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04 January 2013
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  Top Stories 
  • Boehner is re-elected U.S. House speaker by slender margin
    Republican John Boehner held onto his position as U.S. House speaker in a 220-192 vote after about a dozen members of his party turned against him in a symbolic protest. Some were displeased with Boehner's agreement to allow a last-minute budget compromise raising the tax rate for wealthy Americans to come to the floor for a vote this week. "Public service was never meant to be an easy living; extraordinary challenges demand extraordinary leadership," Boehner said in an address to the House. Bloomberg (03 Jan.), The Hill (03 Jan.), Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • LSE and NYSE win back market share from alternatives
    NYSE Euronext and the London Stock Exchange regained in 2012 some of the ground they lost to other platforms in recent years. Their market-share gains mean BATS Chi-X Europe, Burgundy, Quote MTF and Turquoise endured losses. "[NYSE and LSE] looked at what new venues were doing in terms of pricing and technology, have taken it on and, in many cases, done it better, by virtue of their resources and economies of scale," said Herbie Skeete, managing director at exchange consultancy Mondo Visione. The Wall Street Journal/Financial News (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • ECB: Italian and Spanish banks purchased government debt
    As crisis pressure lessened in the eurozone, Spanish and Italian banks began buying government bonds in November, according to the European Central Bank. The increase is one indication that liquidity released by the ECB is having its intended effect. Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Japan rises, while most other Asian-Pacific markets fall
    Japan's Nikkei 225 rallied Friday, bucking the trend on most other Asian-Pacific markets amid worries that the Federal Reserve may shut down its U.S. stimulus program. The Nikkei 225 rose 2.8% to 10,688.11. China's Shanghai Composite gained 0.4%. Australia's S&P/ASX 200, South Korea's Kospi and Taiwan's Taiex each gave up 0.4%. Hong Kong's Hang Seng Index slid 0.3%. India's Sensex was up 0.1% at midafternoon. MarketWatch (04 Jan.), The Economic Times (India) (10 Jan.) LinkedInFacebookTwitterEmail this Story
  • Investors pour $7.17B into stock ETFs
    While Congress approved a compromise to avert the U.S. "fiscal cliff," investors pulled money out of bond funds and put $7.17 billion into exchange-traded funds that buy stocks, according to Thomson Reuters' Lipper service. The flow of cash into stock ETFs in the week that ended Wednesday was the most in three weeks. Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • Analysis: U.S. joins Europe in hiding from economic problems
    The compromise averting the "fiscal cliff" means the U.S. has embraced Europe's dysfunctional approach to urgent economic problems, failing to deal with them and "kicking the can down the road," according to The Economist. "America, which has the biggest structural budget deficit in the rich world bar Japan, will become an outlier in its failure to deal with the fiscal consequences of an ageing population," the magazine notes. "Its ageing is slower than Europe's but, as its debt piles up and business and consumer confidence is dampened, the eventual crunch will be more painful." The Economist (free content) (05 Jan.) LinkedInFacebookTwitterEmail this Story
  • Advisers are unimpressed with "fiscal cliff" deal
    Financial advisers don't share stock traders' enthusiasm about Congress' compromise to avert the U.S. "fiscal cliff," according to a survey by InvestmentNews. More than three-quarters of respondents said they don't think the deal will bring about long-term change in government spending, reduce the national debt or lead to tax reform. InvestmentNews (free registration) (03 Jan.) LinkedInFacebookTwitterEmail this Story
  Geopolitical/Regulatory 
  • Fate of Dodd-Frank might be decided this year, analysts say
    Because rhetoric over the Dodd-Frank Act has softened and political alliances across the aisle have formed, 2013 could be the year that meaningful regulation comes out of Congress, analysts say. "There is no repealing Dodd-Frank, but there will be efforts to eliminate duplicative parts of the law to avoid unintended consequences," said Jaret Seiberg, senior policy analyst at Guggenheim Partners. The Washington Post (02 Jan.) LinkedInFacebookTwitterEmail this Story
  • Schaeuble urges U.S. to implement Basel III
    German Finance Minister Wolfgang Schaeuble says he is confident Europe will implement tougher capital rules for banks this year, and he put pressure on the U.S. to do the same. "I am confident that in the course of the year we will complete [details] in time to be able to start building up the additional capital required in the timeframe set by Basel III," Schaeuble wrote in an essay. "I also expect from our American partners that they too stick firmly to the political decision to introduce the new set of rules." Reuters (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • Volatility curb might not start until April, BATS says
    BATS Global Markets says a limit-up/limit-down rule, set to take effect in February, might not be implemented until April because of "substantial operational and interpretive issues." Market participants welcomed the possible delay. Bloomberg (03 Jan.) LinkedInFacebookTwitterEmail this Story
  • OCC signals banks will have more time to wall off swaps trading
    U.S. companies that engage in swaps trading and receive federal deposit insurance are required under the Dodd-Frank Act to spin off some swaps trading into a separate branch. However, the Office of the Comptroller of the Currency says that if banks ask for a transition period, the request will be "considered favorably." Reuters (03 Jan.), Bloomberg (03 Jan.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Northern Trust readies 4 money funds
    Northern Trust filed with the Securities and Exchange Commission to launch four money market mutual funds with a variable net asset value. Northern Trust Investments would serve as the adviser for the Investors Variable NAV Money Market Fund, the Investors Variable NAV AMT-Free Municipal Money Market Fund, the Investors Variable NAV U.S. Government Money Market Fund and the Investors Variable NAV Treasury Money Market Fund. MutualFundWire.com (02 Jan.), Crane Data (subscription required) (31 Dec.) LinkedInFacebookTwitterEmail this Story
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