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11 October 2012
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  Top Stories 
  • Libor is expected to lose prominence as industry shifts
    Although pending measures should provide more transparency and accountability, the London Interbank Offered Rate is expected to lose its status as a key derivatives benchmark. The shift is expected to be gradual because of complexities in changing existing contracts and adopting standards. The Trade News (U.K.) (10 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Asian-Pacific markets slide after Spain's debt is downgraded
    Asian-Pacific markets fell Thursday after the downgrade of Spain's credit rating added to concerns about U.S. corporate earnings. Japan's Nikkei 225 gave up 0.6%. Australia's S&P/ASX 200 slid 0.2%. South Korea's Kospi fell 0.8%. China's Shanghai Composite lost 0.8%. India's Sensex was down 0.2% shortly after midday. Hong Kong's Hang Seng Index bucked the trend to advance 0.4%. MarketWatch (11 Oct.), (India) (11 Oct.) LinkedInFacebookTwitterEmail this Story
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  • Residential foreclosures fall to 5-year low in U.S.
    Easing fears that a flood of lender-owned homes might cripple the U.S. housing recovery, residential foreclosures fell to 180,427 properties in September, 16% below the figure for September 2011, data provider RealtyTrac said. Foreclosures have declined nine quarters in a row. USA TODAY (11 Oct.), Bloomberg (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • Analysis: China tightens grip on economy
    The International Monetary Fund said eliminating China's inefficient state-owned enterprises would eventually increase individual income tenfold. However, China is instead using state-owned businesses to squeeze out foreign firms and privately owned domestic companies, according to The Economist. "American firms grouse that in markets such as electric cars, foreigners are strong-armed verbally by officials into conceding intellectual property to joint-venture partners," the magazine notes. The Economist (06 Oct.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers struggle to build client base, survey finds
    The financial-advisory business is enjoying a healthy recovery from the recession, but it isn't having much success adding customers, according to a survey conducted for InvestmentNews. Advisers' profitability increased 24% between 2009 and 2011, but assets under management were flat, the survey found. InvestmentNews (free registration) (09 Oct.) LinkedInFacebookTwitterEmail this Story
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  • Financial-transaction tax could exacerbate European division
    A group of 11 eurozone countries agreed to move forward with a tax on financial transactions, although the levy is expected to take some time to introduce. The move threatens to drive more trading from Frankfurt, Germany, and other eurozone financial hubs to London, widening a division in Europe. Reuters (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • BoE official urges more investor input in bank-reform talks
    Proposed banking reforms, including limits on leverage used by investors, should be generating more investor input into global negotiations regarding the industry, said Robert Jenkins, a member of the Bank of England's Financial Policy Committee. "What stakeholder group other than the investment-management industry has the combination of financial expertise, credibility and clout sufficient to counterbalance the banks and so better shape the outcome of the debate?" Jenkins said. Financial News Online (U.K.) (subscription required) (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • Lawmakers question CFTC's priorities; Gensler supports appeal
    Four House Republicans signed a letter to Commodity Futures Trading Commission Chairman Gary Gensler expressing concern about the agency's efforts, particularly a move to introduce position limits for commodities. A U.S. judge blocked the CFTC's position-limit rule last month. "The commission's limited financial resources spent promulgating and defending the position limits rule demonstrates a serious mismanagement of the agency's priorities," the lawmakers wrote. Meanwhile, Gensler said he would support appealing the ruling, noting that the rule was drafted at the direction of Congress. Bloomberg Businessweek (10 Oct.), The Hill/On the Money blog (10 Oct.), Reuters (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • Groups fight SEC proposal to allow private-placement advertising
    The Consumer Federation of America and the North American Securities Administrators Association are among groups pushing the Securities and Exchange Commission to keep a ban on advertising for private placements. The groups, which contend ending the ban would put investors at risk, say they might take the SEC to court. Reuters (10 Oct.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • American Funds prepares 3 bond mutual funds
    American Funds, which manages mutual funds for The Capital Group, plans to introduce three mutual funds in 2013, each taking a different approach to fixed-income investing. Debt to be purchased are Treasury Inflation-Protected Securities, global high-yield bonds and global investment-grade bonds, the company said. InvestmentNews (free registration) (09 Oct.) LinkedInFacebookTwitterEmail this Story
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