Gfma : News on the global financial markets

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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.)

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