Top Interest Rate Headlines 04-12-11: US Govt Posts $188 Bln Budget Deficit In March

US govt posts $188 bln budget deficit in March
Reuters
The United States posted a monthly budget deficit of $188 billion in March as the government spent more than twice what it took in last month, the Treasury Department reported on Tuesday.
http://jlne.ws/dX602O

CFTC and SEC Staffs to Host Public Roundtable Discussion on Dodd-Frank Implementation
Press Release
The staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/eu2hQl

Tentative Outright Treasury Operation Schedule - Federal Reserve Bank of New York
The Desk's tentative outright Treasury operation schedules for the purchases associated with the $600 billion purchase program announced by the FOMC on November 3, 2010 and for the purchases associated with the reinvestment of principal payments from agency debt and agency MBS announced by the FOMC on August 10, 2010.
http://jlne.ws/hp922J

Africa investment banking fees double in Q1 2011
Reuters
Sub-Saharan Africa investment banking fees doubled in the first quarter of 2011 from a year ago, with equity market operations posting their strongest first quarter performance since a 2007 regional boom.
http://jlne.ws/fNFinN

One Million Contracts… and counting! | NYSE Exchanges
http://jlne.ws/egdAkr

FINRA Fines Santander Securities $2 Mln For Deficiencies In Structured Products, Unsuitable Reverse Convertible Sales
Press Release
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Santander Securities of Puerto Rico $2 million for deficiencies in its structured product business, including unsuitable sales of reverse convertible securities to retail customers, inadequate supervision of sales of structured products, inadequate supervision of accounts funded with loans from its affiliated bank, and other violations related to the offering and sale of structured products. In addition to paying the fine, the firm is required to review its training, supervision and written procedures in the relevant areas. Santander Securities has reimbursed more than $7 million to its customers for losses that resulted from reverse convertible securities.
http://jlne.ws/gHfjJV

U.S. Trade Deficit Narrows
By Luca Di Leo and Tom Barkley, WSJ.com
The U.S. trade deficit narrowed in February from the seven-month high hit in January, but not as much as expected, suggesting trade weighed on the economy in the first three months
http://jlne.ws/h5T8tx

Record Attendance at ISDA’s 26th Annual Meeting
Press Release
A record level of attendance – over 900 delegates – is expected this week as over-the-counter (OTC) derivatives industry gathers in Prague for ISDA’s 26th Annual General Meeting. The high turnout at this pre-eminent annual event demonstrates the Association’s global scope, the active participation of its member firms and the significant level of activity underway as part of the Association’s mission: safe, efficient OTC derivatives markets.
http://jlne.ws/etbp49

U.S. Fed's Dudley Calls for More Cooperation Among Global Regulators
Bloomberg
Federal Reserve Bank of New York President William C. Dudley said regulators of financial companies worldwide need to improve their coordination to minimize the severity and frequency of market crises.
http://jlne.ws/hB18jz

GOP to argue Volcker study didn't consider rivals
Market Watch
Republican lawmakers are planning to raise concerns this week that a newly formed council of bank regulators failed to adequately consider international competitiveness in a study about a controversial Volcker Rule for big banks the group produced, according to a GOP memo obtained by MarketWatch.
http://jlne.ws/fJ2yLf

The banking system – still broken
Posted by Tracy Alloway, Financial Times
Here’s a perfectly nuanced view of how quantitative easing — the programme started by the Federal Reserve to avert depression following an almighty banking bubble — impacts asset prices.
http://jlne.ws/hvvxo9

Austerity Alone Is Not the Perfect Cure
By PAUL HANNON, WSJ
The sick have been separated from the healthy, and the task now is one of healing and repair. That's the message coming from euro-zone governments, sustained in part by developments in government bond markets in recent weeks.
http://jlne.ws/h2nOz0

CME Group's Duffy to Appear Before the Senate Banking Committee
Press Release
CHICAGO, April 11, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, announced that Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Tuesday, April 12, to discuss oversight of Title VII of the Dodd-Frank Act.
http://jlne.ws/cjpXe7

HSBC sells Mexican pensions management business
Sharecast Finance News via Yahoo! UK & Ireland Finance
Grupo Financiero HSBC, a Mexican subsidiary of global banking giant HSBC, has agreed to sell its pension funds management business, HSBC Afore, for around $198m.
http://jlne.ws/ecJbHs

HSBC: DOJ Goes After Taxpayers with Undisclosed Offshore Accounts in India
PRWeb
On April 7, 2011, the Honorable Phyllis J. Hamilton of the United States District Court for the District of Northern California ordered the Internal Revenue Service to serve a "John Doe" Summons on HSBC Bank USA, NA for HSBC's records relating to United States taxpayers with interests in financial accounts in India.
http://jlne.ws/h36ZzU

Pimco manager bets against US debt
By Dan McCrum - Financial Times
Bill Gross, manager of the world’s largest bond fund, is now actively betting against the value of debt issued by the US government. Pimco’s $236bn Total Return Fund held minus 3 per cent of its assets in government related securities at the end of March, down from zero the month before, according to a report issued by the company on Monday.
http://jlne.ws/g2RrFR

Deutsche Börse: Two Bonds Tradable In Entry Standard From Today
Press Release
Golden Gate AG Und S.A.G. Solarstrom AG Are First In New Segment For Bonds
http://jlne.ws/g9gBkz