Fed’s Yellen: QE3 May Be Warranted
By Scott Lanman and Jennifer Oldham, Bloomberg
Federal Reserve Vice Chairman Janet Yellen said a third round of large-scale securities purchases might become warranted if necessary to boost a U.S. economy challenged by unemployment and financial turmoil.
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Kocherlakota backs doves on Fed communications
By Ann Saphir, Reuters
A prominent Federal Reserve policymaker who has fought recent monetary policy easing signaled his support Friday for a proposal from a dovish colleague to tie policy to specific economic goals.
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Senate confirms Mark Wetjen as new CFTC commissioner
FuturesMag.com
The U.S. Senate confirmed three presidential nominees for financial regulator posts last night in a voice vote. Lawmakers approved Daniel M. Gallagher and Luis A. Aguilar as SEC commissioners, and Mark P. Wetjen was approved to serve as a CFTC commissioner.
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FIA statement on Senate confirmation of Mark Wetjen as CFTC Commissioner
Press Release
The FIA congratulates Mark Wetjen on the Senate's decision to confirm his nomination to serve as a CFTC Commissioner. Mr. Wetjen has assured Congress that he will listen to all viewpoints and gather the requisite information before reaching a decision on the many complex regulatory issues facing the agency.
http://jlne.ws/9txwjC
Yellen: Fed has some options on forward guidance
By Greg Robb, MarketWatch
The Federal Reserve is considering more than one way to give greater insight to financial markets on how shifts in the economic outlook could impact the central bank's decision to hold short-term interest rates at zero, Federal Reserve Vice Chairman Janet Yellen said Friday.
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FRB's Richard Fisher: Remarks before the Dallas Friday Group
It has been decades since I was an active member of this prestigious forum. Last night, I attended a book party for Kathryn McGarr, Cappy McGarr and Janie Strauss McGarr’s daughter. She has written a zinger of a book about her mother’s uncle, Bob Strauss, one of our most accomplished and colorful public servants.
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German, French Business Confidence Falls
BY MARGIT FEHER , WILLIAM HOROBIN AND TOM MUDD, WSJ.com
Business confidence in the euro zone's top two economies continued to deteriorate in October, underscoring concerns that the currency bloc's economy could be close to stalling.
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Higher Fannie, Freddie Loan Limits — Back From the Dead?
By Alan Zibel and Nick Timiraos, WSJ.com
A push by the real estate industry to restore higher limits on the size of government-backed loans is starting to have some results. But the outcome is far from certain. Around 11:30 p.m. on Thursday night, the Senate voted 60-38 to approve an amendment to a federal spending bill that would raise the maximum size of loans that can be guaranteed by government-controlled mortgage companies Fannie Mae, Freddie Mac and the Federal Housing Administration.
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Troika Says Greek Debt Not Sustainable
BY WILLIAM BOSTON AND ANDREAS KISSLER, WSJ.com
A massive restructuring of Greek debt that will mean a deeper cut for private-sector investors looks a lot more likely after the so-called troika of international inspectors concluded in a report that Athens' public-sector debt load is unsustainable.
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Merkel rebuffs Sarkozy on euro zone solution
By Annika Breidthardt and Daniel Flynn, Reuters
Private holders of Greek debt may need to accept losses of up to 60 percent on their investments if Greece's debt mountain is to be made more sustainable in the long-term, a downbeat analysis by the EU and IMF showed on Friday.
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Portugal and the euro: In the mire
The Economist
BEFORE unveiling Portugal’s harshest budget in living memory this week, Vítor Gaspar, the finance minister, praised the hard work of the civil servants who had prepared it. The country’s 700,000 public employees may think he has a funny way of showing his gratitude.
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Chicago Mayor Stumps For Trading Firms In Swap Market Revamp
By Jacob Bunge and Katy Burne Of DOW JONES NEWSWIRES
Mayor Rahm Emanuel is barnstorming for Chicago trading firms that are vying for new business created by the financial markets law he helped push through the U.S. Congress. Emanuel in late September traveled to Washington, where he discussed the rulemaking under the Dodd-Frank financial law with the head of the Commodity Futures Trading Commission. His message: Don't shackle Chicago's small, trading-focused companies with rules designed to rein in the derivatives desks of large and interconnected dealer banks, according to people present at the meetings.
Finance Sector Says Some MiFID II Proposals Need Modifying
By Vladimir Guevarra Of DOW JONES NEWSWIRES
The European Commission's plan to increase the transparency of financial markets by overhauling regulations was broadly welcomed by industry associations Thursday, but they warned that some proposals needed to be modified to prevent them having an unintended negative impact.
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The LIBOR Investigation spreads to EURIBOR
Forbes
For some time now there?s been an investigation into whether LIBOR rates were mis-reported at the time of the financial crash. It looks like this investigation has now spread to EURIBOR: RBS is among the banks to have had its offices raided by European Commission officials as part of the investigation into the suppression of ...
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Banks face penalties in return for bail-outs
By Gerrit Wiesmann in Berlin, Hugh Carnegy in Paris and Alex Barker in Brussels - Financial Times
Distressed European Union banks that tap national governments or the region’s E440bn rescue fund for capital will be subject to state-aid penalties, involving compulsory restructuring or – in the worst case – orderly wind-downs.
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Central bankers must update outdated analytical toolkit
By Gillian Tett, Financial Times
Eight years ago, Claudio Borio, a senior economist at the Bank for International Settlements, co-authored a paper which warned that the world’s financial system was spinning out of control, due to excess in the complex credit world. At the time, the paper was largely ignored, if not derided by many senior policymakers. But now it looks prescient; so much so, in fact, that Borio and his co-author, Bill White (who also used to work at the BIS), are some of the few economists who have emerged from the recent financial crisis with their reputations intact.
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Banks pay out guaranteed bonuses despite ban
By Megan Murphy in London - Financial Times
Investment banks are exploiting gaps in global pay reforms to persist with some of their most contentious practices, including guaranteeing lucrative bonuses to employees regardless of their performance, industry data show.
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Mifid’s net cast wide to overhaul Europe trading
By Jeremy Grant and Alex Barker, Financial Times
If anyone were in any doubt about how Europe is approaching reform of financial markets after a year in which an alphabet soup of proposals has been floated, EU internal markets commissioner Michel Barnier was clear on Thursday. Speaking as the European Commission published its “Mifid II” proposals, the Frenchman said they were “a complete overhaul of the way financial markets operate in Europe”.
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Struggling French Banks Fought to Avoid Oversight
By DAVID ENRICH And DAVID GAUTHIER-VILLARS, WSJ
PARIS—Two years ago, a French banker flew to Washington on an emergency mission: Persuade International Monetary Fund chief Dominique Strauss-Kahn that his concerns about the health of the European banking sector were unfounded. The trip was a success. Mr. Strauss-Kahn agreed to keep his fears under wraps to avoid causing market panic, according to people familiar with the matter.
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ECB Said to Consider Increasing Loans for Collateral Disclosure
BusinessWeek
The European Central Bank is considering lending more money against asset-backed securities where issuers provide additional information about the loans securing the bonds, said a person familiar with the matter.
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As UBS Shrinks, What of Its Asian Operations?
Wall Street Journal Blogs
As UBS prepares to shrink its investment bank, the key question is what happens to its successful Asian business.
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A New UBS Boss Just Took Over, And Word Is He's Slashing Tons Of Jobs
Business Insider
Less than a month as UBS's interim chief, Sergio Ermotti is planning to slash the size of the investment banking division following the rogue trading scandal that cost the embattled Swiss bank $2.3 billion, the WSJ reported.
http://jlne.ws/nvZulE
Deutsche Bank unit BHF to cut 270 jobs-sources
Reuters Company Finance News via Yahoo! Finance
Deutsche Bank AG (DBKGn.DE: Quote , Profile , Research , Stock Buzz )unit BHF told staff it will shed 270 jobs, two sources close tothe bank said, as the parent company struggles ...
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Capital One Profit Tops Estimates as Fewer Borrowers Default
BusinessWeek
Capital One Financial Corp., the credit-card issuer seeking approval to purchase ING Groep NV's U.S. online bank, said profit advanced 1.3 percent as lending increased and fewer borrowers defaulted.
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Fifth Third Flies: Financial Winner
TheStreet.com
Fifth Third Bancorp was the big winner on a strong Thursday for most U.S. financials, with shares rising over 9% to close at $11.63. The Cincinnati lender beat third-quarter earnings estimates with a profit of 40 cents a share, which was a 14% improvement over the second quarter.
http://jlne.ws/qjpVfa
Mifid II proposals: early reaction
FT Finance News (ext) via Yahoo! Finance
A round-up of the initial reactions from market participants to the publication of the proposals to update the Mifid directive governing European financial markets
http://jlne.ws/nKENdV
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