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From: "CFA Institute Financial NewsBrief" <cfa@smartbrief.com>
Date: Wed, 28 May 2014 05:11:01 -0500 (CDT)
To: <mainandwall@yahoo.com>
Subject: BoE's Carney: Without fairness, capitalism will destroy itself
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BoE's Carney: Without fairness, capitalism will destroy itself Capitalism is doomed if bankers don't recognize that they must help create a fairer society, Bank of England Governor Mark Carney said at a conference. "Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself," he said. "To counteract this tendency, individuals and their firms must have a sense of their responsibilities for the broader system." The Guardian (London) (27 May.), Reuters (27 May.) Major Chinese banks report surge in overdue loans China's 10 biggest banks say overdue loans hit 588 billion yuan at the end of 2013, up 21% compared with 2012 and the highest level since 2009. A government crackdown on shadow banking is making it difficult to borrow in the nonregulated sector to pay back money owed to regulated, mainstream banks. Bloomberg (28 May.) Nasdaq planning second revamp of PSX in about a year Nasdaq OMX Group intends to revamp PSX to return the exchange's focus to the size, rather than time, of incoming orders, a regulatory filing shows. The move highlights challenges smaller exchanges have faced as more trading shifts to dark pools and other private venues. Reuters (27 May.) Greece's Attica Bank seeks strategic investor Attica Bank in Greece decided it needs a strategic investor to take a large stake as it prepares a public offering to remedy a capital shortage identified in a stress test by the Greek central bank this year. The bank aims to raise €320 million, more than twice its market value. Reuters (27 May.)  | Bloomberg's Portfolio & Risk Analytics gives you everything you need to manage your portfolio in real-time. Find out more. | | | | | With respect to smart beta, which of the following statements best reflects your views?  | It is a worthwhile innovation that enhances return and reduces risk | | It is a passing fad that will neither enhance return nor reduce risk | | It is still relatively new and too early to judge decisively | | I need to learn more about smart beta before I form a view | | None of the above | | Positive U.S. economic news boosts Asian-Pacific markets Asian-Pacific markets rose Wednesday after the Standard & Poor's 500 hit a record high on Wall Street and signs emerged that the European Central Bank is considering rolling out stimulus measures. Japan's Nikkei 225 added 0.2%. Hong Kong's Hang Seng Index rose 0.6%. Australia's S&P/ASX 200 moved up 0.3%. China's Shanghai Composite gained 0.8%. South Korea's Kospi advanced 1%. India's Sensex was up 0.1%. CNBC (28 May.), The Economic Times (India) (28 May.) News of weak mortgage lending weighs down sterling Decreased demand for mortgages has prompted the U.K. currency to weaken against the U.S. dollar. The pound had been climbing against world currencies as investors expected the Bank of England to be one of the first central banks to raise interest rates. Reuters (27 May.) | EU must be clearer about national, European roles, leaders say Leaders of EU member states meeting in Brussels after anti-EU parties made big gains in parliamentary elections promised to clarify distinctions between the powers of national governments and Europe. European Council President Herman Van Rompuy called on the EU to focus on strategic objectives, including job creation, economic growth and development of an energy union. "A strong message is needed that we are shaping Europe so it becomes more functional, to better respond to the needs of people," said German Chancellor Angela Merkel. EUObserver (Brussels) (28 May.),  EuroNews.com (France) (27 May.), The Guardian (London) (27 May.) Bond market indicates rates won't go as high as Fed predicts The bond market suggests that the U.S. economy won't expand enough to prompt the Federal Reserve to increase its overnight interest rate past 3.3%. "The market's pricing in an extraordinarily slow Fed," said Margaret Kerins, head of fixed-income strategy at Bank of Montreal. "Potential growth is a huge determinant of that long-term rate, and most people are buying into the idea of lower potential growth." Bloomberg (27 May.) | 3 former Barclays traders appear in U.K. court over Libor The U.K. Serious Fraud Office has accused three former Barclays derivatives traders in the U.S. of manipulating the London Interbank Offered Rate. The trio appeared at Westminster Magistrates' Court on a charge of conspiracy to defraud. "They dishonestly agreed to procure or make submissions of rates by Barclays, a panel bank, into the dollar Libor setting process which were false or misleading," according to a charge sheet. They "deliberately disregarded the proper basis for the submission of those rates." Bloomberg (27 May.), Reuters (27 May.)  | Register now to hear from former SEC Chairman Mary Schapiro and other experts on the future of financial industry self-regulation. | | | | | Direxion debuts leveraged ETF investing in S&P 500 Direxion is bringing to NYSE Arca an exchange-traded fund designed to deliver 200% of the performance of the Standard & Poor's 500 index. The Direxion Daily S&P 500 Bull 2X Shares ETF takes the place of a similar fund that tracked the NYSE U.S. 100 Index, according to a filing with the Securities and Exchange Commission. ETF.com (27 May.) | Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
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