Volume of derivatives protecting against a U.S. default set a record as of May 27
Investors are ramping up their bets on whether the U.S. can resolve its fiscal crisis before reaching its debt limit in August. The volume of derivatives protecting against a U.S. default set a record as of May 27, the most recent data available, when the swaps industry warehouse for such trades recorded 988 contracts providing $26.2 billion of protection on Treasury debt. The Trade Information Warehouse, run by the Depository Trust & Clearing Corp., said that is the largest dollar amount since it began keeping records in October 2008.
http://jlne.ws/jKK2zx
FDIC Board Creates Advisory Committee on Systemic Resolutions
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved the creation of the FDIC Advisory Committee on Systemic Resolutions to provide advice and guidance on a wide range of issues regarding the resolution of large, systemically important institutions. The FDIC gained the authority to resolve such institutions with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.
http://jlne.ws/iMjb0m
Gross Says More Buying by Fed Unlikely Even as Job Growth Slows
Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, said the Federal reserveis unlikely to do a third round of quantitative easing even with the economy adding fewer jobs than forecast.
http://jlne.ws/iGmKKZ
Banks Shouldn't Hold Too Much Capital, Warns Bank Employee
By Mark Gongloff, The Wall Street Journal
How do you solve a problem like bank capital? How do you hold a moonbeam in your hand?http://jlne.ws/m0dQYr
Debt Ceiling Fight Could Strain Economy Even Before August, With Moody's Downgrade Possible
By William Alden, HuffPo
As politicians fight over the federal debt ceiling, Americans could start feeling the consequences of Congressional gridlock even before that limit is hit.http://jlne.ws/kCtSBZ
Brazil's Economic Boom Advances in First Quarter
BY JEFF FICK, WSJ.com
Brazil's economy continued to expand at the start of 2011, fueled by record-low unemployment and higher wages that allowed families to boost spending.
http://jlne.ws/j9ODkZ
Fed Governor: U.S. Should Go Beyond Basel III on Bank Capital
BY DEBORAH SOLOMON AND RANDALL SMITH, WSJ.com
Large U.S. financial institutions might be forced to sharply increase their capital cushions as part of a plan discussed by the Federal Reserve to help prevent another financial crisis.http://jlne.ws/k7Wu0Y
Swaps Data Deal Under Dodd-Frank Wins 89% Market Share for DTCC
By Matthew Leising, Bloomberg
The Dodd-Frank Act requirement that all swaps be reported to trade repositories may be creating a corner of finance where regulators are willing to shrug off monopoly concerns. The Depository Trust & Clearing Corp. last month won a contract to collect trade information on interest-rate swaps, the largest part of the $601 trillion over-the-counter derivatives market. New York-based DTCC already controls the data warehouse for credit-default and equity swaps, and adding interest-rate transactions will give it 89 percent of the global repository business.
CFTC's Gensler: Swaps Rules Will Lower Costs For Commercial End Users
By Jamila Trindle Of DOW JONES NEWSWIRES
Transparency and competitiveness brought to the swaps market will bring "tangible benefits" to corporations and commercial end users because it will lower costs over time, Commodity Futures Trading Commission Chairman Gary Gensler will tell a group of corporate treasurers in New York Thursday.
http://jlne.ws/jaQd6q
BoE warns clearing houses over taxpayer bailouts
By Philip Stafford, Financial Times
The Bank of England has warned that clearing houses should not assume they will receive a bailout by taxpayers if they fail. Paul Tucker, deputy governor, financial services at the Bank of England warned of “moral hazard” in allowing clearing houses - also known as central counterparties (CCPs) - to conduct business without a clear plan if the house goes bust.
http://jlne.ws/lfjaO5
Arguing over the ABC and D of the crisis
By Martin Wolf, Financial Times
The debate over post-crisis monetary and fiscal policy has been heating up, on both sides of the Atlantic. The eurozone is committed to fiscal and monetary tightening. The US is shifting towards fiscal tightening, while future monetary policy is unclear. Meanwhile, the UK is committed to fiscal tightening, with the future of monetary policy also uncertain.
http://jlne.ws/lft2F0
Trichet seeks single EU finance ministry
By Quentin Peel in Berlin, Financial Times
Jean-Claude Trichet, president of the European Central Bank, has called on the European Union to take bolder steps towards controlling fiscal and economic policies, suggesting a long-term goal of establishing a European ministry of finance.
http://jlne.ws/jJuTwC
CME on the offensive in challenge to Liffe's rates
Jonathan Spicer, Reuters
CME Group Inc , the giant U.S.-based exchange operator, will ramp up trading of European-focussed interest rate products in a direct challenge to NYSE Euronext's Liffe business, and a shift to offense after years on defence.
http://jlne.ws/kYRwu8
Malloy dismisses possible UBS move as 'rumor'
Greenwich Time
Gov. Dannel Malloy dismissed speculation of the financial giant's possible move from the city on Thursday as rumors.
http://jlne.ws/inIGmE
RBS reportedly puts aviation unit on block
Market Watch
Royal Bank of Scotland Group PLC (RBS.LN), which is 83% owned by the U.K. government, has kickstarted a sale of its aircraft leasing business, some two years after the bank originally hired advisers to weigh up its strategic options, people familiar with the situation told Dow Jones Newswires Thursday.
http://jlne.ws/lJ4YTh
Deutsche says it does more with less
eFinancial News
The number of front office staff in Deutsche Bank's investment banking division has fallen by 12% from pre-crisis levels, according to a strategy presentation by Anshu Jain, while net revenue per person has increased 20%.
http://jlne.ws/jzRC2o
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