IMF Announces New Ethics Code And Standards
By Ian Talley, MarketWatch
The International Monetary Fund said Thursday it recently changed its ethics code, now censuring staff for personal relationships between supervisors and subordinates. The new ethics code was approved on May 6.
http://jlne.ws/koELuL
IMF: Wider Plan Needed to Address Ireland's Problems
http://bit.ly/l6jBOL
Lagarde Warns on Greece's Public Finances
http://jlne.ws/kauSrV
Financial regulation: A shield asunder
http://jlne.ws/mBTg5E
Legal trouble mounting for biggest mortgage lenders. How much will it cost to buy peace with govt?
http://bit.ly/lE8TNm
Greece Downgraded by Fitch, Norway Cuts Funding
Greece’s troubles escalated further on Friday, as Fitch downgraded the country’s sovereign debt rating and Norway was one of three nations that froze a payment of 235 million kroner ($42 million) in European Economic Area grants to Athens.
http://www.goldalert.com/2011/05/greece-downgraded-by-fitch-norway-cuts-funding/
Rate swap volumes set to surge on new system
By Jeremy Grant, Financial Times
Volumes in the interest rate swaps market are set to surge as regulatory reforms push the bulk of contracts currently traded over-the-counter onto electronic platforms. Icap, the world’s largest interdealer broker, and Tabb Group, a consultancy, predicted the Dodd-Frank act in the US and similar reforms of OTC derivatives in Europe would transform the interest rate swaps market – largely voice-brokered – into one with a far broader range of investors.
http://jlne.ws/m42Pvb
Remarks By Deputy US Treasury Secretary Neal S. Wolin At The Singapore Exchange
Press Release
http://jlne.ws/jJfASE
U.S. Treasury Department Statement Regarding Leadership Of The International Monetary Fund
Press Release
Today, the U.S. Department of the Treasury issued the following statement from Secretary Tim Geithner following the resignation of Dominique Strauss-Kahn as Managing Director of the International Monetary Fund (IMF).
http://jlne.ws/l6l6Mg
Analysis: OTC swaps face legal void as CFTC misses deadline
By Christopher Doering, Reuters
(Reuters) - Billions of dollars in derivatives will be headed into legal limbo if U.S. regulators don't create a short-term fix to the market chaos that could be unleashed by missing a July financial reform deadline. The Commodity Futures Trading Commission, in the midst of writing dozens of new rules, has said it will miss the July 16 deadline for implementing rules that give it oversight of the $600-trillion global over-the-counter derivatives market.
http://jlne.ws/j318tR
Spain Vote Threatens to Uncover Debt
By JONATHAN HOUSE And SARA SCHAEFER MUñOZ - WSJ
MADRID—Weekend elections that threaten to drive Spain's ruling Socialist party from power in several regions and cities also promise a potentially nasty surprise: the revelation of piles of undisclosed debt in local governments that could undercut the country's drive to avoid an international bailout.
http://jlne.ws/mdekuL
Debt Calculations Weigh on Restructuring Decisions
By STEPHEN FIDLER - WSJ
For the first time this week, a taboo was lifted. European officials can now use the "R" word— restructuring—in sentences that don't also have "not" in them. Restructuring Greece's government debt—changing the conditions attached to its bonds to lessen the burden—is now something that can be talked about in polite company. (With the proviso that it will be the nicest, gentlest, most-investor-friendly restructuring possible.)
http://jlne.ws/j0LDoK
ICAP Exceeds $300 Billion In US Electronic CDS Trades
By Katy Burne, Dow Jones
ICAP PLC (IAP.LN IAPLY), the world's largest interdealer broker, announced Thursday it has surpassed $300 billion in electronically traded U.S. credit default swaps on its BrokerTec platform. That cumulative tally since the broker launched electronic CDS trading in October 2007 signals that dealers are increasingly comfortable trading on-screen without human interaction with a broker.
http://jlne.ws/l8lP6V
UBS's McCann Denies Speculation of Talks With Wells Fargo
Bloomberg
UBS AG (UBSN) denied speculation it may sell its U.S. wealth management unit to Wells Fargo & Co. (WFC) , saying it remains an "important part" of the Swiss bank.
http://jlne.ws/l1DLhO
Morgan Stanley CEO Frets Over Capital Rules
Finance Technology Network
Morgan Stanley Chief Executive James Gorman is concerned that regulators may force large banks to hold too much capital, a move that banks worry would crimp profits.
http://jlne.ws/l6Iroo
Deutsche Bank chairman denies Kirch conspiracy
Reuters via Yahoo! India News
The legal battle between Deutsche Bank and media mogul Leo Kirch looked no closer to being resolved after a day of hearings in a Munich court which saw Chief Executive Josef Ackermann in the witness stand.
http://jlne.ws/k2W33v
Basel Methodology, EU Stress, Resona Pledge, Privacy Hearings: Compliance
Bloomberg
Bank of Canada Governor Mark Carney said global regulators intend to release criteria for identifying systemically important financial institutions in July.
http://jlne.ws/inSXiF
Financial regulation: A shield asunder
By Tom Braithwaite, Brooke Masters and Jeremy Grant - Financial Times
A financial regulator's badgeOn a late January day in a discreet basement room of the Grischa Hotel by the ski lifts of Davos, Tim Geithner listened to grievances from 14 executives from some of the biggest financial groups in the world.
http://jlne.ws/jlMCRV
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