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04 December 2012
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News on the global financial markets

  Morning Bell 
  • EU concedes January is out of the question for CRD IV
    Although it is hoped the delay will be short, the EU says January is no longer a realistic deadline for implementing Capital Requirements Directive IV, put forward by the Basel Committee on Banking Supervision. Leverage limits, bankers' bonuses and liquidity rules are among sticking points. "While a delay in implementing CRD IV is to be expected, it is important for firms planning their operational requirements that there is clarity as soon as possible on when this legislation is to be adopted," said Michael Lever, a managing director at AFME. Bloomberg (03 Dec.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Banks look again to derivatives market
    Derivatives-product companies might be due for a post-crisis comeback as several banks broach the possibility of opening up such units with lawyers and credit rating agencies. Roger Merritt, a Fitch Ratings managing director, says the firm is talking to several banks in Europe and the US about reviving the sector. (subscription required) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • Central clearing isn't a cure-all, execs say
    Financial News asked market participants whether they think central clearing of over-the-counter derivatives will prevent another financial crisis. The consensus: There's no guarantee. One concern is that central clearing doesn't fully mitigate risk. In fact, it can be argued that it centralises risk and thus could cause a crisis if it fails. Financial News Online (U.K.) (subscription required) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • IMF conditionally allows capital controls
    The International Monetary Fund has withdrawn its objection, in certain situations, to nations' imposition of capital controls. "Capital flows can have important benefits for individual countries across the fund membership and the global economy. ... [They] also carry risks, however, as they can be volatile and large relative to the size of domestic markets," according to an IMF report. Bloomberg (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • Asian asset managers face clearing-location uncertainty
    Differences among Asian-Pacific regulators are leading to confusion about location among asset managers as they prepare for clearing of over-the-counter derivatives. At issue for buy-side participants is whether local or international clearinghouses will be mandated. (subscription required) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
  • Regulatory changes from which part of the world affect your business most?
Middle East

  • Which G-20 country will experience the highest GDP growth in 2013?
South Africa

  Regulatory Roundup 
  • Experts criticise EU's proposed credit rating curbs
    An EU proposal to prevent credit rating agencies from reviewing sovereign debt more than three times a year sparked concerns from market participants. The proposal is intended to limit the frequency of downgrades or warnings so governments' ability to raise money wouldn't be hindered as much. However, one market participant says the outcome could be the opposite. "I'm disappointed that politicians show such little understanding about how markets work and what credit opinions are about," said Georg Grodzki, head of credit research at Legal & General Investment Management. Financial News Online (U.K.) (subscription required) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • Fees for ECB settlement system might increase
    Low trading because of the euro-zone crisis might lead the European Central Bank to increase transaction fees for TARGET2-Securities, a stock- and bond-settlement system scheduled to launch in 2015. One alternative, however, would be inclusion of other assets, such as international bonds, to boost revenues. Reuters (03 Dec.) LinkedInFacebookTwitterEmail this Story
  • UK watchdog plans to ban products without inquiry results
    The UK Financial Conduct Authority, which will launch in April, will temporarily bar questionable financial products, instead of wait for results of an investigation. The regulator has opened public consultation on how such bans would work. Reuters (03 Dec.) LinkedInFacebookTwitterEmail this Story
  Tech Trends 
  • Advanced search tech could be finance game changer
    Market players are hoping that semantic searches, a next-generation search technology, will one day make investment decisions more science than art. "There is a movement in enterprise search towards semantic tools as vendors improve the accuracy of results returned by their search tools, and Ovum expects market disruption to come from those products," said Sue Clarke, a senior analyst at technology researcher Ovum. Financial News Online (U.K.) (subscription required) (03 Dec.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  GFMA News 
  • IOSCO Secretary General David Wright will speak at GFMA/SIFMA LEI Seminar -- 11 December in New York City
    GFMA and SIFMA are partnering to present "Implementing a Global LEI Framework -- Ready. Set. Go." International Organisation of Securities Commissions Secretary General David Wright will provide the keynote address. Join Wright, US Treasury Department representatives and financial-services leaders as they address key issues that will influence and shape the future of a global standard for legal-entity identification and the impact such regulations and processes will have on your firms starting in December. Don't miss your chance to prepare. Register! LinkedInFacebookTwitterEmail this Story
Don't look where you fell, but where you slipped."
--Liberian proverb

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