November 17, 2011
JLN Interest Rates - http://www.jlninterestrates.com
Conversation Starter
ISDA: The Electronic Execution Mandate
In a podcast, ISDA Chief Executive Officer Conrad Voldstad and Executive Vice Chairman Robert Pickel discuss the Commodity Futures Trading Commission's (CFTC) Electronic Execution Mandate (EEM) and ISDA’s new discussion paper that assesses the mandate’s costs and benefits. Also, in a new post "Small-User Benefit Amounts To Small Change," ISDA focuses on one of the key issues in the discussion paper – the alleged benefits of the EEM to small users.
See the ISDA postings here.
Factor Advisors Says Large-Cap U.S. Stocks And T-Bonds Moving In Opposite Directions - Most Since Early 2003
According to asset managment firm Factor Advisors, from a longer-term perspective, the correlation between large-cap U.S. stocks and T-Bonds is at a historical low -- the 30-month correlation between the S&P 500 and the T-Bond hit its lowest point in over three decades on Oct. 31, 2011. Despite its lower credit rating, T-Bonds have been used for protection even though they are perceived by rating agencies to be “riskier” than in the past.
NFA Signs Agreement with Tullett Prebon to Provide Regulatory Services to Tullett Prebon's Swap Execution Facility
November 17, 2011, Chicago and New York - National Futures Association (NFA) and Tullett Prebon today announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for Tullett Prebon's swap execution facility (SEF). The Agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable Tullett Prebon and NFA to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for Tullett Prebon to fulfill its SEF self-regulatory obligations. Upon the issuance of the Commodity Futures Trading Commission's (CFTC) final SEF rules, NFA and Tullett Prebon anticipate that they will enter into a formal Regulatory Services Agreement.
Under the Dodd-Frank Act and the rules and regulations currently being written by the CFTC, SEFs will have surveillance and other regulatory responsibilities. The CFTC has proposed to allow SEFs to contract with a registered futures association, such as NFA, or another registered entity for regulatory services.
"This is a significant step forward as we engage in new regulatory activity on behalf of SEFs. For over ten years, NFA has been successfully performing trade practice and market surveillance functions on behalf of futures exchanges," said NFA President Daniel J. Roth. "We look forward to working with Tullett Prebon as we enhance our surveillance systems to assist Tullett Prebon and other SEFs in meeting their regulatory responsibilities."
"We are enthusiastic about this working relationship with the NFA, a highly regarded independent regulatory organization, as we prepare to become a Swap Execution Facility," said Shawn Bernardo, Senior Managing Director, Tullett Prebon. "We are confident the NFA will be able to provide Tullett with the experience and resources necessary to assist us in satisfying our regulatory obligations as a SEF."
See the NFA's press release here.
-- Christine Nielsen
Lead Stories
Dudley: Fed Options Include Bond Buying
By Steve Matthews and Caroline Salas Gage, Bloomberg
Federal Reserve Bank of New York President William C. Dudley said there’s more the Fed could do to boost the economy, such as providing clearer guidance on how long interest rates will stay low or resuming asset purchases.
http://jlne.ws/seCbl0
Fed’s Pianalto: European Slowdown Could Trim 0.5% From U.S. Growth
By Doug Cameron, WSJ.com
A U.S. Federal Reserve official said Thursday that she sees signs of inflationary pressure moderating, and upgraded her growth forecasts for the next two years.
http://jlne.ws/sTmvps
Federal reserve reps: Prepare for slow, painful recovery
Eureka Times-Standard
Representatives from Federal Reserve Bank of San Francisco gave an economic forecast Wednesday night that confirmed what the nation has known for quite some time -- the public can expect a slow and painful economic recovery.
http://jlne.ws/vKwB5q
Federal Reserve official predicts tough years for housing
The Canton Repository
A Federal Reserve Bank official gave a sobering report to Stark County Builders on Wednesday - expect five more years in the housing slump.
http://jlne.ws/vhTkX1
Fed economist sees long recovery slog
Reuters via Yahoo! News
St. LOUIS (Reuters) - The U.S. economic recovery will likely be a long slog over several years and there is not a whole lot the Federal Reserve can do to speed the process, according to a top economist at the central bank. "Something's happened in U.S. labor markets that we can't overcome," St. Louis Federal Reserve Bank Research Director Christopher Waller told Reuters in an interview. "No ...
http://jlne.ws/sVpFS9
Federal Reserve: Farmland values in Midwest, West up 25 pct, biggest 1-year rise in 3 decades
Minneapolis-St. Paul Star Tribune
OMAHA, Neb. - The average value of farmland in some Midwestern and Western states has risen 25 percent in the past year.
http://jlne.ws/uWlOQt
NY Fed To Ramp Up Collateral Requirements on Mortgage-Backed Securities
International Business Times
The New Federal Reserve Bank said on Wednesday it will be lifting up the margin requirements on 21 primary dealers in transactions dealing with mortgage-backed securities, in order to to establish a sheild against settlement risk within its counterparties. The requirement could begin next Monday.The.
http://jlne.ws/uwaHoX
Ron Paul: Federal Reserve is Like Drug Addiction
U.S.News & World Report LP via Yahoo! News
It's no secret that Rep. Ron Paul is no fan of the Federal Reserve, but today he likened the system to drug addiction--something that feels good at the time but will end in destruction.
http://jlne.ws/slvuN3
City says Occupy camp at Federal Reserve must remove tents by Thursday evening
The San Francisco Examiner
On the heels of more than 100 protesters being arrested inside a Bank of America branch, the encampment at Federal Reserve must remove tents by Thursday evening, according to the Department of Public Works. Mohammed Nuru, head of the Department of Public Works, said Wednesday that he'd met with campers in front of the Federal Reserve building, at 101 Market Street, and asked them to move their ...
http://jlne.ws/tltWA0
Federal Housing Administration Reserves Drop to $2.6 Billion, Bailout Possible
International Business Times
The Federal Housing Admistration said in its annual financial report that its cash reserves had fallen to $2.6 billion, down from $4.7, intensifying the likelihood of a taxpayer bailout.
http://jlne.ws/sA7c3k
Tiny Rule Change at Heart of MF Global Failure: William D. Cohan
BusinessWeek
Laurie R. Ferber has quite a resume. She is currently the general counsel of MF Global Holdings Ltd., the New York-based futures and commodities brokerage that filed for bankruptcy on Oct. 31, listing some $40 billion in liabilities.
http://jlne.ws/ru5eNC
ICE Clear U.S. Completes Transfer of MF Global Positions
Press Release
IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that ICE Clear U.S. has completed the transfer or closure of all MF Global customer positions executed on ICE Futures U.S. and held at the clearing house. The substantial majority of customer positions were transferred to alternative clearing participants at the request of customers, and the balance of open positions were closed by the clearing house. ICE Clear U.S. remained fully collateralized throughout the process.
http://jlne.ws/tSJEKf
Judge OKs $520 million payout to MF Global customers
Reuters
The trustee liquidating MF Global Holdings Ltd's (MFGLQ.PK) broker-dealer unit won court permission to distribute $520 million of cash, providing relief to customers whose accounts have been frozen since the futures brokerage went bankrupt.
http://jlne.ws/sX7pUu
Inside MF Global's Bankruptcy Hearing
New York Times.com
A proposal to make cash distributions to MF Global customers was the focus of a hearing on Thursday at the federal bankruptcy court in Manhattan. DealBook provided live coverage of the proceedings.
http://jlne.ws/tZRm0n
MF Global Subpoenas Said to Be Issued by U.S. Attorney
By Patricia Hurtado, Bloomberg Businessweek
U.S. Attorney Patrick Fitzgerald in Chicago issued subpoenas in a probe of MF Global Holdings Ltd., the broker-dealer parent that filed for bankruptcy Oct. 31, a person familiar with the matter said.
http://jlne.ws/rBD7Wm
**CN: See the MarketsWiki bio on Chicago attorney Patrick Fitzgerald. He was a part of the president's Corporate Fraud Task Force.
CME Group Statement on MF Global Segregation Violation - Nov 17, 2011
Press Release
In response to inaccuracies reported yesterday, CME Group confirmed today that it followed CFTC requirements and CME Rules and procedures in reviewing MF Global's segregated funds statements and coordinating that review with the CFTC. CME was advised in the early hours of Monday, October 31 that there was an actual shortfall in the segregated funds account and was told the CFTC was advised concurrently. Shortly thereafter, CME Group discussed the shortfall in a conference call with the CFTC and other regulators. CME Group is confident that it complied with all its obligations as a DSRO pursuant to the Commodity Exchange Act.
http://jlne.ws/tXIvVM
Harris Bank subpoenaed, workers sue over MF Global
Reuters via Yahoo! News
(Reuters) - Fallout from MF Global Holdings Ltd's bankruptcy intensified as a U.S. regulator subpoenaed a bank that held some of its customers' money, while some of the 1,066 workers fired from the futures brokerage last week filed three lawsuits over their sudden dismissals.
http://jlne.ws/sG1WgN
Who has the better central bank, Europe or the U.S.?
Washington Post
Who has the better central bank, Europe or the United States? It's not exactly water-cooler conversation. But in April, when European Central Bank president Jean-Claude Trichet announced he would hike interest rates even as the euro zone was sputtering - in essence, opting to choke off economic growth to avert an uptick in inflation - the comparisons with Ben Bernanke quickly flared. Read full ...
http://jlne.ws/rI7kFI
Central-Bank Gold Purchases Soar
BY RHIANNON HOYLE, WSJ.com
Total central-bank gold purchases in the third quarter were more than double the level reported just one quarter earlier, and came in almost seven times higher than the year-earlier period as countries continued to diversify their official reserves, according to World Gold Council data Thursday that surprised gold traders and analysts.
http://jlne.ws/twzwTH
The euro crisis: The ECB could make things easier
The Economist
MATTHEW YGLESIAS has a short post on Italy and its nominal GDP growth. He uses a new interactive tool at Reuters to play around with the figures for nominal GDP growth, debt-to-GDP ratio and the interest rate. What he finds is that with 4.5% NGDP growth and a very high 7.5% interest rate, Italy needs a 3.6% primary surplus, which it is projected to have in 2012 (although I have my doubts), to maintain a stable debt-to-GDP ratio.
http://jlne.ws/s8TugT
Irish PM says ECB is the ultimate backstop for eurozone
IFR
The ECB is the only credible institution that could sustain eurozone bonds, Irish Prime Minister Enda Kenny told Reuters. He says solving the debt crisis will mean pushing existing arrangements to the limit.
http://jlne.ws/uWtm70
Banks Bracing for 2012 Euro Financial Apocalypse
By Shanthi Bharatwaj, The Street
As the European debt crisis threatens to spiral out of control, banks are scrambling behind the scenes to protect their balance sheets and hedge their exposure to ride-out an increasingly scary 2012.
http://jlne.ws/tqVWdm
**CN: The Street manages to work "financial apocalypse" into one more headline before the year ends.
U.S. Banks Face Contagion Risk From Europe Debt, Fitch Says
BusinessWeek
U.S. banks face a "serious risk" that their creditworthiness will deteriorate if Europe's debt crisis deepens and spreads beyond the five most-troubled nations, Fitch Ratings said.
http://jlne.ws/veXZOp
SIGTARP SHUTS DOWN 85 ONLINE MORTGAGE MODIFICATION SCAMS ADVERTISED ON GOOGLE
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that it has shut down 85 alleged online mortgage modification scams that prey on vulnerable homeowners through Web banners and other Web advertisements. SIGTARP investigates mortgage modification schemes in which companies charge struggling homeowners a fee in exchange for false promises of lowering the homeowner’s mortgage through TARP’s housing program known as the Home Affordable Modification Program (HAMP). Google, in cooperation with an ongoing criminal SIGTARP investigation of these scams, has suspended advertising relationships with more than 500 Internet advertisers and agents associated with the 85 alleged online mortgage fraud schemes and related deceptive advertising.
http://jlne.ws/tCNEy8
United States: MBA Delinquency Rates
Mustafa Akcay, Moody's
The aggregate mortgage delinquency rate declined from 8.44% to 7.99% in the third quarter, according to the Mortgage Bankers Association. This is the first quarterly decline in the mortgage delinquency rate in 2011. Thirty-day, 60-day and 90+ day delinquency rates declined in the third quarter. The inventory of houses in foreclosure remained unchanged, whereas foreclosure starts edged up slightly from 0.96% to 1.08%. Overall this is a positive consumer credit report creating some optimism for mortgage credit conditions.
http://jlne.ws/tqWgVH
Trading Continuity Services Joins Telx Financial Business Exchange
Press Release
Telx(R) today announced that Trading Continuity Services (TCS) has joined the Financial Business Exchange (FBX). As a colocation and InterConnection customer in Telx's strategically-located data center in downtown Chicago, TCS, a leader in the Data Protection and Disaster Recovery/Business Continuity industry, can now offer Telx's financial markets customers secure, low latency access to its highly redundant, fully managed Data Protection solutions. The Telx FBX delivers secure, reliable colocation infrastructure in prime locations, enabling ultra-low latency access to an industry-leading ecosystem of market participants such as trading venues, market data providers, buy-side and sell-side firms and network service providers.
http://jlne.ws/sl80b5
U.S. Debt Tops $15 Trillion
ABC News
Don't look now, members of the "supercommittee" battling the national debt, but the amount the U.S. owes is expected top the $15 trillion mark sometime today. That's a lot of George Washingtons, as you can see here live at USdebtclock.org. With a week until the...
http://jlne.ws/s30imq
House Democrats ask for tougher Volcker rule
Reuters via Yahoo! News
WASHINGTON (Reuters) - A group of House Democrats are asking regulators to start over with a proposed ban on proprietary trading by banks, arguing the current proposal has too many loopholes. In a letter to Federal Reserve Chairman Ben Bernanke released on Wednesday, a group of 17 House Democrats said the draft rule unveiled last month should be scrapped and replaced with a more simple approach ...
http://jlne.ws/ubCETj
Newt Gingrich on Defensive Over Freddie Mac Fees
New York Times
Newt Gingrich received $1.6 million to $1.8 million from Freddie Mac for providing strategic advice, Bloomberg News reported.
http://jlne.ws/vYsJQC
Post-Madoff, a Greater Awareness of Ponzi Schemes
New York Times
Federal authorities are opening more investigations of possible fraud, which they attribute to greater awareness among consumers and a weak economy.
http://jlne.ws/uWjbvT
Warren Buffet laments that Europe has no Bernanke or Paulson
Los Angeles Times
Warren Buffett: Warren Buffett is concerned that Europe doesn't have strong financial officials such as Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson.
http://jlne.ws/s6RYqy
Foreign holdings of US Treasury debt rose in September with China boosting its holdings
Washington Post
WASHINGTON - China bought more U.S. Treasury debt in September and total foreign holdings rose for a second straight month. The Treasury Department says total foreign holdings of Treasury debt increased 1.9 percent to $4.66 trillion. China, the largest foreign holder, bought 1 percent more to bring its total holdings to $1.15 trillion. China cut its purchases 3.1 percent in August. Read full ...
http://jlne.ws/tgO02R
U.S. Treasury Reports Direct Deposit for Social Security on Upswing in the West
PR Newswire
WASHINGTON, Nov. 15, 2011 /PRNewswire/ -- Just months after the U.S. Department of the Treasury announced it is retiring paper checks for federal benefit payments and going all-electronic by March 1, 2013, the use of direct deposit is on the upswing - including in the Western region...
http://jlne.ws/vO1Ljx
Fewer Treasury Bills Means 0% Rates to Persist With Deficits
BusinessWeek
The market for U.S. Treasury bills is poised to shrink the most since early 2010, creating a shortage in the debt and helping keep government borrowing costs near record lows.
http://jlne.ws/urpyKS
Unloved Treasury Notes Becoming New Favorite in Fed's Twist
BusinessWeek
The U.S. Federal Reserve is finding no shortage of demand for the short-term bonds it's selling to focus on longer-maturity debt, a sign that the strength in the economy seen in October may prove fleeting.
http://jlne.ws/vBKKNo
U.S. Panel Approves Measure to Suspend Fannie, Freddie Bonuses
BusinessWeek
A U.S. House committee approved a suspension of bonus packages for executives at Fannie Mae and Freddie Mac, the two mortgage firms currently under the control of the U.S. government.
http://jlne.ws/rrGbmi
IMF Strategy Chief to Head European Unit After Borges Quits
BusinessWeek
The head of the International Monetary Fund's European department was replaced by a veteran staffer after quitting less than a year into the job as the European debt crisis worsens.
http://jlne.ws/vRtToB
Events
Fourteenth Annual International Banking Conference
November 29 - December 1, 2011
Federal Reserve Bank of Chicago holds 14th International Banking Conference
http://jlne.ws/nTDrKO
7th Annual FIA Asia Derivatives Conference
November 29 - December 1, 2011
FIA looks at the futures and options industry in Asia
http://jlne.ws/vkOpsA
Economic News
Federal Reserve Bank Manufacturers See Slow Pace of Growth
Press Release
Responses to November's Business Outlook Survey suggest that regional manufacturing is expanding, but at a slow pace. The survey's broad indicators for activity, shipments, and new orders recorded positive readings this month, but all declined slightly from their October readings. Employment conditions improved, as indicated by increases in the indexes for employment and average workweek. The broadest indicator of future activity showed marked improvement, and firms were notably more optimistic about future employment.
http://jlne.ws/vi0Rqc
Consumer Prices in U.S. Unexpectedly Fell 0.1% in October
BusinessWeek
The cost of living in the U.S. unexpectedly fell in October for the first time in four months, a sign that inflationary pressures may be starting to recede.
http://jlne.ws/uTjUZN
U.S. Wholesale Prices Drop 0.3%; Core Rate Unchanged in October
BusinessWeek
Prices paid to U.S. wholesalers fell in October by the most in four months as the cost of energy and automobiles decreased, pointing to waning inflationary pressures.
http://jlne.ws/sypSdN
Jobless Claims at 7-Month Low, Building Permits Jump
International Business Times
New U.S. claims for jobless benefits hit a seven-month low last week, while permits for future home construction rebounded strongly last month, bolstering views the economy was gaining traction.
http://jlne.ws/sEvp1i
Exchanges, Clearing Houses & MTFs
ELX to Narrow Ticks to Quarter Intervals in 10-Year Treasury Contract
Marketwire Finance Press Releases via Yahoo! Finance
NEW YORK, NY-- - ELX Futures, L.P. , a leading electronic futures exchange, today announced plans to reduce the minimum tick size in the outright months of its 10-year U.S. Treasury note futures contract ...
http://jlne.ws/vDVNvw
ICE Reaches $25 Trillion Milestone in Global CDS Cleared
citybizlist Atlanta
ATLANTA -- IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exch...
http://jlne.ws/tmEEzf
Firms & Banks
Fidessa continues global expansion with new Latin American base in São Paulo
Press Release
Fidessa group plc (LSE: FDSA), provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced the expansion of its Latin American operations with a new headquarters in the region, new staff and data centers that provide resilient, redundant hosting. This move continues Fidessa's global growth as the preferred supplier to both the buy-side and sell-side, and builds on the recent expansion of its Asia Pacific business with the opening of its Australian office in Sydney last month.
http://jlne.ws/ts9xX3
AIG Needs Better Results to Speed Treasury Exit, Miller Says
BusinessWeek
American International Group Inc. needs improving results to lift its stock price and prompt the U.S. Treasury Department to sell a majority stake in the bailed- out insurer, said Chairman Steve Miller.
http://jlne.ws/sWNG5v
UniCredit Trades as Junk With $51 Billion Due: Corporate Finance
Bloomberg
Bonds of UniCredit SpA (UCG) , the Italian bank that posted a surprise 10.6 billion-euro ($14.3 billion) third-quarter loss this week, are trading as junk as the lender prepares to refinance $51 billion of debt coming due next year.
http://jlne.ws/rUnbl2
Citigroup to cut jobs, total could top 3,000
Reuters via Yahoo! News
(Reuters) - Citigroup In c may cut "slightly more" than 3,000 jobs, becoming the latest U.S. bank to eliminate positions, a source familiar with the matter said. The cuts would include jobs eliminated as a result of re-engineering and divestitures. The details are still being worked out. "As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain ...
http://jlne.ws/uWbmmV
Citigroup's Buiter Says Europe Must Stop Default Now: Tom Keene
BusinessWeek
Europe has as little as days or weeks to act to avoid a default by a euro-region country, Citigroup Inc. Chief Economist Willem Buiter said today.
http://jlne.ws/v4XiYQ
Regulators
CFTC's O'Malia Suggests Agency Should Reconsider Some Dodd-Frank Rules In Light Of MF Global
Kitco.com
(Kitco News) - The Commodity Futures Trading Commission should reconsider some of the final and proposed rulemakings under the Dodd-Frank act in light of the bankruptcy of MF Global, said one CFTC official Wednesday.
http://jlne.ws/sbcJsB
CFTC's Gensler: Client Fund Segregation 'Heart' Of Derivatives Regulation
By Jacob Bunge and Jamila Trindle Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones) -- The model of walling off customer money from that of big derivatives brokers remains central to U.S. regulation of the market, Commodity Futures Trading Commission Chairman Gary Gensler said Wednesday, despite charges that the practice failed customers of MF Global Holdings Ltd. (MFGLQ).
http://jlne.ws/v5pwGz
Fed's Fisher Says Regulators Should Break Up 'Behemoth' Banks
BusinessWeek
Federal Reserve Bank of Dallas President Richard Fisher said regulators should break up so- called too-big-to-fail financial institutions to curtail the risk they pose to financial stability.
http://jlne.ws/sUiTBK
Lacker Says Fed's Credit Policies Have Sparked 'Understandable' Antagonism
Bloomberg
Federal Reserve Bank of Richmond President Jeffrey Lacker said the Fed's current purchases of mortgage bonds and financing of private sector assets during the credit crisis has fueled some of the antagonism aimed today at the central bank.
http://jlne.ws/ustEkH
Fed's Rosengren says rate policy not impotent
Market Watch
WASHINGTON (MarketWatch) - The Federal Reserve is not out of bullets even though market rates are already low, said Eric Rosengren, the president of the Boston Federal Reserve Bank on Wednesday. "The common misconception is that rates are already low so further monetary policy actions will have no impact on the economy. In fact, statistical analysis suggests the opposite," Rosengren said in a ...
http://jlne.ws/uJFAlQ
Fed's Evans Calls for More Stimulus to Address Joblessness
BusinessWeek
Federal Reserve Bank of Chicago President Charles Evans said he is calling for "increasing amounts of policy accommodation" to reduce a 9 percent unemployment rate that's far above the Fed's objectives.
http://jlne.ws/uixePX
Fed's Yellen Says 'Forceful Action' Needed on Europe Crisis
BusinessWeek
Federal Reserve Vice Chairman Janet Yellen said recent financial market turmoil underscores the need for "forceful action" by European leaders to curb the continent's debt crisis.
http://jlne.ws/vTGZh5
Bullard Says Large Scale Asset Purchases 'Must Be Employed Carefully'
Bloomberg
Federal Reserve Bank of St. Louis President James Bullard urged policy makers to think twice before deciding on further large-scale purchases of securities because they could bring the threat of higher inflation.
http://jlne.ws/rq3DWS
Fed's Williams Says Weak Growth Outlook May Require Further Asset Buying
Bloomberg
Federal Reserve Bank of San Francisco President John C. Williams said the central bank may need to embark on additional asset purchases in the face of stubborn unemployment, moderate growth and undesirably low inflation.
http://jlne.ws/rHQamE
Fed's Evans Seeks To 'Take New Chances' on Monetary Policy
Wall Street Journal Blogs
The slow-to-recover U.S. economy requires the Fed to "stretch the boundaries and take new chances" on monetary policy, a key Fed official said.
http://jlne.ws/sCU3hL
Regulator says MF Global case illustrates need for better protection of customer funds
Washington Post
WASHINGTON - A federal regulator is calling for tighter oversight of the commodity futures industry in response to hundreds of millions of dollars in customer accounts that went missing after MF Global collapsed. Scott O'Malia, a Republican member of the Commodity Futures Trading Commission, wants the regulator to go beyond the review it has ordered for all U.S. trading firms. He wants firms to ...
http://jlne.ws/uhnCHv
Bernanke: Fed Looks For Opportunities To Reduce Regulatory Burden
Nasdaq
http://jlne.ws/vhbcYO
Global News
Spanish Bond Auction Sees Interest Rate Near 7 Percent
The Associated Press
Fear, that contagious emotion, spread from country to country in Europe on Thursday as panicky investors worried the euro currency union could be heading toward an ugly breakup.
http://jlne.ws/uh4MGV
Spanish and French Bond Sales Weigh on Global Markets
International Herald Tribune
Spanish bond yields approached 7 percent and French bonds commanded a record premium over German, signs of heightened investor worry about the European debt crisis.
http://jlne.ws/rCYq7F
Italy's new premier aims for economic growth
Associated Press
As riot police clashed with protesters in the streets, Italy's new premier unveiled his economic plan, vowing to spur growth yet spread out the sacrifices Italians must accept to save their country from bankruptcy and the eurozone from a disastrous collapse.
http://jlne.ws/tnZaZi
France sells debt but borrowing costs rise: report
Market Watch
LONDON (MarketWatch) -- France's government sold 6.98 billion euros ($9.4 billion) of BTAN notes of various maturities at an auction on Thursday, Reuters reported. The nation's cost of borrowing over two and four years rose by half a percentage point compared to previous auctions, according to the Reuters report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as ...
http://jlne.ws/v4Qk2H
S.Africa monetary policy to focus on inflation: Marcus
Reuters via Yahoo! News
JOHANNESBURG (Reuters) - South Africa's monetary policy will maintain its focus on hitting a 3-6 percent inflation target over the medium term but will remain sensitive to the domestic economic situation, Reserve Bank Governor Gill Marcus said on Tuesday. Marcus told a meeting of the Swiss Chamber of Southern Africa that the developments in the exchange rate -- which has been hit by bouts of ...
http://jlne.ws/vxWO0a
China to 'tinker' with monetary easing
AFP via Yahoo! News
China will "tinker around the edges" of monetary policy to keep its economy growing, but still-high inflation and overseas turmoil mean dramatic changes are unlikely, analysts said Thursday.
http://jlne.ws/tzM9lT
BoJ holds steady on policy, warns on Japan growth
AFP via Yahoo! News
The Bank of Japan on Wednesday left its key rate unchanged at between zero and 0.1 percent, and held steady on monetary policy despite increasing concerns over a high yen and the global economy.
http://jlne.ws/stwFuG
Sri Lanka Central Bank Governor on Economy, Policy
Bloomberg
Nov. 16 (Bloomberg) -- Ajith Nivard Cabraal, governor of the Central Bank of Sri Lanka, talks about the nation's economy and monetary policy. The central bank today kept its benchmark interest rates unchanged for a 10th straight month, seeking to support growth as the global economy falters.
http://jlne.ws/tXkoIg
Australian Economy, Central Bank Monetary Policy
Bloomberg
Nov. 15 (Bloomberg) -- Ivan Colhoun, head of Australian economics and property research at Australia & New Zealand Banking Group Ltd., talks about Australia's economy and central bank monetary policy.
http://jlne.ws/ryGgG5
RBI Chief Hiked Repo Rate Overruling Advisory Panel's View: Report
International Business Times
The Reserve Bank of India's chief Duvvuri Subbarao pushed ahead with a rate hike at the October monetary policy meeting, overruling a majority of external members of advisory panel.
http://jlne.ws/v50N2T
Disclaimer: The John Lothian, Environmental Markets, JLN Metals, JLN Managed Futures, JLN Interest Rates, JLN Options and JLN FX newsletters and blogs and MarketsWiki are products of John J. Lothian & Company, Inc. The opinions expressed in these publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers.
Futures and options trading involve risk. Past results are no indication of future performance.
Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any web site or newsletter content.
Copyright 2011 John J. Lothian & Company, Inc. All Rights Reserved.
Tidak ada komentar:
Posting Komentar