United Fed Stands Pat
By Luca Di Leo And Jeffrey Sparshott, WSJ.com
Federal Reserve officials were united Wednesday in deciding to continue buying government bonds to boost the recovery, even as they acknowledged that the U.S. economy looks in better shape.
http://jlne.ws/hvmqMT
Instant view: Fed lukewarm on economy, jobs
Reuters
The U.S. Federal Reserve gave a lukewarm economic assessment on Wednesday despite recent signs the recovery was strengthening, saying high unemployment still justified its $600 billion bond-buying program.
http://jlne.ws/fyDhP9
FRB: FOMC statement--January 26, 2011
Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward....
http://jlne.ws/e3MF3i
DTCC and Markitserv Collaberate with Acadiasoft to Automate Collateral Messaging and Reduce Risk in OTC Derivatives
Press Release
The Depository Trust & Clearing Corporation (DTCC), MarkitSERV and AcadiaSoft today announced that they are working to deliver a joint solution for improving communication related to setting and maintaining the collateral required between counterparties to over-the-counter (OTC) derivative transactions. The solution is the first step taken by the three companies to develop a multi-functional collateral processing platform for the OTC derivative market.
http://jlne.ws/dMI2Yw
Derivatives Executives Are Wary Of Electronic Swaps Trading
By Katy Burne, Of DOW JONES NEWSWIRES
Moving a large portion of privately traded derivatives, or swaps, on to futures exchanges and other regulated execution platforms in accordance with new regulation will take a huge leap of faith from industry participants, panelists at a derivatives conference in New York warned Tuesday.
http://jlne.ws/fGfm19
TARP Profit on Citigroup: $12.3 Billion
BY Tom Barkley, WSJ.com
The U.S. is set to record a net $312.2 million from its sale of its final 465.1 million warrants to purchase common shares of Citigroup Inc., the Treasury Department said Wednesday.
http://jlne.ws/icd8bp
Noyer Urges More Flexible Rescue Fund
BY BRIAN BLACKSTONE AND NATHALIE BOSCHAT, WSJ.com
A top European Central Bank official urged euro-zone governments to make their €440 billion ($602 billion) crisis fund more flexible so that it can buy bonds of fiscally distressed governments and offer them short-term credit lines, a signal that the ECB wants to reduce its role in fighting the currency bloc's debt crisis.
http://jlne.ws/gV1kSf
Budget Deficit Is Expected to Grow 14% to $1.5 Trillion in Fiscal 2011
By COREY BOLES, WSJ.com
The Congressional Budget Office painted a grim picture of the federal government's finances Wednesday, saying the budget deficit would jump to nearly $1.5 trillion in the current fiscal year, largely because of a tax-cut extension enacted last year.
http://jlne.ws/eBE9f1
Cantor Prepares to Debut Commercial-Mortgage-Backed Bond Offer
By Sarah Mulholland, Bloomberg
Cantor Fitzgerald LP, the bond broker working to transform itself into a full-service investment bank, is preparing to issue its first securities tied to commercial property loans.
http://jlne.ws/fVy99U
DJIA Tops 12000
By JONATHAN CHENG, WSJ.com
The Dow Jones Industrial Average vaulted over 12000 for the first time in almost three years and bounced around that milestone throughout the session, as investors cheered President Obama's State of the Union address and the unanimous decision by the Federal Reserve to stay the course on supporting the economy.
http://jlne.ws/hISn8E
Crisis Panel Report Pins Blame on Wall Street, Washington
By Robert Schmidt and Phil Mattingly, Bloomberg
The congressionally appointed panel assigned to probe the origins of the 2008 credit crisis heaped blame on “reckless” Wall Street firms and “weak” federal regulators, concluding the meltdown could have been avoided.
http://jlne.ws/fJg3io
U.S. REP GARRETT SAYS RESTRAINING SEC, CFTC BUDGETS ONLY ONE WAY GOP TRYING TO "THROTTLE" SOME DODD-FRANK REFORMS
17:49 25Jan11 -INTERVIEW-Budgets one way to 'throttle' Dodd-Frank - Garrett
WASHINGTON, Jan 25 (Reuters) - The head of a congressional panel that oversees U.S. financial regulation said on Tuesday that budget restraint is just one way Republicans are trying to "throttle" some of the Dodd-Frank banking reforms. U.S. Representative Scott Garrett, the Republican chairman of the House capital markets subcommittee, said he knows Democrats accuse Republicans of trying to throttle Dodd-Frank by restraining the budgets of agencies that must implement it.
http://jlne.ws/ezkDkP
ICE Surpasses $15 Trillion Milestone in Global CDS Clearing
NEW YORK, Jan. 25, 2011 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that its credit default swap (CDS) clearing houses surpassed $15 trillion in cumulative gross notional value and 400,000 transactions during the week ending January 21, 2011.
http://jlne.ws/99Rt1r
Dodd-Frank Swaps Rules Deadline 'Unrealistic', O'Malia says
Bloomberg
The Dodd-Frank Act's "unrealistic" July deadline for rules to govern the swaps market may undermine regulators' efforts to increase transparency and reduce risk, Commodity Futures Trading Commission member Scott O'Malia said in a New York speech.
http://jlne.ws/hO2bJP
Derivatives Executives Are Wary Of Electronic Swaps Trading
By Katy Burne, DOW JONES NEWSWIRES
Moving a large portion of privately traded derivatives, or swaps, on to futures exchanges and other regulated execution platforms in accordance with new regulation will take a huge leap of faith from industry participants, panelists at a derivatives conference in New York warned Tuesday. Swaps are currently executed "over the counter," allowing counterparties to negotiate terms bilaterally. That suits many customers, who want tailored hedges. But global financial regulators want to bring swaps--which were blamed for deepening the financial crisis--into the open so that customers of every stripe, not just the largest users, can get access to the lowest prices available.
http://jlne.ws/f6nmgg
Global economy fears ease at Davos forum
By Chris Giles in Davos, Financial Times
Participants at the opening sessions of the World Economic Forum in Davos on Wednesday shrugged off weak UK growth figures and expressed confidence that the global economy is set fair.
http://jlne.ws/ffVAaS
IMF Sees Europe's Debt as Top Recovery Threat
By MICHAEL R. CRITTENDEN, WSJ.com
European officials need to expand the region's financial rescue fund and subject their banks to more rigorous stress tests to quell a key threat to the global economic recovery, the International Monetary Fund said Tuesday.
http://jlne.ws/fPkpCR
Credit Agricole Hires Pao as Fixed Income Head in Thailand
Bloomberg
Credit Agricole CIB hired Pao Chatakanonta as head of fixed income markets for Thailand, according to an e-mailed media release.
http://jlne.ws/f7tXzp
Rabu, 26 Januari 2011
FRB: FOMC statement - January 26, 2011
Federal Reserve Press Release
Release Date: January 26, 2011
For immediate release
Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Release Date: January 26, 2011
For immediate release
Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Selasa, 25 Januari 2011
Top Interest Rate Headlines 01-25-11: Financial Meltdown Was ‘Avoidable,’ Inquiry Concludes
Financial Meltdown Was ‘Avoidable,’ Inquiry Concludes
By SEWELL CHAN, The New York Times
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a Congressional inquiry.
http://jlne.ws/esD8T7
Traders Laying Groundwork For New Type Of Credit Derivative
By Katy Burne
A clutch of traders at big investment banks is trying to get a new kind of derivative instrument off the ground that would help them mitigate the risk of a growing correlation between interest rates and risk premiums in the credit markets.
http://jlne.ws/eTj0pW
NYSE Euronext Bond-Trading Venture To Go Live In March
By Jacob Bunge, Dow Jones Newswires
NYSE Euronext (NYX) aims to launch a new bond-trading effort in March after securing approval from U.S. securities market regulators, according to the exchange company. The Securities and Exchange Commission last week cleared NYSE Euronext to move ahead with a program that will see major brokers and electronic trading firms make a new market in the debt of companies listing shares on NYSE Euronext.
http://jlne.ws/fZnki7
Newedge appointed swap counterparty by Aspect Capital on new UCITS launch
Press Release
Newedge, a global leader in multi-asset brokerage and clearing, announces its appointment by Aspect Capital Limited, as swap counterparty to the Aspect Diversified Trends Fund, a Dublin domiciled UCITs-compliant fund with daily liquidity.
http://jlne.ws/dxcSLk
Wall Street Partying in Davos as Bankers Overcome Crisis Angst
Bloomberg
As Wall Street chief executive officers flock to the World Economic Forum, they'll be breathing a sigh of relief along with the Swiss mountain air: There are no panels on compensation or redesigning financial regulation.
http://jlne.ws/fiCEN4
JPMorgan Refused Mortgage Repurchases It Also Sought, Ambac Assurance Says
Bloomberg
JPMorgan Chase & Co. demanded that a lender repurchase bad mortgages even as it resisted calls to buy back the loans from bonds created by Bear Stearns Cos., an insurer said in court papers.
http://jlne.ws/e5ADoT
Citigroup Bailout Warrants Will Be Auctioned by U.S.
BusinessWeek
The U.S. Treasury Department announced plans to auction warrants to purchase stock in Citigroup Inc. that taxpayers received as part of the bank's $45 billion rescue during the financial crisis.
http://jlne.ws/f7gv9r
HSBC chief drops Hong Kong move
Channel NewsAsia
HONG KONG: The new chief executive of HSBC has dropped plans to relocate to Hong Kong, where his predecessor was based to push the bank's Asia business, and will stay in London, a report said Tuesday.
http://jlne.ws/f9MYkY
Madrid tells banks to boost core capital
By Victor Mallet in Madrid - Financial Times
Spain will force its weaker savings banks to raise more capital or face nationalisation in an effort to restore confidence in the Spanish economy.
http://jlne.ws/f5VEnd
American Express Falls Short With 48% Profit Jump
Forbes
In the fourth quarter of 2010, American Express saw profits shoot higher but not as high as analysts had forecasted.
http://jlne.ws/gs4QmW
Paulson posts more than $1bn in Citi gains
By Sam Jones in London and Dan McCrum in New York - Financial Times
Paulson & Co, the world's third-largest hedge fund manager, has told clients it has made more than $1bn from its stake in Citigroup over the past 18 months and expects US growth to accelerate this year.
http://jlne.ws/edPMRf
Morningstar adds OTC Markets Group data to Quotes feed
Press Release
Morningstar (NASDAQ: MORN), a leading provider of independent investment research, today announced that the company has added OTC Markets Group data (previously known as Pink OTC Markets) to its Morningstar Quotes Data Feed.
http://jlne.ws/eaPQ4R
By SEWELL CHAN, The New York Times
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a Congressional inquiry.
http://jlne.ws/esD8T7
Traders Laying Groundwork For New Type Of Credit Derivative
By Katy Burne
A clutch of traders at big investment banks is trying to get a new kind of derivative instrument off the ground that would help them mitigate the risk of a growing correlation between interest rates and risk premiums in the credit markets.
http://jlne.ws/eTj0pW
NYSE Euronext Bond-Trading Venture To Go Live In March
By Jacob Bunge, Dow Jones Newswires
NYSE Euronext (NYX) aims to launch a new bond-trading effort in March after securing approval from U.S. securities market regulators, according to the exchange company. The Securities and Exchange Commission last week cleared NYSE Euronext to move ahead with a program that will see major brokers and electronic trading firms make a new market in the debt of companies listing shares on NYSE Euronext.
http://jlne.ws/fZnki7
Newedge appointed swap counterparty by Aspect Capital on new UCITS launch
Press Release
Newedge, a global leader in multi-asset brokerage and clearing, announces its appointment by Aspect Capital Limited, as swap counterparty to the Aspect Diversified Trends Fund, a Dublin domiciled UCITs-compliant fund with daily liquidity.
http://jlne.ws/dxcSLk
Wall Street Partying in Davos as Bankers Overcome Crisis Angst
Bloomberg
As Wall Street chief executive officers flock to the World Economic Forum, they'll be breathing a sigh of relief along with the Swiss mountain air: There are no panels on compensation or redesigning financial regulation.
http://jlne.ws/fiCEN4
JPMorgan Refused Mortgage Repurchases It Also Sought, Ambac Assurance Says
Bloomberg
JPMorgan Chase & Co. demanded that a lender repurchase bad mortgages even as it resisted calls to buy back the loans from bonds created by Bear Stearns Cos., an insurer said in court papers.
http://jlne.ws/e5ADoT
Citigroup Bailout Warrants Will Be Auctioned by U.S.
BusinessWeek
The U.S. Treasury Department announced plans to auction warrants to purchase stock in Citigroup Inc. that taxpayers received as part of the bank's $45 billion rescue during the financial crisis.
http://jlne.ws/f7gv9r
HSBC chief drops Hong Kong move
Channel NewsAsia
HONG KONG: The new chief executive of HSBC has dropped plans to relocate to Hong Kong, where his predecessor was based to push the bank's Asia business, and will stay in London, a report said Tuesday.
http://jlne.ws/f9MYkY
Madrid tells banks to boost core capital
By Victor Mallet in Madrid - Financial Times
Spain will force its weaker savings banks to raise more capital or face nationalisation in an effort to restore confidence in the Spanish economy.
http://jlne.ws/f5VEnd
American Express Falls Short With 48% Profit Jump
Forbes
In the fourth quarter of 2010, American Express saw profits shoot higher but not as high as analysts had forecasted.
http://jlne.ws/gs4QmW
Paulson posts more than $1bn in Citi gains
By Sam Jones in London and Dan McCrum in New York - Financial Times
Paulson & Co, the world's third-largest hedge fund manager, has told clients it has made more than $1bn from its stake in Citigroup over the past 18 months and expects US growth to accelerate this year.
http://jlne.ws/edPMRf
Morningstar adds OTC Markets Group data to Quotes feed
Press Release
Morningstar (NASDAQ: MORN), a leading provider of independent investment research, today announced that the company has added OTC Markets Group data (previously known as Pink OTC Markets) to its Morningstar Quotes Data Feed.
http://jlne.ws/eaPQ4R
Newedge appointed swap counterparty by Aspect Capital on new UCITS launch
Press Release
London, January 25th, 2011 - Newedge, a global leader in multi-asset brokerage and clearing, announces its appointment by Aspect Capital Limited, as swap counterparty to the Aspect Diversified Trends Fund, a Dublin domiciled UCITs-compliant fund with daily liquidity.
Newedge Group's UCITS III servicing capability offers comprehensive solutions to fund managers looking to launch regulated products such as UCITS-compliant investment funds. Funds using the Newedge service offering are able to use total return swaps (TRS) to create a synthetic exposure to a financial index, catering specifically for the needs of liquid systematic CTA & Global Macro investment strategies. This is in addition to the extensive synthetic prime brokerage services already offered by Newedge to UCITS fund structures in the equity long-short space.
By using an open-architecture approach to working with other service providers, including administrators and custodians, Newedge provides its clients with the maximum flexibility to structure products to suit their business model.
Andrew Dollery, Origination & Structuring for UCITS Funds at Newedge said, “The functionality of the Newedge UCITS III service offering is a significant advantage in providing innovation and value added services to fund managers who are looking to diversify their product range and investor base. Working with leading fund managers specialized in alternative investment strategies such as Aspect Capital Management is further validation that our strategy is adding value to managers seeking to offer UCITS investment solutions.”
About Newedge Group
Newedge, a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business and amongst the world leaders in the execution and clearing of listed derivative products. With a presence in more than 20 locations in 17 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge’s 2,800+ employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets. For more information, visit www.newedge.com (012511N02)
London, January 25th, 2011 - Newedge, a global leader in multi-asset brokerage and clearing, announces its appointment by Aspect Capital Limited, as swap counterparty to the Aspect Diversified Trends Fund, a Dublin domiciled UCITs-compliant fund with daily liquidity.
Newedge Group's UCITS III servicing capability offers comprehensive solutions to fund managers looking to launch regulated products such as UCITS-compliant investment funds. Funds using the Newedge service offering are able to use total return swaps (TRS) to create a synthetic exposure to a financial index, catering specifically for the needs of liquid systematic CTA & Global Macro investment strategies. This is in addition to the extensive synthetic prime brokerage services already offered by Newedge to UCITS fund structures in the equity long-short space.
By using an open-architecture approach to working with other service providers, including administrators and custodians, Newedge provides its clients with the maximum flexibility to structure products to suit their business model.
Andrew Dollery, Origination & Structuring for UCITS Funds at Newedge said, “The functionality of the Newedge UCITS III service offering is a significant advantage in providing innovation and value added services to fund managers who are looking to diversify their product range and investor base. Working with leading fund managers specialized in alternative investment strategies such as Aspect Capital Management is further validation that our strategy is adding value to managers seeking to offer UCITS investment solutions.”
About Newedge Group
Newedge, a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business and amongst the world leaders in the execution and clearing of listed derivative products. With a presence in more than 20 locations in 17 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge’s 2,800+ employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets. For more information, visit www.newedge.com (012511N02)
Senin, 24 Januari 2011
Top Interest Rate Headlines 01-24-11: CME Treasury Options To Expire Weekly
CME Treasury Options To Expire Weekly, Eyes Key Economic Data
WSJ.com
Traders of U.S. interest rate derivatives have a new way to speculate on the release of key economic data and other market-moving events. Beginning Sunday evening, users of CME Group Inc. (CME) trading platforms can buy and sell options on Treasury futures that expire on a weekly basis. Treasury options currently expire only on a monthly basis.
http://jlne.ws/fGJD1x
Getting financial regulations right - Crain's column from president and chief executive of SIFMA, Tim Ryan
By Tim Ryan, Crain's
The Dodd-Frank Act, legislation that fundamentally changed our financial system, is just 6 months old, and already regulators have made reasonable progress toward implementing the law. But much work still lies ahead, and 2011 will be a crucial year for the financial industry. Our focus will be to “get it right.” We operate in global financial markets where new rules must be written on a coordinated basis by regulators around the world.
http://jlne.ws/g7dWIH
SunGard’s Stream GMI Supports Eris Exchange Interest Rate Swap Futures
Press Release
SunGard’s Stream GMI post-trade derivatives solution now gives CME Clearing members the ability to use their existing trade capture and bookkeeping processes to clear Eris Exchange’s interest rate swap futures through CME Clearing. Support for OTC interest rate swaps clearing is a key element of SunGard’s strategy to support listed derivatives and the transition of OTC interest rate swap products to the clearinghouse model as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In addition to Eris Exchange, Stream GMI currently supports OTC interest rate swaps clearing with CME Group, International Derivatives Clearinghouse (IDCH) and LCH.Clearnet UK SwapClear.
http://jlne.ws/fEDzlB
Survey Indicates Inflation Expectation Still Muted
By Michael S. Derby, WSJ.com
U.S. households expect inflation to rise over the short term but remain contained over the longer run, shrugging off higher food and energy prices, in a positive sign for consumer spending patterns, according to a report Friday.
http://jlne.ws/fDdByl
Sarkozy: No Desire To Question Global Role Of US Dlr
iMarketNews.com
By calling for a reform of the world monetary system, France has no intention of calling into question the role of the U.S. dollar, French President Nicolas Sarkozy said Monday. Sarkozy, speaking at a press conference at the Elysee Palace, spelled out France's ambitious agenda for tackling global financial instability, growing payments imbalances and the institutional monetary order.
http://jlne.ws/f17UC8
Banks face major shake-up in plans being considered by inquiry
Daily Telegraph
The head of the independent commission examining whether the UK's biggest banks should be broken up warns the industry must prepare for wide-ranging reforms.
http://jlne.ws/gzeBfa
Davos: finding common ground in a complex world
By Patrick Jenkins - Financial Times
If anyone needed a reminder of the vastness of ambition that underpins the annual Davos meeting of the World Economic Forum, a quick glance at the programme of meetings on day one would do it.
http://jlne.ws/gW4rtv
Big banks losing share to Indie fund groups
By Ruth Sullivan, Financial Times
Big asset managers, particularly those with large banking or insurance parents, have traditionally been the winners in Europe. Economies of scale, distribution networks and plentiful resources have all contributed to their dominance, leaving little space for independent investment houses to compete successfully, especially in Spain, France and Italy where asset management is largely part of banking group activity.
http://jlne.ws/hmvgry
Oversight of banks costs US far more than EU
By Brooke Masters in London - Financial Times
The US spends more than six times as much to supervise banks and other credit institutions as the European Union, research has found.
http://jlne.ws/gnA2Hy
The Dodd-Frank rules you don't know
TIM KILADZE - Globe and Mail
The Dodd-Frank Act is an omnibus 1,200 page document that cracks down on things like consumer protection and derivatives trading. But many people don't know it also includes over 100 SEC and stock exchange mandates, and these will be implemented very soon.
http://jlne.ws/h5JMJL
Goldman Sachs Bond Sale Signals Inflation Concerns Waning: Credit Markets
Bloomberg
Goldman Sachs Group Inc .'s offering of 30-year bonds, its first in more than three years, signals waning concern among investors that inflation is accelerating.
http://jlne.ws/fHd2r5
UBS Snaps Up Two Impressive Ex-Deutsche Bankers To Run "Turbocharged" Equities Desks
Business Insider
Ricardo Honegger , the new Head of UBS Global Synthetic Equity, previously headed global markets and global banking for the Middle East North Africa region. He was also the chief country officer for the UAE.
http://jlne.ws/eSLk15
Barclays to unveil radical pay overhaul
By Patrick Jenkins and Megan Murphy in London - Financial Times
Bob Diamond will stamp his authority on Barclays next month, when the incoming chief executive announces a radical overhaul of the way it pays its top bankers as part of a broader strategic review that could see the group shed staff and put increased pressure on underperforming businesses.
http://jlne.ws/gpSlDp
Citigroup gives CEO Vikram Pandit a big raise
Straits Times
NEW YORK - CITIGROUP Inc is giving its CEO a big raise. The New York-based bank is lifting Vikram Pandit's base salary to US$1.75 million (S$2.25 million) from just US$1 a year effective immediately, according to a filing with the Securities and Exchange Commission on Friday.
http://jlne.ws/hHmZIN
Was Barclays mis-selling? It's hardly a million dollar question
Daily Telegraph
Picture the scene. It's Who Wants To Be A Millionaire the Personal Finance Special, and Chris Tarrant turns to the nervous contestant and asks the following question: "OK, take your time, as there is a lot of money at stake here.
http://jlne.ws/dK0o99
Mortgage Giants Leave Legal Bills to the Taxpayers
By NY Times
Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.
http://jlne.ws/fZUMDB
Kenyan Bank Earnings to Rise 30% in 2010 on Margins, African Alliance Says
Bloomberg
Kenya's banks are poised to increase earnings by an average of 30 percent this year as interest margins widen, African Alliance Securities Kenya Ltd. said.
http://jlne.ws/hzJt2W
WSJ.com
Traders of U.S. interest rate derivatives have a new way to speculate on the release of key economic data and other market-moving events. Beginning Sunday evening, users of CME Group Inc. (CME) trading platforms can buy and sell options on Treasury futures that expire on a weekly basis. Treasury options currently expire only on a monthly basis.
http://jlne.ws/fGJD1x
Getting financial regulations right - Crain's column from president and chief executive of SIFMA, Tim Ryan
By Tim Ryan, Crain's
The Dodd-Frank Act, legislation that fundamentally changed our financial system, is just 6 months old, and already regulators have made reasonable progress toward implementing the law. But much work still lies ahead, and 2011 will be a crucial year for the financial industry. Our focus will be to “get it right.” We operate in global financial markets where new rules must be written on a coordinated basis by regulators around the world.
http://jlne.ws/g7dWIH
SunGard’s Stream GMI Supports Eris Exchange Interest Rate Swap Futures
Press Release
SunGard’s Stream GMI post-trade derivatives solution now gives CME Clearing members the ability to use their existing trade capture and bookkeeping processes to clear Eris Exchange’s interest rate swap futures through CME Clearing. Support for OTC interest rate swaps clearing is a key element of SunGard’s strategy to support listed derivatives and the transition of OTC interest rate swap products to the clearinghouse model as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In addition to Eris Exchange, Stream GMI currently supports OTC interest rate swaps clearing with CME Group, International Derivatives Clearinghouse (IDCH) and LCH.Clearnet UK SwapClear.
http://jlne.ws/fEDzlB
Survey Indicates Inflation Expectation Still Muted
By Michael S. Derby, WSJ.com
U.S. households expect inflation to rise over the short term but remain contained over the longer run, shrugging off higher food and energy prices, in a positive sign for consumer spending patterns, according to a report Friday.
http://jlne.ws/fDdByl
Sarkozy: No Desire To Question Global Role Of US Dlr
iMarketNews.com
By calling for a reform of the world monetary system, France has no intention of calling into question the role of the U.S. dollar, French President Nicolas Sarkozy said Monday. Sarkozy, speaking at a press conference at the Elysee Palace, spelled out France's ambitious agenda for tackling global financial instability, growing payments imbalances and the institutional monetary order.
http://jlne.ws/f17UC8
Banks face major shake-up in plans being considered by inquiry
Daily Telegraph
The head of the independent commission examining whether the UK's biggest banks should be broken up warns the industry must prepare for wide-ranging reforms.
http://jlne.ws/gzeBfa
Davos: finding common ground in a complex world
By Patrick Jenkins - Financial Times
If anyone needed a reminder of the vastness of ambition that underpins the annual Davos meeting of the World Economic Forum, a quick glance at the programme of meetings on day one would do it.
http://jlne.ws/gW4rtv
Big banks losing share to Indie fund groups
By Ruth Sullivan, Financial Times
Big asset managers, particularly those with large banking or insurance parents, have traditionally been the winners in Europe. Economies of scale, distribution networks and plentiful resources have all contributed to their dominance, leaving little space for independent investment houses to compete successfully, especially in Spain, France and Italy where asset management is largely part of banking group activity.
http://jlne.ws/hmvgry
Oversight of banks costs US far more than EU
By Brooke Masters in London - Financial Times
The US spends more than six times as much to supervise banks and other credit institutions as the European Union, research has found.
http://jlne.ws/gnA2Hy
The Dodd-Frank rules you don't know
TIM KILADZE - Globe and Mail
The Dodd-Frank Act is an omnibus 1,200 page document that cracks down on things like consumer protection and derivatives trading. But many people don't know it also includes over 100 SEC and stock exchange mandates, and these will be implemented very soon.
http://jlne.ws/h5JMJL
Goldman Sachs Bond Sale Signals Inflation Concerns Waning: Credit Markets
Bloomberg
Goldman Sachs Group Inc .'s offering of 30-year bonds, its first in more than three years, signals waning concern among investors that inflation is accelerating.
http://jlne.ws/fHd2r5
UBS Snaps Up Two Impressive Ex-Deutsche Bankers To Run "Turbocharged" Equities Desks
Business Insider
Ricardo Honegger , the new Head of UBS Global Synthetic Equity, previously headed global markets and global banking for the Middle East North Africa region. He was also the chief country officer for the UAE.
http://jlne.ws/eSLk15
Barclays to unveil radical pay overhaul
By Patrick Jenkins and Megan Murphy in London - Financial Times
Bob Diamond will stamp his authority on Barclays next month, when the incoming chief executive announces a radical overhaul of the way it pays its top bankers as part of a broader strategic review that could see the group shed staff and put increased pressure on underperforming businesses.
http://jlne.ws/gpSlDp
Citigroup gives CEO Vikram Pandit a big raise
Straits Times
NEW YORK - CITIGROUP Inc is giving its CEO a big raise. The New York-based bank is lifting Vikram Pandit's base salary to US$1.75 million (S$2.25 million) from just US$1 a year effective immediately, according to a filing with the Securities and Exchange Commission on Friday.
http://jlne.ws/hHmZIN
Was Barclays mis-selling? It's hardly a million dollar question
Daily Telegraph
Picture the scene. It's Who Wants To Be A Millionaire the Personal Finance Special, and Chris Tarrant turns to the nervous contestant and asks the following question: "OK, take your time, as there is a lot of money at stake here.
http://jlne.ws/dK0o99
Mortgage Giants Leave Legal Bills to the Taxpayers
By NY Times
Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.
http://jlne.ws/fZUMDB
Kenyan Bank Earnings to Rise 30% in 2010 on Margins, African Alliance Says
Bloomberg
Kenya's banks are poised to increase earnings by an average of 30 percent this year as interest margins widen, African Alliance Securities Kenya Ltd. said.
http://jlne.ws/hzJt2W
SunGard’s Stream GMI To Support Eris Exchange Interest Rate Swap Futures
January 24, 2011 — Chicago, IL
SunGard’s Stream GMI post-trade derivatives solution now gives CME Clearing members the ability to use their existing trade capture and bookkeeping processes to clear Eris Exchange’s interest rate swap futures through CME Clearing. Support for OTC interest rate swaps clearing is a key element of SunGard’s strategy to support listed derivatives and the transition of OTC interest rate swap products to the clearinghouse model as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In addition to Eris Exchange, Stream GMI currently supports OTC interest rate swaps clearing with CME Group, International Derivatives Clearinghouse (IDCH) and LCH.Clearnet UK SwapClear.
Eris Exchange has traded more than $18 billion in notional value for interest rate swap futures since the first trading activity in August 2010. Eris Exchange interest rate swap futures are eligible to be cleared by any of the more than 50 Class A CME Clearing member firms with more than $50 million in net adjusted capital, without requiring firms to contribute capital to a segregated guarantee pool.
In addition to providing processing and accounting support through Stream GMI, SunGard is also developing financial and regulatory reporting capabilities for cleared interest rate swaps within its StreamCore data management and technology framework, as well as enhancing its Stream Credit Monitor credit management and margin monitoring solution to support new margin methodologies.
Neal Brady, chief executive officer of Eris Exchange, said, "The capability of Eris Exchange’s interest rates swap futures to clear seamlessly through the existing infrastructure of CME Clearing members is a critical component of our service offerings. Coupled with the time-tested backing of the CME Clearing guarantee fund that has current safeguards exceeding $8 billion, the integrated support from SunGard’s Stream GMI helps set Eris Exchange interest rate swap futures apart from alternative offerings."
Tony Scianna, executive vice president of SunGard's position, risk and operations business, said, “As US-based market participants look for solutions to respond to the regulatory mandate for central clearing of interest rate swaps, they need the ability to process and clear OTC interest rate instruments efficiently and cost effectively to meet the July 2011 regulatory deadline. Stream GMI’s support for Eris Exchange interest rate swap futures is the latest example of the successful execution of SunGard’s post-trade strategy in providing clearance and settlement support for the new cleared interest rate swap marketplace."
About Eris Exchange
Eris Exchange is a futures exchange that is an Exempt Board of Trade subject to the CFTC’s jurisdiction. Formed by a group of Chicago-based proprietary trading firms to increase access to traditional OTC markets that are migrating to centrally-cleared trading venues as a result of recent US financial regulation, Eris Exchange has traded more than $18 billion in notional value of Eris Interest Rate Swap Futures since the first trades in August 2010. Eris Exchange contracts are cleared by CME Clearing, the nation’s leading clearing house, with whom Eris Exchange has signed a long-term clearing services agreement. For more information, visit www.erisfutures.com.
About SunGard’s Stream GMI
A clearing and accounting system for global exchange-traded derivatives, futures and options, Stream GMI supports the activities of clearing firms, securities firms, brokerage houses, and other participants in derivatives trading, such as multi-national agriculture and energy companies. Stream GMI links to exchanges worldwide for access to pricing updates, margins and risk arrays. Customers use Stream GMI to help eliminate manual processes and consolidate data in a single integrated accounting system, control costs and increase competitiveness.
About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo, StreamCore, Stream Credit Monitor and Stream GMI are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
SunGard’s Stream GMI post-trade derivatives solution now gives CME Clearing members the ability to use their existing trade capture and bookkeeping processes to clear Eris Exchange’s interest rate swap futures through CME Clearing. Support for OTC interest rate swaps clearing is a key element of SunGard’s strategy to support listed derivatives and the transition of OTC interest rate swap products to the clearinghouse model as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In addition to Eris Exchange, Stream GMI currently supports OTC interest rate swaps clearing with CME Group, International Derivatives Clearinghouse (IDCH) and LCH.Clearnet UK SwapClear.
Eris Exchange has traded more than $18 billion in notional value for interest rate swap futures since the first trading activity in August 2010. Eris Exchange interest rate swap futures are eligible to be cleared by any of the more than 50 Class A CME Clearing member firms with more than $50 million in net adjusted capital, without requiring firms to contribute capital to a segregated guarantee pool.
In addition to providing processing and accounting support through Stream GMI, SunGard is also developing financial and regulatory reporting capabilities for cleared interest rate swaps within its StreamCore data management and technology framework, as well as enhancing its Stream Credit Monitor credit management and margin monitoring solution to support new margin methodologies.
Neal Brady, chief executive officer of Eris Exchange, said, "The capability of Eris Exchange’s interest rates swap futures to clear seamlessly through the existing infrastructure of CME Clearing members is a critical component of our service offerings. Coupled with the time-tested backing of the CME Clearing guarantee fund that has current safeguards exceeding $8 billion, the integrated support from SunGard’s Stream GMI helps set Eris Exchange interest rate swap futures apart from alternative offerings."
Tony Scianna, executive vice president of SunGard's position, risk and operations business, said, “As US-based market participants look for solutions to respond to the regulatory mandate for central clearing of interest rate swaps, they need the ability to process and clear OTC interest rate instruments efficiently and cost effectively to meet the July 2011 regulatory deadline. Stream GMI’s support for Eris Exchange interest rate swap futures is the latest example of the successful execution of SunGard’s post-trade strategy in providing clearance and settlement support for the new cleared interest rate swap marketplace."
About Eris Exchange
Eris Exchange is a futures exchange that is an Exempt Board of Trade subject to the CFTC’s jurisdiction. Formed by a group of Chicago-based proprietary trading firms to increase access to traditional OTC markets that are migrating to centrally-cleared trading venues as a result of recent US financial regulation, Eris Exchange has traded more than $18 billion in notional value of Eris Interest Rate Swap Futures since the first trades in August 2010. Eris Exchange contracts are cleared by CME Clearing, the nation’s leading clearing house, with whom Eris Exchange has signed a long-term clearing services agreement. For more information, visit www.erisfutures.com.
About SunGard’s Stream GMI
A clearing and accounting system for global exchange-traded derivatives, futures and options, Stream GMI supports the activities of clearing firms, securities firms, brokerage houses, and other participants in derivatives trading, such as multi-national agriculture and energy companies. Stream GMI links to exchanges worldwide for access to pricing updates, margins and risk arrays. Customers use Stream GMI to help eliminate manual processes and consolidate data in a single integrated accounting system, control costs and increase competitiveness.
About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo, StreamCore, Stream Credit Monitor and Stream GMI are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
Jumat, 21 Januari 2011
Top Interest Rate Headlines 01-21-11: Muni Funds Record Outflow
Muni funds record outflow
By Daniel Bases, Reuters
Municipal bond funds suffered a record outflow of cash in the week ended Jan. 19 while U.S. and European equity funds saw inflows as more cash moved off the sidelines, fund-tracker EPFR Global said on Friday.
http://jlne.ws/fYVJmu
Accounting tweak could save Fed from losses
By Pedro Nicolaci da Costa, Reuters
Concerns that the Federal Reserve could suffer losses on its massive bond holdings may have driven the central bank to adopt a little-noticed accounting change with huge implications: it makes insolvency much less likely.
http://jlne.ws/hHU3QM
IMF extends Poland $30bn credit line
BBC
The International Monetary Fund (IMF) has approved a two-year, $30bn (£19bn) credit facility with Poland, replacing a one-year arrangement agreed in July.
http://jlne.ws/eMUDUa
China’s Top Banking Regulator May Retire This Year
By Kelvin Wong, Bloomberg
China Banking Regulatory Commission Chairman Liu Mingkang may retire this year and be replaced by a senior executive from one of the country’s four biggest state- controlled banks, Ming Pao reported, citing people it didn’t identify.
http://jlne.ws/h47EaJ
Fed Buys $8.36 Billin In POMO
By Roger Nachman, Benzinga
The New York Federal Reserve purchased $8.36 billion in U.S. Treasury debt during its permanent open market operations (POMO) today. Dealers submitted $18.959 billion worth of debt, meaning the auction was more than five times oversubscribed, which is much higher than most auctions have been recently. This is something to keep an eye on going forward.
http://jlne.ws/fHfplD
China Drops Hint On Forex Policy, May Auger Higher Yuan
By Ian Talley, Automated Trader
China hinted in talks during President Hu Jintao's visit this week that it might be looking more broadly at the rationale for setting the exchange rate. A potential change may augur a higher yuan value.
http://jlne.ws/h6Xzgd
Issa Asks for Geithner, Settles for Assistant for First Oversight Hearing
Bloomberg
U.S. House Oversight and Government Reform Committee Chairman Darrell Issa , who has said he will hold hundreds of hearings to challenge the Obama administration, tried to get Treasury Secretary Timothy Geithner for his initial one. Instead, he is settling for an assistant.
http://jlne.ws/h0KDsv
Volcker Out, Immelt In on Economic Board
By SHERYL GAY STOLBERG and ANAHAD O'CONNOR, NY Times
SCHENECTADY, N.Y. - President Obama will name Jeffrey R. Immelt, the chief executive officer and chairman of General Electric, on Friday to run his outside panel of economic advisers, replacing Paul A. Volcker, the former Federal Reserve chairman, who is stepping down, the White House said.
http://jlne.ws/eEvxDs
Banks Want Pieces of Fannie-Freddie Pie
By LOUISE STORY - NY Times
As the Obama administration prepares a report on the future of Fannie Mae and Freddie Mac, some of the nation's largest banks are offering a few suggestions. Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities - that would be stamped with a government guarantee.
http://jlne.ws/e6NOVG
Lisbon move points to end of risk-free sovereigns
By Gillian Tett - Financial Times
Another week, another bout of angst about sovereign and municipal risk. But as investors fret about Spain and Belgium - or Illinois and California - they should take a close look at a fascinating little development in Lisbon.
http://jlne.ws/hziCo8
Goldman Downplays Spain Insolvency Fears
RTT News
Spain does not have an underlying solvency problem and the prospect of a default is highly unlikely, Goldman Sachs said on Friday.
http://jlne.ws/hNbESq
OFT chief John Fingleton: 'more banks doesn't mean more competition'
Daily Telegraph
John Fingleton, chief executive of the Office of Fair Trading, has warned MPs that simply creating more banks will not solve competition problems in UK's financial services sector.
http://jlne.ws/i9BmD5
Morgan Stanley Hires Goldman Bond Trader As Global Head Of Rates Unit
Dow Jones
NEW YORK -(Dow Jones)- The shuffling at Morgan Stanley (MS) continues, as the firm hired Glenn Hadden, a Goldman Sachs Group Inc. (GS) bond trader, as global head of its interest rates division.
http://jlne.ws/fEDXJS
RBS in talks to exit asset protection scheme
FT
Reuters UK Focus via Yahoo! UK & Ireland Finance
LONDON, Jan 20 (Reuters) - Royal Bank of Scotland isin talks with the Treasury about ways in which the partlynationalised bank could leave the government's asset protectionscheme (APS) early, the Financial ...
http://jlne.ws/h3tuFE
HSBC cuts 500 U.S. jobs, pares credit card work
Reuters HSBC Holdings Plc is laying off about 500 employees as it ends credit card customer service and c
ollections work at a center in New Castle, Delaware.
http://jlne.ws/g7DPKj
Fifth Third raises funds to repay Tarp
By Telis Demos in New York - Financial Times
Fifth Third, a leading Midwestern bank, sold $1.7bn in shares on Thursday to help repay funds the US Treasury lent it during the financial crisis.
http://jlne.ws/hR4wC6
CalPERS says investments grew 12.5% in 2010
Los Angeles Times
The smaller CalSTRS ends the year with a 12.7% return as the nation's two largest public pension funds get back on track after suffering steep losses during the recession. Investment returns at the nation's two largest public pension systems are back on track after suffering steep losses during the Great Recession.
http://jlne.ws/hScXUh
Wema Bank of Nigeria Sells $100 Million of Non-Performing Loans to Amcon
Bloomberg
Wema Bank Plc , a Nigerian lender that failed a central-bank audit in 2009, sold 15.2 billion naira ($100 million) of loans to the state-owned company set up to support the nation's banks, spokesman Tunde Olofintila said.
http://jlne.ws/f4OsRv
By Daniel Bases, Reuters
Municipal bond funds suffered a record outflow of cash in the week ended Jan. 19 while U.S. and European equity funds saw inflows as more cash moved off the sidelines, fund-tracker EPFR Global said on Friday.
http://jlne.ws/fYVJmu
Accounting tweak could save Fed from losses
By Pedro Nicolaci da Costa, Reuters
Concerns that the Federal Reserve could suffer losses on its massive bond holdings may have driven the central bank to adopt a little-noticed accounting change with huge implications: it makes insolvency much less likely.
http://jlne.ws/hHU3QM
IMF extends Poland $30bn credit line
BBC
The International Monetary Fund (IMF) has approved a two-year, $30bn (£19bn) credit facility with Poland, replacing a one-year arrangement agreed in July.
http://jlne.ws/eMUDUa
China’s Top Banking Regulator May Retire This Year
By Kelvin Wong, Bloomberg
China Banking Regulatory Commission Chairman Liu Mingkang may retire this year and be replaced by a senior executive from one of the country’s four biggest state- controlled banks, Ming Pao reported, citing people it didn’t identify.
http://jlne.ws/h47EaJ
Fed Buys $8.36 Billin In POMO
By Roger Nachman, Benzinga
The New York Federal Reserve purchased $8.36 billion in U.S. Treasury debt during its permanent open market operations (POMO) today. Dealers submitted $18.959 billion worth of debt, meaning the auction was more than five times oversubscribed, which is much higher than most auctions have been recently. This is something to keep an eye on going forward.
http://jlne.ws/fHfplD
China Drops Hint On Forex Policy, May Auger Higher Yuan
By Ian Talley, Automated Trader
China hinted in talks during President Hu Jintao's visit this week that it might be looking more broadly at the rationale for setting the exchange rate. A potential change may augur a higher yuan value.
http://jlne.ws/h6Xzgd
Issa Asks for Geithner, Settles for Assistant for First Oversight Hearing
Bloomberg
U.S. House Oversight and Government Reform Committee Chairman Darrell Issa , who has said he will hold hundreds of hearings to challenge the Obama administration, tried to get Treasury Secretary Timothy Geithner for his initial one. Instead, he is settling for an assistant.
http://jlne.ws/h0KDsv
Volcker Out, Immelt In on Economic Board
By SHERYL GAY STOLBERG and ANAHAD O'CONNOR, NY Times
SCHENECTADY, N.Y. - President Obama will name Jeffrey R. Immelt, the chief executive officer and chairman of General Electric, on Friday to run his outside panel of economic advisers, replacing Paul A. Volcker, the former Federal Reserve chairman, who is stepping down, the White House said.
http://jlne.ws/eEvxDs
Banks Want Pieces of Fannie-Freddie Pie
By LOUISE STORY - NY Times
As the Obama administration prepares a report on the future of Fannie Mae and Freddie Mac, some of the nation's largest banks are offering a few suggestions. Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities - that would be stamped with a government guarantee.
http://jlne.ws/e6NOVG
Lisbon move points to end of risk-free sovereigns
By Gillian Tett - Financial Times
Another week, another bout of angst about sovereign and municipal risk. But as investors fret about Spain and Belgium - or Illinois and California - they should take a close look at a fascinating little development in Lisbon.
http://jlne.ws/hziCo8
Goldman Downplays Spain Insolvency Fears
RTT News
Spain does not have an underlying solvency problem and the prospect of a default is highly unlikely, Goldman Sachs said on Friday.
http://jlne.ws/hNbESq
OFT chief John Fingleton: 'more banks doesn't mean more competition'
Daily Telegraph
John Fingleton, chief executive of the Office of Fair Trading, has warned MPs that simply creating more banks will not solve competition problems in UK's financial services sector.
http://jlne.ws/i9BmD5
Morgan Stanley Hires Goldman Bond Trader As Global Head Of Rates Unit
Dow Jones
NEW YORK -(Dow Jones)- The shuffling at Morgan Stanley (MS) continues, as the firm hired Glenn Hadden, a Goldman Sachs Group Inc. (GS) bond trader, as global head of its interest rates division.
http://jlne.ws/fEDXJS
RBS in talks to exit asset protection scheme
FT
Reuters UK Focus via Yahoo! UK & Ireland Finance
LONDON, Jan 20 (Reuters) - Royal Bank of Scotland isin talks with the Treasury about ways in which the partlynationalised bank could leave the government's asset protectionscheme (APS) early, the Financial ...
http://jlne.ws/h3tuFE
HSBC cuts 500 U.S. jobs, pares credit card work
Reuters HSBC Holdings Plc is laying off about 500 employees as it ends credit card customer service and c
ollections work at a center in New Castle, Delaware.
http://jlne.ws/g7DPKj
Fifth Third raises funds to repay Tarp
By Telis Demos in New York - Financial Times
Fifth Third, a leading Midwestern bank, sold $1.7bn in shares on Thursday to help repay funds the US Treasury lent it during the financial crisis.
http://jlne.ws/hR4wC6
CalPERS says investments grew 12.5% in 2010
Los Angeles Times
The smaller CalSTRS ends the year with a 12.7% return as the nation's two largest public pension funds get back on track after suffering steep losses during the recession. Investment returns at the nation's two largest public pension systems are back on track after suffering steep losses during the Great Recession.
http://jlne.ws/hScXUh
Wema Bank of Nigeria Sells $100 Million of Non-Performing Loans to Amcon
Bloomberg
Wema Bank Plc , a Nigerian lender that failed a central-bank audit in 2009, sold 15.2 billion naira ($100 million) of loans to the state-owned company set up to support the nation's banks, spokesman Tunde Olofintila said.
http://jlne.ws/f4OsRv
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