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FT reports: Siemens parked 4 to 6 bn euros at ECB - withdrew 500 million+ from either SocGen or Credit Agricole 2 weeks ago

FT reports that Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank two weeks ago and transferred it to the European Central Bank, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis.

In total, Siemens has parked between €4bn ($5.4bn) and €6bn at the ECB’s facilities, mostly through one-week deposits, this person said. Only a handful of large companies have the banking licences that allow them to deposit cash directly with the ECB.

An Asymptotic Year End Comment (Thanks to the FT)

 

 

 

 

We made a year end comment last year, here at asymptotix, which was popular and commented upon, something to do with the yield on the ten year, if I remember correctly.

 

 

 

European Financial Stability Fund

What do you call a cross between a supranational, a sovereign and a structured derivatives product?

Until somebody comes up with a more elegant name, you can call it the European Financial Stability Facility.

EU finance regulation shake-up welcomed

European governments gave their approval on Friday to an overhaul of the way banks and markets in the region are supervised, which was agreed in principle on Thursday night. However, they warned that new pan-European Union watchdogs would need to exercise their powers cautiously. In Germany, Leo Dautzenberg, a member of Chancellor Angela Merkel’s ruling Christian Democratic Union, and one of its finance policy experts in parliament, hailed Thursday night’s agreement on the EU financial supervision package as “closing an important gap in financial market regulation”. But he warned the three new EU-level watchdogs – for the banking, insurance and securities markets sectors – to use their powers over national institutions and markets with care. Under the proposals, these watchdogs will not supervise companies or markets directly, leaving this to national authorities. But they will be required to draw up common technical rules and standards and could acquire additional legally binding powers – including over individual companies – in “emergency situations”. Mr Dautzenberg also stressed the importance of the “fiscal safeguard” incorporated into the agreement. This prevents the watchdogs from imposing decisions that affect budgets in member states.

FT Alphaville chat with Colm Kelleher - CFO of Morgan Stanley

FT Alphaville met with Colm Kelleher, Morgan Stanley’s CFO and Co-Head of Strategic Planning. Given the near constant headlines, it’s not surprising that we spent a good chunk of the meeting talking through potential regulatory changes and their impact on Morgan and the industry.

FT: the investment black box lives on

Leading pioneer of quantitative investment Donald Putnam, managing director of Grail Partners, defends the use of the computer 'black box' by asset managers. But in this revealing interview with investment editor John Authers of the Financial times, he concedes that the credit crunch has provoked a far more nuanced approach to mass stampedes and "weather conditions" in markets.

Bundesbank chief hits out at DG Competition

Europe’s competition authorities risk throwing the continent’s economic integration into reverse with their response to the financial crisis, the head of Germany’s Bundesbank has warned in rare public criticism of Brussels.

 

Warning: Axel Weber

 

In a Financial Times interview, Axel Weber said policymakers were “at a crossroads” and might harm Europe’s growth prospects if they insisted on making lenders withdraw from foreign markets and become more nationally focused.

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