FURTHER FURTHER READING
- John Lanchester on why big banks can't have small problems.
- A reason the great bond bull market isn't over?
- "Libor being set by the NYSE Euronext is like vegan certified lentil bakes being sold in McDonalds."
- A really, really weird SEC filing (via Quartz).
- The SEC's ACA liability in the Tourre case.
- Bitcoin Foundation: "lobbying on behalf of Bitcoin is not necessarily anti-market..."
- Reuters/UMich: well, who was trading with whom?
- Scott Skyrm imagines a "continuous global pricing system".
- International trade flows, graphic du jour.
ROUND-UP
FT markets round-up: "Global equities maintained their upward momentum as investors took heart from a solid start to the US corporate earnings season and appeared to put concerns about Federal Reserve policy to one side. Indeed, US stocks recorded a fourth successive day of gains, with the S&P 500 closing just 1 per cent below May's record close, as gloomy forecasts for global growth from the International Monetary Fund were given short shrift by equity bulls." (Financial Times)
Scandal-plagued Libor moves to NYSE: "The Libor interbank rate formally broke with its scandal-plagued past on Tuesday as NYSE Euronext, the transatlantic exchanges operator, won the right to take over and reform the global benchmark, which serves as the reference point for more than $350tn in contracts worldwide." (Financial Times)
IMF slashes global growth forecasts: "The International Monetary Fund has slashed its growth forecasts for 2013 and 2014 as it warned of a slowdown in key emerging markets and a more protracted recession in the euro area. In an update to April's World Economic Outlook, the IMF cut its global growth forecasts by 0.2 percentage points for both years, to 3.1 per cent for 2013 and 3.8 per cent for 2014." (Financial Times)
Saudi Arabia and UAE prop up Egypt regime with offer of $8bn in aid: "Saudi Arabia and the United Arab Emirates have pledged a total of $8bn to Egypt to help prop up its ailing economy, highlighting the shake-up in regional political power after last week's military coup in Cairo. Riyadh has promised to send $5bn and Abu Dhabi $3bn in a mix of cash, central bank deposits and oil products, as the new Egyptian administration grapples to halt the slide in the pound and stave off a foreign exchange reserves crisis." (Financial Times)
Asset management hits record level: "The animal spirits are stirring again in the markets as the asset management industry grows to a record level and shrugs off some of the debilitating effects of the financial crisis. The amount of money invested globally by asset managers has for the first time surpassed the highs before the 2007-08 crisis, according to Boston Consulting Group, the management consultants." (Financial Times)
US banks face tougher borrowing rules: "US banking regulators have broken with their international counterparts and proposed restrictions on borrowing that are almost twice as onerous as the rules mandated under the Basel III global agreement. The largest US bank holding companies would have to hold regulatory capital equivalent to 5 per cent of their assets, regulators including the Federal Deposit Insurance Corporation and the Federal Reserve proposed on Tuesday. That requirement is 2 percentage points higher than the minimum "leverage ratio" suggested by international banking regulators as part of Basel III standards." (Financial Times)
