Views on improving the integrity of global capital markets


European Commission to Regulate Benchmarks: LIBOR, Commodities Face Additional Rules

The European Commission recently published a legislative proposal that sets out broad measures to improve the governance, transparency, and supervision of benchmarks, and this week there's been news of ICAP's pending settlement with the U.K. and U.S. authorities over the interdealer broker’s involvement in the LIBOR affair.

“District Dialogs”: Corker Ponders Progress on Dodd-Frank, Mortgage Market Reform

CFA Institute hosts series of town-hall meetings with members of Congress. First stop: Nashville and Sen. Bob Corker for a discussion of the bipartisan bill he is co-sponsoring to wind down Fannie Mae and Freddie Mac.

Impact of European Short-Selling Regulation: Mixed Effects on Markets

The jury is still out as to the overall effect of this regulation, but a recent report demonstrates that the clamor for more regulation, as well as the industry push-back, is all too often overdone.

How to Reform LIBOR: The Debate Continues

Since the publication of the U.K.’s Wheatley Review in late September, which heralded the beginning of the reform process to fix the scandal-plagued LIBOR benchmark, a swath of regulatory initiatives has been launched.

Privileged Access: From GM to Congress about Taxpayers’ Investment

When GM’s CEO, Daniel Akerson, arrived to brief Congressional leaders today, he did so in a 2014 C7 Corvette Stingray to emphasize the return of the financial benefits firm, nee automaker. The thing is, the discussion — designed to soothe concerns about the government’s $49.5 billion bailout of the company — raises its own concerns.

Basel III, Resolution, Bail-in, Bailout, Ring-fencing, and Banking Union: What Does the Future Hold for Banks and Their Investors?

There are a number of regulatory proposals under discussion at the EU and national levels. Some proposals are specific to Europe, and some originated in the U.S. but were eagerly imported into Europe. Will they accomplish the goal of preventing another financial meltdown?

How the Investment Industry Can Facilitate SME Access to Finance in Europe

The EU economy is in need of measures to relaunch economic growth and encourage more long-term sustainable investment, and these measures are expected to focus on supporting the SME sector as well as providing finance for innovation-led sustainable projects and activities.

Financial Transactions Tax Gets Green Light — How Will It Impact Investors?

On 22 January, European finance ministers approved a motion to allow 11 EU member states to proceed with proposals to introduce a financial transactions tax (FTT). The plans now go to the European Commission to develop the framework for the taxation, including the financial instruments, rates, and parties to whom it will apply.

Trust and Ethics in Finance: Culture Must Change in EMEA

While the 2013 Global Market Sentiment Survey reveals cautious optimism about the future of the financial markets in 2013, those are tempered by concerns that the longer-term issues that contributed heavily to the financial and the decline in the integrity of the markets remain unresolved.

Treasury’s GM Hangover Won’t End with $5.5 Billion Stock Sale

GM announced it is repatriating 200 million of those shares at an 8 percent premium to current market value, or $27.50. That is a real bargain — for GM, that is — as the price amounts to a little more than half of Treasury’s cost basis at which it purchased them two years ago.

Japan’s Government Pension Investment Fund, Among Others, Forced Away from Fixed Income

Due to Japan's suffering economy and the problem arising from underfunded pension funds, large funds in Japan are being forced to rethink their portfolio management approach.

CFA Institute Integrity List: “50 Ways to Restore Trust in the Investment Industry”

In a recent interview with "Institutional Investor," John Rogers, CFA, president and CEO of CFA Institute, discusses the "CFA Institute Integrity List" and steps the investment community can take to restore public trust.

From Sports to Financial Markets, Are We Living in an “Age of Cheats”?

Jim Allen, CFA, discusses a recent Forbes column that connects the cheating and lying we see in sports, politics, and the financial markets all as indications of “moral rot.”

More Transparency and Protection for Investors: EU Issues Guidelines on ETFs, Other UCITS Issues

EU regulator ESMA recent published rules overhauling ETF and UCITS rules. Graziella Marras examines how the regulations benefit investors.

Ethics and Risk Management: Building a Culture of Integrity

Jon Stokes, CFA, examines the key components of creating a culture of ethics.

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