ISDA Announces New Commitments to Global Supervisors to Help Make OTC Derivatives Markets Safe and Efficient
Press Release
The International Swaps and Derivatives Association, Inc. (ISDA) jointly submitted a letter with market participants and industry associations to global supervisors. The letter is the seventh in a series that publicly details the industry’s road map for making the over-the-counter (OTC) derivatives markets safe and efficient. It outlines commitments to improve four key areas: increasing standardization; expanding central clearing; enhancing bilateral risk management; and increasing transparency.
http://jlne.ws/hHMAsV
White House disagrees with Ryan budget blueprint
Reuters
The White House said it strongly disagreed with a budget blueprint offered by Republican Paul Ryan, chairman of the U.S. House of Representatives's budget committee.
http://jlne.ws/dW64UD
IMF: Financial Cycles: What? How? When?
This paper provides a comprehensive analysis of financial cycles using a large database
covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles
in credit, house prices, and equity prices. We report three main results. First, financial cycles
tend to be long and severe, especially those in housing and equity markets. Second, they are
highly synchronized within countries, particularly credit and house price cycles. The extent of
synchronization of financial cycles across countries is high as well, mainly for credit and equity
cycles, and has been increasing over time. Third financial cycles accentuate each other and
become magnified, especially during coincident downturns in credit and housing markets.
Moreover, globally synchronized downturns tend to be associated with more prolonged and
costly episodes, especially for credit and equity cycles. We discuss how these findings can
guide future research on various aspects of financial market developments.
http://jlne.ws/hna8oK
FDIC fee roils US repo lending market
By Karen Brettell, Reuters
A scarcity of short-term Treasuries roiled debt markets for the third day on Tuesday,
with rumors that the Federal Reserve will step in to ease the supply shortage also hurting longer-dated Treasuries.
http://jlne.ws/hgchPU
Beijing's Waning Interest in Rate Increases
By Tom Orlik, WSJ.com
Holiday rate increases in China no longer take anyone by surprise. Today's 0.25 percentage point increase in the one year deposit and lending rates is the fourth since the tightening cycle kicked off in October last year. As the third increase on a public holiday, it also gives market participants a chance to digest the news before itchy trading fingers send the Shanghai Composite Index into freefall.
http://jlne.ws/g8v6F6
Moody’s adds to pressure on Portugal
By Peter Wise and David Oakley, FT.com
Portugal’s cost of borrowing soared to more than 10 per cent for the first time since the launch of the euro, following a political crisis that has pushed the country to the brink of an international bail-out. The jump in yields – for the 12th day in a row – was sparked by Moody’s decision to cut the country’s sovereign rating by one notch from A to Baa1.
http://jlne.ws/dHijjl
US pension funds launch director database
By Dan McCrum, WSJ.com
Calpers and Calstrs, the two largest US pension funds by assets, will launch a new step in their campaign to address the failures of corporate governance that led to the financial crisis.
http://jlne.ws/girUGl
Geithner Pushes Congress to Raise Debt Limit
By Damian Paletta, WSJ.com
Without congressional action, the federal government will hit its legal borrowing limit no later than May 16 and could default on its debt by July 8, the Obama administration said Tuesday.
http://jlne.ws/gjswIA
Bernanke Opines on Clearinghouses
By Michael Baron, The Street
Federal Reserve Chairman Ben Bernanke kept the focus on new regulations surrounding derivatives trading in a speech Monday night in Georgia.
http://jlne.ws/hh5IjD
St. Louis Fed: Average price of gallon of gas in U.S. rises to $3.684
http://jlne.ws/eeR5ry
Central bank’s tools cannot fix food inflation
By Javier Blas - Financial Times
As agricultural commodity prices continue to rise – with corn matching on Monday the record set during the 2008 food crisis – central bankers face an uncomfortable choice: to tighten monetary policy in response to food and energy inflation or to bank on the surge being just a temporary problem and focus on much lower core inflation.
http://jlne.ws/haSVGW
Eris Exchange Trading Platform Naming Challenge - Apple iPad 2 to the Winner
Eris Exchange is hosting a naming contest for our trading platform to be deployed on May 18, 2011. The exchange jointly developed a secure, state-of-the-art, fast and reliable interest rates trading platform powered by Currenex, part of State Street’s eExchange suite of trading technology solutions. It provides robust trade matching and request for quote functionality. The main offering of the platform will be the trading of interest rate swap futures and options. Now it’s time to name the platform.
http://jlne.ws/e5ILDC
Australian Treasurer disposed to reject ASX-SGX merger proposal
Press Release
Singapore Exchange (SGX) has today been notified by the Foreign Investment Review Board that the Australian Treasurer is disposed to reject the proposed merger between ASX and SGX as contrary to Australia’s national interest.
http://jlne.ws/fy5tDt
Fed Help Kept Banks Afloat, Until It Didn’t
By BINYAMIN APPELBAUM and JO CRAVEN McGINTY - NY Times
WASHINGTON — During the frenetic months of the financial crisis, the Federal Reserve stretched the limits of its legal authority by lending money to more than 100 banks that subsequently failed.
http://jlne.ws/hk7Kr1
US banks lose risk-free profits to new levy
By Michael Mackenzie in New York, Financial Times
The introduction of a new insurance charge on overnight borrowing by banks in the US has led to the collapse of a profitable arbitrage opportunity that financial groups have used to rebuild their balance sheets after the financial crisis, traders say.
http://jlne.ws/f0fntw
Fed's Bernanke says clearinghouses pose risks too
By Pedro Nicolaci da Costa, Reuters
Regulators must step up oversight of clearinghouses now that derivatives markets are becoming increasingly reliant on them, Federal Reserve Chairman Ben Bernanke said on Monday.
http://jlne.ws/e2M3TS
Speech By U.S. Federal Reserve Chairman Bernanke On Clearinghouses, Financial Stability, And Financial Reform
Press Release
I am pleased to speak once again at the Federal Reserve Bank of Atlanta's Financial Markets Conference. This year's conference covers an interesting mix of topics bearing on the vital ongoing global debate on how best to prevent and respond to financial crises...
http://jlne.ws/fGjttu
Bank of Ireland Will Sell $4.3 Billion Portion of Project-Finance Business
Bloomberg
Bank of Ireland Plc, the country's largest bank, hired Deutsche Bank AG (DBK) to sell an almost 3 billion-euro ($4.3 billion) portion of its project finance business.
http://jlne.ws/hVS0cO
Cantor Fitzgerald Hires Seasoned Veteran Mark Goldman As Head of European Fixed Income Sales
Business Wire
LONDON--(BUSINESS WIRE)--Cantor Fitzgerald, a leading global financial services firm, announced today the appointment of Mark Goldman as Head of European Fixed Income Sales, former Managing Director of Fixed Income Sales and Trading at Mitsubishi UFJ Securities. The appointment of Mr. Goldman is a continued step in the strategic expansion of the firm's European business. Commenting on the ...
http://jlne.ws/eFmPoL
Santander UK hires Charlotte Hogg as head of retail bank
Guardian Unlimited
Santander, the family-run Spanish bank, has turned to a female scion of one of Britain's most blue-blooded political dynasties to head its UK high street banking business. Charlotte Hogg, the daughter of the former Tory minister Douglas Hogg, Viscount Hailsham, and ...
http://jlne.ws/f9qwga
How Libya's Central Bank got a $35B U.S. Bailout
Time Magazine
Among the names of banks that got tens of billions in loans from the Fed in order to stay afloat was at least one few expected: The Central Bank of Lybia.
http://jlne.ws/hmRnvF
Lehman Creditors Including Goldman Said to Draft Competing Plan
BusinessWeek
Lehman Brothers Holdings Inc. creditors including Goldman Sachs Group Inc. have drafted a payment plan that would compete with the defunct bank's $61 billion proposal, taking back money that Lehman sought to give to bondholders, said two people familiar with the matter.
http://jlne.ws/g69O2n
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