Conversation Starter
JLN Interest Rates spent a good part of the week at the Futures Industry Association's 26th Futures & Options Expo. Thanks to the FIA's Expo Today Live Studio, you can see some video clips from the conference here on the FIA's Web site.
In addition, here is a selection of media stories about the conference:
Futures Leaders Eat, Drink And Be Mary
http://jlne.ws/9dfUMY
CFTC commissioner ‘disappointed’ with CME Group
http://jlne.ws/9aJQ1z
Protecting Customer Money Could Double Clearinghouse Margins
http://jlne.ws/bXKDRp
Clearinghouse Membership Shouldn't Be Restrcted to Dealers, Gensler Says
http://jlne.ws/8ZqZ0h
Cupcake diplomacy? CFTC chief touts cozy ties with SEC
http://jlne.ws/bAOE6J
Republican Victory Won't Stop Dodd-Frank Rules, CFTC Chairman Gensler Says
http://jlne.ws/c8YjD0
U.S. CFTC head determined to fix wheat convergence
http://jlne.ws/djDs3h
Remarks Before FIA Futures And Options Expo, Chicago, IL - CFTC Chairman Gary Gensler
http://jlne.ws/9mHtH4
Swift trade reports may hurt banks but needed: CFTC
http://jlne.ws/d97FgB
Post-election, swaps reform time line remains
http://jlne.ws/aFZU6E
Beyond futures in Chicago
http://jlne.ws/9wJUdI
CFTC, EU Vow Cooperation on Swaps Oversight
http://jlne.ws/aHeJrT
**CN: Many of the media headlines centered around what Gensler said at the conference. Topics such as high-frequency trading practices and emerging markets got little play on the news sites.
Lead Stories
Ben S. Bernanke - What the Fed did and why: supporting the recovery and sustaining price stability
Two years have passed since the worst financial crisis since the 1930s dealt a body blow to the world economy. Working with policymakers at home and abroad, the Federal Reserve responded with strong and creative measures to help stabilize the financial system and the economy.
http://jlne.ws/aYHoYe
Fed to Buy $600 Billion in Treasuries to Aid Growth
The Federal Reserve will buy an additional $600 billion of Treasuries through June, expanding record stimulus and risking its credibility in a bid to reduce unemployment and avert deflation.
http://jlne.ws/cSRkS7
Muted Market Gains After Republican Election Victories; Fed Looms
Stocks and Treasurys were slightly stronger early Wednesday while the dollar was steady after Republicans convincingly took the House of Representatives and made gains in the Senate, which remained in Democratic control by a narrow margin.
http://jlne.ws/9NU6FX
Freddie Mac Takes Loan Files From Florida Law Firm
By NICK TIMIRAOS, WSJ.com
Fannie Mae and Freddie Mac have terminated their relationships with a top Florida foreclosure law firm and began
taking possession of loan files on Monday afternoon from the firm, which processes evictions on behalf of the
mortgage-finance giants.
http://jlne.ws/9VwPm1
Budget woes may cause US swap rule delays: Gensler
Reuters
Gary Gensler, the Washington regulator Wall Street fears the most, is confident he'll get a complex morass of rules
in place to lessen risk in derivatives trading and curb speculation in commodities.
http://jlne.ws/blwFMT
'TRSY' Broadens Access to U.S. Treasuries in Efficient ETF Format
NEWPORT BEACH, CA--(Marketwire - November 1, 2010) - PIMCO, a leading global investment solutions provider, has
launched the PIMCO Broad U.S. Treasury Index Fund (Ticker: TRSY) to offer investors exposure to the broad U.S.
Treasury yield curve via an Exchange Traded Fund (ETF).
http://jlne.ws/drhjyr
Bond bubble burst will gut gilt investors, warns Merrill Lynch
Telegraph Blogs
Never mind what the Bank of England monetary policy committee says about interest rates on Thursday. One of the
biggest wealth managers in the world is discretely warning its income-seeking clients to beware of bonds issued by
the British Government; generally known as 'gilts'. Merrill Lynch Wealth Management fears that despite the apparent
security of gilts, a combination of rising inflation - already underway - higher interest rates and the cessation of
quantitative easing - both widely anticipated - could create a "perfect storm" for investors who buy these bonds at
current market prices.
http://jlne.ws/cQSzeo
Moody's says eurozone sovereign default unlikely
By David Oakley, Financial Times
The eurozone economies of Greece, Portugal and Ireland are likely to avoid sovereign bond defaults because of a
strong domestic investor base of local banks and pension funds that will buy their government's debt even in times
of stress, according to Moody's.
http://jlne.ws/cvnXye
U.S. Public Finance Ratings Stabilizing But Economy Makes Continuation Of Trend Uncertain
The Bond Buyer
Rating quality in U.S. public finance appears to be stabilizing, as indicated by the decreasing number of
rating changes during the last quarter, according to a report published today on RatingsDirect, titled "U.S. Public
Finance Ratings Continue To Stabilize In The Third Quarter Of 2010."
http://jlne.ws/d1i5zR
Mortgage Modification Failures Push Borrowers Into Foreclosure
By Kathleen M. Howley, Dakin Campbell and Danielle Kucera, Bloomberg
Jill Gray of Mesquite, Texas, said her three-year-old son, Anthony, often tells her before he goes to bed: “I wanna
go to the other house.”
http://jlne.ws/cgKjWD
Sell bonds now, Fed’s QE2 is doomed to fail
By Paul B. Farrell, MarketWatch
Warning, Fed Chairman Ben Bernanke’s foolish gamble to stimulate the economy will backfire, triggering a new
double-dip recession. Bernanke is “medding” too much in the economy, say Marc Faber, Bill Gross, Jeremy Grantham,
Joseph Stiglitz and others.
http://jlne.ws/bwkJoF
U.S. Fiscal Hawks Turning French: Peter Boone, Simon Johnson
By Peter Boone and Simon Johnson, Bloomberg
The sharp budget cuts announced in the U.K. last month have people asking: could the U.S. soon take similar steps?
The two countries share some key problems, including the aftermath of a housing bust, overreliance on high-risk
financial services, and government debt levels approaching the danger zone. Self-proclaimed fiscal conservatives
also are likely to make a strong showing in midterm elections.
http://jlne.ws/9Q5pRM
Why banks have cut corners on foreclosures
By James Surowiecki, The New Yorker
In the late nineteen-sixties, Wall Street was crippled by an unlikely nemesis: unfinished paperwork. Thanks to a
booming stock market, trading volume had soared in the course of the decade; between 1960 and 1968, the number of
shares traded daily quadrupled. This should have been wonderful news for brokerage houses—more trades mean more
commissions—but it ended up wrecking many of them instead.
http://jlne.ws/cZ601J
The Auction-Rate Logjam
By Daisy Maxey, WSJ.com
More than two years after the $330 billion auction-rate-securities market froze, thousands of individual investors
could still be stuck holding them. In August, UBS AG—one of the largest sellers of the securities to small
investors—was ordered in an arbitration decision to pay $80.8 million to Kajeet Inc., a Maryland firm, 10 times the
amount it originally had invested in auction-rate securities, due to damages it suffered.
http://jlne.ws/9CxDuU
Interest Rate Outlook: Low and Slow
CME Group Magazine
Interest rates may be at record lows, but there appears to be a consensus among central bank watchers that there is
not enough growth to alter the rate picture, yet. Here is what leading economists see coming.
http://jlne.ws/9x8Wwc
Dodd-Frank act will not herald end of voice trading
By Daniel Marcus, FT.com
The US Dodd-Frank Act that was signed by Barack Obama this summer was one of the most significant pieces of
financial legislation in living memory and now the financial world is trying to orient itself in the aftermath.
http://jlne.ws/cU4MbJ
Statement By SIFMA CEO Tim Ryan On Speech By Michel Barnier, EU Commissioner
Press Release
The Securities Industry and Financial Markets Association (SIFMA) today released the following introductory remarks
welcoming Michel Barnier, Commissioner for EU Internal Market and Services, to a speech before SIFMA members:
http://jlne.ws/cxgbC5
Fewer U.S. securities jobs in Q3: SIFMA
By James Langton, Investment Executive
U.S. securities industry employment contracted faster than overall employment in the third quarter, according to the latest data from the Securities Industry and Financial Markets Association.
http://jlne.ws/b9gwQN
Events
Greece is Changing
Hellenic Observatory 11th Annual Lecture in association with APCO worldwide
When: Nov. 8, 2010
Where: LSE Campus
Full info: http://www2.lse.ac.uk/publicEvents/events/2010/20101108t1830vLSE.aspx
Details: The Greek sovereign debt crisis of 2010 has received world-wide attention and has elicited unprecedented action by the European Union and its member governments as well as by the IMF. Greece is now obliged to follow the terms of the 'Memorandum' agreed with the 'bail-out' loan it has received. Is Greek economic policy on track? What are its
future prospects?
Deutsche Bank Annual Financial Technology Senior Executive Forum
When: Nov. 9-10, 2010
Where: The Pierre in New York
Full info: http://conferences.db.com/americas/fintech10/
Details: Participants will include prominent figures from exchange, FCM / Inter-dealer broker, trading technology, merchant acquiring, payment processing, prepaid, information provider, and financial software companies. Through a series of interactive panels, these senior business leaders will explore the challenges and opportunities as they expand into new markets, face increasing global competition, and respond to an ever-changing regulatory environment. For context, this is not a research analyst conference but rather, a forum that organized to engage senior executives in industry-related discussions. This forum is also an excellent networking opportunity as the individuals who attend are decision-makers within their organizations. Similar to last year, this year's forum will feature panel discussions comprised of senior executives and board members from a variety of industry sub-sectors.
***CN: Deutsche Bank reserves the right to determine which attendees have priority for admission.
The Devil in the Details: Implications of Recent Regulatory Reforms and Other Updates for the Financial Services Industry
When: Nov. 10, 2010
Full info: http://events.mcgladrey.com/forms/RedefiningtheSwapsMarketWebinar111010
Details: You are invited to a lively discussion of recent regulation from three different perspectives – legal, regulatory and accounting. Join leading professionals in the financial services, law, accounting and tax sectors as they identify certain implications of these regulations. In addition, a tax specialist will provide an update on the taxation of carried interest and other important tax issues. Speakers include John W. McPartland, senior financial markets advisor, Financial Markets Group, Federal Reserve Bank of Chicago and John Hague, partner and national director of financial services, McGladrey & Pullen, LLP. The webinar will cover topics such as legal and regulatory update and impact of Dodd-Frank.
Economic News
The GDP-based recession index for 2010:Q2 is 9.1, up from the previous quarter, indicating recovery is losing steam
James D. Hamilton, Federal Reserve Bank of Atlanta
The GDP-based recession indicator index is a pattern recognition algorithm that assigns dates to when recessions
begin and end based on the observed dynamics of U.S. real GDP growth. To make a reliable inference, it is necessary
to wait one quarter for data to be revised and confirm the current trend. Thus with the 2010:Q3 advance GDP numbers
released by the Bureau of Economic Analysis on October 29, 2010, a value of the recession indicator index describing
economic conditions for the second quarter of 2010 can be calculated. To maximize usefulness as a real-time
indicator, the index is not subsequently revised. The index ranges from 0 to 100, with a value above 50 indicating
the data are more consistent with a recession than an expansion.
http://jlne.ws/cwrfpv
Construction Spending in U.S. Unexpectedly Rose in September
Construction spending in the U.S. unexpectedly rose in September, led by increases in homebuilding and public
projects. The 0.5 percent gain brought spending to $801.7 billion after a revised 0.2 percent drop in August that
was previously reported as a 0.4 percent gain, Commerce Department figures showed today in Washington.
http://jlne.ws/duy4hQ
Manufacturing sector growth surges in October
By CHRISTOPHER S. RUGABER, Saily Finance
Manufacturing activity expanded last month at the fastest pace since May, driven by demand in the United States and
abroad for cars, computers and other goods. The report signals that U.S. factory output, which slowed over the
summer, remains a strong player in an otherwise weak economy. A separate report on Monday showed that manufacturing
in China, the world's second-largest economy, also grew.
http://jlne.ws/aHmidU
U.S. Economy Grew 2% as Consumer Spending Rises
Bloomberg
The U.S. economy expanded at a 2 percent annual rate in the third quarter and inflation cooled, underscoring the views of Federal Reserve policy makers who say more stimulus will be needed to spur growth.
http://jlne.ws/cLbWWN
Exchanges, Clearing Houses & MTFs
Clearing Overshadows ICE's Quarterly Profit Rise
Finance Technology Network
IntercontinentalExchange Inc's profit rose a stronger-than-expected 15 percent on the back of strong commodities
trading, but the futures exchange said revenues from its nascent credit-clearing operation would slip, undercutting
its shares.
http://jlne.ws/dzG6zB
ELX Reports Open Interest and Volume Records in Eurodollar Futures; Sees Rebound in U.S. Treasury Futures for the
Month of October
MarketWire
ELX Futures, L.P. (ELX) announced today that October was a record-setting month for its Eurodollar Futures contract,
which was launched in June 2010. ELX reported record open interest (OI) and volume in Eurodollar futures and it also
saw a rebound in its U.S. Treasury Futures contracts for the month of October.
http://jlne.ws/9lfmP2
DTCC Begins Publishing Daily Index of General Collateral Repo Rates
Business Wire
DTCC announced today that it has begun publishing the financial service industry's first index to list average daily
interest rates for the multi-billion-dollar daily market in GCF repos.
http://jlne.ws/aABwln
LCH.Clearnet to discount freight fees by up to 40%
Press Release
LCH.Clearnet Limited (LCH.Clearnet) is set to restructure its freight clearing fees from 1 November 2010. The new
fee structure is designed to reward customer loyalty, recognises the economies of scale available in clearing and
ensures that the benefits of these economies are passed on to clients.
http://jlne.ws/dlnXoI
RTS to Provide Open Architecture Technology to Enable Order Routing from Mexican Derivatives Exchange to CME Group Markets
RTS Realtime Systems Group, a leading global trading solutions provider, and MexDer, the Mexican Derivatives Exchange, announced
today that the exchange has selected RTS to provide the open architecture technology solution that will enable the South-to-North order
routing component of the exchange’s alliance with CME Group. Scheduled for launch next year, the exchange partnership announced in
March includes plans to allow members of MexDer to route orders to CME Group under a South-to-North order routing arrangement. RTS’
technology solution will enable open access to CME Group markets to all participants connected to MexDer via their existing trading screens
or APIs. The CME Group partnership with MexDer’s parent, the Bolsa Mexicana de Valores, also will enable CME Group participants to use
the CME Globex electronic trading platform to route orders to MexDer.
http://jlne.ws/cGMWwo
Firms & Banks
Dimon Beset by $75 Billion in Bad WaMu Loans as JPMorgan Pushes Overseas
Bloomberg
The JPMorgan Chase & Co. chief executive officer was determined to expand on the West Coast, and Seattle-based WaMu,
as it was called, was a prime target.
http://jlne.ws/cizFr7
Wells wealth chief: Broker/banker line blurring
Reuters
Wells Fargo & Co's wealth chief told Reuters on Monday that U.S. brokerages will resemble their private
banking peers across the Atlantic within the next five years.
Its going to look a lot more like Europe. The lines are blurring between banking, brokerage and wealth, said David
Carroll, Wells Fargo's executive vice president for wealth, retirement and brokerage, at the Reuters Wealth
Management Summit.
http://jlne.ws/d5FDgb
Ambac says may go bankrupt this year; shares sink
By Jonathan Stempel, Reuters
Ambac Financial Group Inc (ABK.N), which was the second-largest U.S. bond insurer before
suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after
skipping a bond interest payment.
http://jlne.ws/aNNAs6
Nomura Enhances Financial Institutions Group with Appointment of James Kern
Press Release
Nomura, the global investment bank, announces the appointment of James Kern as Head of Global Finance FIG and
Specialty Finance Investment Banking for the Americas. Mr. Kern's significant experience representing a broad range
of financial institutions will help further grow Nomura's global franchise.
http://jlne.ws/cxgbC7
UBS's McCann sticks to profit goal
Reuters
The chief executive of UBS AG's UBS Wealth Management Americas told Reuters he is sticking to his target
of reaching 1 billion Swiss francs in profit within the next five years, in spite of depressed markets and a tough
recruiting environment. Robert McCann, who set the ambitious target just a few weeks after he arrived at UBS in October last year, told the
Reuters Wealth Management Summit on Monday that the 1 billion-franc target is still achievable, even though the unit
last week recorded its sixth straight quarterly loss. He noted the unit has never made more than 600 million francs
in yearly profit in its history.
http://jlne.ws/bZTS7R
JPMorgan Is Said to Be Investigated Over Disclosures in Subprime CDO Deals
By Joshua Gallu and Dawn Kopecki, Bloomberg
JPMorgan Chase & Co. is the subject of an investigation to determine if it failed to tell investors in a financial
product linked to subprime mortgages that hedge fund Magnetar Capital helped select the underlying assets before
betting against them, a person familiar with the matter said.
http://jlne.ws/b6446L
Citigroup's Medina-Mora Says Grumbling Subsides Amid Customer-Service Push
Bloomberg
Citigroup Inc. 's campaign to repair its U.S. customer-service reputation may be making progress: clients are
becoming more likely to recommend the bank, rather than disparage it, an internal memo shows.
http://jlne.ws/cAqmPT
How the roof fell in on Countrywide
CNN Money
CEO and co-founder Angelo Mozilo saw a subprime mortgage crisis coming for everyone except his own company.
http://jlne.ws/cUbv6T
Swaps Pioneer Thomas Jasper Leaves Primus Guaranty as It Unwinds Business
By Shannon D. Harrington, Bloomberg
Primus Guaranty Ltd. Chief Executive Officer Thomas Jasper, who helped turn the swaps market into a trillion-dollar
industry, is leaving the company as it unwinds its business selling credit protection to banks.
http://jlne.ws/anydNb
Regulators
Chairman Gary Gensler Announces the Appointment of David Meister as Director of Enforcement
Press Release
Washington, DC – Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced the appointment
of David Meister as Director of Enforcement. Mr. Meister, a former federal criminal prosecutor, comes to the CFTC
with nearly 25 years of experience in investigations, litigation and trials involving fraud and other complex
schemes relating to United States financial markets. Vincent McGonagle, who has served as Acting Director of
Enforcement since October 1, 2010, will continue in that capacity until Mr. Meister comes on board. Mr. McGonagle
succeeded Acting Director Stephen Obie after he returned to his position as Regional Administrator of the CFTC’s New York office.
http://jlne.ws/9CNCrF
CFTC's Chilton Calls for Curbs on Financial Futures
BY SARAH N. LYNCH, WSJ.com
A regulator at the Commodity Futures Trading Commission called for imposing trading curbs on financial futures such
as the Standard & Poor's 500 E-mini, saying they could help prevent a repeat of the May 6 "flash crash."
http://jlne.ws/ax5BOX
CFTC Appoints Former Federal Prosecutor as Enforcement Chief
BY KARA SCANNELL, WSJ.com
The Commodity Futures Trading Commission hired a former federal prosecutor to run its enforcement
division, raising the agency's profile at a time when its responsibilities are expanding.
http://jlne.ws/9CJOYY
Tighter US ban on bank trading urged
By Tom Braithwaite in Washington, FT.com
A group of senators led by Carl Levin, the Democrat from Michigan, is pushing a new financial oversight council to
adopt a strict ban on proprietary trading at banks.
http://jlne.ws/aIOOI8
Tighter US ban on bank trading urged
Tom Braithwaite, FT.com
A group of senators led by Carl Levin, the Democrat from Michigan, is pushing a new financial oversight council to
adopt a strict ban on proprietary trading at banks. The financial reform legislation passed by Congress in the
summer included a version of the Volcker rule, named after former Federal Reserve chairman Paul Volcker, which bans
banks from trading for their own account.
http://jlne.ws/aIOOI8
Still plenty to play for on the Dodd-Frank bill
By Gillian Tett, FT.com
Could the Republicans throw sand into the wheels of financial reform in America?
http://jlne.ws/9OOQYn
Volcker on His 'Rule'- Keep It Broad
By DEBORAH SOLOMON, WSJ.com
Former Federal Reserve Chairman Paul Volcker, seeking to influence the eponymous rule he helped create, is telling
administration officials they should avoid writing narrow regulations that banks can seek to exploit or evade,
according to people familiar with the matter.
http://jlne.ws/cbhqor
Don't turn back on financial reform
By John Gapper, Financial Times
As the Republicans take control of the House of Representatives, their first temptation as upholders of the free market and limited government will be to roll back swaths of the Dodd-Frank financial reform act. They should resist it.
http://jlne.ws/bJXQP
Global News
Wealth funds warn on eurozone debt
By David Oakley, Financial Times
The eurozone debt crisis deepened on Thursday as some of the world's biggest sovereign wealth funds warned they were less willing to invest in the so-called peripheral economies in the 16-nation bloc.
http://jlne.ws/d6VgYD
Heiress apparent adds to her reputation
By Victor Mallet in Madrid, FT.com
Ana Patricia Botín, the 50-year-old daughter of Emilio Botín, Santander's executive chairman, is regarded among Spanish bankers as the heiress apparent who will run the eurozone's biggest banking group by market capitalisation when her father retires.
http://jlne.ws/bnQs0X
China Launches Trial of Credit Derivatives
By SHEN HONG, WSJ.com
SHANGHAI-China launched its maiden credit derivatives product Friday, marking a further liberalization in its
still-rigid financial system and offering a groundbreaking hedging tool as credit risks build up on the back of an
unprecedented stimulus-induced lending binge.
http://jlne.ws/cqTsfJ
European Sovereign Debt Remains Largely a European Problem
By Amalia Estenssoro, Federal Reserve Bank of St. Louis
European sovereign debt concerns took global policymakers by surprise early this year. The markets panicked, fearful
of a financial contagion throughout the eurozone.1 The pressure triggered a concerted policy action, culminating in
an unprecedented European Union/International Monetary Fund pre-emptive financial aid package worth €750 billion
($975 billion), announced May 9.2 The root source of the debt problem can be traced historically—to quote one of the
main conclusions from the recent book by economists Carmen Reinhart and Kenneth Rogoff—to the rapid explosion of
sovereign debt experienced by countries following a financial crisis that includes a banking crisis
http://jlne.ws/a4vSqc
BBVA launches E5bn rights issue
By Victor Mallet in Madrid, Financial Times
BBVA, Spain's second biggest listed bank, will launch an E5bn ($6.9bn) rights issue to bolster its capital following
a deal to buy joint control of Turkey's Garanti Bank.
http://jlne.ws/9goJdZ
RBS launches new bonds on London Stock Exchange's retail bond market
Press Release
The London Stock Exchange today welcomes the launch of two new corporate bonds to its Order book for Retail Bonds
(ORB), issued by the Royal Bank of Scotland (RBS). Launched in February this year ORB offers private investors
simple, transparent access to investment in individual fixed income securities.
http://jlne.ws/94bRF
Debt costs jump for Dublin and Lisbon
By Richard Milne in London and Ralph Atkins in Frankfurt - Financial Times
Borrowing costs for Ireland and Portugal shot up as investors took fright at European proposals to force them to
take a greater share of losses in future state bail-outs.
http://jlne.ws/9jlK1g
Merkel Says Euro-Area Rules to Be Adopted Will Have `More Bite'
By Tony Czuczka and Mark Deen, Bloomberg
German Finance Minister Wolfgang Schaeuble said the euro’s stability depends on making investors pay for future debt
crises, brushing aside warnings that Germany’s demands are hurting Europe’s most indebted countries.
http://jlne.ws/cmtTde
Greek bank Geniki's 9M loss widens on bad debts
Reuters
Geniki Bank (GHBr.AT), majority-owned by France's Societe Generale (SOGN.PA), reported a sharp rise on nine-month
losses on Tuesday, as Greece's economic woes caused a jump in bad debts.
http://jlne.ws/dua5YF
EU leaders clinch pact to defend euro
BBC
EU leaders say tough new budget rules agreed at their summit in Brussels will protect the euro from a future
Greek-style debt crisis. The EU "sealed a solid pact to strengthen the euro," said European Council President Herman
Van Rompuy.
http://jlne.ws/d0df3U
Angela Merkel consigns Ireland, Portugal and Spain to their fate
By Ambrose Evans-Pritchard, Telegraph
Bondholders will discover burden-sharing. Debt relief will be enforced, either by interest holidays or haircuts on
the value of the bonds. Investors will pay the price for failing to grasp the mechanical and obvious point that
currency unions do not eliminate risk: they switch it from exchange risk to default risk.
http://jlne.ws/ccVPDY
SABB to meet investors; eyes dollar bond
Reuters
Saudi British Bank 1060.SE (SABB), an affiliate of British lender HSBC (HSBA.L), will meet fixed-income investors
starting this week about a potential dollar bond issue, the lender said.
http://jlne.ws/bGMZJ4
ICBC Buys U.S. Broker-Dealer From BNP Paribas
New York Times
Industrial And Commercial Bank of China, the world's biggest lender by market value, paid a token $1 for a small
U.S. brokerage firm, the Wall Street Journal reported on Monday, citing people familiar with the matter.
http://jlne.ws/cF9UmL
Royal Bank of Scotland hires bonus row banker
Daily Telegraph
New head of corporate finance, John McIntyre, sued Commerzbank for L2m over payout.
http://jlne.ws/cckV1O
RBS hires former Dresdner Kleinwort banker - Report
Reuters
Royal Bank of Scotland ( RBS.L ) has hired John McIntyre, a former head of acquisitions at Dresdner Kleinwort, as
head of corporate finance in Europe, the Middle East and Africa, the Daily Telegraph said on Monday.
http://jlne.ws/aGJ9oq
Bank of Italy official sees currency war risk
Reuters
A senior official from the Bank of Italy said on Friday he saw risks of a currency war. "There is a risk highlighted by media reports and by
authoritative observers of a currency war," Bank of Italy Director General Fabrizio Saccomanni said in a speech.
http://jlne.ws/bL2W9E
ECB. Still Props Up Banks on E.U.'s Edge
New York Times
Greek, Irish and Spanish banks are falling behind their counterparts across Europe in reducing their dependence on
emergency central bank funding because they can't find investors willing to buy their bonds, Bloomberg News
reported.
http://jlne.ws/a8ZUqu
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