When Will ECB Raise Rates Next? Here’s Code to Watch
By Brian Blackstone, WSJ.com
The European Central Bank is widely expected to raise its main policy rate by a quarter percentage point to 1.25% at Thursday’s meeting. It hasn’t even delivered that anticipated rate increase (which would be the first in almost three years), and economists are already eyeing the next one.
http://jlne.ws/gHYK4A
SIFMA Statement on SEC, FINRA, Exchanges Limit Up-Limit Down Proposal
Press Release
SIFMA today released the following statement from Randy Snook, executive vice president, in response to a proposal establishing a new limit up-limit down mechanism for stock exchanges to curb unusual volatility in the equity markets. This mechanism would replace the existing single stock circuit breaker pilot program regime that was put in place as a result of the May 6, 2010 Flash Crash. “Reducing extreme volatility in our markets is essential to restoring and maintaining investor confidence, which in turn sows the seeds for greater capital formation, capital investment, economic growth and job creation. We applaud the SEC, FINRA and the exchanges for working diligently on finding solutions that will address volatility in our markets without hampering proper market function and efficiency. SIFMA and our member firms look forward to reviewing the proposal and providing substantive comments as necessary to further aid the development of these mechanisms that will undoubtedly help restore investor confidence.”
http://jlne.ws/hGMO6d
Obama, Boehner Talk About Government Shutdown
By U.S. News Staff
With the threat of a government shutdown looming, President Obama said it's time to put a stop to political games. "It would be inexcusable for us to not be able to take care of last year's business when we are this close simply because of politics," the president said from the White House briefing room Tuesday. "Nobody gets 100 percent of what they want," said Obama. "We have more than met Republicans half way at this point."
http://jlne.ws/grO3P8
Robert Druskin Named Chairman of DTCC
Press Release
The Depository Trust & Clearing Corporation’s (DTCC) Board of Directors announced today that Robert Druskin has been appointed Chairman of the Board, effective April 18, 2011.
http://jlne.ws/hjI5CT
IMF calls for banks to pay more to cover risk
By Chris Giles and Megan Murphy, FT.com
The world’s largest and most important banks should pay additional fees to address the risk that any liquidity shortfall in their institutions causes wider damage to the financial system, the International Monetary Fund said on Wednesday.
http://jlne.ws/gBLgld
Portugal Not Discussing EU Aid, Can Meet Financing Needs
WSJ.com
Portugal said Wednesday that it can meet all its financing needs and hasn't asked for any aid from the European Union, but soaring funding costs increased doubts that the government could make it through June without external aid.
http://jlne.ws/e9NP9s
Fed Would Stay Open Amid Government Shutdown
By Luca Di Leo, WSJ.com
As the battle over the U.S. budget threatens to leave the government without money starting from Friday, there’s at least one key agency that would not be affected: the Federal Reserve. But its job may be complicated if other parts of the government close.
http://jlne.ws/ijL8jR
Obama: Shutdown would be 'all because of politics'
MSNBC
The Obama administration warned Wednesday that a federal government shutdown would undermine the economic recovery, delay pay to U.S. troops fighting in three wars, slow the processing of tax returns and limit small business loans and government-guaranteed mortgages during peak home buying season.
http://jlne.ws/h5UH6z
IMF urges US budget include Fannie, Freddie costs
By Emily Kaiser, Reuters
The United States should include in its budget the cost of mortgage loan guarantees and other housing supports, the International Monetary Fund said on Wednesday in a rare criticism of its biggest shareholder.
http://jlne.ws/hRUWmW
IMF Global Financial Stability Report: Durable Financial Stability
The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.
http://jlne.ws/es8pCx
NY Fed sells 42 of 52 mortgage bonds in auction
Reuters
The Federal Reserve Bank of New York on Wednesday said it sold 42 out of the 52 residential mortgage-backed securities offered in an auction of assets from its Maiden Lane II portfolio.
http://jlne.ws/i8LPgr
Portugal's Finance Minister Says Nation Needs EU Aid
CNBC.com
Portugal's prime minister said Wednesday his country has asked for financing assistance from the European Union due to its high debts and difficulty raising money on international markets.
http://jlne.ws/gLy91f
Gold Advances to Record for Second Day; Silver at 31-Year High
By Pham-Duy Nguyen, Bloomberg
Gold rose to a record for a second day in New York on demand for the precious metal as a hedge against inflation. Silver advanced to a 31-year high.
http://jlne.ws/hYHGZ5
NY Fed Says Swaps Industry Failed to Meet Clearinghouse Promises
By Matthew Leising, Bloomberg
Wall Street’s largest banks and money managers failed to fulfill commitments made a year ago to enable swaps customers to use clearinghouses to back trades, said New York Federal Reserve Bank President William Dudley. The Fed will respond by creating its own group to compel swaps dealers, hedge funds and clearinghouses to meet regulatory goals, he said in a statement today.
http://jlne.ws/eN8iOM
Canadian, US Clearing Firms To Explore Swap Clearing Link
By Jacob Bunge Of DOW JONES NEWSWIRES
Financial clearinghouses in Canada and the U.S. on Tuesday struck an agreement to create new services for handling Canadian swap transactions, in a push to satisfy the nation's Group of 20 commitment to firm up market practices.
http://jlne.ws/hkw5cu
NYSE Liffe U.S. Gains 3.3% Market Share in Eurodollar Contest
By Matthew Leising, Bloomberg
NYSE Euronext (NYX)’s U.S. futures exchange almost tripled its market share of Eurodollar contracts to 3.3 percent in the first two weeks of trading as it seeks to take business from CME Group Inc. (CME). NYSE Liffe U.S. averaged 59,942 Eurodollar trades since first offering the interest-rate contracts March 21, according to data compiled by Bloomberg. That compares with an average 1.82 million daily trades at CME Group, the world’s largest futures market. Liffe U.S. had a 1.3 percent market share on its second trading day and is competing with CME Group by allowing clients to pledge less money to the clearinghouse if risk of their cash bond and futures trades offset each other.
http://jlne.ws/dJ9us3
How to lose friends in Washington: Be TARP cop
CNN Money
Until last week, Neil Barofsky was the special investigator of the TARP program, where he says his main job duty was blunting the effects of Treasury's bad decisions.
http://jlne.ws/gYAah9
UK banking climate makes the US look attractive
By John Plender - Financial Times
A rift is opening up between the United States and Europe on the issue of bank capital ratios. For the big US banks, which have successfully deployed their notorious lobbying power to dilute re-regulation after the financial crisis, the new Basel III capital regime now appears a manageable threat.
http://jlne.ws/f5kCGH
Portugal in talks over EU aid
By Peter Wise in Lisbon and Peter Spiegel in Brussels - Financial Times
Portugal is holding talks with the European Union on how to meet its immediate borrowing needs as its banks press Lisbon to seek a bridging loan until a new government can negotiate a bail-out deal.
http://jlne.ws/ifpYTm
J.P. Morgan’s Dimon lashes out at Dodd-Frank
By Ronald D. Orol, MarketWatch
Jamie Dimon, chairman and chief executive of J.P. Morgan Chase & Co., took another opportunity to bash the Dodd-Frank financial-reform law Tuesday, saying he believes the statute is hurting U.S. economic competitiveness.
http://jlne.ws/eso0up
Spain’s Bankia to set up ‘bad bank’
By Victor Mallet in Madrid - Financial Times
Bankia, the nascent Spanish retail bank comprised of Caja Madrid and six other savings banks, will establish a “bad bank” for impaired assets to ease its stock market listing later this year.
http://jlne.ws/g4ZvJG
Portuguese banks downgraded ahead of debt sale
By Peter Wise in Lisbon, Financial Times
Moody’s has cut the credit ratings of seven Portuguese banks, citing their weakened financial strength as the country faces the increasing likelihood of an international bail-out.
http://jlne.ws/gZLgMG
Europe clears the way for ABN Amro to restructure
The Scotsman: Business
The European Commission yesterday said it had approved restructuring plans for Dutch state-owned bank ABN Amro subject to a ban on acquisitions and a condition that it achieve
http://jlne.ws/edWR1L
Lehman Creditors, With 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/gJOPgE
Kardan unit buys Bulgarian bank
Globes Online
The acquisition of the bank is part of Kardan's recently published strategy of strengthening its holdings in Bulgaria and Romania.
http://jlne.ws/edCvqD
Investment banking jobs to expand most in Singapore, survey says
The Edge Singapore
Banking and hedge fund employees expect that Singapore will beat London and New York in terms of adding new financial services jobs, according to a survey from recruitment company Astbury Marsden. Over the next 12 months, the city-state will add the most employees, according to 37% of respondents, compared with 22% for London, 19% picking Shanghai and just 1% choosing New York, according an e ...
http://jlne.ws/ez102k
HSBC spreads its wings to Mont Kiara
Business Times
KUALA LUMPUR: HSBC Amanah will open two more Islamic banking branches this year, raising its network to 10.
http://jlne.ws/hsyK8W
Abu Dhabi bank hires GS, Merrill for RHB Capital stake sale
The Edge
ABU DHABI: Abu Dhabi Commercial Bank ADCB.AD, which is considering selling its 25-percent stake in Malaysia's RHB Capital, hired Goldman Sachs and BOA-Merrill Lynch as advisors, its chief executive said.
http://jlne.ws/i1ufdo
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