NY Fed Conducts Reverse Repo Test
By Deborah Lynn Blumberg, WSJ.com
The Federal Reserve Bank of New York conducted its first small-scale test of its reserve draining reverse repurchase agreement with expanded repo counterparties Wednesday afternoon.
http://jlne.ws/9Azosi
Trillion-dollar deficits don’t matter
By David Stockman, MarketWatch
The oracles at Goldman Sachs Group say that $750 billion of quantitative easing is priced in to the market, and possibly $1 trillion — a frightful prospect that was hardly diminished by last week’s lost jobs report.
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New IRS Rules for Tax Preparers Spur Questions
By Peter Schroeder, The Bond Buyer
WASHINGTON — Municipal market participants have many questions about new rules adopted by the Internal Revenue Service that require paid tax preparers to register with it, possibly take competency tests, and pay penalties for improper filings.
http://jlne.ws/9y5TkG
Geithner Signals China Causing Global Currency Interventions
By Ian Katz and Brendan Murray, Bloomberg
U.S. Treasury Secretary Timothy F. Geithner blamed China’s policy of limiting gains in the yuan for contributing to a round of capital controls and currency-market interventions by emerging economies.
http://jlne.ws/a0eQA5
Loomis Sayles' Fuss says buying Irish govt bonds Reuters
Reuters
Dan Fuss, who as vice chairman at Loomis Sayles helps oversee $150 billion, said on Wednesday the firm has been buying Irish government debt aggressively in recent weeks for its attractive yield and "very decent" credit quality.
http://jlne.ws/ca9meA
Import Prices in U.S. Fell in September, Reflecting Drop in Oil
By Courtney Schlisserman, Bloomberg
The cost of goods imported into the U.S. fell more than forecast in September, contributing to a slowdown in inflation that is concerning the Federal Reserve.
http://jlne.ws/bqJxKF
CDS Aren't Always Sound Indicators Of Credit Risk -Fitch
By Katy Burne Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Credit default swaps, derivatives that compensate investors when a company defaults on its debt, are commonly used to assess the relative riskiness of senior corporate bonds, but are not always an accurate predictor of future defaults, according to a new report from Fitch Ratings. That's because the behavior of CDS market participants can distort the perception of a company's risks, the ratings agency said.
http://jlne.ws/bbNu3g
U.S. may see 100 new swap execution entities-broker
By Christopher Doering and Roberta Rampton
WASHINGTON, Oct 12 (Reuters) - The U.S. futures regulator may have underestimated the number of new entities that will register to trade or execute swaps under new Wall Street reforms, an industry official said on Tuesday. Gary Gensler, the head of the Commodity Futures Trading Commission, initially estimated last month that 20 to 30 new entities could register as swap execution facilities, or SEFs, but has since upped his estimate to 40.
http://jlne.ws/a9uj0r
FDIC chief puts case for losses by creditors
By Tom Braithwaite in New York
FT.com / US / Politics & Foreign policy
Creditors and derivatives counterparties of a future failing institution such as AIG or Lehman Brothers should expect to suffer losses on the value of their holdings, the Federal Deposit Insurance Corporation said on Tuesday.
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Debit card issuer sues Fed chairman over fees
San Francisco Chronicle
Sioux Falls, S.D. (AP) -- TCF National Bank sued Federal Reserve chairman Ben Bernanke and the Fed's board of governors on Tuesday, saying regulations limiting the fees a bank can charge retailers for...
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Investment bank profits crumble at JP Morgan
eFinancial News
The investment banking division of JP Morgan Chase has reported its lowest profits and worst return on equity since the collapse of Lehman Brothers in a stark illustration that the artificially benign conditions for investment banks created in the aftermath of the financial crisis could have come to an end.
http://jlne.ws/aR3AXQ
Insurers May Outsource Investments on Solvency Rules, Deutsche Bank Says
Bloomberg
"The world of insurers' investment management has totally changed following the financial crisis," said Joerg Triesch , head of insurance fixed income at Deutsche Insurance Asset Management, a unit of Frankfurt-based Deutsche Bank. We expect more business because of capital markets' increased complexity as well as Solvency II and other new regulatory requirements.
http://jlne.ws/cbA2OV
Jefferies: the bank that keeps on hiring
eFinancial News
Last October, Financial News compiled a list of some of the 250 new staff brought in during 2009. Here we keep you up to date with this year's intake.
http://jlne.ws/d0X72y
UBS Plans 'Transparency Report'
By KATHARINA BART
ZURICH-UBS AG is set to give shareholders more insight into how it nearly collapsed under the weight of billions in toxic securities in 2008, but the Zurich-based bank's efforts to quell fury with former managers may fall short of some investors' expectations.
http://jlne.ws/bLCSDz
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