Top Interest Rate Headlines 07-22-2011: Bank Plan For Greece Won't Cause CDS Payout: ISDA

Bank plan for Greece won't cause CDS payout: ISDA
Reuters
International bank plans for a voluntary program of debt swaps and buybacks to help rescue Greece won't trigger a "credit event" and payment of CDS contracts, derivatives body ISDA told Reuters on Friday, limiting the fallout of any default rating.
http://jlne.ws/rlBTKy

Fitch warns Greece of ‘selective default’
By David Oakley in London - Financial Times
Greece faces default after the European Union’s second bail-out for Athens as it includes making bondholders assume part of the cost, Fitch said on Friday. The ratings agency said it would reduce Greece as an issuer of bonds to “restricted default” should plans to roll over debt or implement debt swaps go ahead.
http://jlne.ws/p9ICk9

EU leaders agree E109bn Greek bail-out
By Peter Spiegel and Quentin Peel in Brussels, and Patrick Jenkins and Richard Milne in London - Financial Times
European leaders have agreed a new E109bn bail-out of Greece under which private bondholders will be called on to participate for the first time, contributing a target of a further E37bn.
http://jlne.ws/pT8wJl

U.K. Treasury to Stick to Fiscal Tightening, Minister Insists
By ALISTAIR MACDONALD And DAVID ENRICH - WSJ
The U.K. Treasury is digging in its heels when it comes to its deficit-reduction plans, insisting it won't reconsider them even if Europe's financial crisis significantly intensifies, a U.K. Treasury minister said Thursday.
http://jlne.ws/rhAT3q

Barnier seeks to soothe UK over banks
By Brooke Masters and Patrick Jenkins in London - Financial Times
The UK would still be able to ringfence its retail banks and impose extra capital requirements on them under the proposed European Union regulations that seek to harmonise capital rules across the 27-member bloc, Michel Barnier, EU’s internal market commissioner, told the Financial Times.
http://jlne.ws/qHLaRw

CME Globex Enhancements for Interest Rate Products
Press Release
Effective August 2011, a number of CME Globex enhancements for CBOT and CME Interest Rate futures products will be introduced. The changes to our CBOT interest rate products will take place on Sunday, August 7, 2011 (trade date August 8) and to CME products on Sunday, August 21, 2011 (trade date August 22).

Big banks to attend eurozone summit: report
DW-World
Deutsche Bank CEO Josef Ackermann and other European banking sector heavyweights have been invited to the latest eurozone summit to discuss new strategies for handling the Greek debt crisis.
http://jlne.ws/qnGkuF

Global Commission Management Update: No Credit Too Small
Press Release
London, 21 July, 2011 – A new report from Aite Group examines the key trends that have developed in the commission management industry since the 2006 implementation of new regulation in the United States and U.K. The report also explores the adoption of commission management in the European and Asian markets, and major commission management initiatives provided by full-service and agency brokers.
http://jlne.ws/oJ4dH7