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04 October 2012
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News on the global financial markets

  Morning Bell 
  • France plans to move forward with ring-fencing banks
    French Finance Minister Pierre Moscovici said the government aims to write legislation that would separate investment banking from retail banking by year-end. Such ring fencing was a core pledge of President Francois Hollande during his election campaign. Reuters (03 Oct.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Portuguese agency exchanges 2013 bonds for 2015 debt
    Portugal's debt agency, IGCP, successfully exchanged bonds that mature in 2013 for securities due in 2015. The move reduced repayment obligations next year. "If we see this exchange as a market test, I'd say that Portugal passed," said Filipe Silva, who manages securities at Banco Carregosa. Bloomberg Businessweek (03 Oct.) LinkedInFacebookTwitterEmail this Story
  • Swiss exchange rebuffs overture from Deutsche Boerse
    SIX Swiss Exchange told Deutsche Boerse that it has unanimous shareholder support to thwart a takeover. "We want to remain independent," SIX Chairman Peter Gomez said. The Swiss bourse determined that a merger would not provide economies of scale necessary to contain costs. Reuters (03 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EU banks must keep up capital reserves, EBA says
    Capital cushions built up by banks during the financial crisis will need to be maintained well into the future, the European Banking Authority said. The idea is "to constrain banks' actions in the coming years", Chairman Andrea Enria said. "We don't want banks to use [newly acquired capital] to do buybacks or excessive dividends." Reuters (03 Oct.), The Wall Street Journal (03 Oct.) LinkedInFacebookTwitterEmail this Story
  • Derivatives benchmark should be reconsidered, UK official says
    The European Parliament's rejection of proposals to compile reference-point interest rates for derivatives is unfortunate from a "pro-stability" standpoint and should be reconsidered, UK Treasury Minister Greg Clark said. "I would urge the European Parliament to reflect again whether it is sensible to delete these provisions," Clark said. "They are important to the single market and all the economic benefits this represents." Bloomberg (03 Oct.) LinkedInFacebookTwitterEmail this Story
  • Van Rompuy presses for EU budget controls with more teeth
    European Council President Herman Van Rompuy wants EU members to back budget-coordination measures with more teeth to enforce them. In return for euro-zone governments handing some budgetary powers to the EU, member states would be offered assistance when economic downturns put their finances under stress, according to a draft report prepared for an EU summit. EuroPolitics.info (Brussels) (subscription required) (03 Oct.), Reuters (03 Oct.) LinkedInFacebookTwitterEmail this Story
  • Law is needed for economic crime, UK Labour says
    The UK Labour Party wants to see an economic-crime law. Shadow Home Secretary Yvette Cooper said such a law would make it easier to bring people to justice. "Look at the [London Interbank Offered Rate] scandal that emerged this summer: It is a multibillion-pound fraud," Cooper said. "People were fiddling figures to get rich, while small businesses paid the price. Yet no one has been arrested." The Guardian (London) (02 Oct.), Bloomberg Businessweek (03 Oct.), Financial Times (tiered subscription model) (02 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  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 
Dream no small dreams for they have no power to move the hearts of men."
--Johann Wolfgang von Goethe,
German writer, artist and politician


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