Gfma : News on the global financial markets

• 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.)

Regulatory Roundup

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.)