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02 October 2012
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News on the global financial markets

  Morning Bell 
 
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  Industry News 
  • Wider base for setting Libor might boost borrowing costs
    With smaller banks that have higher borrowing costs entering the club of institutions that set the London Interbank Offered Rate, borrowing rates are bound to go up, said James Edsberg of Gulland Padfield, a financial-services consultancy. One result might be increased stress on euro-zone nations that are already struggling with debt. Bloomberg (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • Spain reportedly is prepared to seek rescue from euro zone
    Abandoning a long-standing position that it doesn't need help with debt, Spain is prepared to accept a financial rescue and is eager to get the process started, euro-zone officials said. "The Spanish were a bit hesitant, but now they are ready to request aid," a senior European source said. Other euro-zone officials confirmed that Spain is no longer resisting aid. Reuters (01 Oct.), Irish Examiner (02 Oct.), City A.M. (London) (02 Oct.) LinkedInFacebookTwitterEmail this Story
  • Greece unveils optimistic budget as euro zone enters decisive month
    Greece's budget projects a surplus next year for the first time in more than a decade, but the economy is expected to record its sixth year of contraction, with shrinkage of 3.8%. The outlook for both figures is considered optimistic, however, and it is unclear whether the furious Greek population will tolerate further decline. The budget was unveiled as troubled euro-zone partner Spain weighs whether to seek a rescue and the region enters a crucial period of decision and possible unrest this month. The Globe and Mail (Toronto)/Reuters (01 Oct.), Bloomberg (01 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Liikanen group is expected to propose ring-fencing bank activities
    A group led by Erkki Liikanen, governor of the Bank of Finland, is expected today to make recommendations regarding the structure of European banks, such as ring-fencing investment activity from retail business. The group, appointed by the European Commission, is also expected to suggest that bankers' bonuses be paid in debt. The European Commission will consider the recommendations and could turn them into a formal legislative proposal. Financial Times (tiered subscription model) (01 Oct.), The Wall Street Journal (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • ECB's Coeure says Basel III might force collateral rethink
    Basel III and other banking rules could force the European Central Bank to alter its approach to collateral, said Benoit Coeure, a member of the ECB Executive Board. Had Basel III been in place at the end of 2011, EU banks would have been €1.17 trillion short of required assets to meet liquidity standards. Nevertheless, Europe has plenty of collateral overall, Coeure said. Bloomberg Businessweek (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • Future holds more intrusive regulations, FSA official says
    Sheila Nicoll, policy director of the UK Financial Services Authority’, said the industry needs to gird itself for a wave of intrusive rules as regulators focus on potential risk in products, fee scales and business models. Nicoll said regulations are coming not only from the UK but also the rest of the world. Financial News Online (U.K.) (subscription required) (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • Other News
  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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  SmartQuote 
A rock pile ceases to be a rock pile the moment a single man contemplates it, bearing within him the image of a cathedral."
--Antoine de Saint Exupéry,
French poet, writer and aviator


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