bank authority as a banking supervisor. "This is the largest step toward integration since the euro," said Sven Giegold, a member of the European Parliament involved in the negotiations. "It will break with the culture of soft-touch regulation." The deal also bolsters the European Banking Authority's power to ask national regulators for information. Bloomberg (19 Mar.), The Washington Post/The Associated Press (19 Mar.), Reuters (19 Mar.), The Wall Street Journal/Dow Jones Newswires (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
How Much Do You Really Need to Make? The Answer May Shock You
Rather than focus on what you can afford to pull out of the business to cover your living expenses, you need to focus on how much you need to earn at your business in order to afford the lifestyle you want to have. This is where the Personal Earnings Goal, or PEG, comes into play. Learn how to calculate your PEG and find out how much you really need to make.

Industry NewsSponsored By
Cypriot lawmakers reject levy on depositors and aid package
The Cypriot parliament has overwhelmingly rejected terms of a rescue by the EU and the International Monetary Fund. The terms included a levy on bank depositors. Accounts with €20,000 or less would have been exempt, but that wasn't sufficient for lawmakers. EuroNews.net (France) (19 Mar.), Spiegel Online (Germany) (19 Mar.), European Voice (Brussels) (free registration) (19 Mar.), The Moscow Times (20 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Global banks boosted reserves during first half of 2012
During the first six months of 2012, the largest 101 banks in the world raised their core reserves by about €166 billion, according to the Basel Committee on Banking Supervision. Had Basel III been in force, the banks would have needed an additional €208.2 billion to meet capital rules. Christine Lagarde, managing director of the International Monetary Fund, says the pace of Basel III implementation "has been adjusted intentionally to support banks on the mend". Bloomberg (19 Mar.), Financial Times (tiered subscription model) (19 Mar.), The Wall Street Journal (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
UBS plans to withdraw from Euribor-setting panel
UBS says it will withdraw from the panel that sets the Euro Interbank Offered Rate. "We have decided to withdraw from the Euribor panel and to focus on our core funding markets, Swiss franc and US dollar," a spokesman said. UBS previously pulled out of the Australian rate panel, while Rabobank announced in January that it would no longer participate on the Euribor panel. Reuters (19 Mar.), Bloomberg (19 Mar.), The Wall Street Journal (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Transformational Journeys: Modern Business Planning
Harvard Business Review explores why CFO's and their finance organizations must adapt to the changing landscape of their markets and how big data, organizational collaboration, and new cloud-based planning and analysis technologies are driving successful change.
Click here to access the report.

Regulatory Roundup
Derivatives groups want IOSCO to take lead in overhaul
Officials from major derivatives associations are calling on the International Organisation of Securities Commissions to take a leading role in resolving concerns about cross-border application of certain rules. Financial Times (tiered subscription model) (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Transaction tax wouldn't hurt UK, EU official says
A financial-transaction tax under consideration for 11 euro-zone countries would not hurt the London banking sector, says Manfred Bergmann, the European Commission's director of indirect taxation. "There is no extra burden on nonparticipating member states to collect the tax," he told a UK parliamentary panel. "Will the City of London be forced to collect tax for Germany and France? No." Reuters (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
ESMA reportedly will gain power to force banks to set benchmarks
The European Securities and Markets Authority might become the first EU institution that can force banks to submit prices to help set benchmarks such as the London Interbank Offered Rate. The move comes as banks exit rate-setting panels in the wake of manipulation investigations. Financial News Online (U.K.) (subscription required) (18 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Draghi discusses fragmentation of Europe's financial market
European Central Bank President Mario Draghi says the central bank's single monetary policy has become fragmented because of fragmentation in the financial market. "As you will be aware, the disruptive effects of severe fragmentation in the single financial market have tangible consequences, such as diverging funding costs for banks," Draghi said. "This has resulted in the uneven transmission of our interest-rate reductions to firms and households across the euro area. For this reason, the ECB has had to identify the most effective policy tools for repairing these disruptions, while remaining within its mandate." Reuters (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Banks want BoE's Funding for Lending Scheme widened
UK Business Secretary Vince Cable recently asked the industry about ways to improve the Bank of England's Funding for Lending Scheme. Banks say they would like the initiative broadened to include more collateral and an expanded range of companies. Bloomberg (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
Sign up for SmartBrief on Social BusinessGet this daily email summary written by expert editors
As a valued SmartBrief reader, we are pleased to offer you a complimentary subscription to SmartBrief on Social Business. More than 90,000 of your peers count on this resource for essential news on the intersection of social media and business. Activate your free subscription today.

Spotlight on China
FDI is back on the upswing in China
Foreign direct investment in China increased 6.3% last month compared with February 2012, and more gains are projected after nine months in which FDI stagnated. Economist Stephen Roach says China is witnessing an economic rebound after reaching a nadir in September. "I expect progressive strengthening over the course of the year, especially if the external climate starts to improve on the heels of a gradual pickup in global growth," Roach said. Bloomberg (18 Mar.), Xinhuanet.com (China) (19 Mar.), China Daily (Beijing) (19 Mar.)
Share: LinkedIn Twitter Facebook Google+ Email
GFMA News
GFMA webinar: "Global LEI Developments and Deadlines" -- 8am Eastern on THURSDAY
GFMA will host a webinar to help financial-market participants prepare for the critical implementation of a global legal-entity identifier. Recently, there have been important developments from the US Commodity Futures Trading Commission, global regulators and the LEI Regulatory Oversight Committee. Further, important deadlines under the CFTC's reporting and record-keeping rule for swaps are quickly approaching. Participate in this timely webinar to receive expert summary and analysis of the latest regulatory developments and initiatives.
Share: LinkedIn Twitter Facebook Google+ Email
AFME News
Early-bird registration is open: AFME 6th Annual European Post-Trade Conference
Registration is open for AFME's 6th Annual European Post-Trade Conference, scheduled on 23 May at the Lancaster London hotel. This event brings together eminent speakers from across the industry, including senior operations executives and key regulators, and offers insights into crucial developments in the post-trade space and their impact on the industry.

Register to secure your place.
  • Early-bird member rate (available until 11 April): £299
  • Early-bird nonmember rate: (available until 11 April): £609
Share: LinkedIn Twitter Facebook Google+ Email
SmartQuote
Quality is not an act, it is a habit."
-- Aristotle,
Greek philosopher
Share: LinkedIn Twitter Facebook Google+ Email
Learn more about GFMA ->GFMA | AFMA | ASIFMA | SIFMA
Subscriber Tools
Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
 
Lead Editor:  Bridget Lux
Advertising:  Abiy Bekele
  P: 919.931.5915
 
 

Download the SmartBrief App  iTunes / Android
iTunes  Android
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2013 SmartBrief, Inc.®
Privacy policy |  Legal Information