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19 February 2013
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News on the global financial markets

  Morning Bell 
  • Draghi pushes for unified bank-rescue fund
    European Central Bank President Mario Draghi has called for a euro-zone fund, paid for by taxes on banks and other financial institutions, that would handle distressed banks. The plan, which would separate the decision-making process from national governments, could launch as early as next year, but it is still missing critical details and support from key nations. The Washington Post/The Associated Press (18 Feb.), Bloomberg (18 Feb.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Forex-options clearing faces delays, experts say
    Market participants are set to discuss possible clearing mechanisms for foreign exchange options. The expectation is that such clearing will start no earlier than 2014. The GFMA Global FX Division is poised to publish a study about the potential liquidity burden on central counterparties in the event of a default by a clearing member. (subscription required) (18 Feb.) LinkedInFacebookTwitterEmail this Story
5 Cures for Business Growing Pains
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  Regulatory Roundup 
  • Questions remain in Vickers implementation
    Experts are voicing concerns about technical questions remaining in the implementation of reforms suggested by the Vickers report. The extent to which UK bank operations would be separated, questions about back-office functions and additional oversight rules are among unresolved issues that have left professionals dubious of a timetable that calls for regulations to be passed by 2015 and implemented by 2019. (subscription required) (18 Feb.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Europe's transaction tax likely would backfire
    A group of European nations are moving forward with a proposed tax on financial transactions, including stocks, bonds and derivatives. However, history shows that attempts to tax transactions have forced activity to different jurisdictions and failed to meet revenue expectations. Transaction taxes "stem from the desire of politicians to punish the markets", said Bill Blain, a fixed-income strategist at Mint Partners. "But markets can always vote with their feet." Bloomberg Businessweek (18 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • China plans to open up mutual fund market
    Starting in June, brokerages, insurers and funds that manage privately funded money will be able to submit applications to sell mutual funds to the public, according to rules from the China Securities Regulatory Commission. The change is part of a broader movement to engage institutional investors, who make up only 14% of Chinese equity markets, regulators say. Bloomberg (18 Feb.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • Special event: The Future of Global Financial Benchmarks -- 28 February in NYC
    SIFMA invites you to join our global affiliate, GFMA, to hear from Gary Gensler, co-chairman of the International Organisation of Securities Commissions' Board Level Task Force on Financial Benchmarks, in advance of IOSCO guidance expected this spring. Experts will provide an overview of GFMA's Principles for Financial Benchmarks, a collaborative effort by financial institutions worldwide, as well as market implications of change. The financial industry is committed to taking concrete steps to ensure structural changes be made to restore the trust and confidence so vital to effective functioning of markets. Join us to learn more. LinkedInFacebookTwitterEmail this Story
  AFME News 
  • 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
Learn more about GFMA ->GFMA  |  AFME  |  ASIFMA  |  SIFMA

Everything that lives, lives not alone, nor for itself."
--William Blake,
British poet and painter

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