Release Date: March 13, 2012
For immediate release
Information received since the Federal Open Market Committee met in January suggests that the economy has been expanding moderately. Labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated. Household spending and business fixed investment have continued to advance. The housing sector remains depressed. Inflation has been subdued in recent months, although prices of crude oil and gasoline have increased lately. Longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects moderate economic growth over coming quarters and consequently anticipates that the unemployment rate will decline gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets have eased, though they continue to pose significant downside risks to the economic outlook. The recent increase in oil and gasoline prices will push up inflation temporarily, but the Committee anticipates that subsequently inflation will run at or below the rate that it judges most consistent with its dual mandate.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
The Committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in a context of price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who does not anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate through late 2014.
Selasa, 13 Maret 2012
Senin, 12 Maret 2012
Top Interest Rate Headlines 03-12-2012: Deficit Rose In February, On Pace To Top $1T Again
Deficit rose in February, on pace to top $1T again
Associated Press
The U.S. federal deficit was slightly smaller through the first five months of the budget year than the previous year. Still, the imbalance is on pace to exceed $1 trillion for the fourth straight year, which could be an issue in this year's presidential election.
http://jlne.ws/zpsrtB
Egypt Budget Deficit May Reach $25 Billion, Official Says
Bloomberg
Egypt’s Ministry of Finance expects the budget deficit for the fiscal year that ends in June to widen to 150 billion Egyptian pounds ($25 billion), higher than previously forecast, the state-run Middle East News Agency said.
http://jlne.ws/x8TXjT
Juncker Expects Spain to Reach Its 2013 Budget-Deficit Goal
Bloomberg
Spain will reach its goal of getting its budget deficit within the European Union’s limit next year, said Luxembourg Prime Minister Jean-Claude Juncker, who also heads the group of euro-area finance chiefs.
http://jlne.ws/xAGqc2
Bond holders seek court date with Greek banks and state
Athens News
Lawyers in Germany representing 110 Greek bond holders said on Monday they have formed a class action group and intend to sue banks and the Greek state following last week's Greek bond swap, which slashed more than 100 billion euros from Athens' debt.
http://jlne.ws/AFkxGk
Treasury 3-Year Notes Go At 0.456% High Yield
The Bond Buyer
The Treasury Department Monday auctioned $32 billion of three-year notes with a 3/8% coupon at a 0.456% yield, a price of 99.758927.
http://jlne.ws/AdsFFo
DTCC Prepares to Launch New Central Counterparty for Mortgage-Backed Securities Trading
Zecco
The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission has approved its application to operate a new central counterparty (CCP) designed to reduce risk and costs in the $100-trillion-a-year market for U.S. mortgage-backed securities (MBS).
http://jlne.ws/wpwui9
Portugal Yield at 13% Says Greek Deal Not Unique
The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission has approved its application to operate a new central counterparty (CCP) designed to reduce risk and costs in the $100-trillion-a-year market for U.S. mortgage-backed securities (MBS).
http://jlne.ws/zb6hqo
Meredith Whitney was right
CNN Money/Fortune
The more general point that Meredith Whitney was trying to make about public debt -- that municipal finances in this country were a mess that was only going to get messier -- was dead on.
http://jlne.ws/yfyL5r
NYSE Euronext and Bloomberg Deliver a Fully Integrated OMS for Fixed Income Clients
Press Release
NYSE Euronext's fixed income trading platform, NYSE Bonds, and Bloomberg Trade Order Management Solutions (TOMS) now offer sell-side fixed income dealers an integrated platform to access the U.S. corporate bond market. Dealers using Bloomberg TOMS, the leading order management platform for U.S. fixed income securities, can now trade on the NYSE Bonds marketplace via the Bloomberg Professional® service, which is used globally by more than 310,000 subscribers.
http://jlne.ws/AC5gka
Vietnam Central Bank to Cut Rates
The Wall Street Journal
Vietnam's central bank cut interest rates Monday in response to markedly lower inflation, in a well-flagged move that some analysts say could put some strain on weaker banks.
http://jlne.ws/zuPuZq
Wells Fargo May Lead Payouts After Fed Test
Bloomberg
Wells Fargo & Co. (WFC) and Citigroup Inc. (C) may join banks unleashing more than $9 billion in dividend increases and share buybacks if they get passing grades this week on the Federal Reserve’s annual stress test.
http://jlne.ws/AzUnGH
Portugal Gradually Shuffles Its Way Up Towards The Front Of The Debt Queue
CreditWriteDowns
Well, a weekend during which Greece seems to have been finally able to pass muster on its bond deal, while Mario Draghi has given the official “all clear” on the debt crisis seems to be as good a moment as any to have a look at where the country which many investors consider likely to be the next to enter the restructuring process is up to.
http://jlne.ws/w1EQOO
Credit Event Auction Primer
The credit markets have experienced a wave of continuous global innovation since the advent of credit default swaps. Indeed, single-name credit default swaps have continually been improving to make the product as useful and liquid as the market can make them.
http://jlne.ws/xa1Wzz
Associated Press
The U.S. federal deficit was slightly smaller through the first five months of the budget year than the previous year. Still, the imbalance is on pace to exceed $1 trillion for the fourth straight year, which could be an issue in this year's presidential election.
http://jlne.ws/zpsrtB
Egypt Budget Deficit May Reach $25 Billion, Official Says
Bloomberg
Egypt’s Ministry of Finance expects the budget deficit for the fiscal year that ends in June to widen to 150 billion Egyptian pounds ($25 billion), higher than previously forecast, the state-run Middle East News Agency said.
http://jlne.ws/x8TXjT
Juncker Expects Spain to Reach Its 2013 Budget-Deficit Goal
Bloomberg
Spain will reach its goal of getting its budget deficit within the European Union’s limit next year, said Luxembourg Prime Minister Jean-Claude Juncker, who also heads the group of euro-area finance chiefs.
http://jlne.ws/xAGqc2
Bond holders seek court date with Greek banks and state
Athens News
Lawyers in Germany representing 110 Greek bond holders said on Monday they have formed a class action group and intend to sue banks and the Greek state following last week's Greek bond swap, which slashed more than 100 billion euros from Athens' debt.
http://jlne.ws/AFkxGk
Treasury 3-Year Notes Go At 0.456% High Yield
The Bond Buyer
The Treasury Department Monday auctioned $32 billion of three-year notes with a 3/8% coupon at a 0.456% yield, a price of 99.758927.
http://jlne.ws/AdsFFo
DTCC Prepares to Launch New Central Counterparty for Mortgage-Backed Securities Trading
Zecco
The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission has approved its application to operate a new central counterparty (CCP) designed to reduce risk and costs in the $100-trillion-a-year market for U.S. mortgage-backed securities (MBS).
http://jlne.ws/wpwui9
Portugal Yield at 13% Says Greek Deal Not Unique
The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission has approved its application to operate a new central counterparty (CCP) designed to reduce risk and costs in the $100-trillion-a-year market for U.S. mortgage-backed securities (MBS).
http://jlne.ws/zb6hqo
Meredith Whitney was right
CNN Money/Fortune
The more general point that Meredith Whitney was trying to make about public debt -- that municipal finances in this country were a mess that was only going to get messier -- was dead on.
http://jlne.ws/yfyL5r
NYSE Euronext and Bloomberg Deliver a Fully Integrated OMS for Fixed Income Clients
Press Release
NYSE Euronext's fixed income trading platform, NYSE Bonds, and Bloomberg Trade Order Management Solutions (TOMS) now offer sell-side fixed income dealers an integrated platform to access the U.S. corporate bond market. Dealers using Bloomberg TOMS, the leading order management platform for U.S. fixed income securities, can now trade on the NYSE Bonds marketplace via the Bloomberg Professional® service, which is used globally by more than 310,000 subscribers.
http://jlne.ws/AC5gka
Vietnam Central Bank to Cut Rates
The Wall Street Journal
Vietnam's central bank cut interest rates Monday in response to markedly lower inflation, in a well-flagged move that some analysts say could put some strain on weaker banks.
http://jlne.ws/zuPuZq
Wells Fargo May Lead Payouts After Fed Test
Bloomberg
Wells Fargo & Co. (WFC) and Citigroup Inc. (C) may join banks unleashing more than $9 billion in dividend increases and share buybacks if they get passing grades this week on the Federal Reserve’s annual stress test.
http://jlne.ws/AzUnGH
Portugal Gradually Shuffles Its Way Up Towards The Front Of The Debt Queue
CreditWriteDowns
Well, a weekend during which Greece seems to have been finally able to pass muster on its bond deal, while Mario Draghi has given the official “all clear” on the debt crisis seems to be as good a moment as any to have a look at where the country which many investors consider likely to be the next to enter the restructuring process is up to.
http://jlne.ws/w1EQOO
Credit Event Auction Primer
The credit markets have experienced a wave of continuous global innovation since the advent of credit default swaps. Indeed, single-name credit default swaps have continually been improving to make the product as useful and liquid as the market can make them.
http://jlne.ws/xa1Wzz
CFTC’s Division of Swap Dealer and Intermediary Oversight Provides Annual Report Guidance to Commodity Pool Operators
Press Release
Washington, DC—The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight has issued its annual guidance letter to registered commodity pool operators (CPOs). The letter is intended to assist CPOs and their public accountants in complying with the Commission’s regulations on the preparation and filing of commodity pool financial reports, and to provide information regarding recent rule amendments.
The highlights contained in this year’s letter include:
Recent amendments to Commission regulations pertaining to various reporting issues, including Forms PF, CPO-PQR, and CTA-PR;
Guidance for CPOs with pool funds held at MF Global, Inc.;
Annual report filing procedures and due dates;
Special considerations that apply to filings made for Master/Feeder and Fund of Funds structures; and
Various accounting and regulatory resources to assist in the preparation of the financial reports.
For more information on the CPO Annual Guidance Letter 2011, please see Related Link.
Copies of the letter may be obtained by contacting the Commission’s Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, (202) 418-5100.
Last Updated: March 12, 2012
Washington, DC—The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight has issued its annual guidance letter to registered commodity pool operators (CPOs). The letter is intended to assist CPOs and their public accountants in complying with the Commission’s regulations on the preparation and filing of commodity pool financial reports, and to provide information regarding recent rule amendments.
The highlights contained in this year’s letter include:
Recent amendments to Commission regulations pertaining to various reporting issues, including Forms PF, CPO-PQR, and CTA-PR;
Guidance for CPOs with pool funds held at MF Global, Inc.;
Annual report filing procedures and due dates;
Special considerations that apply to filings made for Master/Feeder and Fund of Funds structures; and
Various accounting and regulatory resources to assist in the preparation of the financial reports.
For more information on the CPO Annual Guidance Letter 2011, please see Related Link.
Copies of the letter may be obtained by contacting the Commission’s Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, (202) 418-5100.
Last Updated: March 12, 2012
Jumat, 09 Maret 2012
Top Interest Rate Headlines 03-09-2012: CDS Payments Triggered As ISDA Declares Greek Credit Event
ISDA declares Greek credit event, CDS payments triggered
http://jlne.ws/ydDfqq
The Greek Debt Swap Is Just One More Step, Not the Solution - Brookings Institution
CNN Money
It's good news that the Greek debt swap appears to have worked from a technical standpoint, but the debt reduction is hardly the end of the troubles for Greece.
http://jlne.ws/yMe0m2
Draghi Defends ECB Balance Sheet Expansion
WSJ.com
One thing we all know about Mario Draghi now: he reads the papers. The European Central Bank president used his monthly press conference to take issue with a recent Wall Street Journal article on the ECB’s balance sheet now exceeding three trillion euros after it pumped a total of one trillion euros in three-year loans into European banks.
http://jlne.ws/wmWkXK
Japan’s ‘competitive QE’ won’t work: Deutsche Bank
MarketWatch
The Bank of Japan surprised markets Tuesday by announcing it would buy another 10-trillion yen in bonds, pushing the yen to its lowest rate against the dollar since December.
http://jlne.ws/xXu9Rf
Treasury winds down stake in AIG
Futures
The U.S. Treasury Department is selling 206.9 million AIG shares for $29 apiece as it looks to wind down bailout programs from the 2008 financial crisis. In a statement released Thursday, the Treasury said it expects to earn about $6 billion from the sale and that AIG had agreed to buy roughly half of the offering.
http://jlne.ws/xtIvkQ
JPMorgan backs global clearing house for derivatives market
AUSTRALIA should allow a global clearing house to handle the country's $78 trillion over-the-counter derivative market but keep a grip on regulatory oversight, according to a senior executive at JPMorgan.
http://jlne.ws/yG9FkH
Goldman's Promised Land
Thomson Reuters
Some 2,000 miles away from the hustle and bustle of Wall Street, Goldman Sachs Group Inc. has found an unlikely second home: Mormon country.
http://jlne.ws/wazOh5
India's Central Bank Cuts Reserve Requirements for Banks
The New York Times
http://jlne.ws/wevTdq
RBI cuts reserve ratio to improve lending conditions
In a move meant to alleviate growing stress in its financial system, India’s central bank on Friday sharply reduced the amount of money banks have to hold in reserve less than a week ahead of a scheduled policy meeting.
http://jlne.ws/vZsibh
'Gray Market' Crops Up for New Issue of Greek Bonds
WSJ.com
Greece will give new bonds to private creditors under its proposed debt restructuring in exchange for old bonds. And while the new bonds don't exist yet, that hasn't stopped at least two dealers from trying to make a market in them.
http://jlne.ws/y83Qnx
Sarkozy says Greek problem solved
Chicago Tribune
French President Nicolas Sarkozy said on Friday that Greece's debt crisis had been solved after Athens won strong acceptance from private creditors for a bond swap deal.
http://jlne.ws/wowbGd
TEXT: Fitch cuts Greece's issuer default ratings to 'RD'
Reuters
Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'RD' ('Restricted Default') from 'C' following today's confirmation from the Greek government and eurozone officials that the exchange of Greek government bonds will proceed.
http://jlne.ws/yHqpT8
FRB: 2011 Chief FOIA Officer Report
Federal Reserve Report
The Secretary of the Board of Governors of the Federal Reserve System (Board) and Chief FOIA Officer, Jennifer J. Johnson, hereby submits the Chief FOIA Officer Report on behalf of the Board in accordance with the template provided by the Department of Justice
http://jlne.ws/xHXr5o
Gross Says Bond Contract Sanctity Diminished
Bloomberg
The “sanctity” of bondholders’ contracts has been diminished by Greece’s pushing through the biggest sovereign restructuring in history, according to Bill Gross of Pacific Investment Management Co.
http://jlne.ws/xarxp0
MF Global Still Set to Pay Bonuses
WSJ.com
Three top executives of MF Global Holdings Ltd. when it collapsed could get bonuses of as much as several hundred thousand dollars each under a plan by a trustee overseeing the securities firm's bankruptcy case, people familiar with the matter said.
http://jlne.ws/w44jWt
FOWi reveals 52% of new contracts fail to trade
FOWi
One in two new contracts launched on derivatives exchange last yera have failed to trade, a new report by FOW Intelligence has found.
http://jlne.ws/zhfRBp
http://jlne.ws/ydDfqq
The Greek Debt Swap Is Just One More Step, Not the Solution - Brookings Institution
CNN Money
It's good news that the Greek debt swap appears to have worked from a technical standpoint, but the debt reduction is hardly the end of the troubles for Greece.
http://jlne.ws/yMe0m2
Draghi Defends ECB Balance Sheet Expansion
WSJ.com
One thing we all know about Mario Draghi now: he reads the papers. The European Central Bank president used his monthly press conference to take issue with a recent Wall Street Journal article on the ECB’s balance sheet now exceeding three trillion euros after it pumped a total of one trillion euros in three-year loans into European banks.
http://jlne.ws/wmWkXK
Japan’s ‘competitive QE’ won’t work: Deutsche Bank
MarketWatch
The Bank of Japan surprised markets Tuesday by announcing it would buy another 10-trillion yen in bonds, pushing the yen to its lowest rate against the dollar since December.
http://jlne.ws/xXu9Rf
Treasury winds down stake in AIG
Futures
The U.S. Treasury Department is selling 206.9 million AIG shares for $29 apiece as it looks to wind down bailout programs from the 2008 financial crisis. In a statement released Thursday, the Treasury said it expects to earn about $6 billion from the sale and that AIG had agreed to buy roughly half of the offering.
http://jlne.ws/xtIvkQ
JPMorgan backs global clearing house for derivatives market
AUSTRALIA should allow a global clearing house to handle the country's $78 trillion over-the-counter derivative market but keep a grip on regulatory oversight, according to a senior executive at JPMorgan.
http://jlne.ws/yG9FkH
Goldman's Promised Land
Thomson Reuters
Some 2,000 miles away from the hustle and bustle of Wall Street, Goldman Sachs Group Inc. has found an unlikely second home: Mormon country.
http://jlne.ws/wazOh5
India's Central Bank Cuts Reserve Requirements for Banks
The New York Times
http://jlne.ws/wevTdq
RBI cuts reserve ratio to improve lending conditions
In a move meant to alleviate growing stress in its financial system, India’s central bank on Friday sharply reduced the amount of money banks have to hold in reserve less than a week ahead of a scheduled policy meeting.
http://jlne.ws/vZsibh
'Gray Market' Crops Up for New Issue of Greek Bonds
WSJ.com
Greece will give new bonds to private creditors under its proposed debt restructuring in exchange for old bonds. And while the new bonds don't exist yet, that hasn't stopped at least two dealers from trying to make a market in them.
http://jlne.ws/y83Qnx
Sarkozy says Greek problem solved
Chicago Tribune
French President Nicolas Sarkozy said on Friday that Greece's debt crisis had been solved after Athens won strong acceptance from private creditors for a bond swap deal.
http://jlne.ws/wowbGd
TEXT: Fitch cuts Greece's issuer default ratings to 'RD'
Reuters
Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'RD' ('Restricted Default') from 'C' following today's confirmation from the Greek government and eurozone officials that the exchange of Greek government bonds will proceed.
http://jlne.ws/yHqpT8
FRB: 2011 Chief FOIA Officer Report
Federal Reserve Report
The Secretary of the Board of Governors of the Federal Reserve System (Board) and Chief FOIA Officer, Jennifer J. Johnson, hereby submits the Chief FOIA Officer Report on behalf of the Board in accordance with the template provided by the Department of Justice
http://jlne.ws/xHXr5o
Gross Says Bond Contract Sanctity Diminished
Bloomberg
The “sanctity” of bondholders’ contracts has been diminished by Greece’s pushing through the biggest sovereign restructuring in history, according to Bill Gross of Pacific Investment Management Co.
http://jlne.ws/xarxp0
MF Global Still Set to Pay Bonuses
WSJ.com
Three top executives of MF Global Holdings Ltd. when it collapsed could get bonuses of as much as several hundred thousand dollars each under a plan by a trustee overseeing the securities firm's bankruptcy case, people familiar with the matter said.
http://jlne.ws/w44jWt
FOWi reveals 52% of new contracts fail to trade
FOWi
One in two new contracts launched on derivatives exchange last yera have failed to trade, a new report by FOW Intelligence has found.
http://jlne.ws/zhfRBp
ISDA EMEA Determinations Committee Accepts Question Related To A Potential Hellenic Republic Credit Event
NEWS RELEASE
For Immediate Release
ISDA EMEA Determinations Committee
Accepts Question Related to a Potential Hellenic Republic Credit Event
LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA), as secretary to the Determinations Committees (the DCs), today announced that a question relating to a potential credit event with respect to the Hellenic Republic (Greece) has been submitted to, and subsequently accepted for consideration by, the EMEA Determinations Committee.
The ISDA EMEA Determinations Committee will meet at 1PM GMT on Friday, March 9 to discuss the question and to determine whether a credit event has occurred.
Further information regarding the question is available at www.isda.org/credit.
For Media Enquiries, Please Contact:
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Rose Millburn, ISDA London, +44 203 088 3526, rmillburn@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 815 member institutions from 58 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association's web site: www.isda.org.
ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.
For Immediate Release
ISDA EMEA Determinations Committee
Accepts Question Related to a Potential Hellenic Republic Credit Event
LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA), as secretary to the Determinations Committees (the DCs), today announced that a question relating to a potential credit event with respect to the Hellenic Republic (Greece) has been submitted to, and subsequently accepted for consideration by, the EMEA Determinations Committee.
The ISDA EMEA Determinations Committee will meet at 1PM GMT on Friday, March 9 to discuss the question and to determine whether a credit event has occurred.
Further information regarding the question is available at www.isda.org/credit.
For Media Enquiries, Please Contact:
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Rose Millburn, ISDA London, +44 203 088 3526, rmillburn@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 815 member institutions from 58 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association's web site: www.isda.org.
ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.
Kamis, 08 Maret 2012
March 8 , 2012: ECB sees slower growth, flags success of money flood [NEWSLETTER]
Many eyes on Europe Thursday as the European Central Bank (ECB) kept interest rates at a record of low of one percent for a third month after completing two injections of cash which have flushed over a trillion euros of three-year money into the euro zone by the beginning of this month. The central bank issued a surprise warning on inflation.
MSRB PUBLISHES 2011 MUNICIPAL BOND FACT BOOK
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today released a new edition of its Fact Book, an annual source book that analyzes trading data, continuing disclosure submissions and other statistics for the $3.7 trillion municipal bond market. The 2011 Fact Book includes analysis on the 50 million trades that occurred in the municipal market over the last five years and provides key statistics unavailable elsewhere.
“The Fact Book supports the MSRB’s ongoing effort to educate the general public and municipal market participants about trading and disclosure activity related to municipal securities,” said MSRB Executive Director Lynnette Kelly. “The data we publish— and disseminate in real-time to the market—has brought a new level of transparency to this important capital market.”
The 2011 Fact Book covers topics ranging from trade distribution trends, most actively traded securities, daily average number of trades, and municipal market disclosures, among others. Just a few highlights include:
Total par amount of municipal securities traded in 2011 decreased 12.6 percent to $3.28 trillion from the $3.75 trillion traded in 2010
Trading activity of taxable securities decreased significantly last year following the expiration of Build America Bonds in 2010, totaling $291 billion and 752,677 trades compared to $504 billion and 1.15 million trades in 2010.
Trades of $100,000 or less accounted for 8.3% of the par volume traded and 82.5% of all trades in 2011, while trades of more than $1 million accounted for 76.6% of par volume traded and 3.6% of trades---compared to 7.4% of par and 81.5% of trades in 2010 for trades of $100,000 or less, and 78.5% of par and 4.1% of trades for transactions of more than $1 million
A revenue bond from the industrial development board of the Parish of East Baton Rouge was the most active security in 2011 in term of par amount traded with $19.5 billion
A revenue bond from New York Liberty Development Corporation was the most active in terms of number of trades with 8,371 trades
The number of continuing disclosure documents increased to 133,400 in 2011, up 3.2% from the 129,213 documents received in 2010
The MSRB’s market information transparency programs promote transparency and access to real-time, municipal market bond information. The MSRB makes this information available free of charge on its Electronic Municipal Market Access (EMMA) website. Daily and historical summaries of trade data based on security type, size, sector, maturity, source of repayment and coupon type are housed in EMMA’s Market Statistics section. The MSRB recently enhanced EMMA’s market statistics with additional graphical representations when viewing information related to overall municipal market trading activity, the amount traded by customers and dealers, and the volume of trades for any given date range.
Electronic copies of the Fact Book can be found on the Publications page of the MSRB's website here http://jlne.ws/xPlUDp
The Municipal Securities Rulemaking Board (MSRB) protects investors, issuers of municipal securities and entities whose credit stands behind municipal securities, and public pension plans by promoting a fair and efficient municipal market. The MSRB fulfills this mission by regulating securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB promotes disclosure and market transparency through its Electronic Municipal Market Access (EMMA) website, provides education and conducts extensive outreach. The MSRB has operated under Congressional mandate with oversight by the Securities and Exchange Commission since 1975.
ECB sees slower growth, flags success of money flood
Reuters via Yahoo! News
FRANKFURT (Reuters) - The European Central Bank lowered its euro zone growth forecast after holding interest rates at record lows on Thursday, and said things would have been much worse without its dramatic action to pump a trillion euros into the banking system.
http://jlne.ws/Ap9MX7
Greek Debt Restructuring Expected To Put CDS Market To Test
It isn't yet known if Greece's debt restructuring will trigger payouts on insurance-like contracts called credit-default swaps covering the government's debt. But if it does, it will touch off the biggest-ever CDS auction for sovereign bonds and determine how much banks and others will have to pay to settle the swaps. Billions of dollars are at stake. The net amount of Greek CDS outstanding--after offsetting trades are cancelled out--is $3.2 billion. That is the maximum expected to change hands between CDS buyers and sellers, assuming every party that sold protection will have the cash to meet its obligations. If not, that sum could grow.
http://jlne.ws/ykr8mj
EU unveils plan to overhaul settling of trades
By Alex Barker in Brussels and Jeremy Grant in Paris - Financial Times
Tougher rules to prevent a breakdown of securities markets infrastructure have been unveiled by the European Commission, as regulators turn their sights on settlement risk.
http://jlne.ws/A3Uu1z
Greek bond swap prospects lifted by fresh pledges
Reuters via Yahoo! News
Major banks and pension funds threw their weight behind Greece's bond swap offer to private creditors on Wednesday, making it increasingly likely that the deal will pass and clear the way for a bailout package to avert an immediate default on its debt.
http://jlne.ws/AkvPPb
Greece inches closer to E206bn debt deal
By Richard Milne in London and Kerin Hope in Athens - Financial Times
Greece inched nearer to a successful E206bn debt restructuring after private sector bondholders representing almost 40 per cent of securities said they were backing the deal.
http://jlne.ws/ABQBi3
Greek Debt Restructuring Expected To Put CDS Market To Test
WSJ
It isn't yet known if Greece's debt restructuring will trigger payouts on insurance-like contracts called credit-default swaps covering the government's debt. But if it does, it will touch off the biggest-ever CDS auction for sovereign bonds and determine how much banks and others will have to pay to settle the swaps.
http://jlne.ws/ykr8mj
Fed Debt-Purchase Approach May Hurt Rather Than Help, RBC's Cloherty Says
Bloomberg
Fed officials are considering a program in which the central bank would buy long-term mortgage or Treasury bonds and effectively tie up the money by borrowing it back for short periods at low rates, the Wall Street Journal reported without citing sources.
http://jlne.ws/zOH7q9
Bank Rate Bomb Will Destroy the Smallest and Weakest
Forbes
U.S. community banks are not prepared for the possibility of a quick spike in rates when the ballooning federal deficit comes home to roost within the next few years. While all banks will suffer in a Greek-like interest rate environment, smaller banks and thrifts are least prepared for the economic doomsday scenario.
http://jlne.ws/zK7FBf
Former Morgan Stanley Smith Barney Trader's $1 Billion Position Causes $15 Million Loss
Forbes
In July 2009 an MSSB trader exploded past his position limits and built a $1 Billion position that unwound at a cost of $15 million in losses. So much for risk management. Worse, it took FINRA 2 1/2 years to merely settle the case. Imagine if the trader opted for a disciplinary hearing.
http://jlne.ws/yyIdSr
Federal Reserve under attack ... again
CNN Money
Here we go again. A Texas Republican congressman wants to revamp the Federal Reserve. And no, this time it's not Ron Paul. Rep. Kevin Brady plans to introduce a bill on Thursday morning that, if enacted, would strip the Fed of one of its key goals: getting the job market back on track.
http://jlne.ws/xQyP1L
US Treasury to Sell $6 Billion in AIG Common Stock
CNBC
The U.S. Treasury Department on Wednesday announced it is selling $6 billion of American International Group common stock and said it expected the company to purchase up to $3 billion of the offering.
http://jlne.ws/AAi7f5
Dodd-Frank Very Negative for Small Banks, Bove Says
Bloomberg
March 2 (Bloomberg) -- Richard Bove, an analyst at Rochdale Securities LLC, talks about the impact of the Dodd-Frank financial regulatory overhaul law on the U.S. banking industry.
http://jlne.ws/yd6IZF
Dodd-Frank Act Created `Undue Burdens,' Wilson Says
Bloomberg
March 2 (Bloomberg) -- Harry Wilson, a former adviser to President Barack Obama's Auto Task Force, talks about the impact of the Dodd-Frank Act on financial markets.
http://jlne.ws/zkYvTu
TARP's Big Bank Recipients Taking More Risks, Lending Less Than Non-TARP Banks, Report Finds
The Huffington Post
The big banks that critics claim caused the financial crisis may have gotten bailed out, but they apparently haven't learned their lesson.
http://jlne.ws/wmYfzh
ECB Keeps Interest Rates The Same: 1.0%
International Business Times
The European Central Bank held interest rates at 1.0 percent for the third month running on Thursday, pausing to assess the impact of a dramatic sweep of measures that has unsettled some at the bank.
http://jlne.ws/AkR6NT
March 13 and 14, 2012
Marketforce And The IEA’s 13th Annual Conference
http://jlne.ws/wNoXDO
ISDA 27th Annual General Meeting
April 30 - May 2, 2012
Only ISDA Members Eligible To Attend
http://jlne.ws/yrvU5E
48th Annual Conference on Bank Structure and Competition
May 9 - May 11, 2012
Annual Conference On Bank Structure
http://jlne.ws/xwqkLK
By Matthew Leising - Bloomberg
CME Group Inc. plans to allow swaps traders to keep collateral with a third party, offering stronger protections than U.S. regulators required after MF Global Holdings Ltd. failed to safeguard $1.6 billion in customer cash.
http://jlne.ws/zQaoWs
Newedge, a global leader in multi-asset brokerage and clearing, announced today three senior appointments in the Alternative Investment Solutions (AIS) division of its Prime Clearing Services team.
http://jlne.ws/xJa3N5
MF Global Parent Can Restrict Some Information, Judge Says
By Tiffany Kary - Bloomberg
MF Global Holdings Ltd (MFGLQ). won permission to implement rules that will restrict the sharing of confidential information while sharing some other information from Oct. 17 to Oct. 31 about its failed brokerage.
http://jlne.ws/zbFwLT
Cantor Fitzgerald & Co. Further Builds Prime Services Group
Cantor Fitzgerald & Co., a leading financial services firm, has further strengthened its Prime Services Group with the additions of John Fiore and Marc Young. Mr. Fiore, formerly of Bank of America, and Mr. Young, formerly of BNP Paribas, will serve as Managing Directors of Sales, responsible for business development and origination for hedge fund clients. Mr. Fiore will be located in New York and Mr. Young will be located in San Francisco.
http://jlne.ws/yznDJa
Fed economists: Yes, TARP may have increased moral hazard
Washington Post
Two Federal Reserve researchers have confirmed what many have long suspected: big banks that were bailed out by the government took on greater risk without increasing lending to businesses. In other words, after they were stabilized by an injection of government funds, the specific loans made by "too big to fail" became riskier, perhaps in an effort to recoup losses, but the total volume of ...
http://jlne.ws/Ap5Qnw
Bet on Bill Gross With New PIMCO ETF
http://jlne.ws/tMNY8O
NEW YORK (TheStreet) -- Last week, PIMCO launched the long-awaited, much anticipated Total Return Exchange Traded Fund, an exchange-traded fund version of the PIMCO Total Return Mutual Fund, the largest traditional mutual fund and one that's included in just about every 401(k) I've ever looked at for clients or prospective clients.
http://jlne.ws/x5Tf0t
Meet The REAL One Percent
Forbes
How rich is 1% rich? Pundits, progressives and populists use it to mean you make more than 99% of the people in your country. In the U.S. it means making at least $343,000 in adjusted gross income as reported on your tax return. But what if we applied the 1/99 ratio to wealth, not income, and instead of comparing yourself to other people you picked a bigger target, like an entire country?
http://jlne.ws/wmmpna
Monetary Policy FAQ: Explaining the Basics of the Dollar
Forbes
What is "the dollar" today? "The dollar" is the unit of market value used by the U.S. economy and also widely in world trade. However, unlike our other units of measure, the dollar has had no definition since President Nixon abrogated the Bretton Woods monetary arrangement in stages during 1971 - 1973.
http://jlne.ws/wGVK9s
Bloomberg
Brazil's central bank surprised analysts by accelerating the pace of interest rate cuts, bringing borrowing costs below 10 percent for only the second time on record as it seeks to revive growth.
http://jlne.ws/AhBs7V
Australia Jobs Fall in Febuary, Unemployment Up
CNBC
Australian employment fell unexpectedly in February, nudging the jobless rate up a tick to 5.2 percent and sending the local dollar down a third of a U.S. cent as the market narrowed the odds for another cut in interest rates.
http://jlne.ws/ydallc
Bank of England Leaves Monetary Policy Unchanged
CNBC
The Bank of England left its monetary policy unchanged on Thursday, sticking with February's decision to do an extra 50 billion pounds of quantitative easing to support the economy through a period of fitful recovery.
http://jlne.ws/yA66F5
Bank of Canada Keeps 1% Policy Rate Amid Signs of Faster Growth, Inflation
Bloomberg
The Bank of Canada kept its main interest rate at 1 percent, extending the longest pause since the 1950s, and said there is less slack in the economy amid easing global tensions and faster domestic spending.
http://jlne.ws/zdsfnL
Chinese named IMF secretary
AFP via Yahoo! News
International Monetary Fund managing director Christine Lagarde tapped a Chinese IMF official Wednesday as the Fund's next secretary.
http://jlne.ws/AclX7N
Vietnam to cut interest rates: reports
AFP via Yahoo! News
Vietnam's central bank will slash two of its policy interest rates after inflation eased, state media reported Wednesday, as analysts called on the bank to exercise caution.
http://jlne.ws/vZVyvl
Bank of Korea Keeps Interest Rate for Ninth Month as Economic Growth Slows
Bloomberg
The Bank of Korea held off raising borrowing costs for a ninth straight month as policy makers balance the risks from Europe's debt crisis against rising oil costs that are pushing prices higher.
http://jlne.ws/yorB0n
Swiss central bank posts 13.5B francs profit
Associated Press via Yahoo! News
Switzerland's central bank says it has posted a higher-than-expected annual profit of 13.5 billion Swiss francs ($14.75 billion) for 2011.
http://jlne.ws/xeQsGJ
Bank president dies of self-inflicted gunshot wound
WTVM 9 Columbus
The head of the Central Bank of Georgia took his own life Tuesday only days after his bank failed. The bank in Ellaville was taken over by the FDIC, two weeks ago.
http://jlne.ws/ArWTQY
Kenya shilling firms after central bank holds rate
Reuters via Yahoo! News
NAIROBI (Reuters) - The Kenyan shilling firmed against the dollar on Wednesday after the central bank held its benchmark interest rate steady at 18 percent for the third month in a row. Policymakers cited a still-risky inflation outlook and concerns about the widening balance of payments for the decision to leave the rate unchanged.
http://jlne.ws/xvnY8s
Conversation Starter
MSRB PUBLISHES 2011 MUNICIPAL BOND FACT BOOK
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today released a new edition of its Fact Book, an annual source book that analyzes trading data, continuing disclosure submissions and other statistics for the $3.7 trillion municipal bond market. The 2011 Fact Book includes analysis on the 50 million trades that occurred in the municipal market over the last five years and provides key statistics unavailable elsewhere.
“The Fact Book supports the MSRB’s ongoing effort to educate the general public and municipal market participants about trading and disclosure activity related to municipal securities,” said MSRB Executive Director Lynnette Kelly. “The data we publish— and disseminate in real-time to the market—has brought a new level of transparency to this important capital market.”
The 2011 Fact Book covers topics ranging from trade distribution trends, most actively traded securities, daily average number of trades, and municipal market disclosures, among others. Just a few highlights include:
Total par amount of municipal securities traded in 2011 decreased 12.6 percent to $3.28 trillion from the $3.75 trillion traded in 2010
Trading activity of taxable securities decreased significantly last year following the expiration of Build America Bonds in 2010, totaling $291 billion and 752,677 trades compared to $504 billion and 1.15 million trades in 2010.
Trades of $100,000 or less accounted for 8.3% of the par volume traded and 82.5% of all trades in 2011, while trades of more than $1 million accounted for 76.6% of par volume traded and 3.6% of trades---compared to 7.4% of par and 81.5% of trades in 2010 for trades of $100,000 or less, and 78.5% of par and 4.1% of trades for transactions of more than $1 million
A revenue bond from the industrial development board of the Parish of East Baton Rouge was the most active security in 2011 in term of par amount traded with $19.5 billion
A revenue bond from New York Liberty Development Corporation was the most active in terms of number of trades with 8,371 trades
The number of continuing disclosure documents increased to 133,400 in 2011, up 3.2% from the 129,213 documents received in 2010
The MSRB’s market information transparency programs promote transparency and access to real-time, municipal market bond information. The MSRB makes this information available free of charge on its Electronic Municipal Market Access (EMMA) website. Daily and historical summaries of trade data based on security type, size, sector, maturity, source of repayment and coupon type are housed in EMMA’s Market Statistics section. The MSRB recently enhanced EMMA’s market statistics with additional graphical representations when viewing information related to overall municipal market trading activity, the amount traded by customers and dealers, and the volume of trades for any given date range.
Electronic copies of the Fact Book can be found on the Publications page of the MSRB's website here http://jlne.ws/xPlUDp
The Municipal Securities Rulemaking Board (MSRB) protects investors, issuers of municipal securities and entities whose credit stands behind municipal securities, and public pension plans by promoting a fair and efficient municipal market. The MSRB fulfills this mission by regulating securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB promotes disclosure and market transparency through its Electronic Municipal Market Access (EMMA) website, provides education and conducts extensive outreach. The MSRB has operated under Congressional mandate with oversight by the Securities and Exchange Commission since 1975.
Lead Stories
ECB sees slower growth, flags success of money flood
Reuters via Yahoo! News
FRANKFURT (Reuters) - The European Central Bank lowered its euro zone growth forecast after holding interest rates at record lows on Thursday, and said things would have been much worse without its dramatic action to pump a trillion euros into the banking system.
http://jlne.ws/Ap9MX7
Greek Debt Restructuring Expected To Put CDS Market To Test
It isn't yet known if Greece's debt restructuring will trigger payouts on insurance-like contracts called credit-default swaps covering the government's debt. But if it does, it will touch off the biggest-ever CDS auction for sovereign bonds and determine how much banks and others will have to pay to settle the swaps. Billions of dollars are at stake. The net amount of Greek CDS outstanding--after offsetting trades are cancelled out--is $3.2 billion. That is the maximum expected to change hands between CDS buyers and sellers, assuming every party that sold protection will have the cash to meet its obligations. If not, that sum could grow.
http://jlne.ws/ykr8mj
EU unveils plan to overhaul settling of trades
By Alex Barker in Brussels and Jeremy Grant in Paris - Financial Times
Tougher rules to prevent a breakdown of securities markets infrastructure have been unveiled by the European Commission, as regulators turn their sights on settlement risk.
http://jlne.ws/A3Uu1z
Greek bond swap prospects lifted by fresh pledges
Reuters via Yahoo! News
Major banks and pension funds threw their weight behind Greece's bond swap offer to private creditors on Wednesday, making it increasingly likely that the deal will pass and clear the way for a bailout package to avert an immediate default on its debt.
http://jlne.ws/AkvPPb
Greece inches closer to E206bn debt deal
By Richard Milne in London and Kerin Hope in Athens - Financial Times
Greece inched nearer to a successful E206bn debt restructuring after private sector bondholders representing almost 40 per cent of securities said they were backing the deal.
http://jlne.ws/ABQBi3
Greek Debt Restructuring Expected To Put CDS Market To Test
WSJ
It isn't yet known if Greece's debt restructuring will trigger payouts on insurance-like contracts called credit-default swaps covering the government's debt. But if it does, it will touch off the biggest-ever CDS auction for sovereign bonds and determine how much banks and others will have to pay to settle the swaps.
http://jlne.ws/ykr8mj
Fed Debt-Purchase Approach May Hurt Rather Than Help, RBC's Cloherty Says
Bloomberg
Fed officials are considering a program in which the central bank would buy long-term mortgage or Treasury bonds and effectively tie up the money by borrowing it back for short periods at low rates, the Wall Street Journal reported without citing sources.
http://jlne.ws/zOH7q9
Bank Rate Bomb Will Destroy the Smallest and Weakest
Forbes
U.S. community banks are not prepared for the possibility of a quick spike in rates when the ballooning federal deficit comes home to roost within the next few years. While all banks will suffer in a Greek-like interest rate environment, smaller banks and thrifts are least prepared for the economic doomsday scenario.
http://jlne.ws/zK7FBf
Former Morgan Stanley Smith Barney Trader's $1 Billion Position Causes $15 Million Loss
Forbes
In July 2009 an MSSB trader exploded past his position limits and built a $1 Billion position that unwound at a cost of $15 million in losses. So much for risk management. Worse, it took FINRA 2 1/2 years to merely settle the case. Imagine if the trader opted for a disciplinary hearing.
http://jlne.ws/yyIdSr
Federal Reserve under attack ... again
CNN Money
Here we go again. A Texas Republican congressman wants to revamp the Federal Reserve. And no, this time it's not Ron Paul. Rep. Kevin Brady plans to introduce a bill on Thursday morning that, if enacted, would strip the Fed of one of its key goals: getting the job market back on track.
http://jlne.ws/xQyP1L
US Treasury to Sell $6 Billion in AIG Common Stock
CNBC
The U.S. Treasury Department on Wednesday announced it is selling $6 billion of American International Group common stock and said it expected the company to purchase up to $3 billion of the offering.
http://jlne.ws/AAi7f5
Dodd-Frank Very Negative for Small Banks, Bove Says
Bloomberg
March 2 (Bloomberg) -- Richard Bove, an analyst at Rochdale Securities LLC, talks about the impact of the Dodd-Frank financial regulatory overhaul law on the U.S. banking industry.
http://jlne.ws/yd6IZF
Dodd-Frank Act Created `Undue Burdens,' Wilson Says
Bloomberg
March 2 (Bloomberg) -- Harry Wilson, a former adviser to President Barack Obama's Auto Task Force, talks about the impact of the Dodd-Frank Act on financial markets.
http://jlne.ws/zkYvTu
TARP's Big Bank Recipients Taking More Risks, Lending Less Than Non-TARP Banks, Report Finds
The Huffington Post
The big banks that critics claim caused the financial crisis may have gotten bailed out, but they apparently haven't learned their lesson.
http://jlne.ws/wmYfzh
ECB Keeps Interest Rates The Same: 1.0%
International Business Times
The European Central Bank held interest rates at 1.0 percent for the third month running on Thursday, pausing to assess the impact of a dramatic sweep of measures that has unsettled some at the bank.
http://jlne.ws/AkR6NT
Events
Retail Banking in EuropeMarch 13 and 14, 2012
Marketforce And The IEA’s 13th Annual Conference
http://jlne.ws/wNoXDO
ISDA 27th Annual General Meeting
April 30 - May 2, 2012
Only ISDA Members Eligible To Attend
http://jlne.ws/yrvU5E
48th Annual Conference on Bank Structure and Competition
May 9 - May 11, 2012
Annual Conference On Bank Structure
http://jlne.ws/xwqkLK
Exchanges, Clearing Houses & MTFs
CME to Offer Swaps Users Cash Protection That Beats CFTC RuleBy Matthew Leising - Bloomberg
CME Group Inc. plans to allow swaps traders to keep collateral with a third party, offering stronger protections than U.S. regulators required after MF Global Holdings Ltd. failed to safeguard $1.6 billion in customer cash.
http://jlne.ws/zQaoWs
Firms & Banks
Newedge Announces Three Senior Appointments to Prime Clearing Services (PCS) TeamNewedge, a global leader in multi-asset brokerage and clearing, announced today three senior appointments in the Alternative Investment Solutions (AIS) division of its Prime Clearing Services team.
http://jlne.ws/xJa3N5
MF Global Parent Can Restrict Some Information, Judge Says
By Tiffany Kary - Bloomberg
MF Global Holdings Ltd (MFGLQ). won permission to implement rules that will restrict the sharing of confidential information while sharing some other information from Oct. 17 to Oct. 31 about its failed brokerage.
http://jlne.ws/zbFwLT
Cantor Fitzgerald & Co. Further Builds Prime Services Group
Cantor Fitzgerald & Co., a leading financial services firm, has further strengthened its Prime Services Group with the additions of John Fiore and Marc Young. Mr. Fiore, formerly of Bank of America, and Mr. Young, formerly of BNP Paribas, will serve as Managing Directors of Sales, responsible for business development and origination for hedge fund clients. Mr. Fiore will be located in New York and Mr. Young will be located in San Francisco.
http://jlne.ws/yznDJa
Fed economists: Yes, TARP may have increased moral hazard
Washington Post
Two Federal Reserve researchers have confirmed what many have long suspected: big banks that were bailed out by the government took on greater risk without increasing lending to businesses. In other words, after they were stabilized by an injection of government funds, the specific loans made by "too big to fail" became riskier, perhaps in an effort to recoup losses, but the total volume of ...
http://jlne.ws/Ap5Qnw
Bet on Bill Gross With New PIMCO ETF
http://jlne.ws/tMNY8O
NEW YORK (TheStreet) -- Last week, PIMCO launched the long-awaited, much anticipated Total Return Exchange Traded Fund, an exchange-traded fund version of the PIMCO Total Return Mutual Fund, the largest traditional mutual fund and one that's included in just about every 401(k) I've ever looked at for clients or prospective clients.
http://jlne.ws/x5Tf0t
Meet The REAL One Percent
Forbes
How rich is 1% rich? Pundits, progressives and populists use it to mean you make more than 99% of the people in your country. In the U.S. it means making at least $343,000 in adjusted gross income as reported on your tax return. But what if we applied the 1/99 ratio to wealth, not income, and instead of comparing yourself to other people you picked a bigger target, like an entire country?
http://jlne.ws/wmmpna
Monetary Policy FAQ: Explaining the Basics of the Dollar
Forbes
What is "the dollar" today? "The dollar" is the unit of market value used by the U.S. economy and also widely in world trade. However, unlike our other units of measure, the dollar has had no definition since President Nixon abrogated the Bretton Woods monetary arrangement in stages during 1971 - 1973.
http://jlne.ws/wGVK9s
Global News
Brazil Cuts Benchmark Rate Greater-Than-Estimated 0.75% as Economy SlowsBloomberg
Brazil's central bank surprised analysts by accelerating the pace of interest rate cuts, bringing borrowing costs below 10 percent for only the second time on record as it seeks to revive growth.
http://jlne.ws/AhBs7V
Australia Jobs Fall in Febuary, Unemployment Up
CNBC
Australian employment fell unexpectedly in February, nudging the jobless rate up a tick to 5.2 percent and sending the local dollar down a third of a U.S. cent as the market narrowed the odds for another cut in interest rates.
http://jlne.ws/ydallc
Bank of England Leaves Monetary Policy Unchanged
CNBC
The Bank of England left its monetary policy unchanged on Thursday, sticking with February's decision to do an extra 50 billion pounds of quantitative easing to support the economy through a period of fitful recovery.
http://jlne.ws/yA66F5
Bank of Canada Keeps 1% Policy Rate Amid Signs of Faster Growth, Inflation
Bloomberg
The Bank of Canada kept its main interest rate at 1 percent, extending the longest pause since the 1950s, and said there is less slack in the economy amid easing global tensions and faster domestic spending.
http://jlne.ws/zdsfnL
Chinese named IMF secretary
AFP via Yahoo! News
International Monetary Fund managing director Christine Lagarde tapped a Chinese IMF official Wednesday as the Fund's next secretary.
http://jlne.ws/AclX7N
Vietnam to cut interest rates: reports
AFP via Yahoo! News
Vietnam's central bank will slash two of its policy interest rates after inflation eased, state media reported Wednesday, as analysts called on the bank to exercise caution.
http://jlne.ws/vZVyvl
Bank of Korea Keeps Interest Rate for Ninth Month as Economic Growth Slows
Bloomberg
The Bank of Korea held off raising borrowing costs for a ninth straight month as policy makers balance the risks from Europe's debt crisis against rising oil costs that are pushing prices higher.
http://jlne.ws/yorB0n
Swiss central bank posts 13.5B francs profit
Associated Press via Yahoo! News
Switzerland's central bank says it has posted a higher-than-expected annual profit of 13.5 billion Swiss francs ($14.75 billion) for 2011.
http://jlne.ws/xeQsGJ
Bank president dies of self-inflicted gunshot wound
WTVM 9 Columbus
The head of the Central Bank of Georgia took his own life Tuesday only days after his bank failed. The bank in Ellaville was taken over by the FDIC, two weeks ago.
http://jlne.ws/ArWTQY
Kenya shilling firms after central bank holds rate
Reuters via Yahoo! News
NAIROBI (Reuters) - The Kenyan shilling firmed against the dollar on Wednesday after the central bank held its benchmark interest rate steady at 18 percent for the third month in a row. Policymakers cited a still-risky inflation outlook and concerns about the widening balance of payments for the decision to leave the rate unchanged.
http://jlne.ws/xvnY8s
Rabu, 07 Maret 2012
Top Interest Rate Headlines 03-07-2012: Fed Weighs 'Sterilized' Bond Buying if It Acts
Federal Reserve officials are considering a new type of bond-buying program designed to subdue worries about future inflation if they decide to take new steps to boost the economy in the months ahead.
Fed Weighs 'Sterilized' Bond Buying if It Acts
http://jlne.ws/wsqxDl
Consumer credit rises more than expected in January
http://jlne.ws/zEppjX
Moody's: Local Governments Are Likeliest Muni Defaulters
http://jlne.ws/zgerVT
Greek Debt Swap Gets More Support
http://jlne.ws/x9FNNe
Mortgage Applications Down as Refis Fall-MBA
http://jlne.ws/xPOeE0
Lightspeed Announces Promotion of Michael Sedek to Chief Retail Officer, Names Collin Carrico as CIO
http://jlne.ws/Apa8Kh
Fed! Bond Buying! These Words Spark Pavlovian Market Rally
http://jlne.ws/AyLm0O
Breeding The Culture of Greed: Behind Big Banking Bonuses In The UK
http://jlne.ws/yGKPrL
The euro crisis: The growth problem
http://jlne.ws/zCnx3b
Newedge Announces Three Senior Appointments To Prime Clearing Services (PCS) Team - High Frequency Trading Review
http://jlne.ws/yB7qP2
CME to Offer Swaps Users Cash Protection That Beats CFTC Rule
http://jlne.ws/zQaoWs
ADP estimates companies in US add 216,000 jobs
http://jlne.ws/A6IM3n
Fed Weighs 'Sterilized' Bond Buying if It Acts
http://jlne.ws/wsqxDl
Consumer credit rises more than expected in January
http://jlne.ws/zEppjX
Moody's: Local Governments Are Likeliest Muni Defaulters
http://jlne.ws/zgerVT
Greek Debt Swap Gets More Support
http://jlne.ws/x9FNNe
Mortgage Applications Down as Refis Fall-MBA
http://jlne.ws/xPOeE0
Lightspeed Announces Promotion of Michael Sedek to Chief Retail Officer, Names Collin Carrico as CIO
http://jlne.ws/Apa8Kh
Fed! Bond Buying! These Words Spark Pavlovian Market Rally
http://jlne.ws/AyLm0O
Breeding The Culture of Greed: Behind Big Banking Bonuses In The UK
http://jlne.ws/yGKPrL
The euro crisis: The growth problem
http://jlne.ws/zCnx3b
Newedge Announces Three Senior Appointments To Prime Clearing Services (PCS) Team - High Frequency Trading Review
http://jlne.ws/yB7qP2
CME to Offer Swaps Users Cash Protection That Beats CFTC Rule
http://jlne.ws/zQaoWs
ADP estimates companies in US add 216,000 jobs
http://jlne.ws/A6IM3n
Selasa, 06 Maret 2012
Top Interest Rate Headlines 03-06-12: ECB Balance Sheet Is 30 Percent Bigger Than Germany’s Economy After Lending Boom
ECB Balance Sheet Is 30 Percent Bigger Than Germany’s Economy After Lending Boom
http://jlne.ws/A8LPcE
Finance Isn't as Amoral as It Seems (Part 2): Robert Shiller
Bloomberg
Many people assume there is something sleazy about the business of finance, or the people who practice it. This impression is probably behind the commonly voiced opinion that it is a shame so many young people today are going into finance-related occupations, when they could be doing something more high- minded in other fields.
http://jlne.ws/z4hjDq
Citigroup To Work With IBM On Watson Technologies In Banking
DOW JONES NEWSWIRES
Citigroup Inc. said it entered into an agreement with International Business Machines Corp. to explore the possible uses of its Watson supercomupter's technologies to improve personalized banking and data analysis.
http://jlne.ws/wsRKWe
Regulators consider Libor overhaul
By Brooke Masters and Caroline Binham in London - Financial Times
UK regulators and global banks are discussing a potentially far-reaching overhaul of the calculation and regulation of interbank lending rates, amid claims that the benchmark for $350tn contracts worldwide may have been subject to manipulation.
http://jlne.ws/wFBxMB
MF Global trustee seeks to toss employee lawsuit
Reuters
The trustee liquidating fallen brokerage MF Global asked a judge to throw out a lawsuit from former company employees claiming to have been fired unfairly, saying a federal labor law does not apply to trustees.
http://jlne.ws/z4eKk5
London Banks Face Accusations Over Libor Fixing
By Jesse Westbrook - Bloomberg
U.K. regulators and banks met to discuss revisions to the setting of global interest rates after lenders faced allegations that they manipulated the benchmark for about $360 trillion of securities.
http://jlne.ws/yL63CT
J.P. Morgan Appoints Sandie O'Connor As Treasurer
FOX Business
J.P. Morgan Chase & Co. (JPM) Monday appointed Sandie O'Connor, head of prime services at the investment bank, as the company's new treasurer.
http://jlne.ws/zgSexs
Goldman Sachs posts $103 million Asia loss
Market Watch
Goldman Sachs Group Inc (GS) said in a filing to the U.S. stock exchange Tuesday that it had posted a net loss of $103 million in Asia for the year ended December 2011, hit by weak markets that took a toll on lending and investing, as well as a mark-to-market loss in its holdings of shares in Industrial & Commercial Bank of China Ltd.
http://jlne.ws/xpCr08
Barclays's Pension Fund Plans $554M Sale
Bloomberg
Barclays Plc (BARC) 's pension fund is planning to sell about 350 million pounds ($554 million) in private-equity assets, three people with knowledge of the matter said.
http://jlne.ws/wc6hec
Beijing's lessons for central banks
By Stephen S. Roach - Financial Times
Contrary to widespread concerns over an imminent hard landing, China will defy the naysayers. Even after premier Wen Jiabao’s latest warning over a moderate slowing of growth, it is doing a far better job in managing its economy than most give it credit. It even offers some lessons in macro policy strategy that the rest of the world should heed.
http://jlne.ws/ApRIEF
Sommers Is Deeply Concerned’ Over Lack of CFTC, SEC Coordination on Swaps
By Silla Brush - Bloomberg
The inability of U.S. regulators to agree on guidelines for the international reach of the Dodd- Frank Act may disrupt the $708 trillion global swaps market, said Jill E. Sommers, a Republican member of the Commodity Futures Trading Commission.
http://jlne.ws/zIBGkW
Volcker Rule Needs Extensive Revisions Amid Feedback, SEC's Gallagher Says
Bloomberg
U.S. regulators should "go back to the drawing board" and make extensive revisions to their proposed ban on banks' proprietary trading, Securities and Exchange Commission member Daniel Gallagher said today.
http://jlne.ws/AsWaRf
Bank's Tucker to head global clearing rules body
Reuters via Yahoo! News
Paul Tucker, a Bank of England deputy governor, was appointed on Monday to head a global rulemaking body for securities clearing, a sector at the heart of post-financial crisis reform. Tucker will replace William Dudley, president and chief executive of the Federal Reserve Bank of New York, as chairman of the Committee on Payment and Settlement Systems (CPSS)
http://jlne.ws/AnhQxb
http://jlne.ws/A8LPcE
Finance Isn't as Amoral as It Seems (Part 2): Robert Shiller
Bloomberg
Many people assume there is something sleazy about the business of finance, or the people who practice it. This impression is probably behind the commonly voiced opinion that it is a shame so many young people today are going into finance-related occupations, when they could be doing something more high- minded in other fields.
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Citigroup To Work With IBM On Watson Technologies In Banking
DOW JONES NEWSWIRES
Citigroup Inc. said it entered into an agreement with International Business Machines Corp. to explore the possible uses of its Watson supercomupter's technologies to improve personalized banking and data analysis.
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Regulators consider Libor overhaul
By Brooke Masters and Caroline Binham in London - Financial Times
UK regulators and global banks are discussing a potentially far-reaching overhaul of the calculation and regulation of interbank lending rates, amid claims that the benchmark for $350tn contracts worldwide may have been subject to manipulation.
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MF Global trustee seeks to toss employee lawsuit
Reuters
The trustee liquidating fallen brokerage MF Global asked a judge to throw out a lawsuit from former company employees claiming to have been fired unfairly, saying a federal labor law does not apply to trustees.
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London Banks Face Accusations Over Libor Fixing
By Jesse Westbrook - Bloomberg
U.K. regulators and banks met to discuss revisions to the setting of global interest rates after lenders faced allegations that they manipulated the benchmark for about $360 trillion of securities.
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J.P. Morgan Appoints Sandie O'Connor As Treasurer
FOX Business
J.P. Morgan Chase & Co. (JPM) Monday appointed Sandie O'Connor, head of prime services at the investment bank, as the company's new treasurer.
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Goldman Sachs posts $103 million Asia loss
Market Watch
Goldman Sachs Group Inc (GS) said in a filing to the U.S. stock exchange Tuesday that it had posted a net loss of $103 million in Asia for the year ended December 2011, hit by weak markets that took a toll on lending and investing, as well as a mark-to-market loss in its holdings of shares in Industrial & Commercial Bank of China Ltd.
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Barclays's Pension Fund Plans $554M Sale
Bloomberg
Barclays Plc (BARC) 's pension fund is planning to sell about 350 million pounds ($554 million) in private-equity assets, three people with knowledge of the matter said.
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Beijing's lessons for central banks
By Stephen S. Roach - Financial Times
Contrary to widespread concerns over an imminent hard landing, China will defy the naysayers. Even after premier Wen Jiabao’s latest warning over a moderate slowing of growth, it is doing a far better job in managing its economy than most give it credit. It even offers some lessons in macro policy strategy that the rest of the world should heed.
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Sommers Is Deeply Concerned’ Over Lack of CFTC, SEC Coordination on Swaps
By Silla Brush - Bloomberg
The inability of U.S. regulators to agree on guidelines for the international reach of the Dodd- Frank Act may disrupt the $708 trillion global swaps market, said Jill E. Sommers, a Republican member of the Commodity Futures Trading Commission.
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Volcker Rule Needs Extensive Revisions Amid Feedback, SEC's Gallagher Says
Bloomberg
U.S. regulators should "go back to the drawing board" and make extensive revisions to their proposed ban on banks' proprietary trading, Securities and Exchange Commission member Daniel Gallagher said today.
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Bank's Tucker to head global clearing rules body
Reuters via Yahoo! News
Paul Tucker, a Bank of England deputy governor, was appointed on Monday to head a global rulemaking body for securities clearing, a sector at the heart of post-financial crisis reform. Tucker will replace William Dudley, president and chief executive of the Federal Reserve Bank of New York, as chairman of the Committee on Payment and Settlement Systems (CPSS)
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