The New York Fed Report, Hedging and Market-Making
DerivatiViews
Last week, derivatiViews commented on the New York Fed’s study on the CDS market. The study confirmed in many ways our own research and provided some important new data on market participants and their activity in the CDS market. We only wish we could see more OTC derivatives analyses from the New York Fed and other, well-regarded regulatory bodies. This week we address market-making and hedging, another topic covered in the report.
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Fitch Says Portugal Ratings May Still Be Cut to Junk
StreetInsider
Fitch Ratings has maintained Portugal's local- and foreign-currency Issuer Default Ratings (IDR) of 'BBB-' and Short-term IDR of 'F3' on Rating Watch Negative (RWN). Portugal's 'AAA' Country Ceiling is unaffected
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FITCH RAMPAGE: Rater Slashes Spain And Italy
Business Insider
Fitch is on a rampage with both Spain and Italy getting cut in the last few minutes.
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Fitch: US CMBS Delinquencies Drop To 8.6% In September
Dow Jones Newswires
Delinquencies in U.S. commercial mortgage-backed securities declined a second month in a row, helped by a turnaround trend for hotels, Fitch Ratings said.
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Monthly & Annual Wholesale Trade - Full Report
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CDS clearing nears real time
By Telis Demos, Financial Times
Wall Street has continued the slow process of remaking fixed-income trading amid pending regulatory reforms and pressures to cut costs, with announcements this week of new products to clear credit swaps and track bond trades in real time. MarkitSERV, a joint venture between Markit and the Depository Trust & Clearing Corp, announced on Tuesday it had completed near-real time clearing for credit-default swap trades by several large dealers.
http://jlne.ws/p8XPNU
Moody’s downgrade hits UK banks
By Michael Hunter - Financial Times
London’s banks fell on Friday after Moody’s cut its rating on a dozen UK financial institutions, sending the sector to the bottom of the FTSE 100. Support from defensive stocks left the index flat overall .
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Merkel: Banks should be recapitalised without delay
AFP via Yahoo! News
Banks should be recapitalised as quickly as possible, if needed, German Chancellor Angela Merkel said Thursday, as concerns grow that the eurozone debt crisis is turning into a credit crunch.
http://jlne.ws/p0E5zO
America’s six key lessons for a ‘Euro Tarp’
By Gillian Tett - Financial Times
“We told you so”. That captures the reaction of many American bankers and policymakers towards Europe these days. Ever since America unveiled its own troubled asset relief programme in 2008, observers in Washington and New York have muttered darkly about Europe’s failure to grasp its banking nettle.
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U.S. Treasury Secretary Geithner To Host APEC Finance Ministers Meeting, November 9-10, 2011
Press Release
The U.S. Department of the Treasury today announced that Treasury Secretary Tim Geithner will travel to Honolulu, Hawaii to host the 2011 Asian-Pacific Economic Cooperation (APEC) Meeting of Finance Ministers on November 9-10, 2011.
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U.S. Treasury Secretary Timothy F. Geithner Testimony Before The Committee On Banking, Housing, And Urban Affairs
Press Release
http://jlne.ws/ne7T1C
Volcker Rule: sicknesses and cures confused
Financial Times
Whether it’s because Paul Volcker has reached an age beyond criticism, or there are few details, or banks are utterly friendless these days, the so-called Volcker Rule rumbles forward, in spite of being one of the silliest bits of the Dodd-Frank Act. This week, more details of the new legislation emerged and the Federal Deposit Insurance Corporation is expected to release the full proposal on October 11. The Volcker Rule is silly for two reasons. First, it fundamentally confuses sicknesses and cures.
http://jlne.ws/oYNM7W
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