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10 October 2012
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News on the global financial markets

  Morning Bell 
  Industry News 
  • IMF shows willingness to loan more to Europe
    The International Monetary Fund is receptive to making additional loans to crisis-plagued Europe, but no decisions have been made about how such loans would be structured, First Deputy Managing Director David Lipton said. "We're open to craft an approach that's appropriate to the circumstances of Europe," he said. The Wall Street Journal (09 Oct.) LinkedInFacebookTwitterEmail this Story
  • Draghi praises Greek progress but calls for more
    Although Greece has taken "perceptible and significant" steps to reform its economy, more remains to be done, European Central Bank President Mario Draghi said. "We see progress; we see a need for further work," Draghi told a committee of the European Parliament. Reuters (09 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • IOSCO recommends global rules for money market funds
    Money market funds would face global regulation under rules proposed by the International Organisation of Securities Commissions, as part of the Group of 20's focus on shadow banking. IOSCO said the standards would ensure industry integrity, although "implementation of some recommendations may need to be phased in, in order to avoid disruptive impacts on the [money market fund] industry and the functioning of the financial system at large". Business Standard (India) (09 Oct.), Reuters (09 Oct.), Bloomberg Businessweek (09 Oct.) LinkedInFacebookTwitterEmail this Story
  • European Parliament panel backs prison term for rate manipulators
    A minimum of five years in prison would be in order for traders who attempt to manipulate the London Interbank Offered Rate, stock indices or oil prices, according to a proposal that gained nearly unanimous support from the European Parliament's Economic and Monetary Affairs Committee. "It was a massive failing that we weren't able to prosecute some of these traders personally in the Libor case, because we don't have the law to cover it. That will change after today's vote," said Arlene McCarthy, who is steering the proposal through Parliament. Reuters (09 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Chinese central bank boosts liquidity with injection
    China's money markets received their second-biggest injection from the central bank, $42 billion, in a bid to tamp down lending rates. "The central bank seems to be scrambling to bring money market rates down in order to support growth," said Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Banking. Financial Times (tiered subscription model) (09 Oct.), Reuters (09 Oct.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2pm Eastern on FRIDAY to discuss a 28 September ruling by US District Judge Robert Wilkins in SIFMA's favour in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalised by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Mahmood Pradhan, IMF's mission chief for euro area, will deliver keynote address 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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--Virginia Woolf,
British writer

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