US unemployment rate falls to new two-year low of 8.8%
Reuters
The US unemployment rate fell to a new two-year low in March of 8.8%, from 8.9% in February. It was the fourth monthly fall in a row. The unemployment rate has fallen by a percentage point during the last four months.
http://jlne.ws/egcnfQ
Vitro's Defaulted Bonds Soaring in Precedent-Setting Case: Mexico Credit
By Thomas Black, Bloomberg
Defaulted bonds issued by Vitro SAB, Mexico’s biggest glassmaker, are surging to a 2 1/2-year high as investors try to stave off an unprecedented bid by the company to take control of the creditors’ group...Traders are betting bondholders will win a case that will set a precedent on whether companies can dictate terms of their restructuring. A Vitro victory would curb demand for Mexican corporate debt.
http://jlne.ws/eBX8Ad
Nigerian interbank rates rise
Reuters
Nigerian interbank lending rates rose to an average of 10.58 percent this week from 10.41 percent last week after big cash outflows to foreign exchange purchases drained liquidity from the system, traders said on Friday.
http://jlne.ws/e0K8y3
Fed's Dudley would be surprised if QE2 uncompleted
Reuters
It would be a "surprise" if the U.S. Federal Reserve did not complete its $600 billion in bond purchases, though the benefits of doing more have fallen, a top Fed official said on Friday.
http://jlne.ws/eHiWAp
Muni Mutual Funds Lose Only $404 Million
By Christine Albano, The Bond Buyer
Cash withdrawals from municipal bond mutual funds that report their flows weekly decreased to the lowest level so far in 2011, to $403.605 million for the week ended March 30.
http://jlne.ws/h1eozB
S&P cuts Ireland; Fitch in downgrade threat
By Carmel Crimmins and Conor Humphries, Reuters
Standard & Poor's stripped Ireland of its last major 'A' rating on Friday, citing future risks to bondholders, but the 1 notch cut and stable outlook was less severe than feared and gave the thumbs up to the state's bank bill.
http://jlne.ws/ga6mzf
Exchanges, NASDAQ and ICE bid to scuttle Deutsche Borse Points and Figures
Posted by Jeff Carter, StockTwits
This morning, the anti-climactic bid from NASDAQ($NDAQ)+ICE ($ICE) hit the street. Virtually everyone knew they were going to make a bid, the question was how much. This is a very different situation than Sprecher’s surprise attack on the CME-CBOT($CME) tie up years ago.
http://jlne.ws/glQyUE
Fed’s Dudley Says Recovery ‘Tenuous’ With High Unemployment
By Caroline Salas, Bloomberg
Federal Reserve Bank of New York President William Dudley said the U.S. economy’s recovery is “still tenuous” and “far from the mark” of the central bank’s goals of full employment and price stability.
http://jlne.ws/eycKKM
Lacker Says Fed May Need to Tighten Policy Later This Year
By Steve Matthews, Bloomberg
Federal Reserve Bank of Richmond President Jeffrey Lacker said the U.S. central bank may need to tighten monetary policy later this year in response to a growing economy and rising inflation.
http://jlne.ws/fM9D7M
Lacker says Fed should consider reducing bond buys
By Pedro Nicolaci da Costa, Reuters
The Federal Reserve should think about trimming its $600 billion bond-buying stimulus as the economy shows signs of improvement and hints of inflation, Richmond Fed President Jeffrey Lacker said on Thursday.
http://jlne.ws/gY1GZh
Fed Inflation Project: TIPS data show increase in deflation probabilities but they remain low
Federal Reserve Bank of Atlanta
Prices of Treasury Inflation-Protected Securities (TIPS) with similar maturity dates in 2015 can be used to measure probabilities of a net decline in the consumer price index over the five-year period starting in early 2010.
http://jlne.ws/dKQrV7
NYSE Liffe U.S. Eurodollar Futures Volume Tops 100,000
First time over the 100K mark.
http://jlne.ws/g32TIA
Icap’s swap platform exceeds expectations
By Masa Serdarevic in London - Financial Times
Icap said its newly-launched euro-denominated interest rate swaps platform had exceeded its expectations after a third of its total trades in the product last month were transacted on the platform. The interdealer broker launched iSwap six months ago in response to regulatory pressure from Brussels and Washington in the wake of the financial crisis to have more financial products traded on electronic platforms and passed through clearing houses.
http://jlne.ws/dJlsvI
Fed Let Brokers Turn Junk to Cash at Height of Financial Crisis
By Matthew Leising - Bloomberg
At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.
http://jlne.ws/hjsaz2
LCH.Clearnet raises margin on Irish bonds
Market Watch
Clearing house LCH.Clearnet on Friday said it had raised its margin requirement on Irish government bonds to 45% from 35% on long positions effective Friday. The move, which makes it more expensive to trade Irish bonds, was made in accordance with the firm's sovereign credit risk framework and in response to the widening yield spread between 10-year Irish government debt ...
http://jlne.ws/fdaGHs
N.Y. Fed's derivatives club decried by U.S. pension plans
Providence Business News
WASHINGTON - A private derivatives regulatory group led by the New York Federal Reserve may weaken rules required by the Dodd-Frank Act, two associations representing large corporate pension plans said.
http://jlne.ws/eM8jVq
Goldman Sachs Borrowed From Fed Window Five Times, Data Show
Bloomberg
Goldman Sachs Group Inc. (GS) tapped the Federal Reserve 's discount window at least five times since September 2008, according to central bank data that contradict an executive's testimony last year.
http://jlne.ws/fD8ikT
Dexia Drew Most From Discount Window During Record Week in 2008
By Bradley Keoun
Dexia SA, the largest lender to local governments in Belgium, borrowed more than any other bank from the U.S. Federal Reserve’s discount window during the week in October 2008 when use of the program surged to a record.
http://jlne.ws/fLoxCR
Libya-Owned Bank Drew at Least $5 Billion in Loans From Fed
Bloomberg
Arab Banking Corp., a lender part- owned by the Central Bank of Libya, used a branch in New York to borrow at least $5 billion from the U.S. Federal Reserve as credit markets seized up in 2008 and 2009.
http://jlne.ws/gvPIoo
Bank of China New York Branch Among August 2007 Fed Borrowers
By Jody Shenn, Bloomberg
The New York branch of Bank of China Ltd. was the second-largest borrower from the Federal Reserve’s discount window during a nine-day period in August 2007 as subprime-mortgage defaults first roiled broader markets.
http://jlne.ws/gQd814
ISDA Announces Annual Determinations Committees Outcome
Press Release
NEW YORK, Thursday, March 31, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced the outcome of the annual process to determine members of ISDA's five regional Determinations Committees, which together comprise the global decision-making structure around events in the credit default swaps (CDS) industry.
http://jlne.ws/iiYXUf
Ex-Banc of America Muni Derivatives Trader Pleads Guilty
Financial Planning.com
WASHINGTON - A former municipal derivatives trading desk manager at Banc of America Securities LLC has pleaded guilty to one criminal count of engaging in a conspiracy to falsify bank records in connection with a scheme to rig bids and pay kickbacks for investment agreements and other financial contracts in the muni market.
http://jlne.ws/e2Iw6W
AIG reorganizes biggest unit
Reuters
American International Group reorganized its biggest unit and charged derivatives veteran Peter Hancock with turning around the struggling property and casualty business.
http://jlne.ws/hVWhyG
Citigroup Reverse Split Bemoaned by Traders
TheStreet.com
Wall Street traders predict that Citigroup 's 1-for-10 reverse stock split will be bad news, causing a dive in trading volumes that will hit the bottom lines of some brokers. "I think Citigroup volume will be down over 90 percent," said Eric Noll, The Nasdaq OMX executive vice president of transaction services at the Security Traders Association of New York Conference on ...
http://jlne.ws/i0Lwat
Pimco Chief Takes Bearish Stance in Turbulent World
By KEVIN ROOSE, NY Times
Mohamed A. El-Erian is not easily unnerved. But Mr. El-Erian, the chief executive and co-chief investment officer of Pimco, the world’s largest bond fund manager, has been taking some extra precautions lately in the face of a topsy-turvy geopolitical climate.
http://jlne.ws/dYKiHB
Bank of Japan Is Said to Mull Emergency Loan Program After Quake
Bloomberg
The Bank of Japan is considering offering temporary loans to banks to aid companies with cash- flow shortages in the wake of the record March 11 earthquake, three people familiar with the matter said.
http://jlne.ws/fQK4CT
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