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
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
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...
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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
SIFMA Market Close Recommendations for Observance of the Good Friday Holiday in the US
SIFMA Recommends 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
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
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
F&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.
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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
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
Barclays And Citadel Announce E-Traded,Cleared Rate Swap
By Katy Burne, Dow Jones Newswires
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.
http://jlne.ws/hqvxxO
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.
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Should You Worry About a U.S. Default?
By Catherine Rampell, The New York Times
Standard & 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
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
ELX Comment Letter to CFTC on Core Principles and Other Requirements for DCMs
http://bit.ly/gk6uZe
Faltering in a stormy sea of debt
By Martin Wolf
It is astonishing that Standard & 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
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
Remarks By Deputy U.S. Treasury Secretary Neal S. Wolin
Press Release
http://jlne.ws/hj0ToU
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
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
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
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