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06 February 2013
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News on the global financial markets

  Morning Bell 
  • BaFin and Bundesbank differ on rate-setting reform
    Germany's financial regulator and central bank have taken opposite sides of the debate on how to reform benchmarks such as the London Interbank Offered Rate. BaFin says the system might need to be changed, while the Bundesbank thinks better reporting will fix the problem. Reuters (05 Feb.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • European companies issue record volume of convertible bonds
    Companies in Europe issued a record number of convertible bonds last month, prompted by rising stock markets and investor concern about the how long the rally will last. "If you are not completely sure how any of these very big issues are going to be resolved, whether short term or long term, or how the market will react to it, then you need to be in converts," said Maxime Perrin of Lombard Odier Investment Managers. Reuters (05 Feb.) LinkedInFacebookTwitterEmail this Story
  • NYSE Euronext posts profit plunge, says ICE deal is on track
    NYSE Euronext says weak trading drove its fourth-quarter profit down 75%, but its takeover by IntercontinentalExchange is still on track to be completed in the second half of the year. "We are focused on building momentum in our business prior to closing the deal with ICE," CEO Duncan Niederauer said. Fox Business (05 Feb.), Reuters (05 Feb.) LinkedInFacebookTwitterEmail this Story
  • Japanese bourse eyes international partnership
    Japanese Exchange Group is open to an international deal, CEO Atsushi Saito says. "We are waiting for a proposal from those who have a wide scope of business and big market share," Saito said. The company hopes to attract interest from CME Group, Deutsche Boerse, BM&FBovespa or Korea Exchange, he says. Bloomberg (05 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Loan repayment shrinks ECB balance sheet
    Hundreds of banks took the earliest opportunity to pay back European Central Bank loans, bringing the ECB's balance sheet to its lowest level in 11 months. As a result, the euro has climbed more than 3.5% against the US dollar since early January. Bloomberg (05 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  GFMA News 
  • Special event: The Future of Global Financial Benchmarks -- 28 February in NYC
    SIFMA invites you to join our global affiliate, GFMA, to hear from Gary Gensler, co-chairman of the International Organisation of Securities Commissions' Board Level Task Force on Financial Benchmarks, in advance of IOSCO guidance expected this spring. Experts will provide an overview of GFMA's Principles for Financial Benchmarks, a collaborative effort by financial institutions worldwide, as well as market implications of change. The financial industry is committed to taking concrete steps to ensure structural changes be made to restore the trust and confidence so vital to effective functioning of markets. Join us to learn more. LinkedInFacebookTwitterEmail this Story
  AFME News 
  • IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
    The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled on 13 February at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.

    The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
  • AFME inaugural flagship conference is announced: "Financing Growth"
    AFME is pleased to announce its inaugural flagship conference, "Financing Growth: What the new world of regulation means for banks, capital markets and their users", scheduled on 24 September in London. The invitation-only conference will bring together as many as 500 senior decision-makers from Europe's financial industry, along with regulators and politicians, to discuss what needs to be done to enable capital markets to support growth and investment. Further details will be announced in February, including VIP speakers and the historic conference venue. LinkedInFacebookTwitterEmail this Story
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Our business in life is not to succeed, but to continue to fail in good spirits."
--Robert Louis Stevenson,
Scottish novelist, poet and essayist

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