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Your feedback is important to us. Click here to email us your feedback. GFMA SmartBrief 16 December 2011
Morning Bell
Fitch cuts long-term ratings on several lenders Fitch Ratings lowered long-term issuer-default ratings on Credit Suisse Group, BNP Paribas, Deutsche Bank, Barclays, Goldman Sachs Group, Bank of America and other lenders. The downgrades "reflected challenges faced by the sector as a whole," Fitch said. "These challenges result from both economic developments as well as a myriad of regulatory changes." Bloomberg (16 Dec.) Reuters (16 Dec.)
Industry News
French officials defend triple-A rating by blasting UK's position French officials said the UK is in a worse financial position than their country, in defense of its triple-A credit rating. "A downgrade doesn't seem justified to me when you look at the economic fundamentals," said Bank of France Governor Christian Noyer. "Or else a downgrade should come first for the UK, which has a greater deficit, as much debt, more inflation, and less growth than us, and collapsing credit." The Wall Street Journal (15 Dec.)
Deutsche Bank to sell global asset management business Wells Fargo and Ameriprise Financial are among the parties that registered an interest in purchasing the global asset management business of Deutsche Bank. Financial Times (tiered subscription model) (15 Dec.) Reuters (16 Dec.)
LSE might start trade-data service for OTC derivatives The London Stock Exchange is considering expanding its trade-data service to include over-the-counter derivatives. "We are in very early discussions with UK regulators about the possibility of using the UnaVista TRS as a registered trade repository for OTC derivatives," said Mark Husler, head of business development in the exchange's data division. Reuters (15 Dec.)
Other News
Wells Fargo eyes European bank assets, analyst says Bloomberg (15 Dec.)
Morgan Stanley plans to reduce global work force Bloomberg (15 Dec.)
Spain capitalises on strong demand in final bond sale of 2011 The Wall Street Journal (15 Dec.)
Regulatory Roundup
EU might drop safeguards on derivatives legislation EU officials discussed weakening a recent agreement to give national regulators authority over clearinghouses, according to sources. The UK government pushed for the deal, saying it was necessary to protect clearing firms in the UK from pressure to move part of their operations to the continent. Bloomberg (16 Dec.)
EU asks whether Deutsche Boerse-NYSE remedies are sufficient The European Commission asked customers and competitors of Deutsche Boerse and NYSE Euronext whether revised concessions offered by the exchanges would eliminate antitrust concerns about their proposed merger. EU regulators are concerned about competition in the derivatives market. Bloomberg Businessweek (15 Dec.)
Draghi dampens hopes ECB might bolster bond purchases Mario Draghi, president of the European Central Bank, rejected more quantitative easing. The central bank's government bond purchases are "neither eternal, nor infinite," Draghi said. Restoring confidence in the euro zone will take more than monetary policy, he said. The Wall Street Journal (15 Dec.)
Accounting regulators agree on how banks book loan losses The International Accounting Standards Board and its US counterpart, the Financial Accounting Standards Board, agreed on how banks will be required to book losses on loans. Banks will have to book losses earlier. Reuters (15 Dec.)
Other News
Japan reportedly will order Citigroup to suspend some operations Bloomberg (16 Dec.)
Tech Trends
Trading outages plague European equity and derivatives markets Service interruptions and system failures hit the London Stock Exchange, Chi-X Europe and other trading platforms this year. NYSE Liffe's derivatives platforms in Paris and Brussels were the latest. Financial News Online (U.K.) (subscription required) (15 Dec.)
Spotlight on China
PBOC governor warns about some financial products Zhou Xiaochuan, governor of the People's Bank of China, stressed the connections between the real economy and the financial services industry. He also said some financial products, including certain derivatives, must be better managed. The Wall Street Journal/Dow Jones Newswires (15 Dec.)
AFME News
SIFMA/AFME Member Call on Eurozone Crisis Tuesday at noon EST (17:00 GMT) Please join AFME and SIFMA for a briefing call on Tuesday at noon EST (17:00 GMT). The discussion will cover the euro-zone crisis and examine its current and future impact on the financial markets and global economy, in light of the recent European summit. The briefing, which is open to all members of AFME and SIFMA, will be hosted by AFME CEO Simon Lewis and SIFMA Chairman Jerry del Missier, co-chief executive of Barclays Capital, with feature presentations by Steven Major, HSBC's global head of fixed income research, and Jacques Cailloux, RBS's chief European economist. Pre-registration for this call is required. Participants can register by clicking this pre-registration link and entering the Conference ID Number 100077553. Please note that a dial-in number will be provided upon completion of the pre-registration process. This call is closed to the press and nonmembers. To confirm your firm's membership status, please click on the following membership directories: AFME Membership, SIFMA Full Members and SIFMA Associate Members, or contact SIFMA's Office of Member Engagement at 212-313-1152 or inquiry@sifma.org. For questions or comments regarding access to the member call, please email inquiry@sifma.org or call 212-313-1152. Blank (15 Dec.)
Programme is available: AFME 7th Annual European Market Liquidity Conference -- 8 February in London The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that will attract 400-plus delegates from the buy and sell side, fixed income and foreign exchange. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers. The conference programme will explore key changes in market infrastructure, the impact of regulation and the latest trends in trading. Delegates who register now can take advantage of our specially discounted early-bird delegate rates. See the full programme for this event, and register your place. Blank (02 Dec.)
Featured Content
3 Killer E-commerce Website Features Julie Rains
3 Reasons Christmas Is Bad For Your Company Penelope Trunk
Culture Beat: Holiday Culture In Today's American Workplace Alexandra Levit
Small Businesses Working Harder for Federal Contracting Opportunities Anonymous
5 Ways To K.I.S.S. Matthew E. May
SmartQuote
Give me the liberty to know, to utter and to argue freely according to conscience, above all liberties."
--John Milton, British poet
Email: gfma@smartbrief.com Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 Legal and Privacy information at http://www.smartbrief.com/legal.jsp Unsubscribe'>Download the SmartBrief Android App. SmartBrief offers a new way to save time and stay smart.
Your feedback is important to us. Click here to email us your feedback. GFMA SmartBrief 16 December 2011
Morning Bell
Fitch cuts long-term ratings on several lenders Fitch Ratings lowered long-term issuer-default ratings on Credit Suisse Group, BNP Paribas, Deutsche Bank, Barclays, Goldman Sachs Group, Bank of America and other lenders. The downgrades "reflected challenges faced by the sector as a whole," Fitch said. "These challenges result from both economic developments as well as a myriad of regulatory changes." Bloomberg (16 Dec.) Reuters (16 Dec.)
Industry News
French officials defend triple-A rating by blasting UK's position French officials said the UK is in a worse financial position than their country, in defense of its triple-A credit rating. "A downgrade doesn't seem justified to me when you look at the economic fundamentals," said Bank of France Governor Christian Noyer. "Or else a downgrade should come first for the UK, which has a greater deficit, as much debt, more inflation, and less growth than us, and collapsing credit." The Wall Street Journal (15 Dec.)
Deutsche Bank to sell global asset management business Wells Fargo and Ameriprise Financial are among the parties that registered an interest in purchasing the global asset management business of Deutsche Bank. Financial Times (tiered subscription model) (15 Dec.) Reuters (16 Dec.)
LSE might start trade-data service for OTC derivatives The London Stock Exchange is considering expanding its trade-data service to include over-the-counter derivatives. "We are in very early discussions with UK regulators about the possibility of using the UnaVista TRS as a registered trade repository for OTC derivatives," said Mark Husler, head of business development in the exchange's data division. Reuters (15 Dec.)
Other News
Wells Fargo eyes European bank assets, analyst says Bloomberg (15 Dec.)
Morgan Stanley plans to reduce global work force Bloomberg (15 Dec.)
Spain capitalises on strong demand in final bond sale of 2011 The Wall Street Journal (15 Dec.)
Regulatory Roundup
EU might drop safeguards on derivatives legislation EU officials discussed weakening a recent agreement to give national regulators authority over clearinghouses, according to sources. The UK government pushed for the deal, saying it was necessary to protect clearing firms in the UK from pressure to move part of their operations to the continent. Bloomberg (16 Dec.)
EU asks whether Deutsche Boerse-NYSE remedies are sufficient The European Commission asked customers and competitors of Deutsche Boerse and NYSE Euronext whether revised concessions offered by the exchanges would eliminate antitrust concerns about their proposed merger. EU regulators are concerned about competition in the derivatives market. Bloomberg Businessweek (15 Dec.)
Draghi dampens hopes ECB might bolster bond purchases Mario Draghi, president of the European Central Bank, rejected more quantitative easing. The central bank's government bond purchases are "neither eternal, nor infinite," Draghi said. Restoring confidence in the euro zone will take more than monetary policy, he said. The Wall Street Journal (15 Dec.)
Accounting regulators agree on how banks book loan losses The International Accounting Standards Board and its US counterpart, the Financial Accounting Standards Board, agreed on how banks will be required to book losses on loans. Banks will have to book losses earlier. Reuters (15 Dec.)
Other News
Japan reportedly will order Citigroup to suspend some operations Bloomberg (16 Dec.)
Tech Trends
Trading outages plague European equity and derivatives markets Service interruptions and system failures hit the London Stock Exchange, Chi-X Europe and other trading platforms this year. NYSE Liffe's derivatives platforms in Paris and Brussels were the latest. Financial News Online (U.K.) (subscription required) (15 Dec.)
Spotlight on China
PBOC governor warns about some financial products Zhou Xiaochuan, governor of the People's Bank of China, stressed the connections between the real economy and the financial services industry. He also said some financial products, including certain derivatives, must be better managed. The Wall Street Journal/Dow Jones Newswires (15 Dec.)
AFME News
SIFMA/AFME Member Call on Eurozone Crisis Tuesday at noon EST (17:00 GMT) Please join AFME and SIFMA for a briefing call on Tuesday at noon EST (17:00 GMT). The discussion will cover the euro-zone crisis and examine its current and future impact on the financial markets and global economy, in light of the recent European summit. The briefing, which is open to all members of AFME and SIFMA, will be hosted by AFME CEO Simon Lewis and SIFMA Chairman Jerry del Missier, co-chief executive of Barclays Capital, with feature presentations by Steven Major, HSBC's global head of fixed income research, and Jacques Cailloux, RBS's chief European economist. Pre-registration for this call is required. Participants can register by clicking this pre-registration link and entering the Conference ID Number 100077553. Please note that a dial-in number will be provided upon completion of the pre-registration process. This call is closed to the press and nonmembers. To confirm your firm's membership status, please click on the following membership directories: AFME Membership, SIFMA Full Members and SIFMA Associate Members, or contact SIFMA's Office of Member Engagement at 212-313-1152 or inquiry@sifma.org. For questions or comments regarding access to the member call, please email inquiry@sifma.org or call 212-313-1152. Blank (15 Dec.)
Programme is available: AFME 7th Annual European Market Liquidity Conference -- 8 February in London The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that will attract 400-plus delegates from the buy and sell side, fixed income and foreign exchange. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers. The conference programme will explore key changes in market infrastructure, the impact of regulation and the latest trends in trading. Delegates who register now can take advantage of our specially discounted early-bird delegate rates. See the full programme for this event, and register your place. Blank (02 Dec.)
Featured Content
3 Killer E-commerce Website Features Julie Rains
3 Reasons Christmas Is Bad For Your Company Penelope Trunk
Culture Beat: Holiday Culture In Today's American Workplace Alexandra Levit
Small Businesses Working Harder for Federal Contracting Opportunities Anonymous
5 Ways To K.I.S.S. Matthew E. May
SmartQuote
Give me the liberty to know, to utter and to argue freely according to conscience, above all liberties."
--John Milton, British poet
Email: gfma@smartbrief.com Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 Legal and Privacy information at http://www.smartbrief.com/legal.jsp Unsubscribe
