Sovereign Crisis Drives Investors to Aussie Bank Bonds
By Sarah McDonald, Bloomberg
Bond investors seeking refuge from Europe’s sovereign debt crisis are finding Australia’s banks safer than their global peers, even after the top four lenders’ credit ratings were downgraded last month.
http://jlne.ws/jJPf5K
Citigroup fires starting gun on EMI auction
By Andrew Edgecliffe-Johnson, Citigroup
Citigroup has fired the starting gun on the auction of EMI, the British music business it seized from Guy Hands’ Terra Firma group in February, setting up a probable sale of the company behind the Beatles and the James Bond theme tune. The US bank is moving faster than many potential bidders predicted, hoping to take advantage of a stabilising US music market and strong interest from bidders in this spring’s auction of Warner Music, which Len Blavatnik’s Access Industries won in May with a $3.3bn offer.
http://jlne.ws/jqy5AT
NYSE BondMatch receives AMF approval
Press Release
Amsterdam, Brussels, Lisbon, London, Paris, Monday, 20 June 2011 - NYSE Euronext (NYX) today announced that NYSE BondMatch, its new Multilateral Trading Facility (MTF) designed to meet European user needs for transparency, liquidity and effective pre- and post-trade services on the euro-denominated bond market, received regulatory authorization and will begin trading on July 11, 2011.
http://jlne.ws/jW1d24
Sovereign defaults and GDP: To default, or not to default?
The Economist
IN THEORY, fears about the economic damage wrought by a sovereign default should play a big role in disciplining countries considering repudiating their debts. But while countries that default do find themselves locked out of markets for some time, any growth penalty from a default tends to be short-lived. Argentina saw its GDP decline by 10.9% in the year after its December 2001 default.
http://jlne.ws/iQjNKN
Dodd-Frank:Final rule establishes risk-based capital floor for largest internationally active banks
Press Release
Three federal banking regulatory agencies adopted a final rule that establishes a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule, finalized by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, is consistent with the requirements of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/lxft7x
For Greece, a delicate endgame of finger pointing Marsh on Monday
By David Marsh, MarketWatch
The endgame for Greece’s relationship with the economic and monetary union may still be some time off, but the contours of the final act of the drama are starting to emerge. It seems fairly likely that Greece eventually will be forced to leave EMU, but the timing is still far from clear. Three guiding precepts stand out.
http://jlne.ws/jtBIvO
New rules to shine light on off-exchange derivatives Australia
By Gareth Hutchens, The Sydney Morning Herald
IN A bid to strengthen Australia's financial system, secretive off-exchange ''derivatives'' could soon be forced through central clearinghouses under the eyes of regulators.
http://jlne.ws/m6gsdH
EU Urges Greece to Back More Austerity
By RIVA FROYMOVICH And MATTHEW DALTON, WSJ.com
European Union leaders expressed confidence Monday at a meeting in Luxembourg that Greece will concede on implementing economic reforms in exchange for the next tranche of aid to help it avoid default.
http://jlne.ws/kCDxmW
Banks Are First Companies to Be Targeted by European Union Data-Theft Rule
Bloomberg
Banks will be among companies forced to notify authorities of “serious” leaks of customer data in a crackdown after hackers targeted Sony Corp. (6758) and Sega Sammy Holdings Inc. (6460), the European Union’s top privacy official said.
http://jlne.ws/mcqj7r
EU debt crisis threat to Canadian economy
By TARA PERKINS, The Globe And Mail
The sovereign debt situation in Europe could pose a threat to the economy in Canada and those elsewhere, Finance Minister Jim Flaherty suggested Monday.
http://jlne.ws/j3hPkZ
Juncker offers chink of hope to Ireland
Hedge Analyst
A change in the terms of conditions in the EU ‘permanent bailout fund’ due to be launched in 2013 has been greeted with caution by economists but could be seen as a ‘lifeline’ by politicians
http://jlne.ws/kKYt47
NYSE BondMatch receives AMF approval
Press Release
Amsterdam, Brussels, Lisbon, London, Paris, Monday, 20 June 2011 – NYSE Euronext (NYX) today announced that NYSE BondMatch, its new Multilateral Trading Facility (MTF) designed to meet European user needs for transparency, liquidity and effective pre- and post-trade services on the euro-denominated bond market, received regulatory authorization and will begin trading on July 11, 2011.
http://jlne.ws/jW1d24
IMF Global Financial Stability Report, GFSR Market Update - June 2011
Press Release
http://jlne.ws/lawaT2
Saving the IMF for the world
Financial Times
No one foresaw the manner and suddenness of Dominique Strauss-Kahn’s departure from the helm of the International Monetary Fund. Thankfully, the transition to a new leadership has so far been less disruptive than one might have feared. By the end of the month, the next managing director will have been appointed. He or she – almost certainly she – will have to steer the IMF through big transformations, starting with the recruitment process itself.
http://jlne.ws/m01doN
Goldman Sachs banker teams up with ex-Asda chief on retail venture
eFinancial News
The departing head of retail investment banking at Goldman Sachs has teamed up with the former chief executive of Asda to launch a new vehicle that will buy small businesses in the retail sector, Financial News can reveal.
http://jlne.ws/jMxI1r
Goldman's Salame Is Said to Plan Move to New York, Consider New Assignment
Bloomberg
Pablo J. Salame, one of Goldman Sachs Group Inc. (GS) 's four sales and trading chiefs, plans to move to New York from London this summer and may take a new assignment, according to three people familiar with the matter.
http://jlne.ws/k6zRo7
PNC Said to Pay $3.45 Billion for RBC U.S. Retail Banking Unit
BusinessWeek
PNC Financial Services Group Inc. has agreed to pay $3.45 billion in cash and stock for Royal Bank of Canada's U.S. retail banking unit, according to people with knowledge of the matter.
http://jlne.ws/mkL5WF
UBS Hires Citigroup's Brengel, Frauenhofer for Technology
BusinessWeek
UBS AG, Switzerland's biggest bank, hired Doug Brengel and Bill Frauenhofer from Citigroup Inc. to head its technology group in the latest exchange of executives between the two firms.
http://jlne.ws/kOH7ZF
High street banks under pressure to adopt Barclays' PPI approach
Guardian Unlimited
Barclays' PPI compensation offer should be followed by Lloyds, RBS and HSBC, says Which? chief executive Lloyds Banking Group, Royal Bank of Scotland and HSBC are coming under pressure to follow Barclays after it said this week that it will compensate customers who were mis-sold payment protection insurance thousands of (PPI) on a no-quibble basis. Barclays, which has set aside £1bn to cover the ...
http://jlne.ws/j00kvl
Deutsche Bank says SIFI fees about what expected
Market Watch
A capital surcharge that regulators plan to impose on banks deemed too-big-to-fail is "about what we expected," the Chief Executive of Germany's Deutsche Bank AG (DB) told Dow Jones Newswires Friday.
http://jlne.ws/jn0U4D
UBS hires 1,000 staff in Greater China
eFinancial News
UBS has hired more than 1,000 staff in Greater China for its investment bank in the past 18 months, including around 100 people to help produce local-language research in Mandarin.
http://jlne.ws/jdrXKM
India set to open up retail banking
By James Fontanella-Khan in Mumbai, Financial Times
Indian industrial conglomerates, including Reliance Group and Mahindra & Mahindra, are set to be given access to the country’s lucrative retail banking sector after policymakers decided to drop years of opposition.
http://jlne.ws/kQBKgU
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