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15 November 2012
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  Top Stories 
 
  • Most Americans are optimistic about future, poll finds
    About 54% of Americans expect the nation to be better off in four years than it is today, according to the USA Today/Gallup Poll. About 41% of respondents said things will get worse in that period. And 74% of those surveyed said President Barack Obama should strongly back programs with bipartisan support. USA Today (15 Nov.) LinkedInFacebookTwitterEmail this Story
  • ECB demands revamp of system for setting Euribor
    In the wake of issues concerning the London Interbank Offered Rate, the European Central Bank and national central banks in the eurozone called for an overhaul of the system that determines the Euro Interbank Offered Rate. "In the short term, the focus should be on improving the governance process, as well as on providing a clear road map for both the regulation and supervision of Euribor," according to an ECB paper. Reuters (14 Nov.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • NYSE trade interruption might bring scrutiny
    A New York Stock Exchange server problem temporarily halted trading in more than 200 companies Monday morning, a hiccup expected to heighten scrutiny over self-regulation. It was the latest of many such glitches during the past few months. "Reliance on technology has enabled the markets to achieve extraordinary levels of speed and efficiency," Securities and Exchange Commission Chairman Mary Schapiro said. "But with technology comes a responsibility for getting it right, minimizing errors and protecting the interests of investors." The Trade News (U.K.) (14 Nov.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • Analysis: Domestic demand bolsters developing Asia
    Developing nations in Asia have attained high growth and greater stability by encouraging domestic consumption, rather than relying on exports, according to The Economist. "Fortunately, Asia's policymakers never shared the West's faith in self-correcting financial systems," the magazine notes. "The region has pioneered 'macroprudential' regulations, designed to curb excessive credit and capital flows even without raising interest rates." The Economist (10 Nov.) LinkedInFacebookTwitterEmail this Story
  • Roubini sees eurozone core succumbing to crisis
    Economist Nouriel Roubini says the eurozone periphery's debt crisis is affecting core countries, citing Germany's slowing economy. Roubini also mentioned France, which "is entering a recession," and noted that German exports are down because of weakness in the eurozone and China. Bloomberg (14 Nov.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • Firms criticize Europe's short-selling rules
    Europe's restrictions on short selling have caused frustration among buy-side firms, some to the point that they've stopped trading credit default swaps and certain equities. Market participants said at an industry conference that some instruments have become untradeable because regulators have changed their minds capriciously. Risk.net (subscription required) (14 Nov.) LinkedInFacebookTwitterEmail this Story
  • U.S. senators voice concerns about Basel III plan
    Republican and Democratic senators in the U.S. are questioning Basel III capital rules for banks, saying a proposal for implementation is overly complex. "I'm concerned Basel III allows the largest banks to use complex internal models to determine capital requirements for transactions that were some of the most troublesome during the crisis," said Sen. Sherrod Brown. He also expressed concerns about over-the-counter derivatives used by major financial institutions. MarketWatch (14 Nov.), The Wall Street Journal/Deal Journal blog (14 Nov.) LinkedInFacebookTwitterEmail this Story
  • SEC sets record for enforcement actions
    The Securities and Exchange Commission initiated the most enforcement actions in its history against financial advisers and investment firms during fiscal 2012, which ended Sept. 30. The regulator filed 147 actions, one more than in fiscal 2011, the previous record. InvestmentNews (free registration) (14 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Blackstone plans ETF focused on corporate loans
    Blackstone Group aims to launch an actively managed exchange-traded fund that would invest principally in corporate loans. Blackstone and State Street are developing the Blackstone/GSO Senior Loan Portfolio, which would allocate at least 80% of funds to leveraged loans, according to a filing with the Securities and Exchange Commission. Bloomberg (13 Nov.) LinkedInFacebookTwitterEmail this Story
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