| News on the global financial markets |  |
| Morning Bell |  |  |
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- European officials debate financial-transaction tax
German Finance Minister Wolfgang Schaeuble said at a meeting with peers that they should proceed with a tax on financial transactions. For the European Commission to design a tax for willing nations, the European Parliament and all EU nations must agree. The UK, Poland and other nations wary of the tax say they won't let willing nations implement it unless they have more information about possible effects. "There must be a pragmatic way of letting us see the directive to make sure there are no spillover effects," Polish Finance Minister Jacek Rostowski said. Bloomberg Businessweek
(13 Nov.)      
| Industry News | | |
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- Expect more from Asian bond market, ASIFMA's Austen says
The Asian bond market has been strong but promises to get better, ASIFMA CEO Mark Austen said. "The issuance that's going on is extremely positive" but is the "tip of the iceberg", he said. However, the market continues to face obstacles, including capital controls. ASIFMA aims to relax such restrictions, particularly in China, where the group is pushing to increase Qualified Foreign Institutional Investor quotas. The Wall Street Journal/Deal Journal blog
(13 Nov.)
- Greek treasury auction averts default
Greece raised enough money through a treasury auction to avoid defaulting on a debt payment this week. The government sold more than €4 billion in debt. Greek banks are expected to fill the gap to reach €5 billion. "No one expected that the auction wouldn't be covered, although the interest rate paid on 13-week T-bills was a bit pricey," a bond trader said. "But the amount raised will be enough to cover Friday's rollover of expiring T-bills." Financial Times (tiered subscription model)
(13 Nov.), The Wall Street Journal
(13 Nov.)
- Fitch and S&P deny Italian claims of data leaks
Fitch Ratings and Standard & Poor's denied allegations by Italian prosecutors that they leaked information about downgrades of sovereign debt. Seven former and current employees of the credit rating agencies face a possible trial. An Italian judge will decide whether the trial will commence. Reuters
(13 Nov.)
- Bank of Ireland taps bond market for €1B
Irish Finance Minister Michael Noonan called Bank of Ireland's bond issue a milestone for the troubled banking sector. Ireland and its financial institutions have been locked out of capital markets for two years. "This issuance is further evidence of the strengthening and normalisation of our banking system," Noonan said. Reuters
(13 Nov.), Independent.ie (Ireland)
(14 Nov.), Financial Times (tiered subscription model)
(13 Nov.)
| Regulatory Roundup | | |
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- EU lawmakers struggle with Basel III
Key divisions remain after several meetings by EU lawmakers regarding draft law to require banks to increase capital and liquidity, calling into question a year-end deadline. "I would suggest you take a look at the calendar. I think it's quite obvious that 1 January is quite dubious at the moment," said Philippe Lamberts, a member of the European Parliament's negotiation committee for the legislation. The Wall Street Journal/Dow Jones Newswires
(13 Nov.)
| Spotlight on China | | |
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- Foreign investment boosts Chinese stock market, experts say
China's yuan-denominated A-share stock market is likely to benefit from the government's encouragement of participation by foreign investors, experts said. The China Securities Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange said the investment quota under the Renminbi Qualified Foreign Institutional Investor programme will increase by 200 billion yuan. Xinhuanet.com (China)
(14 Nov.)
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