EU bank weight loss scheme threatens famine abroad
By Michael Shields, Reuters
Western European banks' efforts to trim balance sheets are putting the squeeze on corporate fundraising from Albania to Australia, threatening the health of economies both near and far.
http://jlne.ws/rRp0LR
Fed officials seek to provide more policy detail Reuters
The Federal Reserve held a wide-ranging debate on communications strategy at its most recent meeting, suggesting a shift in the way it frames policy may be its next step to buttress a weak recovery.
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IMF streamlines lending process CNNMoney
The International Monetary Fund approved a number of changes to streamline its emergency lending process and deal with the European debt crisis.
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Nov. 22, 2011 Release Of Nov. 1-2, 2011 FOMC Meeting MinutesA joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors in Washington, D.C., on Tuesday, November 1, 2011, at 10:30 a.m. and continued on Wednesday, November 2, 2011, at 8:30 a.m.
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Euro-zone economies: LatitudeThe Economist
SINCE bond investors began to discriminate between the euro-zone economies, pushing yields on Spanish, Irish, Greek, Italian and Portuguese government debt soaring, much of the talk in northern Europe has been of profligate governments in the south. As these indicators show, the euro zone's problems go rather deeper than that. A large chunk of the single-currency area has a chronic competitiveness problem, with a horrible mixture of high unemployment, low productivity and low investment. One unsolved mystery is why all this ought to have some correlation with latitude. Answers to the Bundesbank, please.
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Santander to sell near $1 billion stake in Chile unit Reuters
Spanish bank Santander SAN.MC> will sell a 7.8 percent stake in Santander Chile STG.SN (SAN.N), worth around $1 billion dollars, to boost core capital, the Chilean affiliate said, sending the local unit's shares plunging.
http://jlne.ws/rGcmPu
IMF beefs up lending tools, launches liquidity line Reuters
The International Monetary Fund on Tuesday beefed up its lending instruments and introduced a new six-month liquidity line, throwing help to countries at risk from the euro zone crisis.
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Norway Better Placed to Weather Deepening Euro Turmoil, IMF Says Bloomberg
Norway is “better placed” than most in Europe to weather an intensification of the euro area’s debt turmoil, the International Monetary Fund said.
http://jlne.ws/v2JNBA
Sarkozy, Merkel, Monti To Meet In Strasbourg ThursdayDow Jones/Nasdaq
The leaders of France, Germany and Italy will meet in StrasbourgNov. 24 to discuss key European meetings, the French presidency said Tuesday, as the euro zone's sovereign debt crisis continues to show signs of deepening.
http://jlne.ws/tPsvf5
Strauss-Kahn sues Sarkozy aide and leading French newspaper Guardian
Former IMF chief Dominique Strauss-Kahn, tipped to become France's next president before his arrest on sex assault charges, is suing a newspaper, several magazines and an adviser of President Nicolas Sarkozy over reports about him, his lawyers have said.
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Eris Exchange Receives FOW Magazine Award for Innovation by an ExchangePress Release
Eris Exchange, a US-based futures exchange, today announced that it has received the 2011 FOW Award for Best Innovation by an Exchange in the Field of Product Design for North America. The award, which was announced at the FOW Derivatives World event in London, recognizes Eris Exchange's 2010 introduction of the groundbreaking Interest Rate Swap Futures contract that embeds the cash flows of OTC interest rate swaps into a futures contract cleared by CME Clearing.
http://jlne.ws/rHg8Dt
CFTC Seeks Comment on Request from ICE Clear Credit for Order Permitting Portfolio Margining of Swaps in Customer Acct Press Release
The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by ICE Clear Credit LLC (ICC) for an order pursuant to Section 4d(f) of the Commodity Exchange Act (Act). The petition requests an order that would set forth terms and conditions under which ICC and its clearing members that are dually registered as futures commission merchants and securities broker-dealers would be permitted to (1) commingle in an account subject to Section 4d(f) of the Act (a cleared swaps customer account) positions in swaps and security-based swaps and related customer money, securities and property; and (2) portfolio margin the swaps and security-based swaps held in the cleared swaps customer account.
http://jlne.ws/vdcdjC
Super-committee failure triggers blame game BBC
The super-committee's failure to reach agreement on reducing the US deficit means we are now deep into the blame game, positioning for next year's presidential election.
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Obama Pushes Payroll Tax Cut After Debt Panel Fails Reuters/CNBC
President Barack Obama will challenge the U.S. Congress to preserve an expiring payroll tax cut on Tuesday as he travels to New Hampshire to seize the initiative in the wake of a collapsed effort to reduce the nation's budget deficit.
http://jlne.ws/stcdz5
Interview With NY Fed Authors Who Gained A Window Into CDS Trading [Video]http://jlne.ws/tVBPEc
SunGard’s Valdi Facilitates Futures and Options Trading on Tokyo Stock Exchange’s Tdex+ PlatformPress Release
SunGard’s Valdi facilitates futures and options trading on the Tokyo Stock Exchange’s (TSE) Tdex+ platform, which has brought futures and options trading in Japan together on a single, low latent, electronic platform. SunGard’s customers in Japan and overseas are already using Valdi for the unified trading of futures and options, both in enterprise software installations and as Valdi Market Access managed solutions. SunGard has been working closely with its customers help ensure the smooth migration of their futures trading operations onto Tdex+.
http://jlne.ws/sx4JBO
Deutsche Bank is reviewing the structure of its global Asset Management division
Press ReleaseDeutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that it is conducting a strategic review of its global Asset Management division. While the Bank remains committed to asset management, this review is part of the Bank’s continual effort to maintain an optimal business mix and be among the market leaders in each of its businesses.
http://jlne.ws/sgdnrh
Bank of England: A few remarks on current monetary policy in a rebalancing economy - speech by Paul Tucker Speaking in London today, Paul Tucker – Deputy Governor, Financial Stability, Member of the Monetary Policy Committee and Member of the Financial Policy Committee – discusses current monetary policy in light of the need for the economy to rebalance. He says: "Given the ferocity of the shocks that have already hit the economy, and the pervasive uncertainty that persists about global economic and financial conditions, these are circumstances where taking longer than usual to re-achieve the 2% target is warranted, so that the economy’s supply capacity is not impaired by more than can be avoided." But he cautions that "...an absolute precondition for maintaining that support to demand, and so limiting the damage to the economy’s supply capacity, is the credibility of monetary policy."
http://jlne.ws/vkvnxH
Richmond Fed Manufacturing Survey for November (Text)Bloomberg
Manufacturing activity in the central Atlantic region stabilized in November following four months of contraction, according to the Richmond Fed’s latest survey.
http://jlne.ws/suSRCO
FDIC: Number of 'problem banks' fall
MarketWatchThe number of institutions on the Federal Deposit Insurance Corp.'s problem list in the third quarter of 2011 declined for the second quarter in a row and the industry posted its ninth-straight profitable quarter, the agency said Tuesday
http://jlne.ws/syr4tx
SunGard Supports US OTC Interest Rate Swaps On LCH.Clearnet’s SwapClear Chicago, IL – November 22, 2011 – SunGard’s Stream GMI solution for post-trade listed derivatives clearing and accounting now supports LCH.Clearnet Ltd’s (LCH.Clearnet) OTC interest rate swap (IRS) clearing service SwapClear in the U.S. Stream GMI’s support of SwapClear in the U.S, combined with its existing support for SwapClear in Europe, provides clearing members and market participants with processing and accounting support when clearing interest rate swaps.
Pimco's El-Erian Calls U.S. Economy `Terrifying' [Video]http://jlne.ws/sqc5tU
Fed Releases Final Rule on Capital Plans, Stress TestingBanks with more than $50 billion of assets must be "well prepared" to meet new international capital standards when they file capital plans next year, according to a final rule issued by the Federal Reserve Board on Tuesday.
http://jlne.ws/sTqF4g
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