CME Group cuts fees for some asset managers
By: Lynne Marek, Crain's
CME Group Inc. last week reduced fees on some of its interest rate products for asset managers that handle more than $250 billion, as those customers become increasingly bigger traders and as competition in the area intensifies.
http://jlne.ws/oZMydM
Switzerland acts to curb franc's rise
Jonathan Sibun, Telegraph/Yahoo! Finance
Switzerland's central bank warned that it is ready to act to curb the "massive overvaluation" of the Swiss franc after safe-haven investors pushed the currency near parity with the euro and triggered its biggest single-day rise against the dollar.
http://jlne.ws/otVS5Q
Tea Party Made Up of 'Freaked Out White Men': Whitney
By: Jeff Cox, CNBC
Tea Party members are primarily “freaked out white men” who pose the greatest political threat to Democrats in 2012, according to banking analyst Meredith Whitney.
http://jlne.ws/ogiH52
Credit Anxiety Hits Shares of French Banks
By LIZ ALDERMAN, The New York Times
Shares of French financial institutions were hammered Wednesday on the Paris stock exchange on mounting fears that France’s own sterling credit rating could be cut if the cost of cleaning up the European debt crisis weighs on the nation and its banks.
http://jlne.ws/oZ4HNH
Bank of New York Mellon plans 1,500 job cuts
USA Today
Bank of New York Mellon said Wednesday that it will cut about 1,500 jobs, or 3% of its work force, the latest sign of the banking industry's painful shrinking.
http://jlne.ws/pgolKX
France’s AAA Credit Affirmed by S&P
By John Detrixhe and Anchalee Worrachate, Bloomberg
France’s top credit grade was affirmed by Standard & Poor’s, Moody’s Investors Service and Fitch Ratings as relative yields on the nation’s debt climb on concern that Europe’s sovereign debt crisis is intensifying.
http://jlne.ws/nN2SVr
Vital Signs: 4.5 Unemployed for Each Job Opening
By Justin Lahart, WSJ.com
Work is hard to find. For each U.S. job opening at the end of June, there were 4.5 people looking for work, according to Labor Department figures. That was down from a year earlier, when there were 5.4 job seekers for every opening. But in 2007, there were about two job openings for every three unemployed workers.
http://jlne.ws/qHT2xz
Video: CME Group's Terry Duffy Talks Market Reaction to US Downgrade
CME Group Executive Chairman Terry Duffy was interviewed by Fox Business Network today, where he discussed the US downgraded credit rating from S&P, price movement in treasuries, and new market regulation.
http://jlne.ws/oeeRij
Wholesale Inventories Up 0.6%; Sales Rise 0.6% in June
By Dennis Moore, The Bond Buyer
Wholesale inventories rose 0.6% in June on a seasonally adjusted basis, the Commerce Department reported Wednesday. That followed a revised 1.7% rise in May.
http://jlne.ws/r7C1Lh
How to make the best of the long malaise
By Joseph Stiglitz, Financial Times
The only good thing about the continuing barrage of bad economic news is that it could have been worse: all three rating agencies could have downgraded the US, stock markets could have fallen further and the US could have defaulted on its debt. The general view is now that in this, the next round of the Great Recession, there is a high risk of things getting worse, with no effective instruments at governments’ disposal. The first point is correct but the second is not quite right.
http://jlne.ws/r0eESt
OTC Contracts Add Vigor to ICE
Zacks Equity Research
Yesterday, IntercontinentalExchange Inc. (NYSE: ICE - News) announced its plan to launch 21 fresh over-the-counter (OTC) cleared energy products. The new forward contracts will begin trading on August 29, whereas the options will be launched on September 19, 2011.
http://jlne.ws/og1KXn
Goldman reveals 15 days of trading losses
By John McDermott in New York, Financial Times
Goldman Sachs registered trading losses on 15 individual days in its second quarter, underlining a volatile three months during which the bank reduced its risk exposure to tumultuous financial markets.
http://jlne.ws/pECqSY
SEC Probes Goldman Over Libyan Dealings
BY LIZ RAPPAPORT AND RUTH SIMON, WSJ
Goldman Sachs Group Inc. said U.S. securities regulators are investigating whether the securities firm broke bribery laws. Tuesday's disclosure by Goldman of numerous investigations, regulatory reviews and legal action related to its sprawling businesses included a probe of the company's "compliance with the U.S. Foreign Corrupt Practices Act," according to a securities filing.
http://jlne.ws/rlmht0
Bank of Ireland slides back into the red
By Patrick Jenkins, Banking Editor, Financial Times
Bank of Ireland fell deeply into the red in the first half of the year as higher funding costs wiped out more than a quarter of its net interest income.
http://jlne.ws/rm48ro
BofA boss facing chillin' grillin'
By MARK DeCAMBRE, NY Post
Bank of America boss Brian Moynihan has some explaining to do. The bank chief, who agreed to an investor grilling today at the behest of one of BofA's biggest shareholders, hedge fund manager Bruce Berkowitz of Fairholme Capital, will face an onslaught of questions about his firm's financial health.
http://jlne.ws/pCel7q
All UK banks told to draw up ‘living wills’
By Brooke Masters, Chief Regulation Correspondent, Financial Times
All UK deposit-takers and large investment firms will have to draw up “living wills” by the end of next year that would allow them to be wound down over a weekend and quickly return assets to clients,
http://jlne.ws/rpRH4r
Capital One to buy HSBC US credit card arm
Associated Press
Capital One Financial Corp. says it will buy the U.S. credit card arm of Britain's HSBC for a premium of about $2.6 billion as a way to expand its domestic credit card business.
http://jlne.ws/ozI0vw
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