New Zealand Lowers Key Rate to 2.5% in First Reduction in Almost Two Years
By Brendan Murray, Bloomberg
The Reserve Bank of New Zealand cut the official cash rate to 2.50 percent from 3 percent, the first reduction in almost two years, to bolster an economy teetering near a recession after the deadliest earthquake in 80 years.
http://jlne.ws/eeBV6a
White House Fears Budget Cuts Will Hurt Trade Leverage
By Ian Talley, WSJ.com
The Obama administration fears the U.S. could cede substantial political power and trade leverage with emerging nations around the globe under proposed Republican budget cuts that slashes funding for international programs.
http://jlne.ws/gwUwpM
Bank of Spain to lift lid on banks' capital needs
By Sonya Dowsett, Reuters
The Bank of Spain is expected to show on Thursday which banks need to raise funds to meet government targets, part of measures to inject credibility into the financial system brought low by a property bust.
http://jlne.ws/hyrUR7
New York Fed purchases $6.690 bln in Tsy coupons
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system.
http://bit.ly/hgnnHB
Move to ‘synthetic’ US junk bonds
Demand is growing for “synthetic” financial instruments that enable investors to take positions in the US junk bond market without owning the underlying securities. The instruments, created by using credit derivatives on junk bond or high-yield indices, resemble transactions linked to US mortgages that proliferated before the financial crisis.
http://jlne.ws/h8gDwH
Governor of the Bank of Japan Shirakawa: 150 years of innovation and challenges in monetary control
Speech by Mr Masaaki Shirakawa, Governor of the Bank of Japan, in celebration of the
150th anniversary of German-Japanese diplomatic relations, Frankfurt am Main, 8 March 2011.
I am honored to have the opportunity today to speak at Goethe University (Goethe-
Universität Frankfurt am Main) in celebration of the 150th anniversary of German-Japanese
diplomatic relations. I would first like to express my thanks for the warm words of welcome
from Dr. Hölscher, Permanent Undersecretary of the Ministry of Finance of Hessen,
Dr. Raettig, Deputy Mayor of the City of Frankfurt, and Mr. Shigeeda, Consul-General of
Japan. I also extend my sincere gratitude to Professor Gerlach of the Institute for Monetary
and Financial Stability, who has made today’s speech possible...
http://jlne.ws/gG42G5
New York Portfolio Clearing Names Independent Board Members
NEW YORK, NY—March 9, 2011—New York Portfolio Clearing, LLC (NYPC), the innovative derivatives clearinghouse that will deliver “one-pot” margining of proprietary interest futures positions cleared by NYPC with fixed income cash positions cleared by The Depository Trust & Clearing Corporation’s Fixed Income Clearing Corporation, today announced the election of Bernard Dan, Richard Prager and Tom Wipf as independent members to its board of directors. These appointments add significant independent expertise in the strategic development, risk management, regulation and operations of NYPC. NYPC, which is expected to create significant capital efficiencies through this “one-pot” margining arrangement, will begin operations on March 21st.
http://jlne.ws/iivGnj
ELX EXTENDS QUARTERLY MONTHS FOR EURODOLLAR FUTURES CONTRACTS TO 5 YEARS FROM 2 YEARS
New York, Mar 9, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it will extend quarterly months for its Eurodollar futures contracts to 5 years from 2 years, effective March 14, 2011.
www.elxfutures.com
CME Group Names Michel Everaert as Managing Director, OTC Solutions
LONDON, March 8, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has named Michel Everaert as Managing Director, OTC Solutions. Everaert, 42, is responsible for overseeing OTC pre- and post-trade products. He will be based in London and will report to Laurent Paulhac, Managing Director, OTC Products & Services.
http://jlne.ws/cjpXe7
CFTC swap trading plan may stifle market-traders
By Roberta Rampton, Reuters
The U.S. futures regulator risks stifling liquidity in swaps market by requiring traders to ask for quotes from at least five market participants, Morgan Stanley (MS.N) and Deutsche Bank (DBKGn.DE) said in a regulatory comment period that ends on Tuesday.
http://jlne.ws/e4x4FL
Hedge funds attack curbs on EU debt swaps
By Sam Jones in London and Nikki Tait in Brussels, Financial Times
Hedge fund managers have strongly criticised new proposals approved by European Union lawmakers to ban the use of credit default swaps on “uncovered” sovereign debt, warning that the move could do significant damage to Europe’s troubled government bond markets.
http://jlne.ws/eKmJ92
Concerns over latest EU bank stress tests
By Patrick Jenkins in London, James Wilson and Ralph Atkins in Frankfurt and Nikki Tait in Brussels - Financial Times
Key parts of a stress test for European banks designed to raise investor confidence in the sector have been softened by regulators despite widespread derision of a similar exercise last year, which was seen by financial markets as too lax.
http://jlne.ws/fXPTDF
Germany recovery ‘roaring’ ahead, says Weber
By Ralph Atkins in Frankfurt - Financial Times
Germany’s “roaring” economic recovery is slashing jobless queues and boosting domestic demand, according to Axel Weber, the departing Bundesbank president, who made clear his impatience for the European Central Bank to raise interest rates.
http://jlne.ws/gIYQJm
Deutsche Bank's Jain not backed for CEO job-sources
Reuters UK Focus via Yahoo! UK & Ireland Finance
FRANKFURT, March 8 (Reuters) - Deutsche Bank investment banking chief Anshu Jain currently does not havesufficient backing to become chief executive of Germany'sflagship lender, sources close to the ...
http://jlne.ws/hMHvKR
Morgan Stanley Clears Client OTC Interest Rate Swaps Through LCH.Clearnet
Business Wire
NEW YORK--(BUSINESS WIRE)--Morgan Stanley, a market leader in derivatives trading and clearing, announced today that it has cleared some of the first OTC interest rate swaps transactions through LCH.Clearnet Ltd's (LCH) SwapClear Futures Commission Merchant (FCM) service for U.S. clients. "Today's announcement underscores Morgan Stanley's leadership role in central clearing for OTC derivatives ...
http://jlne.ws/fRvF48
Goldman Names Bosses for Americas M&A: Read the Internal Memo
Wall Street Journal Blogs
Goldman Sachs today named two executives to lead its M&A work in the Americas. Here is Goldman's internal memo announcing these and other M&A leadership changes.
http://jlne.ws/f9tRnL
The Goldman Sachs 10,000 Women Initiative and United States Department of State Announce New Partnership
New York, March 8, 2011 - The Goldman Sachs Foundation and the United States Department of State today announced that they will join together in partnership through the Goldman Sachs 10,000 Women initiative. The announcement came on the 100th Anniversary of International Women’s Day at the State Department International Women of Courage Awards Ceremony. The public-private partnership, unveiled by U.S. Secretary of State Hillary Clinton and Goldman Sachs CEO Lloyd Blankfein will establish a program to provide business and management training to a 100 emerging women entrepreneurs. The State Department will identify and select the participants to the program.
http://jlne.ws/etTgYi
Two Lloyds executives to leave in shake-up
By Patrick Jenkins, Banking Editor, Financial Times
Two top executives are set to leave Lloyds Banking Group as António Horta-Osório, the group’s new chief executive, moves fast to restructure his senior management team.
http://jlne.ws/eXv3L9
Tullett Prebon hit by staff defections
By Masa Serdarevic, Financial Times
A strong performance by Tullett Prebon’s Asia division failed to offset the impact of staff defections and the closure of some US offices at the interdealer broker. Terry Smith, chief executive, said that after half a decade of strong growth 2010 was “a lot duller”.
http://jlne.ws/hctiql
UBS Says Asia Profit Margins May Shrink as Banker Pay Rises
BusinessWeek
UBS AG, Switzerland's biggest bank, said its profit margins in Asia may shrink for as long as two years as competition for bankers in the world's fastest-growing major economies drives up compensation costs.
http://jlne.ws/hxHLng
Bank of America Looks to Expand Prime Brokerage
By NELSON SCHWARTZ, Financial Times
Thomas K. Montag, who oversees Bank of America Merrill Lynch’s investment banking and brokerage business, told an investor day conference on Tuesday that the bank wants to expand its prime brokerage business, providing services to hedge funds.
http://jlne.ws/hNbuS6
HSBC rolls out secure keys for internet banking
Computing.co.uk
HSBC's one-time security code generator aims to allay online banking fears
http://jlne.ws/hDCcFC
EDHEC-Risk Institute Warns The European Parliament Of The Dangers Of Banning Naked Sales Of Credit Default Swaps
In an open letter of March 8, 2011 addressed to the Chair of the Economic and Monetary Affairs Committee of the European Parliament, Sharon Bowles, and Pascal Canfin, the Committee’s Rapporteur on the draft EU regulation on short selling and credit default swaps, EDHEC-Risk Institute has warned of the dangers of prohibiting “naked” sales of sovereign credit default swaps.
http://jlne.ws/enSHpj
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