Fed’s Kocherlakota Lowers Forecast for Economic Growth, Urges Tightening
By Steve Matthews, Bloomberg
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota trimmed his forecast for U.S. economic growth and raised his outlook for unemployment slightly while reiterating his call for higher interest rates this year.
http://jlne.ws/myz60r
Lagarde Announces IMF Candidacy
BY DAVID GAUTHIER-VILLARS , WILLIAM HOROBIN AND DAVID PEARSON, WSJ.com
France's Finance Minister Christine Lagarde on Wednesday officially declared her candidacy to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund, launching a global race for the prominent position.
http://jlne.ws/mezZN9
DTCC: Indemnification Provision In Dodd-Frank Could Create Unintended Negative Consequences
Press Release/Reuters
The Depository Trust & Clearing Corporation (DTCC) today cautioned in testimony before a House Agriculture subcommittee that the indemnification provision of Dodd-Frank could create unintended negative consequences, including undermining efforts to enhance transparency and mitigate systemic risk in the over-the-counter (OTC) derivatives market. The hearing was called to discuss global harmonization, extra-territoriality issues and technical concerns with the implementation of the Dodd-Frank Act.
http://jlne.ws/kB2eT7
LCH.Clearnet has revised risk parameters for Irish gov bonds. Additional margin will change from 55% to 65% for longs
In accordance with the Sovereign Credit Risk Framework and in response to the yield differential of 10 year Irish government debt against a AAA benchmark, LCH.Clearnet Ltd has revised the risk parameters for Irish government bonds cleared through the RepoClear service. The additional margin required for positions of Irish government bonds will consequently be increased from 55% to 65% for long positions; this amount will be adjusted for the current bond price*. Short positions will pay a proportionately lower margin.
http://jlne.ws/msJphG
EU's Damanaki tells Greece euro membership at risk
Reuters
Greece must take tough measures to deal with its debt crisis or it will have to return to the drachma, the EU's Fisheries Commissioner Maria Damanaki said on Wednesday.
http://jlne.ws/iLewa1
CME To Rework Financial Safeguards For CDS Clearing Platform
By Katy Burne, Of DOW JONES NEWSWIRES/Nasdaq
CME Group Inc. (CME) is planning to rework financial safeguards for its derivatives clearing platform for credit default swaps over the next quarter or two, establishing a separate default fund for CDS clearing, the company said Tuesday.
http://jlne.ws/lMC7aJ
June 17, 2011: NYSE Liffe U.S. Becomes the Sole U.S. Exchange for MSCI Index-based Futures
Launched in September of 2008, NYSE Liffe U.S. is the U.S.-based and CFTC-registered futures exchange of NYSE Euronext. NYSE Liffe U.S. offers trading in precious metals futures and options, MSCI index-based equity futures and U.S. interest rate futures including Eurodollar and U.S. Treasury futures.
http://jlne.ws/kWIMCh
German bank exposure to Greece 'manageable:'
By William L. Watts, MarketWatch
German banks' exposure to Greece is "manageable," but contagion risks are high, Fitch Ratings said in a report released Wednesday. "The worst consequence of any Greek sovereign default for German and other European banks would be in a sharp increase in general capital market and creditor risk aversion at a time when many banks are still in rehabilitation mode," said Michael Dawson-Kropf, senior director in Fitch's EMEA financial institutions group. The ratings company said it "does not currently envisage" any rating action on German banks as a result of their direct exposure to Greece., but warned of "high potential contagion risks" if there were any restructuring of Greek sovereign debt
http://jlne.ws/kkm3Lr
With The Backing Of Europe, French Fin Min Lagarde Announces IMF Bid
Forbes
French Finance Minister Christine Lagarde officially announced her candidacy for the top seat at the IMF. After much speculation, Lagarde has garnered the support of major European figures such as Germany’s Angela Merkel and appears poised to replace her former compatriot, Dominique Strauss-Kahn.
http://jlne.ws/jvokbo
U.S. Home Prices Fell 5.5%, Most in Almost Two Years
By Kathleen M. Howley, Bloomberg
U.S. home prices dropped 5.5 percent in the first quarter from a year earlier, the biggest decline in almost two years, as sales of discounted foreclosures undermined real estate values.
http://jlne.ws/kWxvMR
Revenue Slide Dents Banks' Recovery
BY VICTORIA MCGRANE AND MICHAEL R. CRITTENDEN, WSJ.com
U.S. bank profits soared in the first three months of 2011, but revenue coming in the door fell for only the second time in almost 30 years, casting a shadow on the industry's continued recovery from the 2008 financial crisis.
http://jlne.ws/jvLmv5
Europe backs restricted clearing house reforms
By Nikki Tait in Brussels, Financial Times
European parliamentarians have given their backing to stricter regulation of derivatives but have restricted new rules designed to ensure that deals are cleared centrally to those contracts traded on a bilateral “over-the-counter” (OTC) basis. The move is a blow to those who had wanted to extend the scope of the regulation, known as the European Markets Infrastructure Regulation (Emir), to fast-growing exchange-traded derivatives as a way of spurring competition in the market
http://jlne.ws/k2DjE5
Moody's places 14 UK banks on watch
Brisbane Times
Moody's Investors Service on Tuesday placed 14 British banks including Lloyds TSB and Royal Bank of Scotland on review for possible downgrades, citing reduced chances of future government support.
http://jlne.ws/mBOW15
Goldman Sachs Hires ECB's Huw Pill as Chief European Economist
BusinessWeek
Goldman Sachs Group Inc. hired Huw Pill of the European Central Bank to replace Erik Nielsen as its chief European economist.
http://jlne.ws/mtbjbV
Goldman Bankers React to Subpoena News
CNBC
At an fashionable hotel bar on a recent night in New York, a trio of Goldman Sachs investment bankers were discussing the news that federal prosecutors are expected to issuing subpoenas for documents related to Goldmans mortgage business.
http://jlne.ws/kJvpnD
OECD urges Fed and BoE to raise rates
By Chris Giles in Paris - Financial Times
The Federal Reserve and the Bank of England should follow the European Central Bank and implement “early” rises in interest rates, the Organisation for Economic Co-operation and Development said on Wednesday, as it urged central banks to respond to evidence of self-sustaining growth.
http://jlne.ws/iJ9nAC
Malaysia mandates banks for global sukuk
The Malaysian Insider
KUALA LUMPUR, May 25 - Malaysia has picked four banks including CIMB, Citigroup and HSBC to arrange its upcoming US dollar global Islamic bond sale, IFR reported. The fourth bank could be Maybank, Thomson Reuters' unit IFR reported, adding that the sukuk offering was expected to be completed in June or July. Proceeds from the sale would be used to ...
http://jlne.ws/ixj8yA
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