Gfma : News on the global financial markets
Tuesday 27 December 2011 GFMA
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Maijoor faces significant challenges as ESMA
chairman
Steven Maijoor, chairman of the European Securities and Markets
Authority, faces a daunting task as the agency aims to create and
streamline securities regulations for the EU's 27 members. National
regulators' lack of coordination has been problematic, with
European officials struggling to gain a clear picture about the
performance of credit default swaps and other complicated financial
products. "There's a likelihood that the impact on the financial
system could have been smaller if we had access to more
information," Maijoor said. "Now, we're in a much better position
than before the credit crisis." The New York Times (tiered subscription
model)/DealBook blog(26 Dec.)
SEC sides with Lehman in dispute with
Barclays
Lehman Brothers Holdings gained support from the Securities and
Exchange Commission in its asset dispute with Barclays. The US
agency said Lehman doesn't have enough funds to repay customers and
that Barclays has a conditional claim on money held in reserve.
"The commission wishes to ensure that assets held in the special
reserve bank account for the exclusive benefit of customers, as
well as other assets required to be held for the benefit of
customers, are properly administered in the event a broker-dealer
is liquidated," the SEC said. Bloomberg(26 Dec.)
- Other News
Japanese regulator ramps up oversight of
illegal trading
Bloomberg (26 Dec.)
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PBOC calls on banks to reduce dependence on rating
agencies
Zhou Xiaochuan, governor of the People's Bank of China, encouraged
large financial institutions to rein in their reliance on credit
ratings from foreign agencies. "Large financial institutions are
different from small ones or retail investors," Zhou said. "They
should strive to make choices on the basis of their own judgment."
China Daily (Beijing)/Xinhua News Agency(26
Dec.)