They turn to the euro area and the industry Consider Renault vote against the FranceSignal is thus running as downward pressure to about 1Hyperactivity applauded in both hands across the AlpsI begin my tour Editor's note with the exhibitOscar on October 1The retirement home an economic barometerA television campaign is also on the menuMichel Camdessus told a conversation with MrsThe future of Christian Streiff is in any case issueOur customers don't pay not only for a vehicle"Hedge funds".
Free electron of finance, "hedge funds" will have to be accountable and can no longer escape any form of control, even if only funds with a systemic risk are concerned. Remains whether what "hedge fund" can lead to a major risk to the financial system... The Alternative Investment Management Association (Aima), the professional association of "hedge funds", "welcomed with joy the significant commitment of the g-20 financial stability." "As the other players, our members want a return to economic stability," she stressed. She is ready to provide all information necessary for national regulators and recalled that it had, in this regard, launched on 24 February a platform consolidating the commitment of its members in the provision of information, recognition of the interest of a global supervisor... Indeed, anticipating a hardening in this industry, the association conveniently attempted to return to the ranks and adopt a low profile.
Regulation and supervision of markets and the financial industry
The strengthening of international coordination in the supervision and regulation of markets and the financial industry has been praised by regulators. The Bank of France welcomed Friday the measures adopted, while Jean-Pierre Jouyet, the new President of the French authority of des marchés financiers (AMF), said on BFM that it was ready to place themselves under the authority of the new financial stability Board (CSF). On British markets Constable, silence was in contrast to rigour. Jane Diplock, Chairman of the Executive Committee of the international organization of the of securities commissions (IOSCO), which brings together countries market authorities, for its part said the "strong support" of the Agency for the work of the g-20. On the big banks, the reaction was also unanimous. The Federation of French banks (FBF) estimated yesterday that in matter of regulation of the "Advanced considerable and concrete" had been recorded, welcoming it as the creation of the CSF.
Rating agencies
Among the players themselves, the reception was good. Moody's "is committed to the continuation of the constructive dialogue with policy makers and welcomes the efforts to promote a global and effective regulatory framework". David Weinfurter, CEO of Fitch Ratings, said that his agency "recognized since long the positive effects of a strengthened regulatory framework of market capital for the financial rating agencies". Standard & Poor's, the speech was not different: "S & P largely supports the overall approach of the regulatory reform of the g-20". Objective: "restore confidence and bring more transparency on the capital markets."
Accounting standards
Ardently desired by the bankers, the relaxation of accounting standards, adopted by the g-20 and unilaterally, both by the U.S. Financial Accounting Standards Board Thursday, was rather well received by the markets. The FBF recalled that there was still a "work important to take fully account the lessons of the crisis, including the illiquidity of many financial instruments". Some analysts were skeptical Friday about the effectiveness of these flexibilities, pointing to the urgent need to deal with toxic assets that remain on the balance sheet of banks. "Our view is that banks will continue to fall until it slows the growth of toxic assets," said Richard Ramsden, analyst at Goldman Sachs. "Loans deteriorate much faster that the profits of the banks grow." A view shared by Citigroup and Wells Fargo, that these amendments will be ineffective as long as the markets are at the stop.
