Big banks brace for curbs
By John Maggs, Politico
Big banks and other financial players are gearing up for new regulations in the next few weeks on the “Volcker rule” that are designed to curb “proprietary trading” by banks using their own cash without depriving the financial system of needed capital.
http://jlne.ws/fgpWAK
LCH.Clearnet Group - Fixed Income volumes increase by 28% yoy
Press Release
The nominal value of European government bond and repo trades cleared by LCH.Clearnet Group (LCH.Clearnet) in 2010 increased by 28% year on year, a record fueled by increased demand as banks seek to manage their counterparty risk exposures. 19 new participants signed up to clear their fixed income business through LCH.Clearnet, taking the total to 70 and resulting in an increased proportion of inter-bank repo trades being cleared.
http://jlne.ws/eqfMXL
Debate rages over muni bond defaults
By Nicole Bullock - Financial Times
Warren Buffett has warned of difficulties ahead. So has hedge fund manager Jim Chanos and Meredith Whitney, who foresaw the problems at US banks ahead of the financial crisis. If they are right, then the $3,000bn US municipal bond market could be on the verge of a crisis to rival that in the eurozone, as cash-strapped states and cities facing big budget and pension deficits struggle to pay their debts.
http://jlne.ws/eEwjJi
US Senate report to criticise Goldman
By Tom Braithwaite in Washington and Francesco Guerrera in New York - Financial Times
Goldman Sachs will come in for harsh criticism from an influential US Senate report into the financial crisis that will highlight alleged conflicts of interests in the bank's dealings with clients, according to people familiar with the matter.
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Greece clears first 2011 funding hurdle
Business Spectator
Greece sells T-bills, focus now on upcoming Portugal sale.
http://jlne.ws/fBRKTn
Merkel treads cautiously in shifting bond market
By Quentin Peel, Financial Times
There is an awful feeling of déjà vu about what is happening in the eurozone's sovereign bond market. Portugal is suffering the same collapse of investor confidence that forced first Greece and then Ireland to beg for help from their European partners last year.
http://jlne.ws/ewOPlE
CME Interest Rate Products Update: Coming January 24, 2011: Choice, Precision, Opportunity
Press Release
Weekly Options on U.S. Treasury futures begin trading on Sunday, January 23, 2011 (trade date Monday, January 24, 2011), offering an expanded range of standardized, short-dated options. Complementing the standard and the Flexible Options on U.S. Treasury futures, Weekly Treasury Options (WTOs) provide users with increased flexibility in managing existing option positions, and new opportunities to trade high impact economic events, such as Treasury auctions and economic reports.
Citi Prepares Tranche Market For Muni-Bond Derivatives
By KATY BURNE, WSJ.com
Citigroup Inc. is planning to start quoting derivatives on different slices of the MCDX, a derivatives index tracking 50 municipal issuers. The move comes as the typically placid muni-bond market has grown turbulent in recent months. Among several concerns in the market is the potential for cash-strapped municipalities to default on their debt.
http://jlne.ws/ffjX0P
UBS Offers Electronic Trading for Single-Name Credit Swaps
By Matthew Leising and Mary Childs, Bloomberg
UBS AG is offering customers electronic trading of credit-default swaps for European sovereign debt and indexes of corporations, a change being made ahead of regulations mandating greater transparency. Switzerland's biggest bank is one of the first dealers to allow clients to trade via computer for so-called single-name credit swaps, and is the only one now offering the service, said Kevin McPartland, a senior analyst with Tabb Group in New York.
http://jlne.ws/f00ALu
Osborne Says `Nothing off Table' in Lower U.K. Bank-Bonus Push
Bloomberg
Chancellor of the Exchequer George Osborne said he'll push Britain's biggest banks to follow state- controlled Royal Bank of Scotland Group Plc in awarding lower bonuses in 2011 and left open the possibility of further action.
http://jlne.ws/dS88l6
Canadian Banks May Buy SunTrust, Zions in 'Fire Sale'
BusinessWeek
Canadian banks, involved in a record $15.9 billion of acquisitions last year, may target U.S. lenders such as SunTrust Banks Inc., Zions Bancorp and Regions Financial Corp. to expand abroad, analysts said.
http://jlne.ws/hZicRS
FINRA Orders Schwab To Pay $18 Million To Investors For Improper Marketing Of YieldPlus Bond Fund
Press Release
The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Charles Schwab & Company, Inc., to pay $18 million into a Fair Fund to be established by the Securities and Exchange Commission (SEC) to repay investors in YieldPlus, an ultra short-term bond fund managed by Schwab's affiliate, Charles Schwab Investment Management. The $18 million consists of the $17.5 million in fees that Schwab collected for sales of the fund, plus a fine of $500,000, both of which will have been designated as restitution to customers.
http://jlne.ws/cxgbC7
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