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
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
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
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
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
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
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
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
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
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
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.
Markets Media Online
http://jlne.ws/hkj7Oa
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
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
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
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
Treasury: Geithner home from hospital
By MARTIN CRUTSINGER, AP Economics Writer
Treasury Secretary Timothy Geithner has been released from the hospital after undergoing treatment for a kidney stone.
http://jlne.ws/eCfuKE
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