Gfma : News on the global financial markets

Deutsche Boerse-NYSE Euronext saga continues
The case team at the EU competition authority handling the proposed merger of Deutsche Boerse and NYSE Euronext is expected to issue a draft recommendation soon. Many market insiders expect EU officials to oppose the deal. AdvisorOne.com(02 Jan.), Financial Times (tiered subscription model)(02 Jan.)

Lloyds and former execs face lawsuit over HBOS takeover
US investors of Lloyds Banking Group filed a lawsuit against the bank, former Chairman Victor Blank and former CEO Eric Daniels, saying they were misled about the takeover of HBOS in 2008. The lawsuit says the executives had a "reckless disregard for the truth". Reuters(02 Jan.)

• Other News

Virgin Money completes acquisition of Northern Rock
Reuters (01 Jan.)

Regulatory Roundup

FSA crackdown forces financial firms to pay compensation
The UK Financial Services Authority took aim at mistreatment of retail investors, resulting in major financial firms paying more than £160 million in compensation last year. Financial Times(tiered subscription model)(02 Jan.)

Germany and France spark battle over chief ECB economist
Germany sent Joerg Asmussen and France sent Benoit Coeure to join the European Central Bank's Executive Board, sparking competition for the position of chief economist. Asmussen, Germany's deputy finance minister, and Coeure, France's No.2 Treasury official, succeeded Germany's Juergen Stark and Italy's Lorenzo Bini Smaghi. Bloomberg(01 Jan.)

• Other News

ECB settled €462 million in government bonds last week
The Wall Street Journal (02 Jan.)

Indian banks aren't concerned about Basel III
The Economic Times (India)/Press Trust of India (01 Jan.)

Spotlight on China

Chinese banks replenish capital by issuing subordinated bonds
Commercial banks in China issued about 330 billion yuan in subordinated bonds last year to replenish their capital bases, the Shanghai Securities Journal reported. The country's five major banks accounted for more than 70% of the amount. Xinhuanet.com (China)(30 Dec.)

AFME News

BBC's Nick Robinson and ESMA Chairman Steven Maijoor are confirmed to speak at European Market Liquidity Conference
The European Market Liquidity Conference is a high-profile, unique event on the European trading-community calendar that attracts 400-plus delegates from the buy and sell side, fixed income and foreign exchange. The conference is scheduled on 8 Februaryat Grange St Paul's Hotel in London. 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. View the full programme and register.

AFME/ESF and IMN are pleased to announce date and venue for Global ABS 2012 Conference
The Global ABS 2012 Conference is scheduled 12 to 14 June at Square Brussels Meeting Centre in Brussels. The agenda will be put together by industry professionals and focus on topics such as global regulatory changes that affect securitisation, lending, securities offerings, ratings, trading, clearing and other major issues, as well as initiatives to improve transparency, standardisation and investor confidence in the securitisation sector. In addition, the conference will explore and discuss issues concerning the state of the securitisation market and the financial sector as a whole. Speakers and the programme will be announced soon. Visit the conference website for further details.