Treasury Eyes First New Debt Type Since TIPS
By Liz Capo McCormick, Bloomberg
The U.S., seeking to attract investors who might otherwise avoid Treasuries amid a $1.3 trillion budget deficit, is considering the sale of floating- rate notes in what would be its first new security since it began offering inflation-linked debt 14 years ago.
http://jlne.ws/nh7Kho
Merrill Lynch’s derivatives set sail for safe harbors
By Lisa Pollack, FT.com
Over the last week, news outlets and bloggers have discussed Bank of America’s move to shift derivatives exposures from its Merrill Lynch unit to its deposit-taking, FDIC-insured bank.
http://jlne.ws/tN05rB
Creditors’ decade-long battle with Argentina shows just how tangled sovereign defaults can be
The Economist
AS GREECE flirts with disaster and several other European countries buckle under heavy debts, creditors’ experience with Argentina should serve as a sobering reminder about the mess that can follow a sovereign default.
http://jlne.ws/rE30Mo
Bond-Fund Stars Fall as Bets Backfire, but They Fight On
By MIN ZENG, WSJ.com
It's been a tough year for bond-fund stars. Longtime outperformers in mutual-fund rankings Dan Fuss, co-portfolio manager of the Loomis Sayles Bond Fund at Loomis Sayles & Co, and Michael Hasenstab, portfolio manager of Templeton Global Bond Fund and co-director of Franklin Templeton Fixed Income Group's international bond department, were tripped up by a surprising bull run in the safe-haven U.S. Treasury bonds and a bearish turn in emerging-market bonds during the third quarter.
http://jlne.ws/mSFtnl
Chicago Fed index on U.S. economy improves
By Nick Timiraos, WSJ.com
The Obama administration is revamping a program that’s designed to let more homeowners refinance their mortgages even if they don’t have any equity. This isn’t a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program.
http://jlne.ws/mRVxYk
Number of failed banks in U.S. hits 83 for the year
Associated Press
Regulators have closed two small banks in Georgia and one in Florida, raising to 83 the number of U.S. banks that have failed this year.
http://jlne.ws/qH84j9
Global Financial Regulation: A Goal Many Espouse But Can It Be Done?
By Ron Synovitz, Eurasia Review
Calls for a more coordinated system of international financial regulation have been growing as the Occupy Wall Street protests in New York inspire similar demonstrations around the world.
http://jlne.ws/ra9RT3
U.S. rating likely to be downgraded again
By Walter Brandimarte, Reuters
The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.
http://jlne.ws/roA4op
Twelve Questions on Obama’s Plan to Expand the Home Affordable Refinance Program
By Nick Timiraos, WSJ.com
The Obama administration is revamping a program that’s designed to let more homeowners refinance their mortgages even if they don’t have any equity
http://jlne.ws/oVZWfY
What to look for in Eurozone rescue plan
Matt Turner, Financial News
European leaders on Sunday took their first steps toward a new plan, which leaders hope to finalise at another summit on Wednesday, to stem the eurozone crisis.
http://jlne.ws/nqplbT
Vatican calls for global authority on economy
The Vatican called on Monday for the establishment of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.
http://jlne.ws/pMRwEI
Economics focus: Unrest in peace
The Economist
AFTER two decades of stable growth and mostly quiet streets the rich world has become an unruly place. Hundreds of protesters have been camped in New York’s financial district since September, inspiring similar movements in large cities around the world. In Rome the protests turned violent as demonstrators set cars alight and hurled rocks at police
http://jlne.ws/nGDsnP
So Much for the Volcker Rule
Even in 298 pages, regulators can't decide what to regulate.
WSJ
If you tried to write a parody of the uncertainty and confusion triggered by federal rule-making, it would be hard to top the latest proposal from Washington's financial regulators. So here's an ironic hat tip to the bureaucrats who wrote the draft Volcker Rule, which will allegedly limit risk-taking at financial firms backed by taxpayers.
http://jlne.ws/oL9xj1
What Is a Banker Worth? Here Is One Answer
By KEVIN ROOSE, NY Times
It has been argued in certain circles that Wall Street is worthless. Unproductive. Devoid of social value. Luckily, thanks to a new Web site, bankers losing sleep wondering about their usefulness can find out exactly how much they’re worth.
http://jlne.ws/n5YU4z
US Running Out Of Time To Meet Basel 2.5 Deadline
By Katy Burne, DOW JONES NEWSWIRES
The clock is ticking for U.S. banking regulators trying to meet a year-end deadline for ensuring bigger capital buffers at the blogspot firms they oversee. The Basel Committee on Banking Supervision issued a progress report Tuesday on the efforts under way by regulators in nearly 30 jurisdictions to overhaul minimum capital requirements of their domestic banks.
http://jlne.ws/ri7JtM
Greek Collateral Key to Averting Default in Swap: Euro Credit
Bloomberg
Europe's efforts to persuade bondholders to forgo part of their Greek loans without triggering a default hinge on how write downs are twinned with the provision of top-rated collateral.
http://jlne.ws/mVZ8Tz
BOE Tucker: Clear Exchange-Traded Derivatives Centrally
Jason Douglas, Dow Jones Newswires
Transactions involving exchange-traded derivatives ought to be cleared through central counterparties, Bank of England policy maker Paul Tucker said Monday.
http://jlne.ws/nz0Irv
Banks must find E108bn in new capital
By Alex Barker, Financial Times
Europe’s big banks will be forced to find E108bn of fresh capital over the next six to nine months under a deal to strengthen the banking system that is to be unveiled by European Union leaders.
http://jlne.ws/pKyKn2
Speech By Federal Reserve Vice Chair Janet L. Yellen At The 2011 Annual Meeting Of The Financial Management Association International, Denver, Colorado On The Outlook For The U.S. Economy And Economic Policy
Press Release
http://jlne.ws/oqjkcU
Financial Regulators Approved by Senate to Play Dodd-Frank Roles
By Jesse Hamilton, Bloomberg
The U.S. Senate confirmed three of President Barack Obama’s nominees for financial-regulator posts, including additions to the Securities and Exchange Commission and Commodity Futures Trading Commission who will have a say in Dodd-Frank Act rulemaking.
http://jlne.ws/psrPD4
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