FDIC OKs minimum capital standard for banks
By Ronald D. Orol, MarketWatch
The Federal Deposit Insurance Corp. on Tuesday adopted a rule requiring U.S. big banks be subject to the same minimum standards for capital as community banks. The rule is part of the government’s ongoing implementation of the Dodd-Frank bank reform act.
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Bernanke, Fiscal Sustainability--June 14, 2011
I am pleased to speak to a group that has such a distinguished record of identifying crucial issues related to the federal budget and working toward bipartisan solutions to our nation's fiscal problems. Today I will briefly discuss the fiscal challenges the nation faces and the importance of meeting those challenges for our collective economic future. I will then conclude with some thoughts on the way forward...
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Regulators move to delay swaps crackdown, bolster banks
By Christopher Doering and Dave Clarke, Reuters
U.S. regulators threw a temporary bridge across the increasingly awkward gap between the idea of regulating the $600-trillion swaps market and the reality of actually doing it.
http://jlne.ws/ljAH92
FITCH: Asia-Pacific structured finance mostly stable in 2010; Japan excepted
Reuters
June 13 (Fitch) Fitch Ratings says in a Special Report that Asia-Pacific structured finance (SF) ratings were considerably less volatile in 2010 than in the previous year. The total number of rating changes in 2010 was 76, down from 173 in 2009.
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Federal Reserve Bank of Cleveland: PPI rises in May
The Producer Price Index (PPI) for finished goods rose at an annualized rate of 2.5 percent in May, compared to an 11.5 percent growth rate over the previous six months and a 12-month growth rate of 7.3 percent.
http://jlne.ws/j7AKEO
Joe Biden group looks for budget deal
By DAVID ROGERS, Politico
With 2012 appropriations bills already moving through the House, White House budget talks return Tuesday to where they began six months ago: Republican demands for deep cuts from domestic spending and foreign aid.
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NYSE Liffe U.S. Reaches New Records in Volume and Customer Participation
Press Release
NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced that the exchange has reached a key milestone in customer participation with total exchange Open Interest surpassing a half million contracts and approaching 550,000. Less than 3 months after launching Eurodollar and U.S. Treasury futures on the exchange, Open Interest is just under 470,000 with more than 4 million total contracts traded. This level of volume, open interest and liquidity is evidence of the rapid acceptance of NYSE Liffe U.S. by customers and is an unprecedented accomplishment for a new futures exchange.
http://jlne.ws/mkWHSE
Global Financial Strategy - Asian regulators hit back after US jibes
By Will Henley, GFS News
Asian regulators have hit back following American jibes that other national authorities may provoke a "race to the bottom" by not fully implementing globally agreed financial reforms.
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Business inventories rise 0.8 percent in April
Reuters
Business inventories rose modestly in April amid a small increase in stocks of motor vehicles, a government report showed on Tuesday.
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Europe at mercy of rating agencies to introduce regulatory steps - The Economic Times
The Economic Times
A year after it pledged to curb the power of the credit rating agencies, Europe remains at their mercy as it struggles to introduce regulatory steps and the agencies show little sign of softening their stance on the region's debt crises.
http://jlne.ws/jglDc4
Greece Branded With World’s Lowest Credit Rating by S&P on Default Threat
By Jennifer Ryan and Gabi Thesing, Bloomberg
Greece was branded with the world’s lowest credit rating by Standard & Poor’s, which said the nation is “increasingly likely” to face a debt restructuring and the first sovereign default in the euro area’s history.
http://jlne.ws/iLTtEx
ECRI's Achuthan: A Prolonged Slowdown
ECRI
ECRI's Lakshman Achuthan talks Simon Constable about a drawn-out slowdown ahead for the U.S. economy, including more sluggish jobs growth that could be around for months to come.
http://jlne.ws/iZL2ID
Economists React: Good News, Bad News for U.K. Inflation
By Tim Hanrahan, WSJ.com
The annual rate of inflation in the U.K. remained at 4.5% in the year to May, in line with expectations, as a decline in travel costs offset higher food prices and a record rise in prices for alcohol and tobacco. Below, economists react to the data, and say what they mean for future Bank of England rate moves.
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GDP impact of oil price shock
By Theo Janse van Rensburg, World Bank
The current turmoil in the Middle East and North Africa has been associated with a $22/bbl increase in oil prices from $90/bbl in December 2010 to $112/bbl by late April 2011 (a 40% increase over the average price of $79.60/bbl in 2010).
http://jlne.ws/jmdsvn
Autos Pull Retail Sales Lower
BY TOM BARKLEY AND JEFFREY SPARSHOTT, WSJ.com
U.S. retailers in May suffered the first drop in sales in 11 months, as Americans facing higher bills at the grocery store and fuel pump cut back on big-ticket items like cars and appliances.
http://jlne.ws/kknG5R
Swaps Veteran Thomas Jasper Joins Trading Venue
By Katy Burne, Dow Jones
Thomas Jasper, a founding chairman of the International Swaps and Derivatives Association, has been hired by Traccr, a London-based swap trading venue, as its strategic adviser, the company announced late Monday. Traccr is a request-for-quote portal for the electronic trading of credit derivatives. It is regulated by the U.K. Financial Services Authority and has approvals to do business in 16 European countries.
CFTC Could Grant Exemptions While Finishing Swap Rules - NY Lawyers
By Katy Burne, DOW JONES NEWSWIRES
The Commodity Futures Trading Commission has the power to grant exemptive relief to swap market participants while it finalizes rules stemming from last year's Dodd-Frank financial overhaul law, according to the New York City Bar Association. In a letter to the Commission on Monday, the Association's Committee on Futures and Derivatives Regulation said that while the agency does not have the power to exempt a party altogether from the requirements of Dodd-Frank, the Committee believes the CFTC does have the power under the Act to grant exemptive relief from some of its own rules.
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Is Boring Banking Better?
Forbes
Bloomberg Businessweek says that the financial firms are shrinking "as they deal with a past that won't go away and a future of lower revenues and fewer jobs." New regulations may limit fees and higher capital requirements will hit profit margins.
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IMF board blocks Fischer candidacy
By Alan Beattie in Washington and Tobias Buck in Jerusalem, Financial Times
The board of the International Monetary Fund has blocked the application of Stanley Fischer, governor of the Bank of Israel, to head the organisation, leaving only two candidates in contention. The candidacy of Mr Fischer, 67, who announced his decision to run for the position of managing director on Saturday, would have required IMF members to waive a requirement that applicants be younger than 65.
http://jlne.ws/kZnuVg
US demands tax tolerance of foreign financial groups
By Gillian Tett, Financial Times
This summer, the senior management of one of Asia’s largest financial groups is quietly mulling a potentially explosive question: could it organise some of its subsidiaries so that they could stop handling all US Treasury bonds? Their motive has nothing to do with the outlook for the dollar. Nor does it reflect fears about the US debt ceiling (or the risk that the US will soon default if it fails to raise the legal limit on bond issuance).
http://jlne.ws/kr0kAh
U.S. Criticizes BofA
BY RUTH SIMON, WSJ
A U.S. official said Bank of America Corp. "significantly hindered" a federal investigation of the company's foreclosure practices. In a seven-page statement filed June 8 in an Arizona state court in Phoenix, William W. Nixon, a Department of Housing and Urban Development assistant regional inspector general, detailed numerous examples in late 2010 when officials of the Charlotte, N.C., bank allegedly failed to cooperate with investigators.
http://jlne.ws/jFdUsF
Goldman Intern Had Link to Libyan Fund
CNBC
Goldman Sachs gave a paid internship to a top Libyan official's relative while the bank was carrying out lossmaking trades on behalf of the country's sovereign wealth fund, the Financial Times has learnt.
http://jlne.ws/lsxetd
ISDA Announces New IIGC Co-chairs
Press Release
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that Athanassios Diplas of Deutsche Bank and Charles Mulhern of Wellington Management Company have agreed to serve as co-chairs of the ISDA Industry Governance Committee (IIGC). The new co-chairs succeed Stephen O'Connor, who has stepped down as IIGC chair following his election as chairman of ISDA’s board of directors in April, 2011.
http://jlne.ws/kWsW7t
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