BofA Said to Dismiss 13 Investment Bankers
By Hugh Son and Jeffrey McCracken, Bloomberg
Bank of America Corp. (BAC), the biggest U.S. lender, dismissed 13 investment bankers in its industrials group, including managing directors David Iwan and Egan Antill, said two people with direct knowledge of the actions.
http://jlne.ws/o5j4RB
BGC Partners Completes First Fully Electronic Thai Baht Interest Rate Swaps Transaction On BGC Trader
Press Release
BGC Partners, Inc. (NASDAQ: BGCP), (“BGC Partners” or “BGC”), a leading global brokerage company servicing the wholesale financial markets, announces its first fully electronic Thai Baht Interest Rate Swap (IRS) trade using BGC’s award-winning Volume Match tool on the BG Trader platform.
http://jlne.ws/rni2RQ
Greece default looms as talks resume
CNNMoney
Greek finance officials were set to hold another conference call Tuesday with the nation's bailout providers in an attempt to secure urgently needed funding.
http://jlne.ws/ptKqW5
PIMCO | Global Central Bank Focus - Ya Gotta Believe!
This issue of the Global Central Bank Focus features commentary from Tony Crescenzi on monetary policy and investors’ faith, Ben Emons on the potential for competitive quantitative easing, Andrew Bosomworth on the European Central Bank, Lupin Rahman on emerging markets and Isaac Meng on China. Americans in their youth are fed a steady diet of optimism beginning appropriately in elementary school with inspiring history lessons about the dramatic birth of America in 1776. American history books are replete with animated pictures of the hodgepodge of ordinary people who spiritedly took to arms and valiantly fought against a formidable enemy to gain their independence. The story of the Revolution is indeed at the foundation of America’s optimism, and it has been reinforced time and time again throughout America’s renowned history by a plethora of inspirational events, many of which transpired as a result of sheer determination. America’s can-do spirit is captured well with this quote from Thomas Edison, the famous American inventor: “Genius is 1% inspiration, 99% perspiration.”
http://jlne.ws/psbKh1
Italy’s Credit Rating Is Lowered by S&P as Debt-Crisis Contagion Spreads
By Jeffrey Donovan, Bloomberg
Italy’s credit rating was cut by Standard & Poor’s, the country’s first downgrade in five years, as Greece’s worsening fiscal crisis fans concern that contagion will engulf countries such as Spain and Italy.
http://jlne.ws/oAw6vk
Fed Begins Two-Day Meeting
By Luca Di Leo, WSJ.com
Federal Reserve officials start a crucial two-day policy meeting Tuesday in which they’ll debate new ways to ease credit to help support a sluggish U.S. economy.
http://jlne.ws/pWPRsc
Bank of Canada's Carney sees risks but no new slump
Jeremy Torobin, The Globe And Mail
Bank of Canada Governor Mark Carney acknowledged Tuesday that the risk of another U.S. recession has risen and outlined a daunting prescription for European policy makers to stabilize the region’s banks and economies, but urged Canadians to forge ahead with steps needed to make the domestic economy more resilient.
http://jlne.ws/oOLcii
Interbank Rates And CDS Costs Hit By Impatience With Europe
By Katy Burne Of DOW JONES NEWSWIRES
The rate that European banks charge to lend to one another rose Monday along with the cost of insuring banks' debt against default, underscoring how these financial institutions still question their peers' financial health while the region's fiscal crisis remains unresolved.
http://jlne.ws/oy5KP2
Jefferies Sues International Derivatives Clearing on Rate Swaps Contracts
By Chris Dolmetsch and Matthew Leising, Bloomberg
Jefferies Group Inc. (JEF) sued International Derivatives Clearing Group LLC, maccusing the Nasdaq OMX Group Inc. unit of fraud and breach of contract in connection with interest-rate swap futures contracts.
http://jlne.ws/qx6eoy
Nomura hires new US chief economist
Japanese investment bank Nomura has hired Lewis Alexander as managing director and US chief economist. Alexander was most recently at the US Treasury Department, where he was counselor to theSecretary of the Treasury.
http://jlne.ws/oEtVLQ
Ex-Goldman executive joins clearer’s board
Tom Osborn, Financial News
Goldman Sachs’ former head of European e-commerce has joined the board of one of Europe’s largest clearinghouses, ICE Clear Europe, as European clearers get ready for a big rise in business following EU financial reforms.
http://jlne.ws/os4D93
Bank of China Halts Forex Trade With Europe Banks, Reuters Says
Bloomberg
Bank of China Ltd. (3988) has stopped trading foreign-exchange forwards and swaps with several European banks on concerns about the region’s debt crisis, Reuters reported, citing three unnamed people. The banks include Societe Generale (GLE) SA, Credit Agricole SA (ACA) and BNP Paribas, after Moody’s Investors Service lowered or put their credit ratings on review for possible downgrades, Reuters reported today.
http://jlne.ws/nY277a
IMF lowers economic outlook, sees danger ahead
By Ben Rooney, CNNMoney
The International Monetary Fund has lowered its global growth outlook, warning that "the global economy is in a dangerous new phase." The IMF, a global financial institution comprising 187 nations, released excerpts from the latest edition of its World Economic Outlook Tuesday, ahead of its fall meeting in Washington this weekend.
http://jlne.ws/n3cjDA
Jefferies Sues Nasdaq Unit Over Rate Swap Futures Contracts
By Chris Dolmetsch and Matthew Leising, Bloomberg
Jefferies Group Inc. sued International Derivatives Clearing Group LLC, accusing the Nasdaq OMX Group Inc. unit of fraud and breach of contract in connection with interest-rate swap futures contracts.
http://jlne.ws/qx6eoy
Canada official warns on OTC clearing reforms
By Jeremy Grant and Bernard Simon in Toronto, Financial Times
A senior Bank of Canada official has warned against the danger of concentrating market risk in the hands of the big banks which control dealing in the world’s largest clearing houses for over-the-counter derivatives.
http://jlne.ws/mOHTOE
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