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28 January 2013
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News on the global financial markets

  Morning Bell 
  • Weber reportedly calls for industrywide Libor settlement
    UBS Chairman Axel Weber thinks an industrywide settlement of investigations into manipulation of the London Interbank Offered Rate would be good for the sector, sources say. UBS has agreed to pay $1.5 billion to settle Libor-rigging allegations. Reuters (25 Jan.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • European recovery still needs work, bankers say
    After a meeting hosted by International Monetary Fund Managing Director Christine Lagarde and Deutsche Bank co-CEO Anshu Jain, bankers emphasised that while the euro-zone crisis might have been averted, positive steps taken have yet to translate into European economies. "There is a clear divide between the financial markets, who think a lot of this is fixed, and the people in the real economy," Swedish Finance Minister Anders Borg said. Reuters (26 Jan.) LinkedInFacebookTwitterEmail this Story
  • Questions remain about CoCo bonds, experts say
    Experts are warning that the mechanism behind contingent-capital instruments continues to prompt questions, but investor appetite is growing. "What would be easiest, globally, is if we had one type of security and if everybody knew how it was structured, how it was going to trade and who was going to buy it," said Thomas Humphreys, a partner at Morrison & Foerster. (subscription required) (25 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Germany works to regulate high-frequency trading
    German Chancellor Angela Merkel's coalition government is expected to decide today whether to force high-frequency traders to register with exchange regulators and disclose algorithms. Amendments to draft law would also prohibit traders from obtaining price information when not actually planning to trade. Reuters (27 Jan.) LinkedInFacebookTwitterEmail this Story
  • Shadow banking might be next regulatory target
    Mark Carney, head of the Financial Stability Board and incoming governor of the Bank of England, emphasised at the World Economic Forum that regulation of shadow banking is still on the agenda. He acknowledged that while it might have become a "forgotten bit of reform", it will still be addressed. "Shadow banking, over-the-counter derivatives; these are the areas that absolutely amplified the last crisis and will do so again unless we complete our agenda," Carney said. Proposals are expected to be presented at a Group of 20 meeting this fall in Russia. Reuters (26 Jan.) LinkedInFacebookTwitterEmail this Story
  • Derivatives margin standards remain up in the air
    Collateral requirements for derivatives were due to be finalised in 2012, but with large issues unresolved, the Working Group on Margining Requirements, a joint group of the International Organisation of Securities Commissions the Basel Committee on Banking Supervision, might be going back to the drawing board. A fresh proposal reportedly would include a phase-in period to ease a possible collateral crunch. This major change comes in response to concerns that an immediate collateral increase would strangle the fragile economic recovery. (subscription required) (25 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Commentary: China might also enter currency war
    With Japan entering a period of rapid monetary easing and the UK likely to follow suit as it tries to reinflate its economy, China might reverse course on easing currency controls, Nicholas Hastings writes. The world economy, combined with stagnating Chinese growth, might prompt the People's Bank of China to protect itself from competitive devaluation, Hastings writes. The Wall Street Journal (25 Jan.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
    The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled on 13 February at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.

    The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
  • AFME inaugural flagship conference is announced: "Financing Growth"
    AFME is pleased to announce its inaugural flagship conference, "Financing Growth: What the new world of regulation means for banks, capital markets and their users", scheduled on 24 September in London. The invitation-only conference will bring together as many as 500 senior decision-makers from Europe's financial industry, along with regulators and politicians, to discuss what needs to be done to enable capital markets to support growth and investment. Further details will be announced in February, including VIP speakers and the historic conference venue. LinkedInFacebookTwitterEmail this Story
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If fate means you to lose, give him a good fight anyhow."
--William McFee,
British-American writer

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