John C. Williams Named to Lead San Francisco Fed
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Bernanke: Fed Ready to Tackle Inflation if Necessary
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AIG to sell MetLife stock earlier than planned
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Gold hits record high
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Citigroup Says It May Face $3 Billion in Claims From Lehman
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DTCC RECEIVES SEC APPROVAL FOR TRANSFORMATIONAL ONE-POT MARGINING
Decision Opens Door for Launch of New York Portfolio Clearing
New York, March 1, 2011 – The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission (SEC) has approved the transformational “one-pot” cross-margining arrangement between fixed income positions cleared by DTCC’s Fixed Income Clearing Corporation (FICC) subsidiary, including U.S. Treasury securities, agencies, and repurchase agreements, and interest rate futures positions cleared by New York Portfolio Clearing (NYPC)—a critical step designed to deliver an unprecedented level of capital and operational efficiency, transparency and risk reduction.
www.dtcc.com
CME to Offer Rate Margin Offset to Block NYSE Competition
By Matthew Leising, Bloomberg
CME Group Inc., the world’s largest futures market, will reduce margin payments for customers who own offsetting interest-rate future and cash U.S. Treasury trades to ward off planned competition from NYSE Euronext. Financial Instrument Clearing Membership, as it will be known, is expected to be offered by the end of March, Chicago- based CME Group said in a statement today. Competitor New York Portfolio Clearing, a joint venture between NYSE Euronext and the Depository Trust & Clearing Corp., plans to offer the same margin benefit between rate futures and Treasuries once it receives regulatory approval.
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CME To Challenge NYSE Venue In Treasurys Trade Service
By Jacob Bunge Of DOW JONES NEWSWIRES
CME Group Inc. (CME) announced Monday a new service for fixed-income traders, responding to an anticipated competitive threat from NYSE Euronext (NYX).
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EC official urges OTC derivatives reform
By Jeremy Grant, Financial Times
European regulations to reform derivatives and clearing markets should be extended to exchange-traded derivatives and not limited to over-the-counter (OTC) products, according to the top official in charge of the European Commission’s financial reforms.
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Sensitive' attack by hackers jolts Morgan Stanley
San Francisco Chronicle
Morgan Stanley experienced a "very sensitive" break-in to its network by the same China-based hackers who attacked Google's computers more than a year ago, according to leaked e-mails from a cyber-security company...
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The Fed doves have not caved in
By Gavyn Davies, Financial Times
The combination of a rapidly growing economy, and a surge in oil prices, has raised questions about the strength of the doves’ hand at the Fed. Previously in firm control, the doves had until yesterday been silent about the recent mixture of strong GDP growth and rising headline inflation. Was the case for exceptionally easy monetary policy beginning to fray at the edges? Not in the mind of New York Fed President Bill Dudley, who is among the most eloquent spokespersons for the dovish standpoint.
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China holds $1,160bn of US debt
By Michael Mackenzie, Financial Times
The US Treasury has dramatically revised data on foreign holdings of US government debt, estimating that China owns more Treasuries than previously thought while the UK holds only about half as much. The figures released on Monday suggest fears that China has been reducing its US dollar holdings may have been overstated.
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Europe wary of rethink over Irish bail-out
By Peter Spiegel and John Murray Brown, Financial Times
Sentiment in some European capitals has turned against renegotiating Dublin’s E85bn bail-out package, casting into doubt the incoming Irish government’s push to ease the repayment terms.
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Citi under fire over disclosure
By Francesco Guerrera, Financial Times
Citigroup has come under attack from a prominent analyst and accountancy experts for failing to disclose regulatory criticism of the bank’s valuation of troubled securities during the financial crisis. Newly released documents show that on February 14 2008, the Office of the Comptroller of the Currency, one of Citi’s main regulators, expressed concerns about the way Citi valued mortgage-backed securities.
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Goldman Tallies Possible Litigation Losses
BY LIZ MOYER AND BRETT PHILBIN, WSJ
Goldman Sachs Group Inc. could lose as much as $3.4 billion in damages and other litigation-related matters involving securities it underwrote in the last few years for which the purchasers are now suing to recover losses or to force the firm to buy them back.
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Meet the new UBS wealth investment chief
eFinancial News
Alexander S Friedman, who was today appointed chief investment officer of UBS Wealth Management, knows a thing or two about managing money for the wealthy; Friedman used to work for the world's third richest man.
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Citigroup CEO Pandit Got $1 Salary in 2010
TheStreet.com
Citigroup Chief Executive Officer Vikram Pandit received a salary of $1 in 2010, according to a regulatory filing with the Securities and Exchange Commission. Pandit didn't any other stock or bonus compensation either for the year, even though Citigroup shares are up nearly 40% in the past year. Still, the stock hasn't been able to make more than fleeting headway above $5 ...
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Barclays buying Egg credit card business
MarketWatch
U.K. bank Barclays PLC said Tuesday that it has agreed to acquire the U.K. credit card assets of Citigroup's Egg Internet banking unit for an undisclosed sum. Barclays said the deal covers around 1.15 million credit card accounts with roughly 2.3 billion pounds ($3.7 billion) of gross receivables. Group Financial Director Chris Lucas said the deal has been priced "at a ...
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Citigroup withdraws from MBIA restructuring case
Reuters
Citigroup Inc on Monday withdrew from lawsuits challenging MBIA Inc's 2009 restructuring, leaving 11 other companies to pursue claims against what was once the world's largest bond insurer.
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HSBC’s London bankers earn 40% less
By Sharlene Goff, Financial Times
Senior HSBC bankers in Asia and other emerging markets earned almost 40 per cent more than their London-based colleagues last year, highlighting the pressure on pay in markets such as China and Latin America.
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