EU leaders clinch pact to defend euro
BBC
EU leaders say tough new budget rules agreed at their summit in Brussels will protect the euro from a future Greek-style debt crisis. The EU "sealed a solid pact to strengthen the euro," said European Council President Herman Van Rompuy.
http://jlne.ws/d0df3U
U.S. Fiscal Hawks Turning French: Peter Boone, Simon Johnson
By Peter Boone and Simon Johnson, Bloomberg
The sharp budget cuts announced in the U.K. last month have people asking: could the U.S. soon take similar steps? The two countries share some key problems, including the aftermath of a housing bust, overreliance on high-risk financial services, and government debt levels approaching the danger zone. Self-proclaimed fiscal conservatives also are likely to make a strong showing in midterm elections.
http://jlne.ws/9Q5pRM
Why banks have cut corners on foreclosures
By James Surowiecki, The New Yorker
In the late nineteen-sixties, Wall Street was crippled by an unlikely nemesis: unfinished paperwork. Thanks to a booming stock market, trading volume had soared in the course of the decade; between 1960 and 1968, the number of shares traded daily quadrupled. This should have been wonderful news for brokerage houses—more trades mean more commissions—but it ended up wrecking many of them instead.
http://jlne.ws/cZ601J
Angela Merkel consigns Ireland, Portugal and Spain to their fate
By Ambrose Evans-Pritchard, Telegraph
Bondholders will discover burden-sharing. Debt relief will be enforced, either by interest holidays or haircuts on the value of the bonds. Investors will pay the price for failing to grasp the mechanical and obvious point that currency unions do not eliminate risk: they switch it from exchange risk to default risk.
http://jlne.ws/ccVPDY
SABB to meet investors; eyes dollar bond
Reuters
Saudi British Bank 1060.SE (SABB), an affiliate of British lender HSBC (HSBA.L), will meet fixed-income investors starting this week about a potential dollar bond issue, the lender said.
http://jlne.ws/bGMZJ4
Obama Wants To Gain Ground On Currency, Trade Imbalances At G-20
Dow Jones
President Barack Obama will head to the Group of 20 meeting next week to gain ground on an array of financial issues, including concerns over trade imbalances, currency rates and the U.S.-Korea Free Trade Agreement.
http://jlne.ws/9Gp45M
The Auction-Rate Logjam
By Daisy Maxey, WSJ.com
More than two years after the $330 billion auction-rate-securities market froze, thousands of individual investors could still be stuck holding them. In August, UBS AG—one of the largest sellers of the securities to small investors—was ordered in an arbitration decision to pay $80.8 million to Kajeet Inc., a Maryland firm, 10 times the amount it originally had invested in auction-rate securities, due to damages it suffered.
http://jlne.ws/9CxDuU
Construction Spending in U.S. Unexpectedly Rose in September
Construction spending in the U.S. unexpectedly rose in September, led by increases in homebuilding and public projects. The 0.5 percent gain brought spending to $801.7 billion after a revised 0.2 percent drop in August that was previously reported as a 0.4 percent gain, Commerce Department figures showed today in Washington.
http://jlne.ws/duy4hQ
Manufacturing sector growth surges in October
By CHRISTOPHER S. RUGABER, Saily Finance
Manufacturing activity expanded last month at the fastest pace since May, driven by demand in the United States and abroad for cars, computers and other goods. The report signals that U.S. factory output, which slowed over the summer, remains a strong player in an otherwise weak economy. A separate report on Monday showed that manufacturing in China, the world's second-largest economy, also grew.
http://jlne.ws/aHmidU
Interest Rate Outlook: Low and Slow
CME Group Magazine
Interest rates may be at record lows, but there appears to be a consensus among central bank watchers that there is not enough growth to alter the rate picture, yet. Here is what leading economists see coming.
http://jlne.ws/9x8Wwc
ICBC Buys U.S. Broker-Dealer From BNP Paribas
New York Times
Industrial & Commercial Bank of China, the world's biggest lender by market value, paid a token $1 for a small U.S. brokerage firm, the Wall Street Journal reported on Monday, citing people familiar with the matter.
http://jlne.ws/cF9UmL
Dodd-Frank act will not herald end of voice trading
By Daniel Marcus, FT.com
The US Dodd-Frank Act that was signed by Barack Obama this summer was one of the most significant pieces of financial legislation in living memory and now the financial world is trying to orient itself in the aftermath.
http://jlne.ws/cU4MbJ
Tighter US ban on bank trading urged
By Tom Braithwaite in Washington
FT.com / US / Politics & Foreign policy
A group of senators led by Carl Levin, the Democrat from Michigan, is pushing a new financial oversight council to adopt a strict ban on proprietary trading at banks.
http://jlne.ws/aIOOI8
Politics of the Fed's easy money
By Emily Kaiser, Reuters
While voters cast ballots on Tuesday in an election expected to shift Congress to the right, the Federal Reserve convenes what could be its most pivotal meeting since the height of the financial crisis.
http://jlne.ws/arFq3v
The global implications of QE2
By Gavyn Davies, FT.com
The financial markets have now become convinced that another large round of US quantitative easing is on the cards, with predictions focusing on a maximum liquidity injection of $1,000bn over about 12 months - enough to increase the Fed's balance sheet by 40 per cent and to finance the bulk of the US budget deficit next year. No wonder the dollar has been falling, gold prices surging and US equities rising in recent weeks.
http://jlne.ws/am1QnN
Clearing Overshadows ICE's Quarterly Profit Rise
Finance Technology Network
IntercontinentalExchange Inc's profit rose a stronger-than-expected 15 percent on the back of strong commodities trading, but the futures exchange said revenues from its nascent credit-clearing operation would slip, undercutting its shares.
http://jlne.ws/dzG6zB
ELX Reports Open Interest and Volume Records in Eurodollar Futures; Sees Rebound in U.S. Treasury Futures for the Month of October
MarketWire
ELX Futures, L.P. (ELX) announced today that October was a record-setting month for its Eurodollar Futures contract, which was launched in June 2010. ELX reported record open interest (OI) and volume in Eurodollar futures and it also saw a rebound in its U.S. Treasury Futures contracts for the month of October.
http://jlne.ws/9lfmP2
Royal Bank of Scotland hires bonus row banker
Daily Telegraph
New head of corporate finance, John McIntyre, sued Commerzbank for L2m over payout.
http://jlne.ws/cckV1O
RBS hires former Dresdner Kleinwort banker - Report
Reuters
Royal Bank of Scotland ( RBS.L ) has hired John McIntyre, a former head of acquisitions at Dresdner Kleinwort, as head of corporate finance in Europe, the Middle East and Africa, the Daily Telegraph said on Monday.
http://jlne.ws/aGJ9oq
Citigroup Says Grumblers Abate After Push for Customer Service
BusinessWeek
Citigroup Inc.'s campaign to repair its U.S. customer-service reputation may be making progress: clients are becoming more likely to recommend the bank, rather than disparage it, an internal memo shows.
http://jlne.ws/ch8DFQ
How the roof fell in on Countrywide
CNN Money
CEO and co-founder Angelo Mozilo saw a subprime mortgage crisis coming for everyone except his own company.
http://jlne.ws/cUbv6T
Swaps Pioneer Thomas Jasper Leaves Primus Guaranty as It Unwinds Business
By Shannon D. Harrington
Primus Guaranty Ltd. Chief Executive Officer Thomas Jasper, who helped turn the swaps market into a trillion-dollar industry, is leaving the company as it unwinds its business selling credit protection to banks.
Bloomberg
http://jlne.ws/anydNb
DTCC Begins Publishing Daily Index of General Collateral Repo Rates
Business Wire
DTCC announced today that it has begun publishing the financial service industry's first index to list average daily interest rates for the multi-billion-dollar daily market in GCF repos.
http://jlne.ws/aABwln
LCH.Clearnet to discount freight fees by up to 40%
Press Release
LCH.Clearnet Limited (LCH.Clearnet) is set to restructure its freight clearing fees from 1 November 2010. The new fee structure is designed to reward customer loyalty, recognises the economies of scale available in clearing and ensures that the benefits of these economies are passed on to clients.
http://jlne.ws/dlnXoI
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