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03 October 2012
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News on the global financial markets

  Morning Bell 
  • EU advisers call for ring-fencing but not breaking up banks
    An advisory group established by the European Commission recommended ring-fencing deposit taking from investment activity. However, the group did not recommend breaking up banks. The call for "legal separation", though milder than some had expected, nonetheless generated industry opposition. "We do not believe that further changes to the structure of the banking industry are necessary," AFME CEO Simon Lewis said. Reuters (02 Oct.), The Telegraph (London) (02 Oct.), BBC (02 Oct.), Financial Times (tiered subscription model) (02 Oct.), The Wall Street Journal (02 Oct.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  Regulatory Roundup 
  • EBA will detail how banks met €114.7B capital target
    The European Banking Authority is poised to explain how EU banks increased capital reserves by a June deadline. The move comes as EU efforts to implement Basel III rules are criticised. "The interesting thing is that the valuation methodology will be superseded" by Basel III and Capital Requirements Directive IV, said Bob Penn, a lawyer at Allen & Overy. This will "limit the value of the exercise looking forward". Bloomberg (02 Oct.) LinkedInFacebookTwitterEmail this Story
  • FSA advises looser rules for free float
    If sufficient liquidity is on tap, the minimum free float of 25% should be removed, the UK Financial Services Authority said. The regulator also suggested putting more emphasis on liquidity, instead of free float, and modifying the 25% requirement for premium listings. Financial News Online (U.K.) (subscription required) (02 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Chinese lenders cancel appearances at meetings in Japan
    Several large Chinese banks have withdrawn from meetings scheduled in Japan, including one for the International Monetary Fund and the World Bank. The banks aren't saying it's related to a dispute between the countries over a set of islands in the East China Sea, but many speculate that is the reason. The Wall Street Journal (02 Oct.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Mahmood Pradhan, IMF's mission chief for euro area, will deliver keynote address at AFME 7th Annual European Government Bond Conference -- 8 and 9 November 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. LinkedInFacebookTwitterEmail this Story
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There is nothing so agonising to the fine skin of vanity as the application of a rough truth."
--Edward Bulwer-Lytton,
British politician, poet, playwright and novelist

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