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23 April 2012
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News on the global financial markets

  Morning Bell 
  • MiFID II would cause fundamental shift in bond markets, experts say
    Bond specialists expect that a revised Markets in Financial Instruments Directive will cause a fundamental market shift. "If the regulation in its current form is approved, it will have a drastic impact on the world of fixed-income trading," said Christian Krohn, AFME's managing director of equities and prime services. MiFID II could hinder liquidity but could also offer opportunities for agency brokers and exchanges. International Financing Review (21 Apr.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Fund-management industry faces increasing risk, survey finds
    A survey by the EDHEC-Risk Institute and CACEIS Investor Services found that operational risk in the fund-management industry is growing. European asset managers said the increase stems from more complex operations, regulatory priorities and other changes. Risk.net (subscription required) (23 Apr.) LinkedInFacebookTwitterEmail this Story
  • Cash pours into Vietnam as investors look past China and India
    As manufacturers move production to Vietnam, where labour costs half of that in China, emerging-market investors are moving to buy Vietnamese stocks, putting China and India on the back burner. Stock funds targeting Vietnam obtained $91 million from investors in the past 16 weeks, driving the benchmark VN Index to an 11-month high. Bloomberg (22 Apr.), VietNamNet Bridge (23 Apr.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • ECB ramps up scrutiny of ABS used as loan collateral
    The European Central Bank loosened lending rules in recent years but plans to increase scrutiny of asset-backed securities that banks put up as collateral. The ECB is requiring notification of changes in the ABS makeup. Reuters (20 Apr.) LinkedInFacebookTwitterEmail this Story
  • ECB resists calls to do more to resolve debt crisis
    The International Monetary Fund, the US Treasury and others called on the European Central Bank to do more to resolve the sovereign-debt crisis. However, ECB officials said they have done what they can. Jens Weidmann, head of Germany's Bundesbank, warned banks against becoming addicted to ECB funds and said the crisis cannot be resolved by the central bank. "Monetary policy cannot solve structural problems," he said. "Our shared monetary policy cannot ... lead to governments delaying reforms." Bloomberg (22 Apr.), The Wall Street Journal/Dow Jones Newswires (20 Apr.)
  • FSB urges banks to use cash for Basel III buffers
    The Financial Stability Board said banks can meet the tougher Basel III capital requirements by retaining more earnings. Chairman Mark Carney said the largest banks will need about 1.5 times their combined profits for 2011 to meet the rules, which are being phased in over six years. "Hence, although there is considerable variation across banks, the industry in aggregate has the capacity to meet the new targets through earnings retention and reduced distributions over the transition period," Carney said in a letter to Group of 20 finance ministers. Reuters (20 Apr.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Spotlight on China 
  AFME News 
  • Member of European Parliament Kay Swinburne will open AFME Fifth Annual European Post-Trade Conference -- 16 May in London
    The European Post-Trade Conference will cover crucial developments in the post-trade space and their impact on the industry, including regulation of central securities depositories, TARGET2-Securities, legal-entity identifiers, interoperability and extraterritoriality. The event is an essential, annual gathering for post-trade professionals to receive updated information from leading European speakers, including:
    • Kay Swinburne, member of the European Parlaiment Economic and Monetary Affairs Committee
    • Verena Ross, executive director of the European Securities and Markets Authority
    • Jean-Michel Godeffroy, director general and chairman of the T2S Programme Board at the European Central Bank
    • Patrick Pearson, head of DG Market at the European Commission
    • Ben Cohn-Urbach, senior associate for over-the-counter derivatives and post-trade policy at the UK Financial Services Authority

    Join the event to network with senior operations executives, market-infrastructure executives, senior regulators, policymakers and providers. Register! LinkedInFacebookTwitterEmail this Story
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