April 28, 2011
Conversation Starter
Federal Reserve Bank Of Minneapolis Puts The Recession And Recovery Into Perspective
The 2007-2009 recession officially ended in June of 2009 (in the second quarter). How bad was this recession, and how quickly is the economy recovering? How does this recession and recovery compare to previous cycles? The Federal Reserve Bank Of Minneapolis has posted interactive charts on its site that put the current economic downturn and recovery into historical (post-WWII) perspective. The Minneapolis Fed compares output and employment changes from the 2007-2009 recession and subsequent recovery with the same data for the 10 previous recessions and recoveries that have occurred since 1946.
According to the Federal Reserve Bank of Minneapolis, the 2007-09 recession was the deepest recession in the post-war period. At their lowest points, employment fell by 6.1 percent and output fell by 4.1 percent.
Eris Exchange Picks Chip Dempsey As Winner Of Platform Name Contest For "Eris SwapBook" (TM)
Eris Exchange has selected Chip Dempsey as the winner of its naming contest for its trading platform to be deployed on May 18, 2011. Dempsey's entry of "Eris SwapBook" (TM) is being used as the name of the exchange's central limit order book and RFQ trading platform. For his effort, Dempsey will be presented with an Apple iPad 2. The exchange also thanks Joe Meissner for his support in the matter.
An explanation of how Eris SwapBook (TM) plays into the Eris Exchange strategy can be found here.
--Christine Nielsen
Lead Stories
Economists React: First-Quarter GDP ‘Stutter’ Likely Temporary
By Phil Izzo, WSJ.com
Economists and others weigh in on the 1.8% increase in first-quarter gross domestic product at a seasonally adjusted annual rate. -Despite the stutter in the first quarter, we expect the U.S. economic recovery to remain largely on track and expect the pace of growth to accelerate in the coming quarters as the sustained positive momentum in labor market activity continues to provide the supportive backdrop for household spending and business investment. –Millan L. B. Mulraine, TD Securities...
http://jlne.ws/iThqkd
In Bernanke We Trust?
By Zachary Karabell, Time - The Curious Capitalist
Yesterday, Ben Bernanke departed from the silent, opaque tradition of the Federal Reserve and held a press conference. The event attracted considerable attention, for its novelty as much as for its substance. But those hoping that Bernanke would do his best imitation of Willy Wonka and reveal hidden facets of humor, complexity and charisma were, to say the least, disappointed.
http://jlne.ws/jNpsfr
**CN: The search for golden tickets continues...
CFTC, SEC Propose Exempting Insurance From Swaps Regulation
By Silla Brush, Bloomberg
Financial regulators voted to propose rules excluding insurance policies, home heating oil contracts and forwards tied to commodities from swaps regulations required under the Dodd-Frank Act.
http://jlne.ws/j3AOfU
Stimulus by Fed Is Disappointing, Economists Say
By BINYAMIN APPELBAUM, The New York Times
The Federal Reserve’s experimental effort to spur a recovery by purchasing vast quantities of federal debt has pumped up the stock market, reduced the cost of American exports and allowed companies to borrow money at lower interest rates.
http://jlne.ws/dEv3H7
Sarkozy Supports Italian Official to Lead Central Bank
By LIZ ALDERMAN and JUDY DEMPSEY, The New York Times
The high-level politicking over who will be the next president of the European Central Bank moved closer to resolution on Tuesday when President Nicolas Sarkozy of France said he would support a respected Italian monetary official, Mario Draghi, to succeed Jean-Claude Trichet when he steps down later this year.
http://jlne.ws/gl4Iwr
Primary dealers warn on debt-ceiling-breach impact
By Steve Goldstein, MarketWatch
The Treasury Borrowing Advisory Committee, which represents the primary dealers of U.S. Treasurys on Wall Street, on Tuesday warned over the impact of not raising the debt ceiling in a letter to U.S. Treasury Secretary Timothy Geithner.
http://jlne.ws/iffL9i
Why Do We Have a Debt Ceiling Anyhow?
By David Wessel, WSJ.com
On the face of it, a federal debt ceiling seem strange. Congress passes spending bills and tax bills, and those decisions lead to bigger or smaller deficits — or once upon a time surpluses — depending on what happens with the economy. The decision to borrow more or less is a consequence of those tax and spending decisions. With Congress once against arguing about raising the debt limit, one might wonder how this peculiar practice began.
http://jlne.ws/eqyYLr
Geithner: Lock in reforms with multi-year framework
By Kristina Cooke, Reuters
Congress and the White House could buy time to make the difficult decisions needed to cut the U.S. budget gap if they can agree on a broad deficit reduction framework, Treasury Secretary Timothy Geithner said on Tuesday.
http://jlne.ws/gtVXbI
The Yale Law Journal Online - Failure Is an Option: An Ersatz-Antitrust Approach to Financial Regulation
By Jonathan R. Macey and James P. Holdcroft, Jr.
We distinguish the economic problems when large financial institutions (“banks”) become insolvent from the political challenges that exist before banks are distressed. These political problems arise because policymakers would like to be able to precommit while a bank is still healthy to refrain from bailing out the bank later, should it become distressed.
http://jlne.ws/ec8Flv
Caution urged on bank foreclosure fines
By Tom Braithwaite, Financial Times
Banks will be fined for failures that led to the foreclosure debacle but regulators should avoid “dangerously large” penalties, according to one of the top officials participating in fractious settlement talks.
http://jlne.ws/hmWNan
Loan figures raise doubt over bank earnings
By Suzanne Kapner and Francesco Guerrera in New York, Financial Times
Sluggish loan growth and ultra-low interest rates are depressing US banks’ revenues, compounding investors’ fears that future earnings will remain under pressure in spite of the domestic economic recovery.
http://jlne.ws/eNxd7O
FRB: Press Release--FOMC statement--April 27, 2011
Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March...
http://jlne.ws/jMbpqi
Fed Forecasts Show Transitory Inflation and Lower Growth in 2011
By Joshua Zumbrun, Bloomberg
Federal Reserve officials forecast that a measure of prices will rise between 2.1 percent and 2.8 percent this year before moderating, underscoring their view that inflation pressures will be “transitory.”
http://jlne.ws/lQ9PsH
Fed Trims Its Growth Outlook
By Michael S. Derby, WSJ.com
The Federal Reserve on Wednesday trimmed its outlook for growth and signaled it expects higher inflation amid a slightly lower unemployment rate for 2011.
http://jlne.ws/l0t0Tq
Bernanke Says ‘A Couple of Meetings’ Before Action
By Caroline Salas, Bloomberg
Federal Reserve Chairman Ben S. Bernanke said the central bank’s pledge to keep interest rates low for an “extended period” means there likely will be no tightening of policy “for a couple of meetings.”
http://jlne.ws/mCzHv8
**CN: CME Group FedWatch tool indicates IR contracts reflect expectations of a 52% chance of a 25-basis-point rate hike by June.
Bernanke makes Fed history, not news
By Robin Harding in Washington, Financial Times
The press conference by Federal Reserve chairman Ben Bernanke was historic. No Fed chair, a position labelled the second most powerful in the US, has given a scheduled conference before. The 60 or so reporters gathered on the top floor of the Fed’s building in Washington had many pent up questions, stored over years of sitting through Bernanke testimony to Congress.
http://jlne.ws/mOh4OM
Fed Signals Intent to Complete Bond Buying
BY LUCA DI LEO, JON HILSENRATH AND TOM BARKLEY, WSJ.com
The Federal Reserve signaled Wednesday the coming completion of its $600 billion bond-buying program as planned, but Chairman Ben Bernanke said the central bank has no timetable for ending its low interest-rate policies.
http://jlne.ws/lVj1UF
CFTC Proposes Protecting Margin of Swaps Users From Peers That Go Bankrupt
By Matthew Leising, Bloomberg
The Commodity Futures Trading Commission approved a proposal to allow swaps users who post collateral to a clearinghouse to have their margin protected against another investor’s bankruptcy, a move that may increase trading costs.
http://jlne.ws/eYeDR3
Gensler Says CFTC May Extend Comment Period for All Swaps Rules
By Silla Brush, Bloomberg
The U.S. Commodity Futures Trading Commission may reopen or extend all proposed derivatives regulations under the Dodd-Frank Act for 30 days of additional public comment, CFTC Chairman Gary Gensler said today.
http://jlne.ws/dGWYkR
Extra time granted on US reforms
By Tom Braithwaite in Washington and Aline van Duyn in New York - Financial Times
Derivatives dealers and users will have more time to weigh in on financial reforms and the chance to argue for a slow introduction, US officials have said, in the face of persistent complaints about the pace and effects of new market rules. So-called “over-the-counter” derivatives, those not traded on exchanges, have proved one of the thorniest areas of last year’s Dodd-Frank financial reforms.
http://jlne.ws/mKyNy1
EM central banks are doing Fed’s dirty work
By Richard Bernstein, Financial Times
US investors are increasingly fearful of inflation. Every cycle has some growth in headline inflation, but there is a big difference between such normal, cyclical pricing pressure and the rising fear that the US economy is somehow mutating into that of a developing markets country. Ironically, emerging market central banks’ recent monetary tightening is likely to prevent US inflation from getting out of control and could actually prolong the US economic cycle.
http://jlne.ws/f54K1t
Prospects bleak for US ‘muni’ funds revival
By Nicole Bullock in New York, Financial Times
The prospects are bleak for a significant revival in investor appetite this year for mutual funds that buy the debt of US states, cities and other local bodies, according to a survey of municipal bond experts.
http://jlne.ws/g3g0QU
Will the FDIC's New Liquidation Authority Trigger Non-Bank Panics?
The Atlantic
Instead of cleaning up the mess, this new process could create a different one
http://jlne.ws/gni8Fa
Stephen Foley: Please let's not pretend that averting the next Lehman will be easy
Independent
US Outlook: No crash. No bang. No wallop. If the Dodd-Frank Wall Street reforms, which became law last year, had been in place back in 2008, Lehman Brothers would either not have failed, or would have been wound down by regulators in an orderly fashion. The panic of September 2008 would never have been. Or at least this is the conclusion of an analysis conducted by the Federal Deposit Insurance Corporation, the regulator that has shored up confidence in America's banks since the Great Depression.
http://jlne.ws/fmNP1B
Jim Rogers Is One Step Away From Shorting The US Treasury Market
Business Insider
"If the bond goes up another 3 or 4 points, I for one am going to sell it short. I just think at some point along the line, people are going to realise it's absurd to lend money to the United States government for 30 years in U.S. dollars at 3 or 4 or 5 or 6 percent interest.
http://jlne.ws/eo4gWc
For U.S. Economy, Short-Term Good News Is Bad News
Time Magazine
How the U.S.'s economic strength overseas prevents it from facing its debt crisis
http://jlne.ws/fzTya6
S and P sounds fresh alarm on Japan debt
By Michiyo Nakamoto in Tokyo, Financial Times
Standard and Poor's has downgraded its outlook for Japan’s sovereign debt from “stable” to “negative,” citing concerns that reconstruction costs following the March 11 disaster would increase Japan’s fiscal deficits.
http://jlne.ws/ecnMq6
The Yale Law Journal Online - Failure Is an Option: An Ersatz-Antitrust Approach to Financial Regulation
By Jonathan R. Macey & James P. Holdcroft, Jr.
We distinguish the economic problems when large financial institutions (“banks”) become insolvent from the political challenges that exist before banks are distressed. These political problems arise because policymakers would like to be able to precommit while a bank is still healthy to refrain from bailing out the bank later, should it become distressed.
http://jlne.ws/ec8Flv
Economic News
ETA Press Release: Unemployment Insurance Weekly Claims Report
In the week ending April 23, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 25,000 from the previous week's revised figure of 404,000. The 4-week moving average was 408,500, an increase of 9,250 from the previous week's revised average of 399,250.
http://jlne.ws/bNH4iG
The region's expansion accelerated in April - Federal Reserve Bank of Richmond
The Carolinas Business Activity Index jumped from March to April, suggesting acceleration in the pace of expansion. The current general business activity index was in positive territory for the sixth straight month as a larger share of respondents noted an increase in activity than that which reported a decrease. The comparable general business expectation index moved slightly higher over the month and remained solidly in expansion territory, suggesting significant positive momentum heading into the second quarter of 2011.
http://jlne.ws/kt5TqS
Kansas City Fed Mfg Survey Moderated Somewhat
By Gary Siegel, The Bond Buyer
Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “moderated somewhat in April, but remained solid. Most producers continued to report healthy expectations. Raw materials prices continued to rise, and more producers raised selling prices,” according to the bank’s monthly manufacturing survey, released Thursday.
http://jlne.ws/kY73f6
One Million Exhausted Jobless Benefits in Past Year
By Andrew Ackerman, WSJ.com
Roughly one million people were unable to find work after exhausting their unemployment benefits over the past year, new data released Thursday by the Labor Department suggests. The back-of-the-envelope datapoint is yet another sign that the labor market remains weak, economists said.
http://jlne.ws/j2BsSg
Home prices fall for 8th month in February: S and P/Case
Reuters
Single-family home prices fell for an eighth straight month in February, inching closer to an April 2009 trough, a closely watched survey said on Tuesday.
http://jlne.ws/eq00hr
At 15% to 50% of Tier 1, Underwater Home Equity Stirs Unease
American Banker
Delinquencies have stabilized and chargeoffs have eased, and the second dip in home prices has not been remotely as severe as its older twin.
http://jlne.ws/j1t0gF
Exchanges, Clearing Houses & MTFs
NYSE Sees Fall Expansion Of US Interest-Rate Derivatives Market
By Jacob Bunge Of DOW JONES NEWSWIRES
NYSE Euronext (NYX) plans to introduce a slate of new interest-rate derivatives in the fall, expanding its challenge to the long-term dominance of CME Group Inc. (CME).
http://jlne.ws/eg0gaU
CME Plans Contract on Government Yield Spreads
By Cynthia Lin, Dow Jones
CME Group Inc. said it will offer a contract beginning next month that wraps the yield gap between the debt of six government into a single futures product. The Sovereign Yield Spread futures will incorporate bonds from France, Germany, Italy, Netherlands, United Kingdom and the U.S. in the initial launch. Maturities of the six credits will range from eight years and one month to 10 years.
http://jlne.ws/dQfyxM
Firms & Banks
UBS Prime Brokerage Chief Gray Out, Nomura's Wannenmacher In FIN Alternatives
UBS has lost its Asia-Pacific prime brokerage chief, David Gray. Gray, who has spent the last 17 years with the Swiss bank, has left the firm, UBS said. It is unclear what his future plans are.
http://jlne.ws/hpC5DP
Private clients regain confidence in UBS
By Haig Simonian in Zurich, Financial Times
UBS’s recovery from the credit crisis continued apace in the first quarter as investment banking reaped the benefits of its rebuilding and private banking clients regained confidence in the Swiss group’s prospects.
http://jlne.ws/icVSmH
MPs attack Treasury on lack of influence over bank lending
Money Marketing Online
MPs have criticised the Treasury's "lack of effective sanctions" against Royal Bank of Scotland and Lloyds Banking Group when the banks failed to meet lending targets for small businesses under the Asset Protection Scheme.
http://jlne.ws/gGPPWM
Goldman Creditor Group Files Lehman Liquidation Plan to Rival Paulson's
Bloomberg
Goldman Sachs Group Inc. (GS) and other creditors of Lehman Brothers Holdings Inc. including Morgan Stanley (MS) and Credit Suisse Group AG (CSGN) filed a liquidation plan for the defunct company that would give more money to their group than two other proposals for allotting $61 billion among creditors.
http://jlne.ws/gKHcIx
CMG Mortgage Hires Fannie Executive
By Brian Collins, National Mortgage News
CMG Mortgage has hired Todd Hempstead to work with private investors interested in buying and securitizing conforming and Jumbo mortgages.
http://jlne.ws/fp21Yx
Bank of America's New Credit Card Penalty Interest Rate Is Nearly 30%
Daily Finance
Bank of America credit card holders, beware. If you're late on a monthly payment, that little "oops" might become a big "ouch": Your future balances could be subject to a penalty rate of nearly 30%, notes a report Wednesday in The Charlotte Observer. The penalty rate will not be applied to previous balances, however.
http://jlne.ws/gYxue3
Barclays Posts 5% Drop in Profit on Investment Bank Decline
BusinessWeek
Barclays Plc, the U.K.'s third- largest bank by assets, said earnings fell to 1.01 billion pounds ($1.67 billion) in the first quarter, as revenue from its investment banking unit declined by 15 percent.
http://jlne.ws/fyPTwr
Credit Suisse fails to match 2010 results
By Haig Simonian in Zurich, Financial Times
Credit Suisse’s profits and revenues in the first quarter failed to match its bumper results of 2010 but were well ahead of the depressed levels of the final three months of last year, the Swiss lender announced on Wednesday.
http://jlne.ws/gGqM98
Lehman to start Aurora bank auction by June
Reuters via Yahoo! India News
Lehman Brothers Holdings Inc is expected to begin the sale process for Aurora Bank, worth around $850 million, by June as the bankrupt firm sells off pieces of itself to pay off creditors, sources familiar with the situation said.
http://jlne.ws/epluR3
J.P. Morgan Announces Trade Matching Functionality for the U.S. Tri-Party Repo Market
Business Wire Finance Press Releases UK via Yahoo! UK & Ireland Finance
J.P. Morgan Worldwide Securities Services announced today the launch of its Repo Trade Matching Engine. This new functionality will enhance the operating model of the U.S. Tri-Party ...
http://jlne.ws/etLx9y
Goldman Sachs aims to build $1b charity fund
Boston Globe
On the back of record profit so far this year, Goldman Sachs , the global investment bank, is starting a donor-driven philanthropy fund that aims to reach $1 billion over the next few years.
http://jlne.ws/hV7OEa
Citigroup Denies Wrongdoing Over Greece Debt-Restructuring Rumors
INO News
U.S. banking giant Citigroup has denied any wrongdoing over an e-mail allegedly sent by one of its London traders suggesting that Greece may be forced to restructure its national debt as early as Easter.
http://jlne.ws/gE3xQO
Citigroup out to tap emerging markets growth: CEO
Business Recorder
SAO PAULO: Citigroup, the third-largest US bank, is focused on tapping emerging markets to take advantage of growth in in trade and capital flows, Chief Executive Vikram Pandit said on Wednesday.
http://jlne.ws/l1hvnv
A.I.G. to Sue 2 Firms to Recover Some Losses
By LOUISE STORY, NY Times
The American International Group, the giant insurer rescued by the federal government during the financial crisis, on Thursday will file the first of what could be a series of lawsuits against Wall Street firms, contending that it was the victim of fraud.
http://jlne.ws/jJePgR
Deutsche Bank Profit Rises on Record Consumer Bank Earnings
BusinessWeek
Deutsche Bank AG, Germany's biggest bank, reported a 17 percent increase in first-quarter profit, exceeding analyst estimates on record earnings at the consumer- banking and asset-management units.
http://jlne.ws/iVmRu2
Deutsche Bank Strengthens Investment Grade Credit Trading in North America
Business Wire
Deutsche Bank today announced the addition of Dennis Lu and Peter Ragosa to the Investment Grade Credit Trading group in North America. Lu will join as a Managing Director and senior investment grade trader focused on cash bonds. He has over 17 years of experience, most recently as a managing director in high grade flow credit trading at Barclays Capital. Prior to ...
http://jlne.ws/laNOKL
David Prosser: Did Barclays' own executives see the bank coming?
Independent
Two years ago, when Royal Bank of Scotland contemplated a future in which it would be interminably dragged down by horrible losses on toxic sub-prime loans, it decided the humiliation and expense of asking the Government to insure it against such setbacks, via the asset-protection scheme, was the lesser of two evil alternatives. But this unsophisticated – and, worse, state-backed – solution was never going to be for Barclays.
http://jlne.ws/mahnLa
Berkshire Says Citigroup Account 'Did Not Square' With Sokol's
Bloomberg
Comments from the bank "did not square with Mr. Sokol's remark in January that he had come to know Lubrizol by owning the stock," Omaha, Nebraska-based Berkshire said today in a statement. Sokol resigned after details about his stake were disclosed to Berkshire, the company said.
http://jlne.ws/mcgfut
Nomura quarterly profits drop 35%
By Michiyo Nakamoto in Tokyo, Financial Times
Nomura reported a 35 per cent drop in quarterly net profits as its global market operations were hit by volatility resulting from the European sovereign credit crisis.
http://jlne.ws/m9rQkF
Investors look beyond UAE bank results
By Sarah Mishkin, Financial Times
Patchy first-quarter results from the UAE banks have not significantly dented demand for shares in the sector. Instead, investors are looking at cheap valuations and hints of recovery from the depth of the Dubai real estate crisis.
http://jlne.ws/iuZu6y
Operator of trading platform for fixed incomes, MarketAxess, reports first quarter 2011 record revenue of $43.6 mln
Press Release
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced results for the first quarter ended March 31, 2011.
http://jlne.ws/kTf6Yk
Regulators
ECB Publication: Recovery and beyond: lessons for trade adjustment and competitiveness
http://jlne.ws/izVK9t
CFTC Proposes Protecting Swaps User Margin From Peer Default
By Matthew Leising, Bloomberg
The Commodity Futures Trading Commission approved a proposal to allow swaps users who post collateral to a clearinghouse to have their margin protected against another investor’s bankruptcy, a move that may increase trading costs.
http://jlne.ws/k9hA6Q
CFTC unveils key swaps definition measure
Reuters
The U.S. futures regulator unveiled a crucial part of an expanded oversight of the swaps market by defining what products will be covered by financial reform legislation. In one of its most anticipated proposals, the U.S. Commodity Futures Trading Commission said most products and transactions would fall under the definition of a swap, except certain insurance products, consumer and commercial transactions such as a contract to purchase home heating oil and loan participations.
http://jlne.ws/jnbKOE
Regulators eye new capital for derivatives units
By Ronald D. Orol, MarketWatch
As House Republicans seek to delay regulations for the $450 trillion derivatives market, the nation’s commodities and securities watchdogs moved forward with a package of post-crisis regulations Wednesday, including one to ensure swaps-trading institutions have sufficient capital to weather future economic crises.
http://jlne.ws/kCAQRX
Global News
Spanish borrowing costs jump; Greek debt shunned
By Paul Day and William James, Reuters
Spain's short-term borrowing costs jumped on Tuesday as euro zone markets returned from the Easter break still fretting about a potential Greek debt restructuring with knock-on effects on other sovereigns. France meanwhile became the first euro zone state publicly to endorse the candidacy of Bank of Italy governor Mario Draghi to succeed Jean-Claude Trichet as president of the European Central Bank later this year.
http://jlne.ws/fZfaOZ
Greece's Budget Deficit Higher Than Expected
By MATTHEW DALTON And LAURENCE NORMAN, Dow Jones
Greece's budget deficit in 2010 was 10.5% of gross domestic product, significantly higher than forecast by either the Greek government or the European Union authorities, Eurostat, the EU's official statistics agency, said Tuesday.
http://jlne.ws/fqlRSZ
HSBC to close retail operations in Russia
By Courtney Weaver in Moscow
HSBC is to close down its retail operations in Russia, making it the second foreign bank to leave the state-dominated sector in as many months. The decision by HSBC, on the back of a similar plan at Barclays, comes as both rethink their global strategy to cut back on operations that are a drag on group profitability.
http://jlne.ws/gQgrgF
Former Banco Santander Analyst Agrees To Settle Insider Trading Charges
Press Release
The Securities and Exchange Commission today announced that former Banco Santander S.A. analyst Juan Jose Fernandez Garcia of Madrid, Spain, has agreed to pay more than $625,000 to settle insider trading charges against him. The SEC accused Garcia in August 2010 of illegally trading in advance of a corporate takeover by a company that Santander advised.
http://jlne.ws/hl0juJ
Canada first G-7 economy to move from recovery to self-sustaining expansion
By Mark Hopkins, Moody's Analytics
Output and employment have surpassed pre-crisis peaks, but growth remains below its potential rate...
http://jlne.ws/ej9DZF
Supercurrency opens rift in Brazil government
By Brian Winter, Reuters
The relentless rise of Brazil's currency has opened a big rift within President Dilma Rousseff's government, as some ministers and other officials work behind the scenes for new capital controls to curb the real and protect local industry.
http://jlne.ws/kP87Rr
Economy is ‘roughly in the right place’
By George Parker and Chris Giles, Financial Times
George Osborne, chancellor, has warned the cabinet that the British economy is still facing difficulties but was “roughly in the right place”, ahead of the publication on Wednesday of eagerly awaited economic data.
http://jlne.ws/fjKRwL
South Korea Will Audit Currency Derivatives Positions Held at Four Banks
Bloomberg
South Korean regulators will conduct an audit of currency derivatives of Credit Agricole SA (ACA) , ING Groep NV (INGA) , Standard Chartered First Bank Korea Ltd. and Woori Bank amid concern over rising short-term external debt.
http://jlne.ws/gswqfx
S.Korea targets four bank outlets with FX inspections
Reuters UK Focus via Yahoo! UK & Ireland Finance
South Korea's planned inspectionof foreign currency derivatives will target branches of CreditAgricole-CIB and ING and two domesticbanks, a regulatory agency official said ...
http://jlne.ws/ebwqnZ
Indian bank scraps ‘teaser’ home loans
By James Lamont in Shimla, Financial Times
The State Bank of India, the country’s largest commercial bank, has been forced to withdraw “teaser” mortgage loans amid fears of repeating the lending follies of the US subprime crisis. Under pressure from the Reserve Bank of India to curb what the regulator considered potentially reckless lending, the SBI said last week that it would scrap the home loans from May.
http://jlne.ws/eGP5aG
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