Conversation Starter
The Bank For International Settlements (BIS) has released the Basel Committee on Banking Supervision report "Basel III: A global regulatory framework for more resilient banks and banking systems." See click on the item below to view the report in its entirity.
Other Regulation-Related Articles
Basel Group Seeks to Curb Banks' Risk From Rogue Traders, Fraud
Bloomberg
Banks should improve their defenses against losses caused by rogue traders, client fraud and other so-called
operational risks, global regulators said.
http://jlne.ws/i8Cso7
Bank regulators back new capital plan
By Dave Clarke
Bank holding companies would not be allowed to dip below the strict capital standards of their federally insured
bank units, under a proposal issued by U.S. bank regulators on Tuesday.
http://jlne.ws/dIAcOB
Fed Leaves Policy Unchanged
BY LUCA DI LEO, JON HILSENRATH AND JEFFREY SPARSHOTT, WSJ.com
Federal Reserve officials stuck to their easy-money policy of buying U.S. Treasury bonds and keeping short-term
interest rates near zero amid new signs that the recovery is gathering some steam.
http://jlne.ws/hjpqy6
FOMC statement - December 14, 2010
Press Release
Information received since the Federal Open Market Committee met in November confirms that the economic recovery is
continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing
at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and
tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year,
while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls.
The housing sector continues to be depressed. Longer-term inflation expectations have remained stable, but measures
of underlying inflation have continued to trend downward.
http://jlne.ws/g1hn1y
Bernanke Options May Be Limited Amid Republican Scrutiny
By Caroline Salas, Bloomberg
Federal Reserve Chairman Ben S. Bernanke may find his options for reducing unemployment near a 26-year high are
constrained after Republicans take control of the House of Representatives next month.
http://jlne.ws/gLhyrv
FDIC Plans to Sell $1 Billion of Bonds Tied to Real Estate
By Jody Shenn, Bloomberg
The Federal Deposit Insurance Corp. plans to sell almost $1 billion of securities tied to residential and commercial
real-estate debt once held by failed banks, according to a person familiar with the transaction.
http://jlne.ws/gzu2f8
What are small banks afraid of? When it comes to WEB and TEL payments, numbers don’t back their fears
Federal Reserve Bank of Atlanta
Recently, I got word that many banks, particularly small banks, may be bypassing the opportunity to market certain
ACH origination services to their corporate customers because they are concerned about the underlying potential for
fraud. In particular, banks may be holding back on offering debit origination services to companies selling services
or accepting bill payments over the web or telephone. These are recognized as WEB or TEL entries in the parlance of
ACH.
http://ow.ly/3osKS
Southwest Economy: Restructured loans small part of average Eleventh District bank's balance sheet
Federal Reserve Bank of Dallas
Banks in the Eleventh Federal Reserve District are performing better than their peers.[1] However, signs of strain
are still evident—with loan delinquencies a prime example—following the recession and financial market crisis. Some
banks that restructure troubled loans by granting borrowers easier terms subsequently find the loans delinquent
again.
http://ow.ly/3opbi
FRB announces first webcast of board meeting
Release Date: December 10, 2010
For immediate release
The Federal Reserve Board announced on Friday that a live webcast of its December 16 open meeting will be available
on the Board's website. At the meeting, which is scheduled to begin at 2:30 p.m. EST, the Board will discuss
proposed rules governing debit card interchange fees and routing. This will be the first time the Board has webcast
one of its meetings. The Board has previously webcast other public events such as Chairman Bernanke's town hall
meeting with educators Leaving the Board and a conference on addressing issues facing small businesses Leaving the
Board.
http://jlne.ws/dQKddj
Regulators Close to Gaining New Funding for Dodd-Frank Efforts
By Joshua Gallu and Phil Mattingly, Bloomberg
U.S. financial regulators, working to secure funding needed to implement new responsibilities mandated by the
Dodd-Frank Act, are in line to be among the few agencies to benefit from the year's final congressional spending
measure. The Securities and Exchange Commission and Commodity Futures Trading Commission, two agencies writing a
bulk of the rules required by the new law, took a first step yesterday toward locking in more funding for next year,
even as lawmakers moved to freeze spending for most agencies at 2010 levels.
http://jlne.ws/haU0Xy
Dodd-Frank Financial Reform May Pressure Bonuses
Reuters
Wall Street bonuses could face pressure from an unexpected source this year: the Dodd-Frank financial reform law.
http://jlne.ws/hchKQ4
Ron Paul, Author of 'End the Fed,' to Chair Monetary Subcommittee
By HUGH COLLINS, DailyFinance
Rep. Ron Paul, author of the best-selling book End the Fed, will head the House subcommittee overseeing the Federal
Reserve.
http://jlne.ws/gBdFjo
**CN: Ironic.
Lead Stories
IMF supports ECB decision to boost capital
Reuters
A decision by the European Central Bank to boost its capital by five billion euros is a step toward establishing a
stronger European plan for dealing with economic strains, an International Monetary Fund spokeswoman said on
Thursday.
http://jlne.ws/gLwoWP
Geithner: TARP cost will be a 'fraction' of original price
By Ben Rooney, CNN money.com
Treasury Secretary Tim Geithner outlined the benefits of the government's bailout of the financial system Thursday, saying that the overall cost will be a "fraction" of the original estimate.
http://jlne.ws/gZh2JL
Pimco Total Return May Buy Equity-Linked Securities
By Sree Vidya Bhaktavatsalam, Bloomberg
Bill Gross’s Pimco Total Return Fund, the world’s largest mutual fund, is expanding its policy to allow investments
in equity-linked securities for the first time since 2003. Pimco Total Return may put as much as 10 percent of
assets in securities including preferred stock and convertible bonds as early as the second quarter of next year,
according to a filing today with the U.S. Securities and Exchange Commission. The fund won’t invest in common stock,
the Newport Beach, California-based firm said.
http://jlne.ws/dL1k3T
**CN: The firm everyone loves to watch.
Federal Debt and Interest Costs
Congressional Budget Office - Director's Blog
Recently, the federal government has been recording the largest budget deficits, as a share of gross domestic
product (GDP), since the end of World War II. As a result of those deficits, the amount of federal debt held by the
public has soared—surpassing $9.0 trillion at the end of fiscal year 2010 and equal to 62 percent of GDP. The
interest the government pays on that debt is currently low by historical standards as a percentage of GDP but is
expected to grow rapidly over the next several years as interest rates rise. In response to a request from the
Senate Budget Committee, CBO prepared a study providing background material on federal debt and interest costs.
http://jlne.ws/e09XuL
Fed holds rate target, bond-buy plan steady
By Greg Robb, MarketWatch
The Federal Reserve Tuesday left its key interest rate and the size of its bond purchase program unchanged, as
widely expected. The central bank's rate-setting Open Market Committee maintained the target range for the federal
funds rate at its all-time low range of 0 to 0.25%, where it has stood since December 2008. It kept its bond
purchase program, nicknamed QE2, at $600 billion. In its statement, the Fed said that the economy recovery is
continuing "though at a rate that has been insufficient to bring down unemployment." Thomas Hoenig, the president of
the Kansas City Fed, dissented again, warning that the large stimulus could cause inflation expectations to rise and
choke off a recovery.
http://jlne.ws/gEzprz
Why are government bond yields rising?
The Economist
This week, government bond yields have risen around the world, on the debt of troubled European countries but also
for relative safe havens like Germany and the US. Why have yields risen? Are different factors at work in different
countries? Will there be additional sovereign debt crises in 2011? And will an American crisis be among them?
http://jlne.ws/hhjKzd
Two U.S. banks reveal TARP repayment plans
By Maria Aspan and Joe Rauch, Reuters
Two regional U.S. banks plan to repay their government bailout loans, a sign of health that could put pressure on
other lenders to shed government aid.
http://jlne.ws/gSmatR
Lenders Extend Credit to Risky Borrowers Again
By ERIC DASH, The New York Times
Credit card offers are surging again after a three-year slowdown, as banks seek to revive a business that brought
them huge profits before the financial crisis wrecked the credit scores of so many Americans.
http://jlne.ws/goqX4l
Buttonwood: Getting real
The Economist
NEWS bulletins feature the stockmarket’s daily movements or the rise and fall of European government-bond yields.
But they very rarely mention an important economic measure; the very low level of real interest rates (ie, after
allowing for inflation). In October America even managed to issue an inflation-linked bond with a negative real
yield.
http://jlne.ws/hpZggS
QE2 fragmenting global markets: Stiglitz
By Alonso Soto and Moises Avila, Reuters
Smaller developing countries should prepare measures to be able to cope with inflows of cash as investors look for
bigger returns outside sluggish developed economies, Nobel Prize winning economist Joseph Stiglitz said on Friday.
http://jlne.ws/hZqwSZ
Events
The 36th Annual International Futures Industry Conference
When: March 15-18, 2011
Who: FIA
Full info: http://campaign.r20.constantcontact.com/render?llr=fwgtyucab&v=001WeBrwlP3VB1EJrvzuxUwxDg8fsg1Z8ZYjylTYIAfiEPOHumaM4PToYW-FxqnOsfyAaSlhRYAWrgj0P8-SYrVuEM53baCN9cyh3I5I-IOKZ3QwiUb2qUbyhwPmrOiHmw_Gt-oUr577qg%3D
Where: Boca Raton Resort & Club
Boca Raton, Florida
Details: As one of FIA's premier events, the 36th Annual International Futures Industry Conference is host to an influential audience of 800 senior-level futures industry professionals, brokerage executives, technology and operations officers, exchange officials, money managers, and public policy leaders. Delegates from more than 30 countries attend this annual event.
SIFMA 2nd Annual Private Client Conference
When: Apr. 7 and 8, 2011
Who: SIFMA
Where: New York City
Details: On April 7 and 8, the SIFMA 2nd Annual Private Client Conference, "Client First: Delivering the Vision," will build on the success of the inaugural Private Client Conference during the spring. This two-day event combines the strengths of SIFMA's former Sales & Marketing, Small Firms and Independent Firms conferences, producing North America's premier conference for private client groups at all levels. This conference is designed for senior managers in private client groups at global, regional, independent contractor and small broker-dealers, including national sales managers, regional directors, branch managers, wealth-management specialists, marketing specialists, and individual financial advisers and investment consultants. Mark your calendar for April 7 and 8 or, better yet, REGISTER TODAY.
Economic News
NAHB Housing Index Holds at 16 in December
By Gary Siegel, The Bond Buyer
Builders’ confidence in the market for new single-family homes was steady, as the National Association of Home
Builders' housing market index - a monthly gauge of builder sentiment – remained 16 in December from an unrevised 16
in November.
http://jlne.ws/haPh1O
Inventories at U.S. Companies Increase 0.7%, Less Than Forecast
By Bob Willis, Bloomberg
Inventories in the U.S. rose less than forecast in October, restrained by the biggest drop in retail stockpiles in
more than a year as merchants had trouble keeping up with surging demand.
http://jlne.ws/eDJ4pe
Retail Sales, Producer Prices Increase
By JEFF BATER And LUCA DI LEO, WSJ.com
U.S. holiday shoppers streamed into malls and cyberspace in November, giving the economy a kick as merchants
reported better-than-expected sales. Retail sales increased by 0.8% last month, the Commerce Department said
Tuesday. The gain was better than the 0.5% increase that economists surveyed by Dow Jones Newswires had projected.
http://jlne.ws/gs5doI
Fewer Homes `Underwater' Last Quarter as Foreclosures Rose
By John Gittelsoh, Bloomberg
The number of U.S. homes worth less than the debt owed on them dropped in the third quarter, largely because of
mounting foreclosures rather than a rise in property values, according to CoreLogic Inc.
http://jlne.ws/gINP75
US econ growth gauge at highest point since May- ECRI
Reuters
A measure of future U.S. economic growth rose to a 29-week high in the latest week, while the index's annualized
growth rate rose to a 27-week high, a research group said on Friday.
http://jlne.ws/gmleXY
Exchanges, Clearing Houses & MTFs
Advantage Futures Partners With ELXfutures to Offer FCM Services
Press Release
ELX Futures, L.P. (ELX), a leading electronic futures exchange offering a faster, more efficient global alternative
to trade U.S. Treasuries and Eurodollar futures contracts, announced today that Advantage Futures LLC, a premier
technology-focused futures brokerage firm, will become an authorized Participant and offer Futures Commission
Merchant (FCM) services for ELX.
http://jlne.ws/hDteEv
SunGard Supports CME Group Cleared Interest Rate Swaps
Press Release
SunGard has enhanced its Stream GMI post-trade listed derivatives solution to provide processing and accounting
support for CME Group cleared interest rate swaps, which it began clearing in October 2010.
http://jlne.ws/hzHNFj
Firms & Banks
RBS 'blocks FSA publication of bank investigation'
BBC
The Financial Services Authority (FSA) has pledged to publish a limited report on its findings of what went wrong at
Royal Bank of Scotland (RBS).
http://jlne.ws/idkJw1
What did banks do? It's not clear. What do they pay? They can't say. Why did they fail? It's a secret
Guardian Unlimited
The banking collapse is a tale of opacity and confusion. Now even the public report into RBS's collapse is
confidential. We need transparency in banking, and we need it now Fred the Shred could be at liberty to drive
another bank into oblivion. Sir Fred Goodwin, the former boss of Royal Bank of Scotland, has escaped any regulatory
penalty over the near collapse of the once mighty Caledonian ...
http://jlne.ws/ijhfMN
Goldman hires former Fed official as regulatory chief
By Aline van Duyn in New York
FT.com / Financials
Goldman Sachs has hired a former top Federal Reserve Bank of New York regulator as banks look to exert some
influence over the writing of new rules for profitable privately traded swaps markets. Theo Lubke, a former senior
vice president at the Fed who was tasked with cutting risk in the over-the-counter derivatives market, started work
this month at the bank's New York office as chief regulatory reform officer in the securities division, said a
Goldman Sachs official.
http://jlne.ws/gw4vsy
Incoming HSBC UK chairman Sandy Flockhart attacks 'unfair' bail-outs of RBS and Citibank
AFP Telegraph Finance News via Yahoo! UK & Ireland Finance
HSBC's senior UK banker has criticised "unfair" and anti-competitive government bail-outs of rivals such as Royal
Bank of Scotland and Citibank, and said business taxes need to fall if the ...
http://jlne.ws/eE0Z0z
Pimco's Government-Related Holdings Rise In Flagship Fund
WSJ.com
Bond fund giant Pacific Investment Management Co. boosted the U.S. government-related holdings in November in its
flagship bond fund after cutting them for four straight months. The U.S. government-related holding for Pimco's
flagship Total Return Fund, the world's biggest bond fund with $250.2 billion in assets, rose to 30% in November
from 28% in October, according to data available on the company's website Tuesday.
http://jlne.ws/dOIjUC
Outflows at PIMCO Total Return
Morningstar Advisor
Bill Gross' PIMCO Total Return PTTRX, the largest taxable-bond fund in the country with $256 billion in assets, saw
redemptions of $1.9 billion in November according to preliminary Morningstar fund flow data. This was the fund's
first month of net outflows in two years.
http://jlne.ws/ey13zs
Blackstone Names Asia Private-Equity Chief
BY AMY OR, WSJ.com
Blackstone Group LP has named Senior Managing Director Michael Chae as head of private equity in Asia. Mr. Chae also
will be responsible for the firm's limited-partner marketing personnel and coordinate relationships with its most
important limited partners in the region, Blackstone said in a statement Monday.
http://jlne.ws/hU2vxv
RBS to offer house price derivatives
By Claer Barrett, FT.com
The Royal Bank of Scotland is preparing to launch residential derivatives products aimed at retail investors who are
prepared to bet against the odds that house prices will rise.
http://jlne.ws/h2Xd5Z
RBS Harry Potter party: Bank saved by L20bn bailout splashes L250-a-head bash
Daily Mail
As the festive party season enters full swing, the bank stands accused of throwing what sounds like the corporate
bash of the year.
http://jlne.ws/hNP9hd
UBS Americas CEO says he is seen as a "cowboy" within Swiss bank
Shanny Basa, Financial News/Dow Jones
Robert Wolf, chairman and chief executive of UBS Group Americas and president of UBS Investment Bank, said he missed
out on becoming head of the Swiss firm because cultural differences mean management view him as “little more than a
cowboy.”
http://jlne.ws/fu9FVk
Banks Face Political Contribution Ban in Municipal Derivatives Business
Bloomberg
Banks that arrange derivative trades with U.S. states, municipalities and public-pension systems may be barred from
giving to the campaigns of politicians with the power to award them work.
http://jlne.ws/ewlFQA
RBS was a disaster on a massive scale - so was the FSA's 'report'
AFP Telegraph Finance News
Lord Turner's investigation is better late than never, but did it achieve anything?
http://jlne.ws/emtl1B
Citigroup Names Obama's Orszag Vice Chairman of Investment Bank
Bloomberg
Citigroup Inc., the biggest bailout recipient among U.S. banks during the financial crisis, hired former White House
Budget Director Peter Orszag to be vice chairman of its investment-banking division.
http://jlne.ws/hv7HPz
Auctions & Statistics
NY Fed purchases $6.780 bln in Tsy coupons: New York Fed purchases $6.780 bin in Treasury coupons
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking
system.
http://bit.ly/eioSRB
OTC
DTCC Makes Its GCF REPO Index Downloadable To The Public
ISS-MAG
The Depository Trust & Clearing Corporation (DTCC) announced today that, as part of its ongoing effort to bring
greater transparency to the multi-billion-dollar market for General Collateral Finance (GCF) repurchase agreements
(repos), it is now making the full data pack underlying its daily GCF Repo Index downloadable to the public.
http://jlne.ws/gqaKKy
**CN: DTCC makes steps toward greater transparency.
Credit Default Swaps On General Motors Start Trading
By Katy Burne Of DOW JONES NEWSWIRES
Barclays Capital and Goldman Sachs started quoting prices on credit default swaps tied to
senior unsecured General Motors Co. (GM) debt on Tuesday, even though the recently revived GM has not yet issued any
bonds.
http://jlne.ws/eYJKPl
U.S. Credit-Default Swaps Decline in Longest Stretch Since November 2009
By Mary Childs, Bloomberg
The cost of protecting bonds from default in the U.S. fell for a ninth trading day, the longest streak in 13 months,
as Federal Reserve spending to stimulate the economy encourages investors to embrace credit risk.
http://jlne.ws/gLXPTv
Over-the-counter market eyes revolutionary road ahead
eFinancial News
The over-the-counter derivatives industry is set to end 2010 very much as it has spent most of the year: waiting for
the next regulatory pronouncement.
http://jlne.ws/fqKu6e
OTC Regulations Dictate New Valuation Methods
Markets Media Online
As regulators on both sides of the Atlantic implement rules on OTC derivatives, firms need to focus on the
technology and methodology used to value the complex instruments.
http://jlne.ws/hkj7Oa
Record OTC IRS volumes for LCH.Clearnet's SwapClear
Press Release
November saw record volumes for LCH.Clearnet Limited's (LCH.Clearnet) market leading interest rate swap clearing
service, SwapClear. The total number of cleared OTC trades for the month reached 76,650 trade sides, 12% more than
October and a 24% increase on November 2009. The increased figures bring the total outstanding number of IRS
transactions to 1,720,390 trade sides with a notional value of USD248.3 trillion equivalent.
http://jlne.ws/eR0GXO
DTCC Unveils OTC Derivatives Matching Service; G14 Dealers Go Live
By Justin Grant
The Depositary Trust & Clearing Corp. announced the launch of a global over-the-counter equity derivatives cash
flow and netting platform, a service it said is now being used by the 14 largest international dealers.
http://jlne.ws/e2VLSl
Credit-Default Swaps Market Shrinks 50% From '07 Peak, BIS Says
By John Glover, Bloomberg
The credit-default swaps market has shrunk almost 50 percent from its peak in 2007 after traders canceled
overlapping deals and settled contracts through clearinghouses, the Bank for International Settlements said.
http://jlne.ws/fjGBzD
CFTC Delays Vote on Rules For Swap Trading
By SARAH N. LYNCH
WSJ.com
U.S. derivatives regulators unexpectedly tabled a plan to vote on proposed rules designed to make over-the-counter
derivatives prices more transparent, amid dissent within the agency.
http://jlne.ws/fnIGuD
US swap trading reforms face obstacle
By Michael Mackenzie and Aline van Duyn in New York
FT.com / Commodities
Differences have emerged between US regulators over how to police trading in the vast privately-traded swaps
markets, with proposals for new rules delayed by at least a week.
http://jlne.ws/gdrmaF
Quick View: OTC swaps fight brews
By Michael Mackenzie in New York
FT.com / FT Trading Room
The battle has begun. Regulating how the US dollar-denominated over-the-counter swaps market will trade under the
Dodd-Frank Act has sparked its first major fight. Instead of voting on the new rules governing swap execution
facilities, SEFs, Gary Gensler, chairman of the Commodity Futures Trading Commission said at an open meeting on
Thursday, that a planned vote would be delayed until next week, the 16th of December.
http://jlne.ws/dVsNyQ
Goldman CDS trading activities under fire
By Francesco Guerrera, Justin Baer and Telis Demos, FT.com
Goldman Sachs ' trading activities in the credit insurance market in 2007 have come under attack from a US senator
after e-mails revealed a senior trader urged colleagues to "kill" some investors' positions.
http://jlne.ws/g3lRjL
Global News
Spain Pays High Yield on Bonds
BY EMESE BARTHA, WSJ.com
Spain's final foray into the market for long-term bonds this year was an expensive exercise for the government
Thursday, coming a day after Moody's Investors Service Inc. warned that it might downgrade the country's credit
rating because of its mounting debt and funding needs.
http://jlne.ws/gtJW5A
Wen Seeks Increased Trade With India as China Pledges Wider Market Access
By Bibhudatta Pradhan and James Rupert, Bloomberg
China and India vowed to boost their bilateral trade by two-thirds to $100 billion in the next five years, following
talks in New Delhi between prime ministers Wen Jiabao and Manmohan Singh.
http://jlne.ws/gh1xPk
IMF Offl: Team in Portugal Discussing Annual Econ Review
By Heather Scott, iMarketNews
The team from the International Monetary Fund currently in Lisbon is there working on the annual review of the
nation's economy, an IMF spokeswoman said Thursday. Asked if the IMF is discussing a loan program with Portugal,
Caroline Atkinson, director of the IMF External Relations Department, said, "A small technical team is in Lisbon at
the moment - they are coming back soon - related to the Article IV consultation, and the discussion of structural
reforms."
http://jlne.ws/fvMb39
First French Islamic bond seen early 2011
By Shaheen Pasha, Reuters
The first Islamic bond issue out of France could happen early next year, the chief executive of the French Deposits
Guarantee Fund said on Wednesday.
http://jlne.ws/eDxIxR
Moody's Threatens Spain Downgrade
BY WILLIAM MALLARD, KOSAKU NARIOKA AND SANTIAGO PEREZ, WSJ.com
Moody's Investors Service warned it may downgrade its ratings on Spanish government debt, in a further sign that
Europe's debt worries are spreading from small, financially stressed euro-zone members such as Greece to bigger
economies closer to the euro-zone core.
http://jlne.ws/igZgKr
The core aim of UK economic policy – to stop house prices from falling
MoneyWeek
Wondering where your government's priorities lie? Then consider the interim report out from the Office of Tax
Simplification on how they might go about changing the hundreds of tax reliefs on offer at the moment.
http://jlne.ws/i3pGry
Belgium Has SP Outlook on Debt Cut to `Negative' Amid Political Stalemate
By John Martens, Bloomberg
Belgium had the outlook on its debt rating lowered to “negative” from “stable” at Standard & Poor’s Ratings
Services because the country’s political stalemate makes it vulnerable to rising borrowing costs.
http://jlne.ws/hReaK2
Canadians With More Debt Than U.S. Spark Policy Makers' Warning
By Theophilos Argitis and Greg Quinn, Bloomberg
Canada’s top economic officials yesterday urged households to be wary of taking on too much debt after data showed
the indebtedness of Canadians surpassed U.S. levels for the first time in 12 years.
http://jlne.ws/gGUnfJ
IMF Managing Director Dominique Strauss-Kahn Welcomes Mexico's Request to Expand Flexible Credit Line to US$73 Billion
“I welcome the Mexican authorities’ indication, underscored by President Felipe Calderón this morning, that Mexico
is interested in taking advantage of the recent reforms to the Fund’s Flexible Credit Line (FCL) facility to replace
its existing one-year, SDR 31.5 billion (about US$47 billion, equivalent to 1,000 percent of quota) precautionary
FCL arrangement with a two-year precautionary FCL arrangement in the amount of SDR 47 billion (about US$73 billion,
or 1,500 percent of quota)...."
http://jlne.ws/fLhTVM
Japan's Sengoku Deflects Pressure From Bank of Japan
BY YUKA HAYASHI, WSJ.com
The chief spokesman for Japan's government said additional monetary easing, including setting an inflation target,
won't help Japan conquer deflation. He also suggests Tokyo won't press the Bank of Japan for more steps to prop up
the economy anytime soon.
http://jlne.ws/dHmlzN
ECB's Trichet Urges EU to Enhance Bailout Fund
BY GEOFFREY T. SMITH, WSJ.com
European Central Bank President Jean-Claude Trichet called on European Union governments to enhance the financial
rescue vehicle they set up in the wake of the Greek debt crisis.
http://jlne.ws/gmxlRM
Canadian Central Banker Warns of ‘Death Grip’ on U.S. Dollar
By Nirmala Menon, WSJ.com
Canada’s central bank governor, Mark Carney, warned that the “death grip” on the U.S. dollar is “reducing the
prospects for rebalancing global demand.”
http://jlne.ws/dO5Vm8
Japan to Cut Corporate Income Tax Rate
By HIROKO TABUCHI, The New York Times
Japan will cut its corporate income tax rate by 5 percentage points in a bid to shore up its sluggish economy, Prime
Minister Naoto Kan said here Monday evening.
http://jlne.ws/ewDcsO
Myners calls for bank break-ups
The Sun
FORMER City minister calls for break-up of both Royal Bank of Scotland and Lloyds
http://jlne.ws/g1GvFk
Australia Introduces Plan to Increase Competition Within Banking Industry
By Angus Whitley and James Paton, Bloomberg
Australia plans to bolster credit unions and ban fees home owners face in switching mortgage providers, as the
government responds to public pressure to reduce the dominance of the nation's four biggest lenders.
http://jlne.ws/hL1gT3
European Body Stays Tough on Bank-Pay Rules
BY SARAH SCHAEFER MUÑOZ, WSJ.com
A pan-European committee of financial regulators took a tough line on banker pay in its final guidelines issued
Friday, despite heavy lobbying by the banking industry and U.K. officials to water down the rules.
http://jlne.ws/hXedcs
Bankers in Europe Face Cash Bonus Limits After Failing to Alter EU Rules
By Ben Moshinsky, Bloomberg
Bankers will face limits on cash payouts and the size of their bonus relative to salary from the start of next year,
as European Union regulators approved laws to curb incentives for excessive risk-taking.
http://jlne.ws/eJXo9Q
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