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15 February 2013
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News on the global financial markets

  Morning Bell 
  • European transaction-tax proposal comes under fire
    Market participants and other interested parties are voicing opposition to Europe's proposed tax on financial transactions, including stocks, bonds and derivatives. The tax could be collected by 11 nations as early as next year. AFME says the levy could become "another brake on economic growth" and that a transaction tax "with extraterritorial reach runs counter to that important objective" of cooperation among Group of 20 countries. Bloomberg (14 Feb.) LinkedInFacebookTwitterEmail this Story
  • Editorial: Obama opposes European transaction tax
    The White House has voiced opposition to a proposed tax on financial transactions, such as stocks, bonds and derivatives, in 11 European nations. Concerns include how the levy would affect the economy, its cross-border reach and double taxation. "The Obama Administration is right to oppose the tax on grounds that it will punish American investors," according to this editorial. The Wall Street Journal (14 Feb.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Not all electronic bond-trading platforms will survive, exec says
    Niall Cameron, HSBC Holdings' global head of credit trading, says the proliferation of electronic corporate-bond trading platforms from banks means some likely will struggle. "Liquidity is very fast moving. People will see there is another model with more liquidity, better spreads or better execution, and they'll move their business over by the flick of the switch," Cameron said. "It is a Darwinian process as lots of models will start, but they won't all work. Within two to three years, we should see a map of the winning strategies. There could be up to 10 winning platforms." Bloomberg (14 Feb.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Russian regulator warns against too much regulation
    Rather than adding market supervision, the Russian government should spur financial growth, said Dmitry Pankin, head of the Federal Financial Markets Service. "It's very dangerous to pass such a huge new wave of regulation. Really, we don't need more regulation; we need effective regulation," Pankin said. "In our past life, we had a very relevant example of the Soviet Union, when we tried to regulate everything, to introduce regulation in every process, but the result was that the whole system collapsed." Bloomberg (14 Feb.) LinkedInFacebookTwitterEmail this Story
  • EU and US agree to implement Basel III ASAP, Barnier says
    EU Internal Market Commissioner Michel Barnier says he and Federal Reserve Governor Daniel Tarullo have "agreed it was essential that effective implementation of the new regulatory framework should be done as soon as possible". The EU and the US missed a January deadline for launching a six-year phase-in of Basel III rules. Reuters (14 Feb.) LinkedInFacebookTwitterEmail this Story
  • Central bankers step aggressively to the fore
    If the Bank of Japan's next governor adopts aggressive policy complementing that of Prime Minister Shinzo Abe, he will be joining a new breed of central banker willing to do whatever it takes. Ben Bernanke at the Federal Reserve, Mario Draghi at the European Central Bank and the incoming Mark Carney at the Bank of England all have records of aggressive action. Bloomberg (13 Feb.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Chinese investors flock to South Korean stocks
    As UK and US investors exited the South Korean market last month, Chinese investors stepped in even as the market slumped, according to the Financial Supervisory Service. The $664 million in net buying by Chinese investors from 1 to 13 January amounted to a monthly record, the FSS says. (South Korea) (14 Feb.) 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
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German-born theoretical physicist

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