FRANKFURT (MNI) - The following is a statement issued Wednesday by the Committee of European Banking Supervisors explaining the disclosure of sovereign debt exposure during the EU-wide stress-testing exercise, the results of which were announced July 23, 2010.

Today's announcement comes in the wake of renewed concerns about banks' exposure to the sovereign debt of some European countries:

CEBS Statement on the disclosure of sovereign exposures in the context of the 2010 EU-wide stress testing exercise.

WASHINGTON (MNI) - The following is a text of the a press release Wednesday by the Securities and Exchange Commission announcing it will hold a joint roundtable with the Commodity Futures Trading Commission on swap-related issues on September 14 and 15:

Staff from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will hold two joint public roundtables in September on issues relating to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

BRUSSELS (MNI) - Irish bond spreads Wednesday hit their widest level since the start of European Monetary Union as traders speculated that the country won't be able to manage its large budget deficit, exacerbated by the expensive problems of its troubled banking system.

The Irish government is meeting on Wednesday to debate the future of Anglo Irish Bank after saying on Tuesday that it would keep the bank on state funded life-support until the end of the year.

WASHINGTON (MNI) - The following are top events and news reported Wednesday ET in the global financial system by Market News International:

FRANKFURT (MNI) - The Basel Committee has reached a compromise on new capital ratio requirements that should result in higher capital needs, capital increases and retained earnings, Bundesbank Vice-President Franz-Christoph Zeitler said on Wednesday.

"The Committee yesterday prepared key points for an agreement that will offer the basis for consultation and a decision Sunday among central bank governors and heads of supervision," Zeitler said during a press briefing in the Bundesbank.

WASHINGTON (MNI) - Moody's said Wednesday that the default rate for global speculative-grade debt fell to 5.0% in August vs. 12.3% a year ago, while it was 5.1% in the U.S. and down to 4.:

The trailing 12-month global speculative-grade default rate fell from 5.5% in July to 5.0% in August, said Moody's Investors Service in its latest default report. A year ago, the global speculative-grade default rate stood at 12.3%.

LONDON (MNI) - The euro LIBOR/OIS 3 month spread tightened again Wednesday, despite 3-month LIBOR nudging higher.

Earlier Wednesday the Euribor 3-month rate fell 0.1 basis points Wednesday on the day, as it has done on every working day so far in September. Euro 3-month LIBOR did not follow suit, rising 0.125 bps on the day.

With OIS moving higher, the 3-month euro LIBOR/OIS spread tightened 0.275 basis points to stand at 33.309 basis points.

LONDON (MNI) - European credit markets have seen a mildly soft session with spreads edging wider in places. The notable underperformer again today in the financial sector, where medium and high grade single names continue to see sharp widening in places, mirroring, to a degree, weakness seen in European government bond spreads today, where Greece, Portugal and Ireland widened.