Europe's High-Yield Bond Market Grows
BY MICHAEL ANEIRO, WSJ.com
As European banks gird for more stringent regulation, lower-rated companies that have long depended on banks for funding—most recently Phones 4u and Swissport—are increasingly turning to the bond market instead.
http://jlne.ws/fyEGep
Eyes Open, WaMu Still Failed
By FLOYD NORRIS, NY Times
In the crazy days of 2005 and 2006, when home prices were soaring and mortgage underwriting standards were crumbling, it took foresight and judgment to see that it was all a bubble. As it happens, there was a bank chief executive whose internal forecasts now seem prescient. “I have never seen such a high-risk housing market,” he wrote to the bank’s chief risk officer in 2005. A year later he forecast the housing market would be “weak for quite some time as we unwind the speculative bubble.”
http://jlne.ws/ecB9Ra
Whatever You Do, Just Don't Steal From Goldman Sachs
By DAVID WEIDNER - WSJ
Sergey Aleynikov is a criminal, a convicted thief. He belongs behind bars. He was found guilty of stealing a proprietary computer program from Goldman Sachs Group Inc. He stole it on his last day of work. He tried to cover his tracks, encrypting the file transfer, deleting the program he used to steal it. Prosecutors said Mr. Aleynikov had been stealing code for the two years he worked at Goldman as a programmer. But Mr. Aleynikov's case is problematic, especially the way it ended.
http://jlne.ws/eCiun9
Swap-Trade Platforms Triggered by Dodd-Frank Are Considered at CBOE, NYSE
Nina Mehta, Bloomberg
CBOE Holdings Inc. (CBOE) and NYSE Euronext may create venues for derivatives that now trade over the counter to capitalize on proposed rules designed to bring more transparency to the $583 trillion market.
http://jlne.ws/hfRDwk
CFTC Swaps Rule on Trading Partners Too Restrictive, Users Say
By Matthew Leising, Bloomberg
A Commodity Futures Trading Commission proposal to require that prices for any swap trade must be offered by at least five market participants is too restrictive, according to industry users and executives. The CFTC rule would affect how so-called swap-execution facilities are allowed to operate for derivatives trades that are to be processed by a clearinghouse. The Securities and Exchange Commission has suggested an easier mandate, proposing that only one participant in the market needs to offer a price for any trade.
http://jlne.ws/eWfHop
Spanish cajas in talks with hedge funds
By Miles Johnson and Victor Mallet in Madrid, Financial Times
Some of the world’s largest hedge funds and private equity groups have held talks with Spain’s troubled savings banks as they rush to secure E15bn ($21.3bn) in new capital to avoid a state bail-out.
http://jlne.ws/fWruWg
Portugal downgraded for second time
By Peter Wise in Lisbon, Financial Times
Standard & Poor’s has cut Portugal’s credit rating by two notches, warning that the country’s political crisis heightened the risk that it would be unable to refinance its debt.
http://jlne.ws/hvyZom
Barclays at centre of Libor inquiry
By Brooke Masters and Megan Murphy in London, Financial Times
Barclays is emerging as a key focus of the US and UK regulatory probe into alleged rigging of benchmark interbank lending rates that are the reference point for $350,000bn in financial products, people familiar with the investigation said.
http://jlne.ws/eGzJFB
US banks in ‘cash for keys’ foreclosure talks
By Tom Braithwaite in Washington and Francesco Guerrera, Suzanne Kapner and Justin Baer in New York, Financial Times
The five biggest US mortgage servicers were told this week at a private meeting with regulators to consider paying delinquent borrowers up to $21,000 each as part of a broader settlement of the foreclosure crisis .
http://jlne.ws/ftTSkv
EU agrees eurozone fund financing
By Peter Spiegel in Brussels, Financial Times
Angela Merkel, the German chancellor, convinced her European counterparts to restructure a new E500bn eurozone bail-out fund so that members will not have to pay cash into the system so quickly.
http://jlne.ws/hz5VI4
S.&P. Warns About ‘Excessive’ Bank Dividends
By BEN PROTESS, NY Times
Standard & Poor’s issued a warning on Thursday to big banks itching to increase their dividends: proceed with caution.
http://jlne.ws/gtrCWh
Ana Botin Faces Her Biggest Test at Santander
BusinessWeek
As CEO of the U.K. unit, she must pull off an IPO and repair the bank's customer service reputation
http://jlne.ws/gEbYVC
George Osborne 'to sell off RBS and Lloyds'
Evening Standard
George Osborne is set to start selling off shares in largely-nationalised banks in time to offer pre-election tax cuts, it was claimed today.
http://jlne.ws/fQOvk2
Jefferies Said to Add UBS, Morgan Stanley Fixed-Income Traders
By Lisa Abramowicz and Shannon D. Harrington, Bloomberg
March 25 (Bloomberg) -- Jefferies Group Inc. hired four corporate debt traders from UBS AG, Morgan Stanley and Deutsche Bank AG as the investment bank expands in fixed-income amid record issuance. Richard Roche, a bond trader, David Murphy, a debt salesman, both from Morgan Stanley, were among those hired, according to people familiar with the moves. Jefferies also hired Tim Sullivan, a former UBS credit trader, and Sean George, from Deutsche Bank, said the people, who declined to be identified because the changes haven’t been publicly announced.
FSA confirms final rules for auditors’ client assets reports
Press Release
The Financial Services Authority (FSA) has today confirmed rules to improve the quality and consistency of auditors’ client assets reports.
http://jlne.ws/f24JG9
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