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12 October 2012
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News on the global financial markets

  Morning Bell 
  • FSB will update, expand list of "too-big-to-fail" institutions
    The Financial Stability Board said after a meeting in Tokyo on Thursday that it supported broader rules for "too-big-to-fail" financial institutions, expanding the scope to include insurers and national banks. Chairman Mark Carney said an updated version of the list of affected institutions, based on end-of-2011 data, would be published in November. Bloomberg (11 Oct.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • ECB says distortions in euro-zone bond markets are unjustified
    Investor fears about a dissolution of the euro zone are creating severe distortions across sovereign-bond markets in the region, the European Central Bank says. The ECB says its bond-buying plan should be more reassuring as a "necessary, proportional and effective" remedy. Reuters (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • Money market funds shrink as policy rates fall, ECB notes
    Money has been pouring out of money market funds in the euro area, and the European Central Bank points to record-low policy rates, which mean that "net returns on short-term financial instruments have been meager for quite some time". "In such an environment, money market funds (MMFs), for instance, experienced withdrawals in recent quarters,” the bank said in a monthly report. Bloomberg (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • Liquidnet aims to carve out more HFT-free markets
    Liquidnet last year became the first dark-pool operator to link up with an exchange. Now the platform provider to institutional investors says it is negotiating with "most European exchanges" to establish "pools of liquidity" to support trading that excludes high-frequency trading practitioners. Financial News Online (U.K.) (subscription required) (11 Oct.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Savers to bear burden of transaction tax, traders warn
    The financial-transaction tax that has key backing from 11 EU countries would harm ordinary savers as traders shift the costs to pension funds, trading firms argue. Experts are also raising concerns that the tax could hinder the economy. "It is likely to serve as another brake on economic growth, it is a highly inefficient way of raising tax, and given the negative impact on growth, it could even reduce overall tax revenues in net terms," said Simon Lewis, CEO of AFME. Reuters (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • ECB won't supervise UK banks, FSA chairman says
    Adair Turner, chairman of the Financial Services Authority, said the European Central Bank will not oversee the UK's banks. Britain "does not need to, and will not, be part of that euro zone banking union", Turner said. EU leaders have been discussing an effort to hand supervision of the banking system to the ECB, but the proposal must be approved by all 27 EU nations. Bloomberg Businessweek (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK's FSA maintains efforts to end commission-based selling
    The UK's Financial Services Authority says it is planning to keep pushing for the end of commission-based selling of financial products. Industry players say the move is a "shoot first, ask questions later" strategy. The proposals are projected to kick in early next year. Reuters (11 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  GFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2pm Eastern on TODAY to discuss a 28 September ruling by US District Judge Robert Wilkins in SIFMA's favour in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalised by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. 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
Learn more about GFMA ->GFMA  |  AFME  |  ASIFMA  |  SIFMA

I never thought much of the courage of a lion tamer. Inside the cage he is at least safe from people."
--George Bernard Shaw,
Irish playwright

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