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12 December 2012
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News on the global financial markets

  Morning Bell 
  • Sweden and UK express concerns about banking union
    Swedish officials say the nation likely would remain outside any European banking union, although it might not bar formation. "In our view, it is not likely that we will get enough influence and clarity on these issues that it will be on the cards that Sweden becomes a member of the banking union," Finance Minister Anders Borg said. Meanwhile, a report by UK lawmakers says Britain must ensure financial institutions would not be at a disadvantage because of the European Central Bank becoming too powerful through a banking union. Reuters (11 Dec.), Reuters (11 Dec.) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Greece buys back €31.8B in debt
    After extending the deadline for debt tenders, the Greek government completed a bond buyback, accepting €31.8 billion worth. The buyback clears the way for more financial aid from the EU, the International Monetary Fund and the European Central Bank. Kathimerini (Greece) (11 Dec.), Bloomberg (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • BIS: Global fundamentals don't support market prices
    The Bank for International Settlements is warning that equity and fixed-income prices might be out of line with the weak state of the global economy. "Market participants attributed a significant part of the rally in asset prices to further loosening by central banks, notably the Federal Reserve," according to a BIS quarterly review. CNBC (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • Survey: Buy-side traders have little faith in MiFID II
    A survey by agency broker CA Cheuvreux found that a majority of European buy-side traders don't think the revised Markets in Financial Instruments Directive would improve markets much. Only 26% say MiFID II would increase quality. Meanwhile, 68% think there should be fewer than five trading platforms in Europe. The Trade News (U.K.) (11 Dec.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • IOSCO chief proposes treaty for global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organisation of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. Wright also predicted at a SIFMA conference that by 2032, there will be 20 capital-market centres worldwide, making legal-entity identification all the more necessary. The Trade News (U.K.) (11 Dec.), Securities Technology Monitor (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • EU might put off Basel III a year, Bank of Italy says
    Following in US footsteps, the EU might postpone implementation of Basel III capital rules, perhaps as long as a year. The delay, mentioned by Bank of Italy Director General Fabrizio Saccomanni, would be considered a blow to banking reforms. Reuters (11 Dec.) LinkedInFacebookTwitterEmail this Story
  • Barroso presses for single banking supervisor
    Jose Manuel Barroso, president of the European Commission, encourages leaders to accept a single banking supervisor. He says doing so would boost the bloc's credibility among trading partners and investors. "I believe there is possibility to settle them and to give a very important message to our partners, to the investors worldwide about our determination to do everything we can to stand by the euro," Barroso said. A year-end deadline has been set to agree on a pan-European financial supervisor, which would be a step closer to a full banking union. The Wall Street Journal/Dow Jones Newswires (11 Dec.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Taiwan might widen opening for Chinese QDIIs
    Taiwanese regulators might soon allow stock investment by Chinese banking Qualified Domestic Institutional Investors, broadening an opening that applies only to securities QDIIs. The move by the Financial Supervisory Commission would be part of plans to allow mainland investors in Taiwan and inject life into the stock market. China Economic News Service (Taiwan) (11 Dec.) LinkedInFacebookTwitterEmail this Story
  GFMA News 
  • GFMA member call: Best Practices for Financial Benchmarks -- 8am EST/13:00GMT on THURSDAY
    In response to calls for reform, GFMA developed and recently finalised Principles for Financial Benchmarks, recognising that the financial industry has a responsibility to restore public confidence in financial benchmarks. This member call, at 8am EST/13:00 GMT on Thursday, will discuss the impact of global regulatory developments, review GFMA's principles and address practical implications of regulatory and industry actions. The discussion panel will include GFMA CEO Simon Lewis; Morgan Stanley Chief Operating Officer Jim Rosenthal; Susan Krause Bell and Tony Murphy, managing directors at Promontory Financial Group; and SIFMA Executive Vice President Randy Snook. Registration is required for this call (Conference ID 10021707). After registration, a dial-in number will be provided. The call is open to all members of SIFMA, AFME and ASIFMA and CLOSED to the media and nonmembers. LinkedInFacebookTwitterEmail this Story
We cannot solve our problems with the same thinking we used when we created them."
--Albert Einstein,
German-born theoretical physicist

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