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BaFin prohibits uncovered short-selling transactions and uncovered CDS in government bonds of euro zone
French finance Minister Christine Lagarde, ruled out a similar move by France and called for an urgent meeting of European securities regulators to discuss the implications of Germany’s unilateral ban.
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Commissioner Barnier called for co-ordinated European action after Germany banned short sales of euro zone government bonds
EU Commissioner Barnier started to engage in serious talks with CESR which have intensified the ongoing coordination of European security regulators in the last few hours. Barnier also revealed that the EC plans "within a few weeks" to outline proposals on "naked-shorting" restrictions.
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Barnier calls for quick implementation of all financial services legislation
Commissioner Barnier calls to implement financial services regulation by 2012 to fulfil G20 commitments. This includes applying the MiFID and Market Abuse directives to over-the-counter derivatives. He also revealed that by June there will be amendments to the CRA regulation.
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President Barroso presented EU priorities for G20 Summit in Toronto
In his letter President Barroso presents five key G20 deliverables. It includes timely and consistent implementation of the commitments to reform financial markets, inter alia on rules to improve bank capital, implementation of the FSB remuneration principles and accounting standards.
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ECOFIN Council conclusions on crisis prevention, management and resolution
The Council agreed that better mechanisms are needed to ensure the mitigation of systemic risk and that the financial sector bears the cost of resolution measures in a way that equitably reflects its responsibility and with a view to eliminating the need for the use of public funds.
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Commissioner Rehn: Reinforce both the preventive and the corrective arms of the SGP
Rehn underlined that stronger fiscal surveillance should be accompanied with broader macroeconomic surveillance. The essential cornerstone of reinforcing economic governance is to coordinate fiscal policy in advance, he said. The Commission will propose a more permanent mechanism in due course.
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ECOFIN Council conclusions on domestic fiscal frameworks
The Council called for a regular assessment and peer review of Member States' fiscal frameworks which will include a check list of desirable features of domestic fiscal frameworks, building on best practices and acknowledging differences in political, institutional and cultural contexts.
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ECON committee raised concerns on Eurozone governance and Greece
Members voiced concerns about relying on a system dominated by national interests, which, they said, had acted too slowly. Some MEPs argued that Parliament, given its role under the Treaty, should have been more closely involved in the setting up of the support mechanism.
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IMF: Financial watchdogs need to be more knowledgeable about the markets they supervise
How well a country fared in the recent global financial crisis was influenced by the skills and effectiveness of its financial watchdog, according to the IMF paper. The paper emphasizes that the importance of supervision to ensure that the new rules are properly implemented should not be forgotten.
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ACCA: New EU presidency must not let opportunities slip by
ACCA’s recommendations for the upcoming Belgian Presidency include among other issues: implementing the Lisbon Treaty and Europe 2020 framework, accounting standards, corporate governance and EU crisis resolution mechanisms.
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SEC proposes stock-by-stock circuit breaker rule
The SEC proposed a trial of a system intended to prevent the disruptions experienced on May 6. Trading in a stock would pause across U.S. equity markets for a five-minute period in the event that the stock experiences a 10 percent change in price over the preceding five minutes.
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NYT: US Senate fails to advance Financial Reform Bill
The US Senate on Wednesday rejected an effort by Democratic leaders to complete work on a sweeping financial regulatory bill as two key Democratic holdouts said it still did not tighten rules on Wall Street enough.
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WSJ New York Fed pushes Wall Street on Repo overhaul
Officials at the Federal Reserve Bank of New York are pushing Wall Street firms to ramp up efforts to stabilize an important corner of the financial system called the repo market, where securities dealers attain trillions of dollars of short-term financing every day.
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Washington Post: Obama's terms for financial overhaul remain mostly intact
The Senate is expected this week to adopt the 1400 pages bill to overhaul the nation's financial regulations. The bill largely reflects the administration's initial blueprint, despite the fervent efforts of lobbyists and lawmakers of all stripes to alter it.
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Japans Finance Ministry announces new policy goals for 2010
The Finance Ministry issued its policy goals for 2010, calling among others for an appropriate financial safety net able to respond promptly and accurately to financial crises to guarantee the stability of the financial system.
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IMF Asia and Pacific department called for coordinated approach to global financial reforms
At a seminar organized by the Fund in Tokyo, IMF John Lipsky, said that as Asia is leading the world recovery, its voice in these debates will be vital. Perhaps more than at any time in modern history, the region as a whole has the ability to influence global policymaking.
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G20 Summit: Meeting of global business leaders in advance of Toronto summit
The G20 Business Summit is expected to discuss the issues most relevant to the private sector, including strengthening the economic recovery, financial sector reform, trade, development and innovation.
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Canada sends worldwide message in opposition to a global bank tax
Senior Canadian ministers expressed their staunch opposition to the imposition of a global bank tax on financial institutions. “Our banks acted responsibly to avoid trouble throughout the recession, and it makes no sense to impose a punitive tax on them now.”
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