| News on the global financial markets |  |
| Morning Bell |  |  |
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- G-20 needs to enforce Basel III, Mexican official says
Manuel Valle, head of the Mexican finance ministry's banking unit, said the Group of 20 nations should develop enforcement mechanisms for nations that fail to implement Basel III rules by year-end. "If these measures were agreed upon at the G-20 level, we have to find mechanisms within the G-20 to require that everyone complies with them," Valle said. That could include sanctions for noncompliance, he said. Bloomberg
(04 Nov.), Reuters
(04 Nov.)      
| Industry News | | |
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- Europe dominates list of systemically important banks
A revised list of banks considered systemically important shows that European institutions remain dominant, even as their businesses shrink. The banks will be required by the Financial Stability Board to hold additional assets, even though many government bonds that anchor these assets have been declining in value. Reuters
(02 Nov.)
- ICE aims to clear sovereign debt of 5 European nations
IntercontinentalExchange has sought approval from the Securities and Exchange Commission to back sovereign-debt contracts for Greece, Ireland, Italy, Portugal and Spain. The move is intended to limit systemic risk. ICE has a history of backing sovereign-debt credit default swaps, handling those for Argentina, Brazil, Mexico and Venezuela. Bloomberg Businessweek
(02 Nov.)
| Regulatory Roundup | | |
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- ECB investigates its lending to Spanish banks
The European Central Bank, following up on a report in a German newspaper, is looking into the possibility that it lent to Spanish banks on terms that were too favourable. "Dealings with certain Spanish government bonds casts doubt on the quality of the ECB's risk management ... because the bonds pledged by the banks as security meet the central bank's requirements only in part," Welt am Sonntag reported. Reuters
(04 Nov.)
- Accounting rules will challenge UK banks
Investors will be taking a hard look as leading UK banks are challenged to raise billions of pounds to meet accounting rules taking effect next year. Standards are likely to be different for US banks, which might gain an advantage. The Telegraph (London) (tiered subscription model)
(03 Nov.)
- IASB proposal to boost authority leaves Europe cold
The International Accounting Standards Board has laid out plans "to establish a multilateral forum where representatives of the standard-setting community can come together with the IASB", Chairman Hans Hoogervorst said. However, the proposal hasn't been universally welcomed by Europe, which thinks its authority would be reduced. Reuters
(01 Nov.)
| Spotlight on China | | |
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- China works to expand RQFII programme
The China Securities Regulatory Commission is drawing up rules for the Renminbi Qualified Foreign Institutional Investor programme to expand it. The programme allows as much as 70 billion yuan in exchange-traded funds raised offshore to be invested domestically. The proposal also would ease the way for mainland businesses to go public in Hong Kong. Xinhuanet.com (China)
(02 Nov.)
| AFME News | | |
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- Last chance to register for the AFME 7th Annual European Government Bond Conference -- THURSDAY and FRIDAY 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.
- Programme announced: AFME 4th Annual Spanish Funding Conference -- 27 November in Madrid
AFME's 4th Annual Spanish Funding Conference is scheduled on 27 November at Uría Menéndez offices in Madrid. The conference will provide excellent networking opportunities, enabling delegates to hear from key industry figures and to strategically prepare for 2013 and beyond. The conference programme will encourage debate on the economic situation and the future of Spanish and European markets, including the role of securitisation and covered bonds in the recovery of the European economy. A networking reception will follow the conference, giving attendees a chance to discuss key topics of the day with peers. See further programme information and register.
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