Fitch Says U.S. Debt Deal ‘Commensurate’ With AAA Rating
Forbes
One of the three major credit ratings agencies is out with a signal that Congress’ deal to raise the debt ceiling will be enough to maintain Uncle Sam’s AAA credit rating, for now.
http://jlne.ws/qrtI4p
Obama signs debt limit compromise
By Brian Montopoli, CBS News
President Obama signed a hard-fought, last-minute compromise bill to avert economic catastrophe Tuesday, saying the deal to cut spending and increase the nation's $14.3 trillion debt limit marked an "important first step to ensuring that as a nation we live within our means."
http://jlne.ws/roJ9Re
Fitch Comments on U.S. Debt Ceiling, Deficit Reduction Agreement & Sovereign Rating
Reuters/ Press Release
Fitch Ratings says that, as it expected, agreement was reached on an increase in the United States' debt ceiling and, commensurate with its 'AAA' rating, the risk of sovereign default remains extremely low. While the agreement is clearly a step in the right direction, the United States, as in much of Europe, must also confront tough choices on tax and spending against a weak economic back drop if the budget deficit and government debt is to be cut to safer levels over the medium term.
http://jlne.ws/nQKnL7
Sufficient number of senators pass debt limit bill
Associated Press
The Senate emphatically passed emergency legislation Tuesday to avoid a first-ever government default, rushing the legislation to President Barack Obama for his signature just hours before the deadline. The vote was 74-26.
http://jlne.ws/n2Va7s
A Renewed Focus on the Fed’s Role
By BINYAMIN APPELBAUM and CATHERINE RAMPELL, The New York Times
Even as Congress escapes from its brush with default, political divisions have all but immobilized the levers of fiscal policy, raising pressure on the Federal Reserve to address the nation’s economic lethargy.
http://jlne.ws/rr9KQo
Bank of Japan unlikely to intervene in forex market
By Timothy Ouyang, Channel News Asia
Amid growing speculation that the Bank of Japan (BOJ) may step in to intervene in the forex markets to stem the yen's rise, some analysts say it is unlikely to happen at its policy meeting later this week.
http://jlne.ws/mUCUyX
Barclays Cuts 3,000 Jobs on Revenue Hit
By Howard Mustoe and Gavin Finch, Bloomberg
Britain’s second- largest bank by assets, said it’s eliminating about 3,000 jobs this year as second-quarter investment banking profit fell by more than a quarter.
http://jlne.ws/qjoYyS
Total ICAP Electronic Broking Volumes for BrokerTec and EBS Platforms Increases 35%
Press Release
ICAP, the world’s premier interdealer broker, announced today that total electronic broking volumes for the month of July on the BrokerTec and EBS platforms reached US$884.4billion, an increase of 35% year on year. Total average daily volumes on the EBS platform were $180.5bn, up 36% year on year.
http://jlne.ws/p7scqL
PIMCO | Investment Outlook - Kings of the Wild Frontier
“Over the years we’ve had some fun together – killin some ‘bars,’ drinkin moonshine – some even in these chambers. (Whiskey that is – the ‘bars’ I’ve seen once or twice, but only when I was plum drunk). But the time for funnin is over. They’ll be no jokes from David Crockett today.”
Davy Crockett Speech to Congress, 1830. Figurative coonskin cap on head, I echo the sentiments of Davy Crockett – Indian fighter, Alamo defender and Tennessee Congressman – not necessarily in that chronological order.
http://jlne.ws/plyaho
Industrial producer prices stable in both euro area and EU27
Eurostat
In June 2011 compared with May 2011, the industrial producer price index1 remained stable in both the euro area2 (EA17) and the EU272. In May3 prices fell by 0.2% and 0.3% respectively. In June 2011 compared with June 2010, industrial producer prices gained 5.9% in the euro area and 6.9% in the EU27.
http://jlne.ws/pZrBS7
Data Reinforce Economic Malaise
BY CONOR DOUGHERTY AND JEFF BATER, WSJ.com
Americans stepped up their saving in June and cut spending, in a broad retrenchment that is both a cause of the slowing economic recovery and a reaction to it.
http://jlne.ws/peGEIZ
Lind-Waldock Changes its Name to MF Global
Press Release
MF Global Holdings Ltd. (NYSE: MF), a broker-dealer providing trading and hedging solutions, today announced that Lind-Waldock, the firm's flagship U.S. retail business, has changed its name to MF Global, effective immediately. Lind-Waldock was acquired by MF Global in 2005.
http://jlne.ws/cto7bF
Bank's Haldane makes case for counter-cyclical haircuts
Reuters
Regulating lending by imposing higher collateral requirements, or "haircuts", in times of rising asset prices could be a useful tool to promote financial stability, a top Bank of England official said on Monday.
http://jlne.ws/qi4noj
How Andy Haldane gets his haircut
Posted by Tracy Alloway, Financial Times
It’s no coincidence that with the shift to central clearing looming on the horizon, the Bank of England’s director for financial stability is talking about this subject. Haircuts, that is.
http://jlne.ws/p0hTvd
Spanish and Italian borrowing costs soar
By Richard Milne, Capital Markets Editor, Financial Times
Spanish and Italian borrowing costs hit fresh peaks on Tuesday for the euro-era as the European debt crisis shot back to the centre of investors’ attention.
http://jlne.ws/nMHRXX
ELX ANNOUNCES JULY RESULTS WITH YEAROVERYEAR GAIN IN ADV IN U.S. TREASURIES AND EURODOLLAR FUTURES
Press Release
New York, Aug 1, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today solid July results with strong yearoveryear average daily volume (ADV) performances in U.S. Treasury and Eurodollar futures contracts. ELX traded 1.2M contracts in July and celebrated its second year anniversary as an electronic futures exchange on July 10.
http://jlne.ws/o3Df6c
Average daily volume of 10 million contracts at Eurex Group in July
Press Release
July volumes grew at Eurex Exchange and ISE/ Eurex Exchange: KOSPI Product with new peak in volumes
http://jlne.ws/oTK2SN
Bank of America Merrill Lynch Names Peter Johnson Head of Global Futures and OTC Clearing
Bank of America Merrill Lynch announced today that Peter Johnson will join the company as managing director and head of global futures and OTC clearing. In this role, Johnson will assume global responsibility for all futures, options and OTC derivatives clearing.
http://jlne.ws/nZFcUG
RBS recruits as rivals cut
Matt Turner, Financial News
Royal Bank of Scotland, the UK government-backed bank, is still hiring for all functions and in all regions in equities, according to sources, as its rivals get ready to embark on a round of cost-cutting.
http://jlne.ws/rkCeAe
Barclays Profit Tumbles
BY MICHAEL HADDON AND MARGOT PATRICK, WSJ
Barclays PLC said Tuesday its first-half net profit fell 38%, as it set aside £1 billion ($1.63 billion) to compensate customers who were sold faulty insurance products and amid a sharp decline in revenue at its key investment-banking unit.
http://jlne.ws/qcfzla
Greek exposure weighs on BNP Paribas
By Jennifer Thompson in Paris, Financial Times
BNP Paribas, the biggest holder of Greek bonds among French banks, has made a E534m provision as part of a pledge to play a role in the Greek bail-out plan. Nevertheless, the strength of France’s biggest bank was proved as it posted a resilient set of second-half results. Net income for the second quarter of 2011 rose 1.1 per cent to E2.13bn ($3.02bn) on revenue down 1.7 per cent to E10.98bn, just missing the consensus estimate of analysts.
http://jlne.ws/pHcCt9
No Day in Court for Bank Clients
BY ROBIN SIDEL, WSJ
Some small and regional U.S. banks are prohibiting unhappy customers from taking their complaints to court or joining class-action lawsuits, instead requiring them to resolve disputes through arbitration. The banks are emboldened by a U.S. Supreme Court ruling in April that said state laws can't supersede private contracts that require customers to present their complaints individually to an arbitrator.
http://jlne.ws/p9SQWP
Buyside's worries on OTC derivatives
Financial Times
Financial regulation in the US, as set out by Dodd-Frank, has been delayed and the European Market Infrastructure Regulation (Emir) has also been put back as regulators realise they need more time. Jane Lowe, director of markets at the Investment Management Association, is keen regulators take the time to look at two issues for the buy-side - extra-territoriality - and whether some institutions will be regulated under Dodd-Frank and Emir, and "portability" of OTC derivatives contracts - another emerging hot issue.
http://jlne.ws/qiSOVL
FSA publishes new rules for platforms
Press Release
The Financial Services Authority (FSA) has today published rules on platforms regulation. This follows a review of the regulation of platforms in the context of the objectives of the Retail Distribution Review (RDR).
http://jlne.ws/q8sa2x
Clearstream facilitates creation of local Middle East Triparty Repo market
Press Release
Clearstream: Clearstream has facilitated the first triparty repo trade where cash is lent from a Middle East cash provider. The National Bank of Abu Dhabi (NBAD) is the first financial institution in the region accepting Middle East counterparties as cash takers and Middle East assets, i.e. sovereign and corporate bonds out of the Gulf Cooperation Council (GCC) area , as collateral. This first trade of National Bank of Abu Dhabi as local cash provider settled on 7 July 2011 through the Clearstream Global Liquidity Hub infrastructure. So far, Middle East financial institutions would usually trade (triparty) repos with counterparts and collateral outside the Middle East.
http://jlne.ws/q4hWNl
HSBC to hire 15,000 in emerging markets
By Joyce Woo, AFP
Global banking giant HSBC said Tuesday it would hire about 15,000 people in emerging markets by 2014 as it particularly looked to Asia's booming financial sector to power future growth.
http://jlne.ws/n0rhOf
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