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06 December 2012
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News on the global financial markets

  Morning Bell 
  • Euro-zone plans envision centralisation of economic rule
    Confidential plans have been prepared to complete the euro zone's economic and monetary union, in preparation for an EU summit next week. "The general objective will be to aim for a progressive pooling of economic sovereignty at the European level", with the European Central Bank as the banking supervisor, the paper says. The Telegraph (London) (tiered subscription model) (05 Dec.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Citi will lay off 11,000 in global downsizing
    Citigroup says it will eliminate 11,000 jobs and shrink operations worldwide. The measures mark new CEO Michael Corbat's first moves to improve the bank's financial performance. During the past year, Citi's profitability has been less than half of JPMorgan Chase's. The Guardian (London) (05 Dec.), Bloomberg (06 Dec.) LinkedInFacebookTwitterEmail this Story
  • French banks revive interest in US presence
    Societe Generale and BNP Paribas are exploring opportunities to expand in the US, bankers say. "Five years ago, we would have hired a team of 10, 20 people and really gone for it ... Today, we're looking at a smaller number of possible hires and really seeing where we can add value," a SocGen source said. The banks might be indicating interest in equity derivatives, fixed income, private banking or mortgage securitisations, industry observers say. Reuters (05 Dec.) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
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  • Are G-20 reforms sufficiently coordinated to avoid regulatory overlap and conflict?

  Regulatory Roundup 
  • ECB prods European Commission on bank-resolution plans
    Resolution plans to wind down troubled banks should be on the European Commission's near-term agenda to complete three pillars intended to support the euro and a banking union, the European Central Bank says. "The ECB calls on the Commission to urgently present a separate proposal for an independent European Resolution Mechanism, including aspects of a common European Resolution Fund," according to an ECB legal opinion. Reuters (05 Dec.) LinkedInFacebookTwitterEmail this Story
  • CRD IV exemptions could compromise Basel III compliance
    EU compliance with Basel III could be in jeopardy because of a long list of national exemptions to Capital Requirements Directive IV. "If you look at what is being proposed at the moment and is stuck in trilogue, it is national specificity after national specificity," said European Parliament member Kay Swinburne. "There is no common rule book; we shouldn't be kidding ourselves that we are actually adhering to international standards as proposed by Basel." (subscription required) (05 Dec.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China's 10-year bond yields more than Australia's
    Investors are expected to increase purchases of China's benchmark bond because it is delivering a higher yield than Australian debt. China's 10-year bond yields 3.55%, 37 basis points higher than comparable debt in Australia. This is the first time in a decade that China's benchmark bond has yielded more than Australia's equivalent debt. Bloomberg (05 Dec.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • SIFMA member call: Regulation of Foreign Banking Organisations -- noon Eastern TODAY
    In a recent speech, Federal Reserve Governor Daniel Tarullo previewed a proposal that would require foreign banks with large US operations to create a separately capitalised, top-tier intermediate holding company that would sit on top of all US bank and nonbank subsidiaries and that would have to independently meet US capital, liquidity and other Dodd-Frank Act prudential standards. Large US banks also need to focus on this proposal because it would be another step toward subsidiarisation and could lead to a further push by foreign regulators to impose similar requirements for US-headquartered banks.

    SIFMA will hold a member briefing at noon Eastern today to discuss implications for foreign and US banks. Registration is required for this call. The conference ID is 10022036. A dial-in number will be provided upon registration. This call is closed to the media and nonmembers. To check your firm's membership status, see the SIFMA Full Member or SIFMA Associate Member directory, or contact SIFMA's Office of Member Engagement at (212) 313-1152 or LinkedInFacebookTwitterEmail this Story
  • IOSCO Secretary General David Wright will speak at GFMA/SIFMA LEI Seminar -- TUESDAY 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 this month. Don't miss your chance to prepare. Register! LinkedInFacebookTwitterEmail this Story
Why always 'not yet'? Do flowers in spring say 'not yet'?"
--Norman Douglas,
British writer

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