FT

World News:

• Germany fights eurozone firewall moves February 22, 2012
  Steffen Seibert, spokesman for Angela Merkel, insisted that Berlin saw no need to increase the size of the €500bn European Stability Mechanism
• Republican hopefuls round on Santorum February 23, 2012
  Socially conservative former Pennsylvania senator is accused of being fiscally reckless by Mitt Romney and of being a ‘fake’ by Ron Paul
• Obama and Romney unveil rival tax plans February 22, 2012
  The two plans show that there is strong support for reforms to the bafflingly complicated US tax system but division about how much revenue the system should raise
• Syrian assault spurs call for intervention February 22, 2012
  The intensifying assault on the city of Homs killed dozens, including two western journalists, sparking fresh pleas for international action
• Baghdad bombings kill at least 20 February 23, 2012
  Car bombs strike across the city less than a week after a deadly attack at the capital’s police academy killed 19
• Gillard calls Labor leadership vote February 22, 2012
  Australian prime minister calls leadership vote after Rudd resigns and says she cannot win election
• West dismayed at failure of IAEA talks in Iran February 22, 2012
  The failure of talks between Iran and the IAEA over Tehran’s nuclear programme has triggered dismay among western powers
• US farm subsidies attacked amid boom February 22, 2012
  With commodity prices soaring and land values at record highs, agriculture is enjoying a windfall but the good times have not escaped notice in Washington
• Doubt cast on ‘faster than light’ finding February 22, 2012
  Latest results will strengthen the scepticism showed by most physicists when the original discovery was announced in September
• Strauss-Kahn freed after night in French jail February 22, 2012
  Former head of the International Monetary Fund is released after police questioning over his links to an alleged French prostitution ring

Markets News:

• Outlook for growth back on agenda February 23, 2012
  Region’s shares lower amid lingering concerns about implementation of the country’s rescue package and Europe’s economic outlook
• RBS leads rebound in London’s banking sector February 23, 2012
  The part-nationalised bank recovers from opening losses after bigger than expected charges of £1.1bn to lead its peers higher
• Greek debt swap pay-out prospect weighed February 22, 2012
  Credit event ruling could lead market to worry that other peripherals are heading the same way
• Japan’s policy will spur high debt economies February 22, 2012
  Artificial reduction of the supply of risk-free assets ignites demand for risky assets. The implications are likely to be profound
• US prime money funds raise eurozone exposure February 22, 2012
  A key source of funding for the financial system remains vigilant about bank risk according to a new report by Fitch Ratings
• NY Fed plans auction of Maiden Lane II portfolio February 22, 2012
  The auction is likely to be held next week and involve the remaining $6bn in face value of securities acquired as part of the crisis-era bail-out of AIG
• Record sterling oil price sparks fears February 22, 2012
  The rally in the price of crude oil denominated in European-currencies is likely to have a negative impact on the continent’s economic growth
• Iceland bank establishes covered bond plan February 22, 2012
  Arion, the bank created from the assets of failed Kaupthing, has established a €1bn international covered bond programme
• Tech stocks fall on Dell disappointment February 22, 2012
  Poor fourth-quarter earnings from Dell forced some technology stocks lower on Wednesday
• Pound hits 10-week low against euro February 22, 2012
  Sterling sinks to its lowest mark against the euro in 10 weeks after strong support for QE is shown in the latest Bank minutes

Trading Room:

• Prospect of LME’s sale puts focus on clearing February 22, 2012
  Profits at member-owned metals exchange could more than double if it goes ahead with plans to build an in-house process
• Valuing the London Metal Exchange February 22, 2012
  LME could be worth £1.4bn even before a bidding war, based on analysis of trading fees, clearing benefits and cost cutting, says Jack Farchy
• Beware the risks of the rush to regulate February 22, 2012
  All countries need to be alert to the unintended consequences of financial regulation and reform, write George Osborne and Jun Azumi
• CFTC delays vote on swap dealer designation February 21, 2012
  A vote to draw a line under the biggest traders in US derivatives markets has been cancelled in the latest delay to reforms passed in response to the financial crisis
• CME doubles stake in Dubai bourse February 21, 2012
  CME is doubling its stake in the Dubai Mercantile Exchange to 50 per cent as the Middle Eastern group tries to create a new oil futures benchmark
• Sweden finds HFT effects “limited” February 21, 2012
  High-frequency trading has a limited effect on equity markets but increased the potential for market abuse, Swedish regulators have concluded
• Italy to limit high-frequency orders February 20, 2012
  Italy’s stock exchange plans to charge traders if they send too many orders into its system
• ICE makes UK carbon platform bid February 21, 2012
  Three of the world’s largest exchanges among those bidding to win the contract to auction Britain’s carbon trading allowance after ICE confirms bid
• Nomura and Tradition launch new ETF trading platform February 20, 2012
  Nomura, the investment bank, and Tradition, the interdealer broker, have teamed up to launch a new electronic platform to trade ETFs which will be open to all market participants
• Regulators weigh thousands of pleas on Volcker rule February 19, 2012
  Regulators are still debating how to ban banks from speculative trading while preserving their ability to make markets on behalf of their clients