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25 April 2012
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News on the global financial markets

  Morning Bell 
  • Regulators should have bail-in authority, IMF says
    The International Monetary Fund said in a paper that authorities should consider giving regulators power to subject bank bondholders to losses to avoid a collapse of the financial institution. "Bail-in power needs to be considered as an additional and complementary tool for the resolution of systemically important financial institutions," according to the paper. Reuters (24 Apr.), The Wall Street Journal/Dow Jones Newswires (24 Apr.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Investors shun French bonds as election continues
    As France's presidential election continues, investors are forgoing the country's bonds, the third-worst performer among European sovereigns this month. Investors are concerned about the stance of Francois Hollande, the front-runner who beat President Nicolas Sarkozy in the first round of balloting Sunday. "It's not time to buy French bonds," said Tom Elliott, a global strategist at JPMorgan Asset Management. "The bond market is still uncertain just how Socialist Hollande will turn out to be, or whether he will turn out to be a fairly centrist president." Bloomberg (24 Apr.) LinkedInFacebookTwitterEmail this Story
  • Clearstream will join ECB's TARGET2-Securities
    Germany's Clearstream Banking, the largest central securities depository in the euro zone, decided to join TARGET2-Securities, a securities-settlement project led by the European Central Bank. Financial Times (tiered subscription model) (24 Apr.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • European officials debate restrictions for HFT
    EU lawmakers have proposed tough curbs on high-frequency trading, but some regulators are urging caution, calling for more research and saying measures should be directed at overall market stability. "We are still running on anecdotes. We need more evidence," said Tim Rowe, manager of trading platforms at the UK Financial Services Authority. "I have not yet heard an explanation why these are a solution to a problem when you don't yet know what the problem is." Reuters (24 Apr.), The Trade News (U.K.) (24 Apr.) LinkedInFacebookTwitterEmail this Story
  • EU considers scaling back proposal to rotate rating agencies
    Denmark, which is holding the rotating EU presidency, suggested allowing companies that issue a lot debt to avoid a proposed rotation of credit rating agencies if they hire at least four rating firms simultaneously. The proposal would scale back a draft law to require companies to change the rating company that assesses their creditworthiness every three years. Bloomberg (24 Apr.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Spotlight on China 
  • China reportedly tackles bond underwriting by banks
    The China Banking Regulatory Commission is requiring banks to include corporate bonds that they underwrite in their loan books, the China Business News reported. The bonds must also be treated as credit lines. "Just as the CBRC had previously asked banks to include off-balance-sheet trust businesses in loan books, it is now moving to bond underwriting in increasingly strict regulation," one banker said. Reuters (24 Apr.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Yuan isn't undervalued anymore
    In terms of real trade, China's yuan is 30% stronger than it was in 2005, meaning accusations that the currency is undervalued are no longer justified, according to The Economist. "Most economists expect the yuan to resume its rise soon, but at a much slower pace than before and with greater flexibility up and down," the magazine notes. The Economist (21 Apr.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • 3 weeks to go before the AFME Fifth Annual European Post-Trade Conference -- 16 May in London
    The European Post-Trade Conference will cover all 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 and to network with senior operations executives, market-infrastructure executives, senior regulators, policymakers and providers. We are looking forward to welcoming Verena Ross, executive director of the European Securities and Markets Authority, and Kay Swinburne of the European Parliament Economic and Monetary Affairs Committee, who will give keynote speeches at the conference. Register! LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
All things are difficult before they are easy."
--Thomas Fuller,
British churchman and historian


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