Escalating nuclear crisis in Japan feeds Treasury safety demand
By Richard Leong, Reuters
Investors fearful over Japan's growing nuclear crisis scrambled for U.S. government debt for a third straight day on Wednesday, signaling the bond market could rally further.
http://jlne.ws/hI9LZc
Late Winter Lull Hits Economy Again
By Brenda Cronin,WSJ.com
It’s Groundhog Day for the U.S. economy, with conditions looking a lot like early 2010, a time when many expected that the recovery was about to gain serious traction. All that optimism was rewarded with an abrupt slowdown — and that’s what three experts see as the best-case scenario for 2011.
http://jlne.ws/eKAAQv
UN Calls Emergency Meeting as Japan Nuclear Crisis Deepens
By Shigeru Sato and Tsuyoshi Inajima, Bloomberg
The United Nations' nuclear agency will call an emergency meeting to discuss the crisis in Japan as a breach at the stricken Fukushima Dai-Ichi plant increased the risk of a radioactive leak.
http://jlne.ws/fzmz2Z
Effectively out of control’: 4 words that rattled markets
Fears over Japan's nuclear crisis drove down North American stock markets today, wiping out the year's gains for the S&P 500. Already jittery, markets began to tumble sharply after comments the crisis by the chief energy official of the European Union, who warned that the stricken Fukushima Dai-Ichi nuclear plant was "effectively out of control" and could get worse.
http://jlne.ws/h5ntiT
OECD Cuts U.K. Growth Forecast, Urges BOE Restraint on Rates
By Gonzalo Vina, Bloomberg
The Organization for Economic Cooperation and Development cut its forecast for U.K. economic growth in 2011 and said the Bank of England should refrain from increasing interest rates until the second half of the year.
http://jlne.ws/hAQUzJ
Eurex Clearing to take on interest rate and equity derivatives
Press Release
Eurex Clearing, Europe's leading clearinghouse, announced today that it plans to expand its Eurex OTC Clear service to include OTC-traded interest rate and equity derivatives. The new services will be introduced in the context of the upcoming regulatory reforms expected to require mandatory clearing for standardized OTC derivatives in the U.S. and Europe.
http://jlne.ws/dLxGWQ
ELX ANNOUNCES PLANS TO LIST EUROPEAN INTEREST-RATE FUTURES USING MAKER-TAKER AND TAKER-MAKER PRICING MODELS
Press Release
New York, Mar 15, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it will move forward with launch plans to trade competitive interest-rate products from NYSE Liffe and Eurex using the maker-taker and taker-maker pricing models, bringing enhanced technology, competitive pricing and market structure innovation to challenge an expanding monopoly structure.
http://jlne.ws/gLX8JO
Big banks investigated over Libor
By Brooke Masters and Patrick Jenkins in London and Justin Baer in New York,Financial Times
Regulators in the US, Japan and UK are investigating whether some of the biggest banks conspired to “manipulate” the benchmark interest rate used to calculate the cost of billions of dollars of debt.
http://jlne.ws/fR6uRg
CFTC to Focus on Swaps Data to Shape Regulations, O’Malia Says
By Matthew Leising, Bloomberg
The Commodity Futures Trading Commission will focus on collecting data to inform how it completes regulation of the $583 trillion over-the-counter derivatives market, said Commissioner Scott O’Malia. The information on how many swaps trade per day and which contracts are considered standardized by the industry will make it easier to know which trades can be guaranteed by a clearinghouse, O’Malia said today in an interview at the Futures Industry Association annual conference in Boca Raton. Once clearing is established, how the trades are executed on exchanges or similar systems can be determined, he said.
http://jlne.ws/h9Zxbd
Prop traders are swap dealers? / Sommers / Chilton / merger mania
By Roberta Rampton, Reuters
Steep costs of proposed new U.S. Dodd-Frank regulations could deter proprietary traders from providing the same kind of liquidity in swaps markets as they do in futures, the head of a major Chicago-based firm said. Proprietary firms, which typically use their own money to trade and do not trade on behalf of customers, would like to play a bigger role in swaps markets. But they are concerned they will be caught in a broad net of expensive regulations, said Donald Wilson of DRW Trading.
Moody’s downgrades Portugal
By Peter Wise, Financial Times
Moody’s has cut Portugal’s credit rating by two notches citing “subdued growth prospects” and high government borrowing costs.
http://jlne.ws/gLrwFZ
FDIC Clawbacks, Mortgage Deal, Swipe Fees, UBS-Libor Probe: Compliance
Bloomberg
The Federal Deposit Insurance Corp. is seeking comment on a measure that may subject executives and directors to clawbacks of as much as two years' pay if they are found "substantially responsible" for the failure of a systemically important financial company.
http://jlne.ws/hfbaBh
Toronto-Dominion Bank Group joins LCH.Clearnet’s SwapClear
Press Release
Toronto-Dominion Bank Group (TD Bank) has announced its intention to join SwapClear, LCH.Clearnet Ltd’s (LCH.Clearnet) market leading over-the-counter (OTC) interest rate swap clearing business. The bank has commenced implementation and will begin clearing its IRS business as soon as this is completed.
http://jlne.ws/e7Yi3o
Citigroup Tops List of Banks Who Received Federal Aid
CNBC
Now it can be told: The bank that exposed the federal government to the greatest potential loss during the government bailout was Citigroup , which received a grand total of $476.2 billion in cash and guarantees, according to a new report of the Congressional Oversight Panel which oversees the TARP program.
http://jlne.ws/gEmwf0
Trial tapes capture Goldman bank deal talk
By Kara Scannell in New York - Financial Times
A Goldman Sachs director told Raj Rajaratnam, founder of the Galleon Group, that the investment bank had discussed buying a commercial bank in July 2008, according to a recording of a phone call played during the hedge fund manager’s insider trading trial.
http://jlne.ws/ewMjwq
Gupta Told Rajaratnam of Goldman Talks on Wachovia, AIG Purchase
Bloomberg
Prosecutors at the insider-trading trial of Rajaratnam, the co-founder of the Galleon Group LLC hedge fund, played the recording of a July 29, 2008, discussion between the men. During the conversation, Rajaratnam asked about a "rumor that Goldman might look to buy a commercial bank."
http://jlne.ws/dHYb43
No Dodge for Raj Raj: Straight-Shooter Streeter Uncowed by Dowd
The New York Observer
Last Wednesday, inside a wood-paneled courtroom with gold taffeta curtains and wall-to-wall carpet patterned with federal seals, Raj Rajaratnam, billionaire founder of the Galleon hedge fund, stared at a far-off point in space. The man at the center of the government's biggest insider-trading case ever, flanked by five of his attorneys and free on $100 million bail, never once turned his head to ...
http://jlne.ws/fYF0kP
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