Gfma : News on the global financial markets
05/01/2012 GFMA- Other News
Germany launches successful sale of 10-year
benchmark bund
The Wall Street Journal (04 Jan.)
Job losses are likely as RBS plans
investment-banking retreat
Financial Times (tiered subscription model) (04 Jan.)
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EU financial-transaction tax is likely, French
official says
Jean Leonetti, a senior French official, said an EU tax on
financial transactions likely will be in place this year. "This is
on the programme for the next European summit [on 30 January],"
Leonetti said. "[French President] Nicolas Sarkozy and [German
Chancellor] Angela Merkel have decided on this, and it will be put
in place before the end of 2012." The Telegraph (London)(04 Jan.)
Currency trade by SNB chief's wife sparks
controversy
The Swiss National Bank published its ethical code after it was
revealed that the wife of Chairman Philipp Hildebrand purchased
$500,000 as the central bank considered capping appreciation of the
Swiss franc. Hildebrand is poised to speak about the trade.
Financial Times(tiered subscription model)(04
Jan.), Reuters(04 Jan.), The Wall Street Journal(05 Jan.), The Guardian (London)(04 Jan.)
Cameron's clearinghouse demand earns
applause
The European Central Bank published policy in July that requires
central counterparties that clear contracts denominated in the euro
to do so within the euro zone. UK Prime Minister David Cameron
demanded that the UK be exempt from the policy, which could force a
breakup of LCH.Clearnet Group and other multicurrency
clearinghouses. Cameron's move was welcomed by eurosceptic
Conservatives. Risk.net(subscription required)(04 Jan.)
Commentary: Authorities must be tough to avoid
crises
Enrico Perotti, finance professor at the University of Amsterdam,
argues that financial regulators must implement tough rules to keep
the European crisis from spreading and to prevent additional
problems. Financial Times(tiered subscription model)(04
Jan.)
- Other News
Economists expect ECB to cut rates and
avoid printing money
Reuters (04 Jan.)
Banks' demand for ECB dollars
plunges
Reuters (04 Jan.)
EU official involved in MiFID reforms will
switch positions
Financial Times (tiered subscription model) (04 Jan.)