Housing starts hit 6-month high
Reuters
Housing starts rose more than expected in June to touch a six-month high and permits for future construction unexpectedly increased, a government report showed on Tuesday, likely reflecting growing demand for rental apartments.
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Goldman to Cut Jobs as Debt Trading Misses
By Christine Harper, Bloomberg
Goldman Sachs Group Inc. (GS), the U.S. bank that makes most of its money from trading, said it will cut about 1,000 jobs after a plunge in fixed-income revenue that was bigger than analysts estimated.
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NYSE Euronext Appoints John Spiegel as Vice President, Interest Rate Business Development for NYSE Liffe U.S.
NYSE Euronext (NYX) today announced that John Spiegel has been appointed as Vice President, Interest Rate Business Development, for NYSE Liffe U.S. In this Chicago-based role, Mr. Spiegel is responsible for expanding the NYSE Liffe U.S. interest rate futures complex by continuing to create and develop strong customer relationships across the spectrum of key market participants, including banks, asset managers, FCMs, and inter-dealer brokers. He will report to Marco Bianchi, Senior Vice President, Head of Business Development, NYSE Liffe U.S.
http://jlne.ws/p7WjJW
FSB releases consultation documents on measures to address systemically important financial institutions
The Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are today launching a public consultation on two documents that set out proposed measures to address the systemic and moral hazard risks posed by systemically important financial institutions (SIFIs). The measures implement the framework contained in the FSB’s recommendations endorsed by the G20 Leaders in November 2010.
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Debt Deal Search Intensifies
By CAROL E. LEE And NAFTALI BENDAVID, WSJ.com
Top White House officials and congressional leaders are racing against the clock to devise a scaled-down deficit-reduction proposal that would get both President Barack Obama's signature and enough Republican votes to pass the House in time to avert a government default.
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Bank of NY Mellon gains on European uncertainty
FT.com
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Greece debt: Merkel dampens expectations of deal
BBC
German Chancellor Angela Merkel has played down the chances of Thursday's emergency eurozone summit resolving Greece's debt crisis.
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Consumer Spending: The Chicken or the Egg
By DAVID LEONHARDT, The New York Times
Yet more on the consumer bust, this time from David Backus (via Andrew Gelman): The suggestion … is that the economy is growing slowly because consumers aren’t spending money. But how do we know it’s not the reverse: that consumers are spending less because the economy isn’t doing well. As a teacher, I can tell you that it’s almost impossible to get students to understand that the first statement isn’t obviously true. What I’d call the demand-side story (more spending leads to more output) is everywhere, including this piece, from the usually reliable David Leonhardt.
http://jlne.ws/rnCTAd
Rules cleared to identify systemic clearinghouses
By Ronald D. Orol, MarketWatch
A group of financial watchdogs on Monday approved rules for designating derivatives clearinghouses systemically important, a move that will allow regulators to start identifying which of the intermediaries for the $450 trillion swaps industry will be subject to higher capital levels and more examinations.
http://jlne.ws/ruGR9b
Bank of Canada keeps key interest rate at 1%
CBC News
The Canadian dollar soared nearly a penny in trading Tuesday after the Bank of Canada decided to keep its bench-mark overnight interest rate steady at one per cent.
http://jlne.ws/pnKiKE
Start-Up Targets Price Transparency in Bonds, Derivatives
BY KATY BURNE, Dow Jones
A technology start-up called Benchmark Solutions introduced a service Monday offering investors a way to assess if dealers are offering them a fair price on fixed-income and derivatives trades. The company, started by the co-founder of electronic bond and swaps trading platform Tradeweb Markets LLC and backed by private-equity giant Warburg Pincus LLC, promises to try to bring the same level of price transparency to credit markets that exists in the stock markets.
http://jlne.ws/peXCsZ
Tradition sees strong take up of swaps platform
By Philip Stafford, Financial Times
Compagnie Financière Tradition, one of the five biggest interdealer brokers, is shaping up to rival market leader Icap after the Swiss-based group said its new electronic trading platform had conducted trades worth more than E100bn in its first two months of existence.
http://jlne.ws/ogn946
Debt fears lead to US downgrade
By Michael Mackenzie in New York, Financial Times
Egan-Jones has become the first US rating agency to downgrade the country’s sovereign credit rating from triple A to double A plus as it focuses on the rapid rise in outstanding debt over the past five years.
http://jlne.ws/oDKu3c
Royal Bank of Scotland is sued by federal regulators over credit union losses
Los Angeles Times
The National Credit Union Administration lawsuit is seeking $629 million for allegedly selling risky mortgage securities to Western Corporate Federal Credit Union. Federal regulators are seeking $629 million in damages from a Royal Bank of Scotland unit accused of selling riskier-than-advertised mortgage securities to Western Corporate Federal Credit Union, a San Dimas credit union that failed ...
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Deutsche Bank, SocGen Face Pressure to Boost Funds After Tests
BusinessWeek
Deutsche Bank AG, Royal Bank of Scotland Group Plc, Societe Generale SA and UniCredit SpA may face pressure from investors to boost capital after scraping through Europe's banking stress tests.
http://jlne.ws/nmzgIl
RBS restructuring head to quit for Lloyds - report
Reuters Finance News (EU) via Yahoo! UK & Ireland Finance
Royal Bank of Scotland's head of restructuring and risk, Nathan Bostock, is leaving the bank to join rival Lloyds Banking Group , Sky News reported on Monday. Bostock is expected ...
http://jlne.ws/ogWw4K
HSBC alerts customer segment of IRS letter
UPI
A bank at the core of a U.S. crackdown on tax scofflaws has alerted Indian-American clients it received an IRS summons seeking U.S. account-holders' names.
http://jlne.ws/p1hBmO
HSBC, Barclays on cost-cutting spree
Business Standard India
In a departure from roaring growth and profit numbers posted last year, two leading British lenders in the country, HSBC and Barclays, are on a cost-cutting spree, involving some retrenchments as they realign their operations.
http://jlne.ws/r15SJJ
Barclays Takes the Lead in IPOs
BusinessWeek
Ros Stephenson's cultivation of private equity firms pays off.
http://jlne.ws/pTFYxk
U.S. regulators sue RBS over mortgage securities
Reuters via Yahoo! UK & Ireland News
Royal Bank of Scotland is facing a second lawsuit from U.S. credit union regulators accusing it of misrepresenting mortgage backed securities that it sold.
http://jlne.ws/okp7eP
Regulators Weigh Changes To Bank Ownership Caps In Swaps Venues
By Jacob Bunge and Katy Burne, DOW JONES
Regulators are reconsidering proposals that would limit the amount of voting power dealer banks have in derivatives clearinghouses and swaps trading platforms, worried that draft rules went too far, according to people involved in the discussions. A proposal last fall from the Commodity Futures Trading Commission would have allowed up to one-fifth of voting equity to be held by any individual member in a clearinghouse or swap execution facility.
http://jlne.ws/nmXDsf
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