Conversation Starter
TABB Group's McPartland Says "First-Trade" Announcements In Cleared Swaps Alerting Market Who Will Be Ready
Kevin McPartland, principal at TABB Group, noted in his blog this week that he was quoted by Dow Jones regarding Barclays Capital's announcement that it had entered two interest rate swaps with Citadel LLC on Bloomberg's fixed-income trading platform, clearing one through CME Clearing and the other through LCH.Clearnet's SwapClear.
"I know I know, another announcement of the first electronic swap trade," McPartland opined in the blog entry. "But it's important to keep tabs on who’s doing what and what the final client offerings might entail. We must also remember that those that trade for a living don’t necessarily have time to keep up with the latest regulatory proposals and how different brokers and providers are planning to address them. I’m sure we’ll see many more announcements like this for the next year at least."
Pressed a little more in this issue by John Lothian News, McPartland added that the major brokers have budgets and armies of people to keep up with changing regulatory policy and new solutions being brought to market, but for many buy-side firms time constraints and the need to focus solely producing returns for investors make it hard for them to keep up to date. "The frequent first-trade announcements are a bit redundant, but they do a good job of letting the market know who’s getting ahead of this and plans to be open for business come rule implementation," McPartland said.
--Barclays And Citadel Announce E-Traded, Cleared Rate Swap
Dow Jones
Barclays Capital said Friday it has entered two interest rate swaps with Citadel LLC on Bloomberg's fixed-income trading platform, clearing one through CME Clearing and the other through LCH.Clearnet's SwapClear. The development is another sign of the $583 trillion off-exchange swaps market moving toward seamless electronic execution and central clearing.
http://jlne.ws/hqvxxO
FOMC's First Post-Meeting Press Conference Of Year To Be Held Wednesday
The FOMC's first post-meeting press conference of the year will be held at 1:15 p.m. Central Wednesday. The FOMC's statement, which is usually delivered about that time, will be released instead at 11:30 a.m. Central on Wednesday, at the conclusion of next week’s two-day meeting. The change is due to the new Fed Chairman press conferences, which will be held after each of the two-day FOMC meetings. When the Fed just meets for one day, the old schedule 1:15pm CDT statement release time will be used and there will not be a press conference.
SIFMA Market Close Recommendations for Observance of the Good Friday Holiday in the US
SIFMA recommends an early market close on April 21 and a full market close on April 22 for trading of US dollar-denominated fixed-income securities in the US in observance of the Good Friday holiday
http://jlne.ws/hN0VcB
Note: JLNIR will refrain from publishing Friday in observance of the Good Friday holiday.
--Christine Nielsen
Lead Stories
Lower Loan Losses Push Profits For U.S. Banks
By Joe Rauch and Clare Baldwin, Reuters
Improving credit losses helped U.S. regional banks like BB&T Corp (BBT.N) and PNC Financial Services Group Inc (PNC.N) post stronger quarterly results on Thursday, even as loan growth remained tepid four years after the housing market collapsed.
http://jlne.ws/fJkYSZ
Fed unveils proposal on mortgage standards
By Dave Clarke, International Business Times
Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Federal Reserve on Tuesday.
http://jlne.ws/gMxxzJ
S and P cuts US credit outlook to ‘negative’
By Michael Mackenzie, Nicole Bullock, Telis Demos and Shannon Bond, FT.com
Standard and Poor’s has downgraded its outlook on US sovereign debt from “stable to negative”, citing worries over budget deficits and debt.
http://jlne.ws/eTVBlU
U.S. credit rating outlook lowered by S and P. Puts additional pressure on Congress to bring down long-term deficits
CNNMoney.com
Standard and Poor's lowered its outlook for the nation's long-term debt Monday, even as it reaffirmed the agency's top-tier rating for the U.S. economy.
http://jlne.ws/etCxqp
Should You Worry About a U.S. Default?
By Catherine Rampell, The New York Times
Standard and Poor’s, the ratings agency, lowered its outlook for the United States to “negative” on Monday, a warning that the country’s top-notch, triple-A credit rating may be lowered. Credit ratings are supposed to give crucial insight into a debtor’s likelihood of default, so a lot of investors and pundits made a big deal about this announcement.
http://jlne.ws/fxz4VN
Geithner: No Risk U.S. Will Lose AAA Credit Rating
Reuters
U.S. Treasury Secretary Timothy Geithner on Tuesday said there was "no risk" that the United States would lose its prized AAA credit rating, saying political prospects for long-term deficit reduction were improving.
http://jlne.ws/hOHFfe
El-Erian: S and P action a warning for the US, and for the global economy
FT.com
Mohamed El-Erian, chief executive and co-chief investment officer at PIMCO, responds to Standard and Poor’s latest action on US debt.
http://jlne.ws/gFROje
Hoyer warns against 'playing games' with US credit
Reuters
The No. 2 Democrat in the House of Representatives, Steny Hoyer, said on Monday that Standard & Poor's downgrade of the U.S. credit outlook demonstrated that "Republicans cannot hold the debt limit hostage over partisan, divisive issues."
http://jlne.ws/i6NW81
Geithner Shows Confidence on Reaching Deficit Deal
By Jeannine Aversa, Associated Press
Treasury Secretary Timothy Geithner on Tuesday reassured investors that the White House and Republican lawmakers will reach a deal to control the nation's finances, downplaying an unprecedented warning that the government risks losing its coveted debt rating if it fails to do so.
http://jlne.ws/eONJxt
On the road to sell deficit approach, Obama 'optimistic' about bipartisan plan
By Athena Jones, MSNBC
President Barack Obama took his case for deficit reduction on the road Tuesday, telling a town hall audience in Virginia he is hopeful a bipartisan compromise to address the nation's budget deficit can be reached.
http://jlne.ws/feFkqU
Faltering in a stormy sea of debt
By Martin Wolf
It is astonishing that Standard and Poor’s can say anything about the best-known debt class in the world that is deemed to add value. This business is, after all, one of a class whose failures contributed mightily to the financial crisis. Nevertheless, the announcement that it was shifting its long-term rating on US federal debt from stable to negative reminded us all of something vital: the world economy is not on a stable path. On the contrary, to adopt a phrase often applied by the Chinese premier Wen Jiabao to his country, the world economy is “unsteady, unbalanced, unco-ordinated and unsustainable”. The US fiscal position is just one of a number of risks – and far from the biggest.
http://jlne.ws/eC8nlc
Comparing Debt Loads Across Nations
WSJ.com
Standard and Poor’s changed its outlook on U.S. debt to “negative” yesterday, thanks to the nation’s mounting debt load. But the U.S. isn’t the only country facing rising debt.
http://jlne.ws/ep4VyX
Treasury Will Resist Efforts to Slow Dodd-Frank Implementation, Wolin Says
Bloomberg
Deputy Treasury Secretary Neal Wolin says the Obama administration will resist efforts to slow the changes required by the Dodd-Frank overhaul of U.S. financial regulations.
http://jlne.ws/gDUpD2
SIFMA’s Ryan Response to Deputy Treasury Secretary Wolin’s Remarks on Dodd-Frank Implementation
Washington, DC, April 19, 2011–SIFMA today released the following statement by President and CEO Tim Ryan in response to Deputy Treasury Secretary Neal Wolin’s remarks at the Pew Charitable Trusts on implementation of the Dodd-Frank Act. “Implementation of the Dodd-Frank Act is too important not to be done right for the sake of meeting arbitrary deadlines. SIFMA shares the same goal as Secretary Wolin: full implementation of the Dodd-Frank Act, so to bring greater clarity, oversight, and confidence to our markets and financial institutions that play a key role in America’s economic growth and job creation..."
http://jlne.ws/fOMWXo
Treasury's Oldest Bonds Show Covert Demand With End in Sight for Fed's QE2
Bloomberg
Investors are paying the smallest discounts for Treasuries other than the newest, most-traded bonds since the start of the financial crisis, a sign of growing demand even as the Federal Reserve’s $600 billion buying program approaches its conclusion.
http://jlne.ws/ifaUye
ECB’s Trichet Defends Rate Increase to Portugal, Greece
By Brian Blackstone, WSJ.com
European Central Bank President Jean-Claude Trichet has been spending some time at the typewriter, writing a pair of letters to European parliamentarians from Greece and Portugal defending his recent decision to raise interest rates.
http://jlne.ws/dJaTiT
OTC trading is just 16% of European market
By Jeremy Grant, FT.com
The proportion of European share trading that takes place over-the-counter (OTC), rather than on stock exchanges, is closer to 16 per cent than some estimates of 40 per cent, according to a study done by the trade association that represents banks and brokers.
http://jlne.ws/hphBgI
Fannie Mae Cuts 2011 US Economic Growth View To 3.1%
Dow Jones Newswires
Fannie Mae's (FNMA) Economics & Mortgage Market Analysis Group lowered its 2011 U.S. economic growth forecast, citing ongoing political turmoil in the Middle East and North Africa, rising oil prices, and supply disruptions from ...
http://jlne.ws/h7qgaU
Monetary policy: Is the Fed finished?
The Economist
THE Financial Times has a story by Robin Harding above the fold this morning, headlined, "Fed to signal end of monetary easing". Sounds like big news! What's it all about?
http://jlne.ws/gCqWOq
What are the implications of rising commodity prices for inflation and monetary policy?
By Charles L. Evans, president and chief executive officer, and Jonas D. M. Fisher, vice president and director of macroeconomic research
http://jlne.ws/i0ins9
CFTC Proposal for Swaps Margin May Apply to Futures
By Matthew Leising
The Commodity Futures Trading Commission may require margin changes in futures markets that are being considered for new swaps clearing plans. The CFTC has proposed divvying up margin payments of individual swaps users at clearinghouses rather than allowing accounts to be treated as one pool by banks representing multiple customers. Futures markets now allow banks to pool all their customer accounts together when settling a day’s margins. The swaps plan may be used for futures margin, too, said CFTC Commissioner Scott O’Malia. “It’s being considered,” he said in an interview yesterday.
http://jlne.ws/hc9OMg
Leader of Big Mortgage Lender Guilty of $2.9 Billion Fraud
By BEN PROTESS, NY Times
The founder of what was once one of the nation’s largest mortgage lenders was convicted of fraud on Tuesday for masterminding a scheme that cheated investors and the government out of billions of dollars. It is one of the few successful prosecutions to come out of the financial crisis.
http://jlne.ws/g4BqYn
SEC, CFTC Walk Away From Government Shutdown Threats With Bigger Budgets
Forbes
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) were among the winners in the budget brinksmanship that occurred last week. Although a number of federal agencies were the subject of approximately $40 billion in cuts, the SEC $75 million in extra funding for 2011.
http://jlne.ws/gxAzZg
Video: Robert Nichols, President And CEO, Financial Services Forum On The Federal Debt Ceiling
C-Span
Robert Nichols talked about the definition, history, and significance of the federal debt ceiling, and he also responded to telephone calls and electronic communications. Mr. Nichols believes Congress must raise the debt ceiling
http://jlne.ws/gI6mmv
Why Goldman Is Not a Simple Culprit in the Financial Crisis Report
By STEVEN M. DAVIDOFF, NY Times
The Senate Permanent Investigation Subcommittee’s report on the financial crisis is an important document. It is an exhaustive look at certain main aspects of the financial crisis, a report which heavily criticizes Washington Mutual, the now-defunct Office of Thrift Supervision, the credit ratings agencies, Goldman Sachs and Deutsche Bank. The focus in the media, as well as in Senator Carl Levin’s news conference on the report, has been the criticism shed on Goldman Sachs for betting against clients who bought collateralized debt obligations from it. But the criticism of Goldman is overwrought. And the focus on Goldman obscures the other important points the report makes about the entire financial industry.
http://jlne.ws/elMzVr
Swaps Regulator Watchdog Failed U.S. Government Standards Audit
By Silla Brush, Bloomberg
The U.S. Commodity Futures Trading Commission’s internal watchdog has “significant deficiencies” in its auditing systems and received a failing grade in a government-required review completed in March. From October 2006 through March 2010, the agency’s Office of the Inspector General failed to meet government standards for quality control procedures, overseeing independent accountants, documenting budget requests, and auditing contractors, according to the 37-page review. The IG’s office also failed to regularly make its reports available on the Internet, the review said.
http://jlne.ws/ewlt9H
Super rich see taxes drop while nearly half of US households pay no federal income tax
By STEPHEN OHLEMACHER, Associated Press
Still scrambling to file your taxes? You'll probably take little consolation in hearing that the super rich pay a lot less taxes than they did a couple of decades ago. And nearly half of U.S. households pay no income taxes at all.
http://jlne.ws/fn8a9g
Happy People Save More Money for Retirement
Yahoo! News
More than half of Americans report having less than $25,000 saved for the future, according to a 2011 Employee Benefit Research Institute survey. An Associated Press and LifeGoesStrong.com poll found that 25 percent of baby boomers have no retirement savings at all. And the American Institute of Certified Public Accountants recently revealed that 56 percent of the people in their poll are not even saving for retirement.
http://jlne.ws/g0PNGh
**CN: Conversely, people who have money saved for retirement are happy.
Economic News
Philly Fed manufacturing index slumps in April
By Steve Goldstein, MarketWatch
The Philadelphia Fed's index of current activity slumped to 18.5 in April after the March reading of 43.4, which was the highest since Jan. 1984. Economists polled by MarketWatch had expected the gauge to fall to 35.5. Nearly all of the survey's broadest indicators remained positive but fell from their readings in the previous month, the Philly Fed said. The Philadelphia Fed index, which has been conducted each month since May 1968, is a diffusion index, which means it's calculated by subtracting the percentage of respondents indicating a decrease from the percentage indicating an increase.
http://jlne.ws/guHI7d
Philly Fed Full Report: April 2011 Business Outlook Survey - Philadelphia Fed
Results from the Business Outlook Survey suggest that regional manufacturing activity continued to grow in April but at a slower pace than in March. Nearly all of the survey’s broadest indicators remained positive but fell from their readings in the previous month. Increases in input prices continue to be widespread, and a significant percentage of firms reported increases in prices for their own manufactured goods. The survey’s indicators of future activity fell notably this month; however, most firms expect continued growth over the next six months.
http://jlne.ws/eLUZi5
U.S. Monthly House Price Index Declined 1.6 Percent from January to February
FHFA
U.S. house prices declined 1.6 percent on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency’s
monthly House Price Index. The previously reported 0.3 percent decrease in January was revised to a 1.0 percent decrease. For the 12 months ending in February, U.S. prices fell 5.7 percent. The U.S. index is 18.6 percent below its April 2007 peak and roughly the same as the February 2004 index level.
http://jlne.ws/ejrlHF
Existing home sales rebound a bit in March
By Greg Robb, MarketWatch
Sales of existing single-family homes and condos rebounded by 3.7% in March to a seasonally adjusted annual rate of 5.1 million, the National Association of Realtors reported Wednesday.
http://jlne.ws/g6KvX5
New-home construction increases 7.2 pct. in March
By Derek Kravitz, Associated Press
Builders broke ground on more new homes last month, giving the weak housing market a slight boost at the start of the spring buying season.
http://jlne.ws/glzdKE
Consumer sentiment index rises to 69.6 in April
By Ruth Mantell, MarketWatch
The Thomson Reuters/University of Michigan consumer sentiment survey hit 69.6 in the preliminary reading for April, compared with 67.5 for March, according to Friday media reports. Economists surveyed by MarketWatch were looking for an April reading of 69.
http://jlne.ws/fK46fQ
Exchanges, Clearing Houses & MTFs
CME Group Announces Introduction of Sovereign Yield Spread Futures To Manage Risk Exposure Between Gov Bond Markets
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, has announced today that it will introduce cash-settled Sovereign Yield Spread futures beginning May 22 for a trade date of May 23. The six countries represented in the initial launch phase include France (OAT), Germany (Bund), Italy (BTP), Netherlands (DSL), United Kingdom (Treasury Gilts), and United States (Treasury Notes). These products are listed by and subject to the rules of CME, and further diversifies CME Group’s Interest Rates product portfolio.
http://jlne.ws/hQLDgP
LCH.Clearnet’s SwapClear Implements Murex Technology; Doubles SwapClear's Capacity
LCH.Clearnet Limited (LCH.Clearnet) has enhanced its market leading interest rate swap (IRS) clearing service, SwapClear, with the successful implementation of Murex’s world-class capital markets platform MX.3. The technology, which has been adapted by LCH.Clearnet and Murex, replaces a series of legacy systems and provides enhanced risk management capabilities.
http://jlne.ws/ehFQDl
LCH Clearnet Ltd. To Increase Extra Deposit Charge For Long Positions In Portuguese Government Bonds To 25% From 15%
By Emma Charlton and Keith Jenkins, Bloomberg
Greek bonds tumbled, leading declines by securities from Europe’s most indebted countries, as a German government adviser said the Mediterranean nation will probably have to restructure its debt burden.
http://jlne.ws/ieD5ZJ
ELX Comment Letter to CFTC on Core Principles and Other Requirements for DCMs
http://bit.ly/gk6uZe
SGX chief plays down failed offer
By Kevin Brown, FT.com
Magnus Böcker, chief executive of the Singapore Exchange, said he was under no pressure to achieve a significant strategic deal following the collapse of an A$8.3bn (US$8.7bn) bid for the Australian Securities Exchange.
http://jlne.ws/eOvYjQ
Firms & Banks
Morgan Stanley's income falls on weak bond trading
By PALLAVI GOGO, Associated Press/Yahoo! News
Morgan Stanley's income fell 48 percent in the first quarter on a sharp drop in revenue from bond trading and losses from a Japanese investment.
http://jlne.ws/dTubCN
F and C senior bond manager departs
Dow Jones Financial News
Paul Grice, a senior member of the government bonds team at F&C Asset Management and a manager of two key institutional products, has left the company after five years.
http://jlne.ws/fDjFjn
BofA to spin off $5bn private equity arm
By Justin Baer in New York, Financial Times
Bank of America plans to spin off the $5bn private-equity arm the lender inherited in its takeover of Merrill Lynch, severing ties to what had been one of Wall Street’s most prominent buy-out funds before the financial crisis.
http://jlne.ws/fc1ZPR
HSBC Hires Roubini Global's Delgado as Emerging Market Cross-Asset Analyst
Bloomberg
HSBC Holdings Plc. (HSBA) , Europe's largest bank by market value, hired Bertrand Delgado as an emerging-markets strategist, luring him away from Roubini Global Economics LLC.
http://jlne.ws/dZeFi6
Stephen Foley: Why it really pays to work at RBS
Independent
There was no shortage of outrage over executive bonuses at Royal Bank of Scotland when shareholders gathered for its annual meeting in Edinburgh yesterday, and the House of Commons Public Accounts Committee will pile on this morning in its latest report on our state-supported banks. It is "inappropriate" for the likes of RBS to be handing multimillion-pound incomes to its bosses until ...
http://jlne.ws/eOf0wB
Berkshire, Buffett sued over Sokol's trades
By Tom Hals, Reuters
Warren Buffett and the rest of Berkshire Hathaway Inc's board of directors were sued by a shareholder on Tuesday over presumed heir apparent David Sokol's trading in the stock of a company that was later bought by Berkshire.
http://jlne.ws/gZ1AVh
RBS warns of higher costs from bank reforms
By Andrew Bolger, FT.com
Shareholders in Royal Bank of Scotland have been warned that they and the bank’s customers would face extra costs under proposals to “ring-fence” retail banking and impose higher capital requirements.
http://jlne.ws/heQDIa
Citi puts $12.7bn portfolio up for sale
By Francesco Guerrera and Patrick Jenkins, FT.com
Citigroup has taken radical action to cushion the impact of new global capital rules for banks, putting up for sale a $12.7bn portfolio of bad assets that were responsible for some of its huge losses during the financial crisis. Citi revealed the move on Monday alongside first-quarter results that showed a 32 per cent drop in net income that was narrowly better than analysts’ expectations.
http://jlne.ws/eYbT0R
Pimco to Pay $92 Million to Settle Market Manipulation Lawsuit
By Sree Vidya Bhaktavatsalam, Bloomberg
Pacific Investment Management Co., manager of the world’s biggest bond fund, agreed to pay $92 million to settle a private class-action lawsuit that accused it of manipulating the price of Treasury futures contracts.
http://jlne.ws/ew7eXd
Deutsche Bank halts plan to sell BHF unit
Market Watch
Deutsche Bank said Monday that it's ended talks with Liechtenstein's LGT Bank over the sale of its BHF-Bank unit. Deutsche Bank said that the two firms had drawn up a mutually beneficial agreement that was ready to sign, but that "following discussions between the parties and with the competent supervisory authorities," the banks decided not to pursue the transaction ...
http://jlne.ws/dIpbJ9
Ex-Citigroup executive elected to Moody's board
INO News
A long-time executive of Citigroup Inc. has been elected to the board of directors of Moody's Corp. Jorge Bermudez will serve on the board's audit and governance and compensation committees, Moody's said Wednesday.
http://jlne.ws/hdSPSD
Pimco’s new ETF to focus on US debt
By Dan McCrum in New York, Financial Times
Bill Gross, manager of the world’s largest mutual fund, is to run a new exchange-traded fund for Pimco. The involvement of such a high-profile investor in an actively traded ETF will attract attention, and assets, to a corner of an industry better known as a cheap and flexible way to make passive investments.
http://jlne.ws/hqg7PS
Auctions & Statistics
US: $0.B TIPSPurchase 2011-04-20 NYFed permanent open market operations
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system. Such transactions are arranged on a routine basis to offset other changes in the Federal Reserve’s balance sheet in conjunction with efforts to maintain conditions in the market for reserves consistent with the federal funds target rate set by the Federal Open Market Committee (FOMC).
http://jlne.ws/dcRpcM
Freddie Mac And Fannie Mae 2011 Note Calendar
Reuters
The following are scheduled sales announcement dates for potential Freddie Mac (FMCC.OB) reference, Fannie Mae (FNMA.OB)
benchmark notes for 2011.
http://jlne.ws/g4IOoT
Regulators
FRB: Bernanke, Statement by Chairman Bernanke on financial literacy
Statement by Chairman Bernanke on financial literacy
Provided for the record of a hearing held on April 12, 2011 conducted by the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate
April 20, 2011...
http://jlne.ws/hdyT5E
Remarks By Deputy U.S. Treasury Secretary Neal S. Wolin
Press Release
http://jlne.ws/hj0ToU
St. Louis Fed: The basics of quantitative easing in seven easy-to-read paragraphs
Standard and Poor’s changed its outlook on U.S. debt to “negative” yesterday, thanks to the nation’s mounting debt load. But the U.S. isn’t the only country facing rising debt...
http://jlne.ws/fgWgtm
Fed's Bullard: Concern Over 2Q Growth 'At Odds' With Industry View
By Daniel Kruger, Bloomberg
Investors are paying the smallest discounts for Treasuries other than the newest, most-traded bonds since the start of the financial crisis, a sign of growing demand even as the Federal Reserve’s $600 billion buying program approaches its conclusion.
http://jlne.ws/eRk85p
Federal Reserve Seeks Comments On Outline Of How It Intends To Apply Certain Parts Of Its Current Consolidated Supervisory Program For Bank Holding Companies To Savings And Loan Holding Companies
Press Release
The Federal Reserve Board is seeking comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies (SLHCs) after assuming supervisory responsibility for SLHCs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rule-writing authority for SLHCs and their non-depository subsidiaries will transfer from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011.
http://jlne.ws/hPsndX
FDIC eyes tougher rules for big banks
By Tom Braithwaite in Washington, Financial Times
American banks should ringfence their riskier investment banking operations, according to a top financial regulator who wants the US to adopt restrictions similar to those proposed last week by Britain’s Independent Commission on Banking.
http://jlne.ws/hqtLVq
Communiqué Of The Twenty-Third Meeting Of The International Monetary And Financial Committee Of The Board Of Governors Of The International Monetary Fund
Press Release
http://jlne.ws/geHEdo
Statement By U.S. Treasury Secretary Tim Geithner To The International Monetary Fund And World Bank Group Development Committee Meeting
Press Release
http://jlne.ws/eSiL7v
Statement By U.S. Treasury Secretary Tim Geithner At The International Monetary And Financial Committee (IMFC) Meeting
Press Release
http://jlne.ws/dXBmw4
FSB releases progress reports on OTC derivatives reforms and implementation of G20 fin reg recommendations
This note provides an overview of work underway to implement the G20 recommendations for strengthening financial stability. It focuses on international policy development and implementation that has taken place since the G20 Finance Ministers and Governors meeting
in February 2011.
http://jlne.ws/hgLKMa
Fed Could Start to Tighten by End of Year: Plosser
By: Jeff Cox, CNBC
The Federal Reserve is not "behind the curve" when it comes to inflation and could take action before the end of the year to tighten monetary policy, Philadelphia Fed President Charles Plosser told CNBC.
http://jlne.ws/hKV5EU
Gensler Says Regulators Should Set Small Group of Systemic Firms
By Phil Mattingly, Bloomberg
The number of financial firms federal regulators deem systemically important should be kept small, a member of the council identifying the firms said. Gary Gensler, the chairman of the Commodity Futures Trading Commission, said the Dodd-Frank Act requires regulators to limit the number of firms getting the designation. The Financial Stability Oversight Council is labeling the financial firms that may face more stringent oversight and capital requirements.
http://jlne.ws/fBvpnI
Global News
New Turkish c.bank gov makes surprise RRR hike
Reuters
Turkey's central bank launched its new governor's term in charge with a surprise rise in required reserves on Thursday, strengthening the lira and Turkish government bonds.
http://jlne.ws/e3Gyax
Greek woes, aid backlash counter solid Spain auction
Reuters
Spain attracted solid demand at a bond sale on Wednesday, easing concerns it could be swept up by the contagion hitting other euro zone states, but worries about Greek debt continued to haunt the bloc.
http://jlne.ws/fMfMac
UK banks’ rush into property needs watching
By John Plender, Financial Times
While the financial crisis that began in 2007 had a plethora of causes, property was at the heart of the problem. The fact that the big UK-based banks, with the exception of Lloyds Banking Group which is battling with the dismal property legacy it acquired with HBOS, have been significantly increasing their exposure to the sector should thus prompt eyebrows to twitch.
http://jlne.ws/elEvoL
Switzerland set to propose strict bank rules
Reuters Finance News (EU) via Yahoo! UK & Ireland Finance
The Swiss government looks set to push ahead with plans to make UBS and Credit Suisse reach tough new capital standards despite warnings they could make the banks uncompetitive. The ...
http://jlne.ws/eDLooy
Russia's Alfa, Evraz Eye Lower Eurobond yields
Reuters
Russia's Alfa Bank and steelmaker Evraz (HK1q.L) are seeking to place Eurobonds at lower yields than previously indicated, in a sign that investor demand has not been hurt too much by global sovereign debt woes.
http://jlne.ws/dL2Xis
Finnish PM-Elect Sees No Big Change To Portugal Bailout
Reuters
Finland's likely next prime minister ruled out proposing major changes to a bailout package for Portugal, seeking to soothe concerns that its new government could block the European Union's plans and upset markets.
http://jlne.ws/fsDH06
Political gains for Finland's main nationalist party stoke concerns over the eurozone debt crisis
AFP
The euro slumped against the dollar Monday as shock political gains for Finland's main nationalist party stoked concerns over the eurozone debt crisis, analysts said. As authorities prepared to discuss Portugal's financial bailout, fresh worries over indebted eurozone nations helped the price of 'safe-haven' gold to reach fresh record highs.
http://jlne.ws/e0v6kU
Ireland's Kenny Seeks to Reassure Markets
By Ainsley Thomson, WSJ.com
Irish Prime Minister Enda Kenny stepped up his diplomatic offensive during his first state visit to London on Monday, seeking to reassure the markets that his government is serious about tackling its budget deficit and that it will not consider defaulting on its debt.
http://jlne.ws/euztSr
Portuguese Banks Expect Debt Targets
By Patricia Kowsmann, WSJ.com
Portuguese banks will likely have to step up efforts to cut reliance on borrowed money in exchange for having some of the estimated 80 billion euros (about $114 billion) bailout earmarked for the country, senior bank officials say.
http://jlne.ws/eTm7qt
Hungary Central Bank Holds Interest Rate at 6.00%
CentralBankNews.info
The Magyar Nemzeti Bank held its main policy rate, the two-week deposit interest rate, unchanged at 6.00%. Hungary reported inflation of 4.5% in March, slightly higher than the 4.1% recorded in February, and higher than the central bank's target of 3%.
http://jlne.ws/dOh3zK
BRICS make move to shove dollar aside
By David Marsh, MarketWatch
China and four other leading high-growth economies have taken landmark steps toward lowering the importance of the dollar in international financial transactions — part of a seminal shift in the move towards a multicurrency reserve and trading system.
http://jlne.ws/dEt7ri
Loophole fears over Vickers bank rules
By Patrick Jenkins, Megan Murphy and Sharlene Goff, Financial Times
European banking groups could take advantage of a loophole to escape higher capital requirements recommended by the Vickers Commission report on UK bank restructuring, fuelling concerns they will secure a competitive advantage in high street banking.
http://jlne.ws/dHcjr3
Pension funds fight EU plan on derivatives
By Ellen Kelleher, Financial Times
European pension funds are fighting to revise a European Union proposal on derivatives regulation as they fear it will damage investment returns. The UK’s National Association of Pension funds and other European trade groups are lobbying to amend the European Market Infrastructure Regulation (EMIR), which would demand they post collateral with counterparty clearing houses when they use derivatives to hedge interest-rate movements or life- expectancy risks.
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March mutual fund sales surge 81% from a year ago
The Globe And Mail
Net sales of mutual funds in Canada for March were estimated to be $3.72-billion, continuing the strong growth experienced in the first two months of this year, according to the Investment Funds Institute of Canada.
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Virgin bank CEO looks to future
BBC News
Jayne-Anne Gadhia speaks to Douglas Fraser, presenter of Business Scotland, about her vision for Virgin Money's role in UK finance.
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RBS rebels bid to block Hester pay
Scotland on Sunday
ROYAL Bank of Scotland is this week facing a shareholder rebellion over a possible £7.7 million payout for chief executive Stephen Hester and confusion about the level of the bank's losses.
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Barclays, HSBC and Standard Chartered face domicile move chatter
The Scotsman: Business
A TOP City fund manager has revealed institutional investors are in "regular talks" with Barclays, HSBC and Standard Chartered over possibly shifting their tax domicil
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Deutsche Bank, Liechtenstein's LGT end talks on sale of German bank's BHF-Bank
The Canadian Press via Yahoo! Canada News
Germany's Deutsche Bank AG says it has scrapped a plan to sell its BHF-Bank subsidiary to LGT of Liechtenstein and will hold on to the private banking and wealth management specialist.
http://jlne.ws/dNSmsd
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