Quotes of the month

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Chain reaction: Can the need for SME finance set Europe’s securitization market free?  
“All ABS were perceived as too risky due to the US experience in the subprime mortgage markets. But this regulation is like calibrating the price of flood insurance on the experience of New Orleans for a city like Madrid”

Yves Mersch, board member of the ECB, exposes the absurdity of capital treatment of asset-backed securities in Europe (see  Chain reaction: Can the need for SME finance set Europe’s securitization market free?)



Exchanges: Nasdaq reels from double blow “We’d been looking at eSpeed for a while, including whether we could build something similar, as it hits our sweet spot in terms of central clearing, providing data feeds, and a central limited order book – like our other transaction platforms. We think we can improve the technology performance of the platform and introduce new products to meet the demand of the dealer community”

Eric Noll was expounding the bright future of Nasdaq, where he was executive vice-president, to Euromoney at the start of November. By the end of the month, he’d left the exchange for a rival platform (see  Nasdaq reels from double blow)


China’s crucial Shanghai trade  
“The negative list could be seen as a positive development in China, because it does mean that anything not on the list, no matter how comprehensive the list may be, is accessible rather than having to seek approval to do any type of business in China in the first place”

The positives of negatives are revealed in a highly charged comment from Richard Gu of Linklaters about the Shanghai Free Trade Zone (see  China’s crucial Shanghai trade)


Ecobank faces moments of truth  
“It’s one thing to get to be number one and quite another one to stay there. It’s a dynamic market, and we need to stay alert”

Thierry Tanoh, chief executive of Ecobank, knows competition in African banking is on the rise (see  Ecobank faces moments of truth)