CFTC Commissioner Jill E. Sommers Responds to Concerned Customers of MF Global, Inc.
http://jlne.ws/uDBVkf
House GOP unveils $1 trillion spending bill
http://jlne.ws/sSVVag
JPMorgan Chase Mortgage Securities Investors Seeking Put-backs in $95 Billion Pool
http://jlne.ws/u5RFj7
Moody’s warns Ontario its credit rating is at risk
http://jlne.ws/uYeVWl
Banks resist European pressure to buy government debt
http://jlne.ws/s7Vx0L
CME Sues Corzine [Video]
http://jlne.ws/vSQKq9
House Passes Bill To Keep Government Funded; Senate To Follow
http://jlne.ws/rDmVqK
Fitch says comprehensive solution to eurozone crisis is 'beyond reach' - statement in full - Telegraph
http://jlne.ws/sWeQqA
The Associated Press: Fitch puts 6 eurozone countries on downgrade watch
http://jlne.ws/sRCFOY
Fed's Fisher repeats opposition to further easing
http://jlne.ws/u9UAxE
Fed, Treasury officials testify on euro crisis
http://jlne.ws/sKWgJ5
MF Global Told CME It Used Customer Funds: Timeline
http://jlne.ws/sG0Mdn
Fannie Builds Servicing Business via Secret Contracts
http://jlne.ws/uBtvlv
Europe crisis serious risk to outlook: Treasury
http://jlne.ws/t81nTY
Regulators sue former top execs at Fannie, Freddie
http://jlne.ws/rvFQLR
Fed’s Dudley Doesn’t Expect More Action to Shield U.S. From Europe Crisis
http://jlne.ws/rS8qnn
Jumat, 16 Desember 2011
Kamis, 15 Desember 2011
December 15, 2011: Fitch Downgrades Banks, Including Bank of America and Goldman
December 15, 2011
JLN Interest Rates - http://www.jlninterestrates.com
Conversation Starter
Celent Says Long-Term Investors Have Derisked Portfolios Due To Regulatory, Accounting Changes
According to a new report from financial research firm Celent, the financial crisis and regulatory changes - coupled with falling returns in traditional equities - have changed the long-term dynamics for buy-side firms. Of more immediate importance to the financial markets is that many long-term investors have derisked their portfolios in response to regulatory and accounting changes, including a move toward mark-to-market accounting and stricter capital requirements, as well as a lower institutional tolerance for risk. This shift has led many institutions to increase their buffers of liquid investments - with some institutions shunning illiquid investments altogether - and reduce the capital allocated to risky and volatile assets.
See the full report here:Celent: Derivatives and Investment Risk Solutions for the Buy Side: Optimizing the Risk-Return Equation
Six in Ten Americans Still Likely to Cut Back on Dining and Entertainment
NEW YORK , N.Y. - For the last several years the economy has been one of the hottest topics, and everyone - including politicians, economists, retailers, business owners, employees and consumers - has been following closely. Much has been said about Americans' cutting back, budgeting, and possibly, a "new normal". The Harris Poll has been tracking Americans' spending and savings plans for over three years and on the whole has not seen a tremendous amount of change. This month, similar to the last time, the questions were asked in May 2011, six in 10 U.S. adults say they are likely to decrease spending on eating out at restaurants (61 percent) and on entertainment (58 percent) within the next six months. Despite reducing their spending in these non-essential areas, Americans do not seem to indicate overwhelmingly that they will be saving or investing more in the coming six months as 51 percent say they are likely to, and 49 percent say they are unlikely to do so. These numbers have remained generally constant since November of 2008, when 49 percent said they would save or invest more money.
See the full release here.
--Christine Nielsen
Lead Stories
Fitch Downgrades Banks, Including Bank of America and Goldman
Fitch Ratings has today taken rating actions on nine global trading and universal banks (GTUBs). The actions complete its assessment of the GTUBs, carried out in conjunction with a broad review of the ratings for the largest banking institutions in the world. Fitch has downgraded eight issuers’ Viability Ratings (VRs) and affirmed one, removing them from Rating Watch Negative where they were placed on Oct. 13, 2011.
http://jlne.ws/uqRggO
Investors Still Reluctant to Buy Euro Zone Bank Debt
CNBC
Warnings from rating agencies that they might broadly downgrade euro zone sovereign debt , in which the region's banks have a significant stake, have added to investors' reluctance to lend their dollars.
http://jlne.ws/vHz3D8
Bernanke worried Europe could hurt U.S.
CNN Money
Federal Reserve Board Chairman Ben Bernanke told Republican senators on Capitol Hill on Wednesday that he's concerned about European sovereign debt problems spilling over to the U.S. economy, according to senators.
http://jlne.ws/tid8RG
Bernanke Tells Senators Federal Reserve Has No Plan to Aid European Banks
Bloomberg
Federal Reserve Chairman Ben S. Bernanke told Republican senators the Fed has no plan to provide aid to European banks amid the region's sovereign debt crisis, according to two lawmakers who attended the meeting.
http://jlne.ws/usnweT
FOMC: Global Financial Markets Pose Downside Risk to U.S. Economic Outlook
Wall Street Cheat Sheet via Yahoo! Finance
To fulfill its dual mandate to foster maximum employment and price stability, the Federal Open Market Committee has decided to continue Operation Twist and keep interest rates at record lows.
http://jlne.ws/vC3Y5C
Text of Statement by Federal Reserve
New York Times
The full text of the statement released on Tuesday by the Federal Open Market Committee of the Federal Reserve.
http://jlne.ws/s8WZyF
FOMC Statement:: Economy Expanding "Moderately," Global Growth Slowing
Calculated Risk
Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth . While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated.
http://jlne.ws/trBFrl
Federal Reserve keeps monetary policy on ice
CNN Money
The Federal Reserve acknowledged the job market has improved slightly, but said the economy's immediate future remains on pins and needles.
http://jlne.ws/tBnCXR
How Federal Reserve policymakers affect the economy
The Post-Standard
The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy.
http://jlne.ws/vhBqyj
What to Look for from the Fed in 2012
U.S.News & World Report LP via Yahoo! News
The Fed is treading water for now, but how long will it last?
http://jlne.ws/uR214f
Senate panel OKs bank critic Hoenig to FDIC
Market Watch
WASHINGTON (MarketWatch) - The Senate Banking Committee on Tuesday approved White House nominee Thomas Hoenig -- who recently retired as Kansas City Fed president - to be Federal Deposit Insurance Corp. vice chairman. Hoenig must still be approved by the full Senate before he can begin work at the agency.
http://jlne.ws/sDE8yd
Mortgage Rates Sink to New Low
PR Newswire via Yahoo! Finance
NEW YORK , Dec. 15, 2011 /PRNewswire/ -- The 30-year fixed mortgage rate fell to a new record low of 4.19 percent, according to Bankrate.com's weekly national survey.
http://jlne.ws/tIqEQc
Ben Bernanke Is an Ordinary American Homeowner
New York Magazine
Fed chairman Ben Bernanke, like lots of people, still owes the bulk of money on the $850,000 Washington, D.C. home he purchased in 2004. Like lots of people, he had to send proof of employment and pay stubs in order to get a loan. Also, like lots of people, he's refinanced a couple of times in the past couple of years at key junctures, reports.
http://jlne.ws/vfaBmu
**CN: He's just Benny From The Block.
Ben's birthday a bust for marts
New York Post
Ben Bernanke marked his 58th birthday by being Wall Street's party pooper.
http://jlne.ws/sc7yaU
Regulators know where MF Global funds went
Reuters via Yahoo! News
WASHINGTON (Reuters) - Regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers, a top official told Reuters on Wednesday.
http://jlne.ws/udsXRU
MF Global puts harsh light on self-regulation
Reuters via Yahoo! News
WASHINGTON (Reuters) - Two weeks after MF Global's collapse, officials from the Commodity Futures Trading Commission briefed Senate staff on the brokerage firm's final days. When asked about reports that the brokerage firm had written checks that bounced when customers tried to cash them, the regulators had an admission that surprised the room: they didn't know about the bad checks."
http://jlne.ws/rq5NZi
MF Global Probe Said to Investigate Use of Funds to Post Margin
BusinessWeek
U.S. authorities are investigating whether MF Global Holdings Ltd. intentionally tapped customer funds to cover the bankrupt firm's margin payments on European government bond trades while lawmakers press top company officials on the possible misuse of as much as $1.2 billion.
http://jlne.ws/vWp56h
MF's Corzine said to know of customer-backed loan
Reuters via Yahoo! News
WASHINGTON (Reuters) - An MF Global employee told regulators that former chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME Group executive said on Tuesday.
http://jlne.ws/vigGO3
Corzine Says He Didn't Order Misuse of Funds at MF Global
BusinessWeek
Jon S. Corzine, the former chairman and chief executive officer of MF Global Holdings Ltd., told lawmakers he "never gave any instructions to misuse customer funds" and didn't give orders that could be misconstrued.
http://jlne.ws/tCDVwo
Corzine Visited NY Fed as MF Global Sought Primary Dealer Status
BusinessWeek
Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., met with New York Federal Reserve officials in 2010 as the broker sought to become a primary dealer of government securities, Thomas C. Baxter Jr., general counsel of the New York Fed, said.
http://jlne.ws/u66EdP
Fire Bernanke? Not So Fast, Mr. Gingrich
Wall Street Journal Blogs
Newt Gingrichs promise to fire Fed chairman Bernanke isn't as easily executed as the Republican presidential nominee has often made it sound on the stump.
http://jlne.ws/ufJ3QH
Banks face E350bn Basel III shortfall
By Brooke Masters in London - Financial Times
European banks will have to raise nearly E200bn ($260bn) in new capital or cut their balance sheets by nearly 20 per cent, to achieve the tougher new Basel III banking reform rules that start taking effect in 2013, a new study has found.
http://jlne.ws/uBVBsA
Fitch cuts ratings on 5 European banks
AP via Yahoo! News
Fitch Ratings on Wednesday downgraded the debt ratings for five major European commercial banks and cooperative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.
http://jlne.ws/sKLaSX
U.S. runs $137 billion deficit in November
Market Watch
WASHINGTON (MarketWatch) -- The federal government ran a budget deficit of $137 billion in November, the Treasury Department reported Monday, keeping its finances in the red in the second month of the fiscal year. The government spent $290 billion in the month and took in $152 billion, pushing the fiscal year-to-date deficit to $236 billion. For the first two months of the year, the U.S. is ...
http://jlne.ws/vk4Zyr
U.S. Growth Decouples From Debt as JPMorgan Sees Lower Yield
BusinessWeek
The strengthening U.S. economy is proving no deterrent to the biggest rally in Treasuries since 2008, and America's largest bank says it may get even better for bond investors.
http://jlne.ws/sa5igb
Forecasters Miss by Most in 9 Months on Improving Data: Economy
BusinessWeek
U.S. economic data are outperforming expectations by the most in nine months, a trend Federal Reserve officials may incorporate into their policy statement tomorrow.
http://jlne.ws/vYHvTw
Pimco Leads 'Go-Anywhere' Funds Veering Off-Course as Rates Fall
BusinessWeek
Pimco Unconstrained Bond Fund and other "go-anywhere" bond funds created during the 2008 credit crisis went mostly to the wrong places in 2011 after missing a rally in Treasuries and buying riskier assets that lost ground.
http://jlne.ws/vY8j8I
Berkshire's Bond Holdings May Give Buffett Role in ResCap Plan
BusinessWeek
Warren Buffett's Berkshire Hathaway Inc., one of the largest creditors of government-owned Ally Financial Inc., may wind up playing a central role in the restructuring of its Residential Capital LLC mortgage unit.
http://jlne.ws/tdc5WD
Wall Street seeks dismissal of record bankruptcy
AP via Yahoo! Finance
Wall Street creditors are asking a judge to throw out the record bankruptcy filed by Alabama's largest county over more than $4 billion in debt.
http://jlne.ws/viQePz
Events
Fixed Income Markets 2012
January 24, 2012
Tabb Forum Looks At Changes Ahead And Staying Ahead In Fixed Incomes
http://jlne.ws/snQ3VO
Treasury Futures: Using International Fixed-Income and Money Market Spreads
January 31, 2012
The IFM Instructs On Using Fixed Income And Money Market Spreads
http://jlne.ws/u7MgUK
National Association of Home Builders' Show
February 10, 2012
Special Session With Fed's Bernanke Open To All Registered Attendees
http://jlne.ws/tEcqjW
Economic News
Jobless Claims in U.S. Decrease Last Week to Three-Year Low
BusinessWeek
The number of applications for unemployment benefits unexpectedly dropped last week to the lowest level in three years, showing the U.S. labor market is healing.
http://jlne.ws/tgqmJT
Skills 'Mismatch' Hurts Unemployed in U.S. as Job Openings Grow: Economy
Bloomberg
Federal Reserve policy makers yesterday said that while the American job market shows signs of improving, they are still concerned with the "elevated" level of unemployment. One reason may be because employers can't find qualified help, according to economists like Dean Maki.
http://jlne.ws/vMwla1
US pre-open: Manpower sees best hiring outlook since 2008
LONDON (SHARECAST) - The major US equity benchmarks are now pointing to average gains of 0.5% at the start of today's trading. That despite worse than expected economic numbers out in the pre-open and ahead of tonight's meeting of the Federal Reserve's Open Market Committee.
http://jlne.ws/v7kXpO
Industrial Production in U.S. Unexpectedly Fell in November
BusinessWeek
U.S. industrial production unexpectedly dropped in November for the first time in seven months, an indication of a pause in manufacturing as 2011 comes to a close.
http://jlne.ws/tzP3BT
U.S. Retail Sales Rose at Slower Pace in November: Economy
BusinessWeek
Retail sales rose in November at the slowest pace in five months, indicating American consumers were trying to live within their means heading into the holiday shopping season as wages dropped.
http://jlne.ws/rIYemC
Exchanges, Clearing Houses & MTFs
Javelin and CME Execute and Clear $4.1 Billion of Interest Rate Swaps in Real Time
PR Newswire
NEW YORK, Dec. 14, 2011 /PRNewswire/ -- Javelin Capital Markets, a swaps trading platform, and the CME, a swaps clearing house, today announced that they had executed and cleared over $4.1 Billion of interest rates swap trades in an average time of under 2 seconds-a market...
http://jlne.ws/v8rFBS
CME Group, Javelin clear first rate swaps in real time
Chicago Tribune
Javelin Capital Markets, an electronic trading platform for privately traded derivatives, said on Wednesday that it has executed and cleared over $4 billion in interest rate swaps through CME Group, the first time the trades have been cleared in real time.
http://jlne.ws/w1SRHR
Firms & Banks
BGC Partners Launches Hybrid Trading Platform for Treasury Inflation-Protected Securities (TIPS)
CNW Group via Yahoo! Finance
http://jlne.ws/rRAg9L
Software developer Broadway Technology gets investment from Goldman Sachs, others
Austin American-Statesman
http://jlne.ws/uofruY
Invesco Mortgage Capital and CYS Investments to See Uptick in Net Interest Income
Marketwire via Yahoo! Finance
NEW YORK, NY- For roughly three years, the central bank has kept overnight interest rates near zero as unemployment remains relatively high and housing issues persist.
http://jlne.ws/vmJFrn
First Asset Licenses Morningstar Equity, Fixed Income, and Managed Futures Indexes for ETFs
CNW Group Finance Press Releases via Yahoo! Finance
http://jlne.ws/sTLToD
Morgan Stanley spent $750K on lobbying in 3Q
AP via Yahoo! News
Morgan Stanley & Co. spent $750,000 in the third quarter to lobby the federal government on new financial regulations, complex trading investments and mortgage industry reforms, among other issues, according to a recent disclosure filing.
http://jlne.ws/t20ukF
JPMorgan Chase spent $2.45M on 3Q lobbying
AP via Yahoo! News
JPMorgan Chase & Co. spent $2.45 million to lobby the federal government in the third quarter on rules governing home mortgages, Wall Street reform and other issues, according to a disclosure report.
http://jlne.ws/ueYzId
Credit Agricole to cut jobs as loss looms
Reuters via Yahoo! News
PARIS (Reuters) - Credit Agricole will make a 2011 loss, write off 2.5 billion euros ($3.2 billion) worth of assets and cut 2,350 jobs in a cull of its investment banking operations, the French bank said on Wednesday in its second profit warning of the year.
http://jlne.ws/uwHLTr
Credit Suisse to Merge Private, Investment Bank Operations
http://jlne.ws/vjWgb0
State Street leaves UK and German bond markets
By Michael Mackenzie in New York and David Oakley in London - Financial Times
State Street, the large US custodian bank, has cited new regulations including the “Volcker rule” for its decision to quit the UK and German government bond markets just three months after becoming an official dealer.
http://jlne.ws/ucxkxk
Commerzbank boosts capital by 700 mn euros
AFP via Yahoo! News
Commerzbank, Germany's second-biggest bank needing 5.3 billion euros in fresh funds, said Wednesday a repurchase of securities will beef up its core capital by more than 700 million euros ($910 million).
http://jlne.ws/rJ6jzf
Goldman losing at least 37 partners
Boston Globe
Goldman Sachs has lost at least 37 partners in 2011 as the firm heads toward the end of its worst year for profit and share performance since 2008. The number is an estimate based on internal memos, company filings and news reports as the New York-based bank doesn't publicize departures.
http://jlne.ws/sYV8cx
Lloyds takes a gamble on chief’s health
By Sharlene Goff, Kate Burgess and Patrick Jenkins - Financial Times
Bushy-tailed and smiling was how the chairman of Lloyds Banking Group described António Horta-Osório as he confirmed the bank’s chief executive would return from a period of sick leave on January 9.
http://jlne.ws/svQSxa
Old Mutual to Sell Its Nordic Business for $3.2 Billion
By MARK SCOTT - NY Times
LONDON — British insurer Old Mutual agreed on Thursday to sell the Skandia Insurance Company, its Nordic savings and banking business, to the Swedish insurance company Skandia Liv for £2.1 billion, or $3.2 billion.
http://jlne.ws/uOrI9s
Regulators
IMF boosts emergency response powers
Washington Post
The International Monetary Fund could pour more than $100 billion in short-term loans into Italy under a program recently expanded as part of an effort to ramp up the fund's crisis fighting. But a broader bailout of the country remains problematic as European, IMF and other international officials debate how extensively the burden of Europe's rescue should be spread around the globe.
http://jlne.ws/tY0McD
EU Asks Deutsche Boerse-NYSE Clients, Rivals for Remedy Response
BusinessWeek
European Union regulators asked clients and rivals of Deutsche Boerse AG and NYSE Euronext whether the revised concessions offered this week are sufficient to eliminate antitrust concerns over their planned merger.
http://jlne.ws/w4jBnF
NY Fed Didn't Give Corzine Preferential Treatment, Baxter Says
BusinessWeek
MF Global Holdings Ltd. and Jon S. Corzine, the broker's former chairman and chief executive officer, didn't receive preferential treatment in a bid to become a primary dealer of government securities, said Thomas C. Baxter Jr., general counsel of the New York Federal Reserve.
http://jlne.ws/rTSG5L
Global News
European Central Bank monthly Bulletin
International Business Times
The European Central Bank responded to mounting market pressure and speculation of a rate cut this meeting, where the Governing Council voted to cut key interest rates by quarter basis point to 1.00%, the fourth move this year, while the Bank also cut the marginal lending facility by 25 bp to 1.75% .
http://jlne.ws/vGvivH
Europe's Central Bank Maneuvers Crisis Intervention
NPR
The European Central Bank has ruled out large scale bond purchases to save struggling countries from their mounting debts. But the ECB has said it will extend unlimited credit to European banks. Some observers say these low-interest bank loans could be a back door way to address the debt crisis. National banks would have a new source of cash to buy their home country's sovereign debt.
http://jlne.ws/vN1XXA
Brazil Rate Futures Yields Rise on European Debt Optimism as Real Advances
Bloomberg
Yields on most Brazilian interest- rate futures contracts rose after Spain sold more bonds than expected, spurring bets that stability in Europe may prompt the central bank to slow its pace of interest-rate cuts.
http://jlne.ws/vCEIao
Brazil Says Done With Stimulus to Reignite Growth, Lending
BusinessWeek
Brazil has taken the bulk of stimulus measures needed to reignite economic growth next year and sees no need to rely on state banks to help boost credit, Deputy Finance Minister Nelson Barbosa said.
http://jlne.ws/vXStlT
Italy government calls confidence vote on austerity
Reuters via Yahoo! News
ROME (Reuters) - Italy's government has called a confidence vote in parliament on Friday to speed up approval of a 33-billion euro ($43 billion)austerity package intended to restore market confidence in the euro zone's third largest economy. Minister for Parliamentary Relations Piero Giarda announced the confidence vote, expected early on Friday afternoon.
http://jlne.ws/vwagaf
Singh Says No Surrender as Markets Query India's Ambition
BusinessWeek
India's Prime Minister Manmohan Singh pledged to overcome opposition to opening the country's retail industry to companies like Wal-Mart Stores Inc., saying his two-decade reform agenda is the best way of reviving the slowest economic growth in two years.
http://jlne.ws/um6yPx
Czech Lawmakers Approve 2012 State Budget That Trims the Shortfall by 22%
Bloomberg
Czech lawmakers approved the 2012 state budget, endorsing a 22 percent deficit cut, as the government prepares crisis measures to mitigate the effects of the euro area's debt crisis.
http://jlne.ws/tMGjjm
China To Continue Prudent Monetary Policy Next Year - Xinhua
http://jlne.ws/tq8X31
Finnish central bank forecasts growth will drop from current 2.8 pct to 0.4 pct in 2012
Washington Post
HELSINKI - The Finnish central bank says economic growth in the Nordic country will fall from a predicted 2.8 percent this year to 0.4 percent in 2012, unless the euro debt crisis worsens. The governor of the Bank of Finland warns that economic growth will "at best be sluggish" in the next few years. In 2013, gross domestic product is expected to increase 1.8 percent.
http://jlne.ws/sqptH2
Libya Central Bank expected to have sanctions lifted
Reuters via Yahoo! News
UNITED NATIONS (Reuters) - Libya's central bank and a subsidiary are expected to have U.N. sanctions against them lifted on Friday in a move to ease a cash crunch since the country's civil war ended, diplomats said on Wednesday.
http://jlne.ws/rP9C5C
Japan central bank says business confidence falls
AP via Yahoo! News
A key central bank survey showed Thursday that confidence at major Japanese manufacturers fell over the last quarter, as the export-reliant country battled a strong yen and an increasingly precarious global economy.
http://jlne.ws/s63b18
French central bank chief mocks British economy
AFP via Yahoo! News
The head of the French central bank criticised the British economy on Thursday, arguing that ratings agencies are targeting the wrong country for a debt downgrade.
http://jlne.ws/sfrABG
Kenya central bank seeks to mop up $45 mln
Reuters via Yahoo! News
NAIROBI (Reuters) - Kenya's central bank said on Wednesday it was seeking to mop up 4 billion shillings from the market through repurchase agreements. The Central Bank of Kenya hoovered up 2 billion shillings on Tuesday at a weighted average of 14.156 percent.
http://jlne.ws/udrHw7
Disclaimer: The John Lothian, Environmental Markets, JLN Metals, JLN Managed Futures, JLN Interest Rates, JLN Options and JLN FX newsletters and blogs and MarketsWiki are products of John J. Lothian & Company, Inc. The opinions expressed in these publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers.
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Copyright 2011 John J. Lothian & Company, Inc. All Rights Reserved.
JLN Interest Rates - http://www.jlninterestrates.com
Conversation Starter
Celent Says Long-Term Investors Have Derisked Portfolios Due To Regulatory, Accounting Changes
According to a new report from financial research firm Celent, the financial crisis and regulatory changes - coupled with falling returns in traditional equities - have changed the long-term dynamics for buy-side firms. Of more immediate importance to the financial markets is that many long-term investors have derisked their portfolios in response to regulatory and accounting changes, including a move toward mark-to-market accounting and stricter capital requirements, as well as a lower institutional tolerance for risk. This shift has led many institutions to increase their buffers of liquid investments - with some institutions shunning illiquid investments altogether - and reduce the capital allocated to risky and volatile assets.
See the full report here:Celent: Derivatives and Investment Risk Solutions for the Buy Side: Optimizing the Risk-Return Equation
Six in Ten Americans Still Likely to Cut Back on Dining and Entertainment
NEW YORK , N.Y. - For the last several years the economy has been one of the hottest topics, and everyone - including politicians, economists, retailers, business owners, employees and consumers - has been following closely. Much has been said about Americans' cutting back, budgeting, and possibly, a "new normal". The Harris Poll has been tracking Americans' spending and savings plans for over three years and on the whole has not seen a tremendous amount of change. This month, similar to the last time, the questions were asked in May 2011, six in 10 U.S. adults say they are likely to decrease spending on eating out at restaurants (61 percent) and on entertainment (58 percent) within the next six months. Despite reducing their spending in these non-essential areas, Americans do not seem to indicate overwhelmingly that they will be saving or investing more in the coming six months as 51 percent say they are likely to, and 49 percent say they are unlikely to do so. These numbers have remained generally constant since November of 2008, when 49 percent said they would save or invest more money.
See the full release here.
--Christine Nielsen
Lead Stories
Fitch Downgrades Banks, Including Bank of America and Goldman
Fitch Ratings has today taken rating actions on nine global trading and universal banks (GTUBs). The actions complete its assessment of the GTUBs, carried out in conjunction with a broad review of the ratings for the largest banking institutions in the world. Fitch has downgraded eight issuers’ Viability Ratings (VRs) and affirmed one, removing them from Rating Watch Negative where they were placed on Oct. 13, 2011.
http://jlne.ws/uqRggO
Investors Still Reluctant to Buy Euro Zone Bank Debt
CNBC
Warnings from rating agencies that they might broadly downgrade euro zone sovereign debt , in which the region's banks have a significant stake, have added to investors' reluctance to lend their dollars.
http://jlne.ws/vHz3D8
Bernanke worried Europe could hurt U.S.
CNN Money
Federal Reserve Board Chairman Ben Bernanke told Republican senators on Capitol Hill on Wednesday that he's concerned about European sovereign debt problems spilling over to the U.S. economy, according to senators.
http://jlne.ws/tid8RG
Bernanke Tells Senators Federal Reserve Has No Plan to Aid European Banks
Bloomberg
Federal Reserve Chairman Ben S. Bernanke told Republican senators the Fed has no plan to provide aid to European banks amid the region's sovereign debt crisis, according to two lawmakers who attended the meeting.
http://jlne.ws/usnweT
FOMC: Global Financial Markets Pose Downside Risk to U.S. Economic Outlook
Wall Street Cheat Sheet via Yahoo! Finance
To fulfill its dual mandate to foster maximum employment and price stability, the Federal Open Market Committee has decided to continue Operation Twist and keep interest rates at record lows.
http://jlne.ws/vC3Y5C
Text of Statement by Federal Reserve
New York Times
The full text of the statement released on Tuesday by the Federal Open Market Committee of the Federal Reserve.
http://jlne.ws/s8WZyF
FOMC Statement:: Economy Expanding "Moderately," Global Growth Slowing
Calculated Risk
Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth . While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated.
http://jlne.ws/trBFrl
Federal Reserve keeps monetary policy on ice
CNN Money
The Federal Reserve acknowledged the job market has improved slightly, but said the economy's immediate future remains on pins and needles.
http://jlne.ws/tBnCXR
How Federal Reserve policymakers affect the economy
The Post-Standard
The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy.
http://jlne.ws/vhBqyj
What to Look for from the Fed in 2012
U.S.News & World Report LP via Yahoo! News
The Fed is treading water for now, but how long will it last?
http://jlne.ws/uR214f
Senate panel OKs bank critic Hoenig to FDIC
Market Watch
WASHINGTON (MarketWatch) - The Senate Banking Committee on Tuesday approved White House nominee Thomas Hoenig -- who recently retired as Kansas City Fed president - to be Federal Deposit Insurance Corp. vice chairman. Hoenig must still be approved by the full Senate before he can begin work at the agency.
http://jlne.ws/sDE8yd
Mortgage Rates Sink to New Low
PR Newswire via Yahoo! Finance
NEW YORK , Dec. 15, 2011 /PRNewswire/ -- The 30-year fixed mortgage rate fell to a new record low of 4.19 percent, according to Bankrate.com's weekly national survey.
http://jlne.ws/tIqEQc
Ben Bernanke Is an Ordinary American Homeowner
New York Magazine
Fed chairman Ben Bernanke, like lots of people, still owes the bulk of money on the $850,000 Washington, D.C. home he purchased in 2004. Like lots of people, he had to send proof of employment and pay stubs in order to get a loan. Also, like lots of people, he's refinanced a couple of times in the past couple of years at key junctures, reports.
http://jlne.ws/vfaBmu
**CN: He's just Benny From The Block.
Ben's birthday a bust for marts
New York Post
Ben Bernanke marked his 58th birthday by being Wall Street's party pooper.
http://jlne.ws/sc7yaU
Regulators know where MF Global funds went
Reuters via Yahoo! News
WASHINGTON (Reuters) - Regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers, a top official told Reuters on Wednesday.
http://jlne.ws/udsXRU
MF Global puts harsh light on self-regulation
Reuters via Yahoo! News
WASHINGTON (Reuters) - Two weeks after MF Global's collapse, officials from the Commodity Futures Trading Commission briefed Senate staff on the brokerage firm's final days. When asked about reports that the brokerage firm had written checks that bounced when customers tried to cash them, the regulators had an admission that surprised the room: they didn't know about the bad checks."
http://jlne.ws/rq5NZi
MF Global Probe Said to Investigate Use of Funds to Post Margin
BusinessWeek
U.S. authorities are investigating whether MF Global Holdings Ltd. intentionally tapped customer funds to cover the bankrupt firm's margin payments on European government bond trades while lawmakers press top company officials on the possible misuse of as much as $1.2 billion.
http://jlne.ws/vWp56h
MF's Corzine said to know of customer-backed loan
Reuters via Yahoo! News
WASHINGTON (Reuters) - An MF Global employee told regulators that former chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME Group executive said on Tuesday.
http://jlne.ws/vigGO3
Corzine Says He Didn't Order Misuse of Funds at MF Global
BusinessWeek
Jon S. Corzine, the former chairman and chief executive officer of MF Global Holdings Ltd., told lawmakers he "never gave any instructions to misuse customer funds" and didn't give orders that could be misconstrued.
http://jlne.ws/tCDVwo
Corzine Visited NY Fed as MF Global Sought Primary Dealer Status
BusinessWeek
Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., met with New York Federal Reserve officials in 2010 as the broker sought to become a primary dealer of government securities, Thomas C. Baxter Jr., general counsel of the New York Fed, said.
http://jlne.ws/u66EdP
Fire Bernanke? Not So Fast, Mr. Gingrich
Wall Street Journal Blogs
Newt Gingrichs promise to fire Fed chairman Bernanke isn't as easily executed as the Republican presidential nominee has often made it sound on the stump.
http://jlne.ws/ufJ3QH
Banks face E350bn Basel III shortfall
By Brooke Masters in London - Financial Times
European banks will have to raise nearly E200bn ($260bn) in new capital or cut their balance sheets by nearly 20 per cent, to achieve the tougher new Basel III banking reform rules that start taking effect in 2013, a new study has found.
http://jlne.ws/uBVBsA
Fitch cuts ratings on 5 European banks
AP via Yahoo! News
Fitch Ratings on Wednesday downgraded the debt ratings for five major European commercial banks and cooperative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.
http://jlne.ws/sKLaSX
U.S. runs $137 billion deficit in November
Market Watch
WASHINGTON (MarketWatch) -- The federal government ran a budget deficit of $137 billion in November, the Treasury Department reported Monday, keeping its finances in the red in the second month of the fiscal year. The government spent $290 billion in the month and took in $152 billion, pushing the fiscal year-to-date deficit to $236 billion. For the first two months of the year, the U.S. is ...
http://jlne.ws/vk4Zyr
U.S. Growth Decouples From Debt as JPMorgan Sees Lower Yield
BusinessWeek
The strengthening U.S. economy is proving no deterrent to the biggest rally in Treasuries since 2008, and America's largest bank says it may get even better for bond investors.
http://jlne.ws/sa5igb
Forecasters Miss by Most in 9 Months on Improving Data: Economy
BusinessWeek
U.S. economic data are outperforming expectations by the most in nine months, a trend Federal Reserve officials may incorporate into their policy statement tomorrow.
http://jlne.ws/vYHvTw
Pimco Leads 'Go-Anywhere' Funds Veering Off-Course as Rates Fall
BusinessWeek
Pimco Unconstrained Bond Fund and other "go-anywhere" bond funds created during the 2008 credit crisis went mostly to the wrong places in 2011 after missing a rally in Treasuries and buying riskier assets that lost ground.
http://jlne.ws/vY8j8I
Berkshire's Bond Holdings May Give Buffett Role in ResCap Plan
BusinessWeek
Warren Buffett's Berkshire Hathaway Inc., one of the largest creditors of government-owned Ally Financial Inc., may wind up playing a central role in the restructuring of its Residential Capital LLC mortgage unit.
http://jlne.ws/tdc5WD
Wall Street seeks dismissal of record bankruptcy
AP via Yahoo! Finance
Wall Street creditors are asking a judge to throw out the record bankruptcy filed by Alabama's largest county over more than $4 billion in debt.
http://jlne.ws/viQePz
Events
Fixed Income Markets 2012
January 24, 2012
Tabb Forum Looks At Changes Ahead And Staying Ahead In Fixed Incomes
http://jlne.ws/snQ3VO
Treasury Futures: Using International Fixed-Income and Money Market Spreads
January 31, 2012
The IFM Instructs On Using Fixed Income And Money Market Spreads
http://jlne.ws/u7MgUK
National Association of Home Builders' Show
February 10, 2012
Special Session With Fed's Bernanke Open To All Registered Attendees
http://jlne.ws/tEcqjW
Economic News
Jobless Claims in U.S. Decrease Last Week to Three-Year Low
BusinessWeek
The number of applications for unemployment benefits unexpectedly dropped last week to the lowest level in three years, showing the U.S. labor market is healing.
http://jlne.ws/tgqmJT
Skills 'Mismatch' Hurts Unemployed in U.S. as Job Openings Grow: Economy
Bloomberg
Federal Reserve policy makers yesterday said that while the American job market shows signs of improving, they are still concerned with the "elevated" level of unemployment. One reason may be because employers can't find qualified help, according to economists like Dean Maki.
http://jlne.ws/vMwla1
US pre-open: Manpower sees best hiring outlook since 2008
LONDON (SHARECAST) - The major US equity benchmarks are now pointing to average gains of 0.5% at the start of today's trading. That despite worse than expected economic numbers out in the pre-open and ahead of tonight's meeting of the Federal Reserve's Open Market Committee.
http://jlne.ws/v7kXpO
Industrial Production in U.S. Unexpectedly Fell in November
BusinessWeek
U.S. industrial production unexpectedly dropped in November for the first time in seven months, an indication of a pause in manufacturing as 2011 comes to a close.
http://jlne.ws/tzP3BT
U.S. Retail Sales Rose at Slower Pace in November: Economy
BusinessWeek
Retail sales rose in November at the slowest pace in five months, indicating American consumers were trying to live within their means heading into the holiday shopping season as wages dropped.
http://jlne.ws/rIYemC
Exchanges, Clearing Houses & MTFs
Javelin and CME Execute and Clear $4.1 Billion of Interest Rate Swaps in Real Time
PR Newswire
NEW YORK, Dec. 14, 2011 /PRNewswire/ -- Javelin Capital Markets, a swaps trading platform, and the CME, a swaps clearing house, today announced that they had executed and cleared over $4.1 Billion of interest rates swap trades in an average time of under 2 seconds-a market...
http://jlne.ws/v8rFBS
CME Group, Javelin clear first rate swaps in real time
Chicago Tribune
Javelin Capital Markets, an electronic trading platform for privately traded derivatives, said on Wednesday that it has executed and cleared over $4 billion in interest rate swaps through CME Group, the first time the trades have been cleared in real time.
http://jlne.ws/w1SRHR
Firms & Banks
BGC Partners Launches Hybrid Trading Platform for Treasury Inflation-Protected Securities (TIPS)
CNW Group via Yahoo! Finance
http://jlne.ws/rRAg9L
Software developer Broadway Technology gets investment from Goldman Sachs, others
Austin American-Statesman
http://jlne.ws/uofruY
Invesco Mortgage Capital and CYS Investments to See Uptick in Net Interest Income
Marketwire via Yahoo! Finance
NEW YORK, NY- For roughly three years, the central bank has kept overnight interest rates near zero as unemployment remains relatively high and housing issues persist.
http://jlne.ws/vmJFrn
First Asset Licenses Morningstar Equity, Fixed Income, and Managed Futures Indexes for ETFs
CNW Group Finance Press Releases via Yahoo! Finance
http://jlne.ws/sTLToD
Morgan Stanley spent $750K on lobbying in 3Q
AP via Yahoo! News
Morgan Stanley & Co. spent $750,000 in the third quarter to lobby the federal government on new financial regulations, complex trading investments and mortgage industry reforms, among other issues, according to a recent disclosure filing.
http://jlne.ws/t20ukF
JPMorgan Chase spent $2.45M on 3Q lobbying
AP via Yahoo! News
JPMorgan Chase & Co. spent $2.45 million to lobby the federal government in the third quarter on rules governing home mortgages, Wall Street reform and other issues, according to a disclosure report.
http://jlne.ws/ueYzId
Credit Agricole to cut jobs as loss looms
Reuters via Yahoo! News
PARIS (Reuters) - Credit Agricole will make a 2011 loss, write off 2.5 billion euros ($3.2 billion) worth of assets and cut 2,350 jobs in a cull of its investment banking operations, the French bank said on Wednesday in its second profit warning of the year.
http://jlne.ws/uwHLTr
Credit Suisse to Merge Private, Investment Bank Operations
http://jlne.ws/vjWgb0
State Street leaves UK and German bond markets
By Michael Mackenzie in New York and David Oakley in London - Financial Times
State Street, the large US custodian bank, has cited new regulations including the “Volcker rule” for its decision to quit the UK and German government bond markets just three months after becoming an official dealer.
http://jlne.ws/ucxkxk
Commerzbank boosts capital by 700 mn euros
AFP via Yahoo! News
Commerzbank, Germany's second-biggest bank needing 5.3 billion euros in fresh funds, said Wednesday a repurchase of securities will beef up its core capital by more than 700 million euros ($910 million).
http://jlne.ws/rJ6jzf
Goldman losing at least 37 partners
Boston Globe
Goldman Sachs has lost at least 37 partners in 2011 as the firm heads toward the end of its worst year for profit and share performance since 2008. The number is an estimate based on internal memos, company filings and news reports as the New York-based bank doesn't publicize departures.
http://jlne.ws/sYV8cx
Lloyds takes a gamble on chief’s health
By Sharlene Goff, Kate Burgess and Patrick Jenkins - Financial Times
Bushy-tailed and smiling was how the chairman of Lloyds Banking Group described António Horta-Osório as he confirmed the bank’s chief executive would return from a period of sick leave on January 9.
http://jlne.ws/svQSxa
Old Mutual to Sell Its Nordic Business for $3.2 Billion
By MARK SCOTT - NY Times
LONDON — British insurer Old Mutual agreed on Thursday to sell the Skandia Insurance Company, its Nordic savings and banking business, to the Swedish insurance company Skandia Liv for £2.1 billion, or $3.2 billion.
http://jlne.ws/uOrI9s
Regulators
IMF boosts emergency response powers
Washington Post
The International Monetary Fund could pour more than $100 billion in short-term loans into Italy under a program recently expanded as part of an effort to ramp up the fund's crisis fighting. But a broader bailout of the country remains problematic as European, IMF and other international officials debate how extensively the burden of Europe's rescue should be spread around the globe.
http://jlne.ws/tY0McD
EU Asks Deutsche Boerse-NYSE Clients, Rivals for Remedy Response
BusinessWeek
European Union regulators asked clients and rivals of Deutsche Boerse AG and NYSE Euronext whether the revised concessions offered this week are sufficient to eliminate antitrust concerns over their planned merger.
http://jlne.ws/w4jBnF
NY Fed Didn't Give Corzine Preferential Treatment, Baxter Says
BusinessWeek
MF Global Holdings Ltd. and Jon S. Corzine, the broker's former chairman and chief executive officer, didn't receive preferential treatment in a bid to become a primary dealer of government securities, said Thomas C. Baxter Jr., general counsel of the New York Federal Reserve.
http://jlne.ws/rTSG5L
Global News
European Central Bank monthly Bulletin
International Business Times
The European Central Bank responded to mounting market pressure and speculation of a rate cut this meeting, where the Governing Council voted to cut key interest rates by quarter basis point to 1.00%, the fourth move this year, while the Bank also cut the marginal lending facility by 25 bp to 1.75% .
http://jlne.ws/vGvivH
Europe's Central Bank Maneuvers Crisis Intervention
NPR
The European Central Bank has ruled out large scale bond purchases to save struggling countries from their mounting debts. But the ECB has said it will extend unlimited credit to European banks. Some observers say these low-interest bank loans could be a back door way to address the debt crisis. National banks would have a new source of cash to buy their home country's sovereign debt.
http://jlne.ws/vN1XXA
Brazil Rate Futures Yields Rise on European Debt Optimism as Real Advances
Bloomberg
Yields on most Brazilian interest- rate futures contracts rose after Spain sold more bonds than expected, spurring bets that stability in Europe may prompt the central bank to slow its pace of interest-rate cuts.
http://jlne.ws/vCEIao
Brazil Says Done With Stimulus to Reignite Growth, Lending
BusinessWeek
Brazil has taken the bulk of stimulus measures needed to reignite economic growth next year and sees no need to rely on state banks to help boost credit, Deputy Finance Minister Nelson Barbosa said.
http://jlne.ws/vXStlT
Italy government calls confidence vote on austerity
Reuters via Yahoo! News
ROME (Reuters) - Italy's government has called a confidence vote in parliament on Friday to speed up approval of a 33-billion euro ($43 billion)austerity package intended to restore market confidence in the euro zone's third largest economy. Minister for Parliamentary Relations Piero Giarda announced the confidence vote, expected early on Friday afternoon.
http://jlne.ws/vwagaf
Singh Says No Surrender as Markets Query India's Ambition
BusinessWeek
India's Prime Minister Manmohan Singh pledged to overcome opposition to opening the country's retail industry to companies like Wal-Mart Stores Inc., saying his two-decade reform agenda is the best way of reviving the slowest economic growth in two years.
http://jlne.ws/um6yPx
Czech Lawmakers Approve 2012 State Budget That Trims the Shortfall by 22%
Bloomberg
Czech lawmakers approved the 2012 state budget, endorsing a 22 percent deficit cut, as the government prepares crisis measures to mitigate the effects of the euro area's debt crisis.
http://jlne.ws/tMGjjm
China To Continue Prudent Monetary Policy Next Year - Xinhua
http://jlne.ws/tq8X31
Finnish central bank forecasts growth will drop from current 2.8 pct to 0.4 pct in 2012
Washington Post
HELSINKI - The Finnish central bank says economic growth in the Nordic country will fall from a predicted 2.8 percent this year to 0.4 percent in 2012, unless the euro debt crisis worsens. The governor of the Bank of Finland warns that economic growth will "at best be sluggish" in the next few years. In 2013, gross domestic product is expected to increase 1.8 percent.
http://jlne.ws/sqptH2
Libya Central Bank expected to have sanctions lifted
Reuters via Yahoo! News
UNITED NATIONS (Reuters) - Libya's central bank and a subsidiary are expected to have U.N. sanctions against them lifted on Friday in a move to ease a cash crunch since the country's civil war ended, diplomats said on Wednesday.
http://jlne.ws/rP9C5C
Japan central bank says business confidence falls
AP via Yahoo! News
A key central bank survey showed Thursday that confidence at major Japanese manufacturers fell over the last quarter, as the export-reliant country battled a strong yen and an increasingly precarious global economy.
http://jlne.ws/s63b18
French central bank chief mocks British economy
AFP via Yahoo! News
The head of the French central bank criticised the British economy on Thursday, arguing that ratings agencies are targeting the wrong country for a debt downgrade.
http://jlne.ws/sfrABG
Kenya central bank seeks to mop up $45 mln
Reuters via Yahoo! News
NAIROBI (Reuters) - Kenya's central bank said on Wednesday it was seeking to mop up 4 billion shillings from the market through repurchase agreements. The Central Bank of Kenya hoovered up 2 billion shillings on Tuesday at a weighted average of 14.156 percent.
http://jlne.ws/udrHw7
Disclaimer: The John Lothian, Environmental Markets, JLN Metals, JLN Managed Futures, JLN Interest Rates, JLN Options and JLN FX newsletters and blogs and MarketsWiki are products of John J. Lothian & Company, Inc. The opinions expressed in these publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers.
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Rabu, 14 Desember 2011
Top Interest Rate Headlines 12-14-2011: 30-Year Yield Drops to Record Low on Crisis Concern
30-Year Yield Drops to Record Low on Crisis Concern
http://jlne.ws/tHz7WG
Eurozone crisis live: Merkel offers UK olive branch as euro slides again
http://jlne.ws/vyTk8V
Fed won't bail Europe out, Bernanke tells lawmakers
http://jlne.ws/tYf5a7
Bad News for Economic Doomsayers: The Ticker
http://jlne.ws/vGUATR
Bernanke discusses Europe with GOP senators
http://jlne.ws/vDNOSU
No threat from package at Credit Suisse in New York
http://jlne.ws/s0b87l
Madoff Trustee Sues Credit Suisse for $375 Million
http://jlne.ws/ukcFr1
Italian yields ease after bond auction
http://jlne.ws/vsdhWR
Crédit Agricole set to cut 2,500 jobs
http://jlne.ws/uJcNde
Why Banking Regulation Doesn't Work
http://jlne.ws/uY2emj
Euro zone industry staves off slump in October
http://jlne.ws/t2r11I
http://jlne.ws/tHz7WG
Eurozone crisis live: Merkel offers UK olive branch as euro slides again
http://jlne.ws/vyTk8V
Fed won't bail Europe out, Bernanke tells lawmakers
http://jlne.ws/tYf5a7
Bad News for Economic Doomsayers: The Ticker
http://jlne.ws/vGUATR
Bernanke discusses Europe with GOP senators
http://jlne.ws/vDNOSU
No threat from package at Credit Suisse in New York
http://jlne.ws/s0b87l
Madoff Trustee Sues Credit Suisse for $375 Million
http://jlne.ws/ukcFr1
Italian yields ease after bond auction
http://jlne.ws/vsdhWR
Crédit Agricole set to cut 2,500 jobs
http://jlne.ws/uJcNde
Why Banking Regulation Doesn't Work
http://jlne.ws/uY2emj
Euro zone industry staves off slump in October
http://jlne.ws/t2r11I
Selasa, 13 Desember 2011
Top Interest Rate Headlines 12-13-2011: CFTC to Hold Open Meeting to Consider Three Final Rules
CFTC to Hold Open Meeting to Consider Three Final Rules
http://jlne.ws/tki7JS
MF's Corzine may have known of customer loan: CME
http://jlne.ws/vMCg8D
Corzine says gave no order to move MF Global funds
http://jlne.ws/vigGO3
Republicans plan House OK of payroll tax cut bill
http://jlne.ws/rXNAC4
Job openings in U.S. decline to 3.267 million from previous month's 3.377 million
http://jlne.ws/t5d7ZN
Three MF Global execs deny wrongdoing
http://jlne.ws/vYRlEv
MBIA Reportedly to Pay Morgan Stanley $1.1B to Settle Claim
http://jlne.ws/rZP8fB
Milken Institute: Europe crisis: Not over yet!
http://jlne.ws/rUZC35
Rally Fades On Report Merkel Rejected A Bigger European Stability Mechanism Bailout Fund
http://jlne.ws/vOMB1K
Fitch Provides Solvency II Primer for U.S. Analysts
http://jlne.ws/sN0hf8
Fitch Says EU Summit Does Little to Ease Pressure on Debt Crisis
http://jlne.ws/rwMnYV
Analysts: Fed Focuses On Plan To Forecast Rates : NPR
http://jlne.ws/rXrEPc
A Look Inside the Fed’s Balance Sheet
http://jlne.ws/v7zJK4
Bank of England | Index Linked Treasury Stock
http://jlne.ws/uSZcRB
http://jlne.ws/tki7JS
MF's Corzine may have known of customer loan: CME
http://jlne.ws/vMCg8D
Corzine says gave no order to move MF Global funds
http://jlne.ws/vigGO3
Republicans plan House OK of payroll tax cut bill
http://jlne.ws/rXNAC4
Job openings in U.S. decline to 3.267 million from previous month's 3.377 million
http://jlne.ws/t5d7ZN
Three MF Global execs deny wrongdoing
http://jlne.ws/vYRlEv
MBIA Reportedly to Pay Morgan Stanley $1.1B to Settle Claim
http://jlne.ws/rZP8fB
Milken Institute: Europe crisis: Not over yet!
http://jlne.ws/rUZC35
Rally Fades On Report Merkel Rejected A Bigger European Stability Mechanism Bailout Fund
http://jlne.ws/vOMB1K
Fitch Provides Solvency II Primer for U.S. Analysts
http://jlne.ws/sN0hf8
Fitch Says EU Summit Does Little to Ease Pressure on Debt Crisis
http://jlne.ws/rwMnYV
Analysts: Fed Focuses On Plan To Forecast Rates : NPR
http://jlne.ws/rXrEPc
A Look Inside the Fed’s Balance Sheet
http://jlne.ws/v7zJK4
Bank of England | Index Linked Treasury Stock
http://jlne.ws/uSZcRB
Federal Open Market Committee Meeting Statement - Dec. 13, 2011
Press Release
Release Date: December 13, 2011
For immediate release
Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but business fixed investment appears to be increasing less rapidly and the housing sector remains depressed. Inflation has moderated since earlier in the year, and longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee’s dual mandate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today 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.
The Committee also decided 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 mid-2013.
The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools 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; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time.
2011 Monetary Policy Releases
Last update: December 13, 2011
Release Date: December 13, 2011
For immediate release
Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but business fixed investment appears to be increasing less rapidly and the housing sector remains depressed. Inflation has moderated since earlier in the year, and longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee’s dual mandate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today 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.
The Committee also decided 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 mid-2013.
The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools 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; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time.
2011 Monetary Policy Releases
Last update: December 13, 2011
Senin, 12 Desember 2011
Top Interest Rate Headlines 12-12-11: Euro Undermined as Draghi Undoing Trichet Interest Rates Removes Support
Euro Undermined as Draghi Undoing Trichet Interest Rates Removes Support
Bloomberg
Foreign-exchange strategists are slashing their forecasts for the euro at the fastest pace this year as European Central Bank President Mario Draghi's interest- rate cuts remove one of the currency's pillars of support.
http://bloom.bg/uEVv0k
Europe Stocks, Euro, Metals Drop Before Italy, France Bond Sales
BusinessWeek
European stocks and U.S. equity futures fell, while the euro and commodities declined before a bond sale by Italy and France.
http://buswk.co/uGPjx6
Australian Home Loans Gain Seventh Straight Month Ahead of RBA's Rate Cuts
Bloomberg
Australian home-loan approvals rose in October for a seventh straight month before central bank Governor Glenn Stevens lowered borrowing costs for the first time in 31 months.
http://bloom.bg/uWjYM8
Mr. Corzine Goes to Washington, With No Pull: William D. Cohan
BusinessWeek
When it comes to shining a light on the cozy relationships between Wall Street and Washington, and how the rich and powerful get access to things the rest of us don't, there can never be too many juicy examples.
http://buswk.co/t40IlT
Treasury 30-Year Bonds Drop on Europe Deal, U.S. Recovery SignsBusinessWeek
Treasury 30-year bonds fell for a second consecutive week as a European agreement for closer fiscal union reduced the haven appeal of U.S. debt and reports showed the economic recovery strengthening.
http://buswk.co/urQnwG
Japanese Stock Futures Drop as ECB President Damps Bond-Buying Speculation
Bloomberg
Japanese stock (MXAP) futures and Australian shares fell after the European Central Bank damped speculation it would step up debt purchases and regulators said lenders need to raise more capital than previously forecast.
http://bloom.bg/vfSJmu
The Paul family's partial truth about the Federal Reserve [Opinion: The Arena]Louisville.com
by Keith Rouda The father and son Paul duo, Ron and Rand, have been pointing to the Federal Reserve's low interest rates, primarily under the Bush administration, as the primary factor in creating the housing bubble. If we do some root cause analysis on this, we find that the Fed's low interest rates were a contributing factor, but they were not the only contributing factor, and they were also ...
http://bit.ly/tC3OOx
Hamilton: "More on those secret Federal Reserve loans to banks"Calculated Risk
The claim that the Federal Reserve extended trillions of dollars in secret loans to banks continues to be spread. Here at Econbrowser we will continue to try to correct some of the misunderstanding that is out there.
http://bit.ly/stIDwl
Fed nearing a plan to clarify direction of rates
AP via Yahoo! News
The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It's ready to go further still.
http://yhoo.it/tHLFW7
Federal Reserve
Bankrate.com
The Federal Open Market Committee, also known as the FOMC, meets Tuesday for the last time this year, and Fed watchers expect a lot of talk but no action from the rate-setting committee.
http://bit.ly/vYTfI8
Stock Futures Lower in Debt Summit AftermathTheStreet.com
NEW YORK (TheStreet) -- Stock futures pointed to a lower open Monday as investors assessed the progress European leaders made last week on resolving their debt crisis. Futures for the Dow Jones Industrial Average were falling 96 points, or 61 points below fair value, at 12,047. The index rose 187 points last Friday, finishing the week with a 1.4% gain. The Dow surged 7% in the prior week and is ...
http://bit.ly/vRWZE0
German Bunds Advance Before Italian, French, Dutch Treasury Bill AuctionsBloomberg
German 10-year bunds rose and two- year yields approached a euro-era record low as Italy, France and the Netherlands prepare to sell Treasury bill bills today.
http://bloom.bg/rUBdWZ
Chicago broker shows 'em the money post MF GlobalReuters via Yahoo! News
NEW YORK (Reuters) - As former MF Global chief executive Jon Corzine prepared to testify this week before a U.S. Congressional committee about missing customer money, independent broker Rosenthal Collins Group (RCG) attempted to restore customer confidence in the futures market by publishing exactly where it is holding its client collateral. ...
http://yhoo.it/usHjiq
Trading firms to face new rules on customer fundsseattlepi.com
Trading firms to face new rules on customer funds Associated Press Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 10:29 a.m., Monday, December 5, 2011 WASHINGTON (AP) - A federal rule adopted Monday places tighter restrictions on how U.S. trading firms can invest their customers' money. The action comes ...
http://bit.ly/tOJoBe
Bloomberg
Foreign-exchange strategists are slashing their forecasts for the euro at the fastest pace this year as European Central Bank President Mario Draghi's interest- rate cuts remove one of the currency's pillars of support.
http://bloom.bg/uEVv0k
Europe Stocks, Euro, Metals Drop Before Italy, France Bond Sales
BusinessWeek
European stocks and U.S. equity futures fell, while the euro and commodities declined before a bond sale by Italy and France.
http://buswk.co/uGPjx6
Australian Home Loans Gain Seventh Straight Month Ahead of RBA's Rate Cuts
Bloomberg
Australian home-loan approvals rose in October for a seventh straight month before central bank Governor Glenn Stevens lowered borrowing costs for the first time in 31 months.
http://bloom.bg/uWjYM8
Mr. Corzine Goes to Washington, With No Pull: William D. Cohan
BusinessWeek
When it comes to shining a light on the cozy relationships between Wall Street and Washington, and how the rich and powerful get access to things the rest of us don't, there can never be too many juicy examples.
http://buswk.co/t40IlT
Treasury 30-Year Bonds Drop on Europe Deal, U.S. Recovery SignsBusinessWeek
Treasury 30-year bonds fell for a second consecutive week as a European agreement for closer fiscal union reduced the haven appeal of U.S. debt and reports showed the economic recovery strengthening.
http://buswk.co/urQnwG
Japanese Stock Futures Drop as ECB President Damps Bond-Buying Speculation
Bloomberg
Japanese stock (MXAP) futures and Australian shares fell after the European Central Bank damped speculation it would step up debt purchases and regulators said lenders need to raise more capital than previously forecast.
http://bloom.bg/vfSJmu
The Paul family's partial truth about the Federal Reserve [Opinion: The Arena]Louisville.com
by Keith Rouda The father and son Paul duo, Ron and Rand, have been pointing to the Federal Reserve's low interest rates, primarily under the Bush administration, as the primary factor in creating the housing bubble. If we do some root cause analysis on this, we find that the Fed's low interest rates were a contributing factor, but they were not the only contributing factor, and they were also ...
http://bit.ly/tC3OOx
Hamilton: "More on those secret Federal Reserve loans to banks"Calculated Risk
The claim that the Federal Reserve extended trillions of dollars in secret loans to banks continues to be spread. Here at Econbrowser we will continue to try to correct some of the misunderstanding that is out there.
http://bit.ly/stIDwl
Fed nearing a plan to clarify direction of rates
AP via Yahoo! News
The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It's ready to go further still.
http://yhoo.it/tHLFW7
Federal Reserve
Bankrate.com
The Federal Open Market Committee, also known as the FOMC, meets Tuesday for the last time this year, and Fed watchers expect a lot of talk but no action from the rate-setting committee.
http://bit.ly/vYTfI8
Stock Futures Lower in Debt Summit AftermathTheStreet.com
NEW YORK (TheStreet) -- Stock futures pointed to a lower open Monday as investors assessed the progress European leaders made last week on resolving their debt crisis. Futures for the Dow Jones Industrial Average were falling 96 points, or 61 points below fair value, at 12,047. The index rose 187 points last Friday, finishing the week with a 1.4% gain. The Dow surged 7% in the prior week and is ...
http://bit.ly/vRWZE0
German Bunds Advance Before Italian, French, Dutch Treasury Bill AuctionsBloomberg
German 10-year bunds rose and two- year yields approached a euro-era record low as Italy, France and the Netherlands prepare to sell Treasury bill bills today.
http://bloom.bg/rUBdWZ
Chicago broker shows 'em the money post MF GlobalReuters via Yahoo! News
NEW YORK (Reuters) - As former MF Global chief executive Jon Corzine prepared to testify this week before a U.S. Congressional committee about missing customer money, independent broker Rosenthal Collins Group (RCG) attempted to restore customer confidence in the futures market by publishing exactly where it is holding its client collateral. ...
http://yhoo.it/usHjiq
Trading firms to face new rules on customer fundsseattlepi.com
Trading firms to face new rules on customer funds Associated Press Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 10:29 a.m., Monday, December 5, 2011 WASHINGTON (AP) - A federal rule adopted Monday places tighter restrictions on how U.S. trading firms can invest their customers' money. The action comes ...
http://bit.ly/tOJoBe
Jumat, 09 Desember 2011
Top Interest Rate Headlines 12-09-2011: Draghi May Be Pushed Into Bigger Role for ECB
Draghi May Be Pushed Into Bigger Role for ECB
A day after European Central Bank President Mario Draghi damped expectations the bank would become more aggressive in supporting euro-zone debt markets, the ECB responded to a sharp rise in Italian yields by buying the country's bonds.
http://jlne.ws/w2csVW
Brown faces flak in damning RBS report
FT.com
http://jlne.ws/sNguAZ
Europe’s New Budget Rigor, ECB’s Challenge
Bloomberg
European leaders’ blueprint for a closer fiscal union to save their single currency left the onus on central bankers to address investor concerns that Italy and Spain would succumb to the two-year-old financial crisis.
http://jlne.ws/vKFNW4
At European banks, the fire sale continues
Fortune
Even as European leaders convened this week an emergency summit to save the euro, European banks were busy trying to offload trillions of euros worth of assets in a bid to slim down. But while the banks may appear desperate to sell in order to fortify their balance sheets and comply with new capital restrictions, they don't seem willing to take a bath on their performing assets just yet, frustrating willing buyers hunting for an easy deal.
http://jlne.ws/sZT4HI
Euro breakup is inevitable
CNNMoney
As European leaders unveil their latest plan to solve the debt crisis, economists and market experts aren't convinced they'll actually be successful. At least one group says there are one too many obstacles and chances are, the currency union will break up, triggering an end of the euro as we know it.
http://jlne.ws/uUQ7Kx
Sovereign debt and the Basel rules - clearing up the confusion
Blog: Narrow Tranche
There seems to be some confusion around the Basel banking regulation with respect to sovereign debt. We want to take a quick look at two distinct concepts here: "risk weights" used to determine capital ratios and "liquidity ratio" used to make sure banks have sufficient short-term liquidity.
http://jlne.ws/saBCHE
China to create $300 billion FX investment vehicle
Reuters
China's central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world's largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters.
http://jlne.ws/tfHyWg
Trade deficit shrinks again as oil price drops
USA Today
The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil.
http://jlne.ws/u7UnCB
Consumer Sentiment Improves to Best Level Since June
By Michael S. Derby, WSJ.com
Consumers’ view on the economy moved to its best level since June in mid-December. The preliminary Reuters/University of Michigan consumer sentiment index for December stood at 67.7 from 64.1 in November. It was expected by analysts to come in at 66.0, and it will be revised at the end of the month.
http://jlne.ws/tyAu2d
Banks to End 'Amend and Extend' in 2012
The Street
Banks will become very selective with credit in 2012, giving up on the "amend and extend" approach on loans of the past three years and forcing some businesses -- especially in retail and restaurants -- to restructure debt.
http://jlne.ws/tLUDmG
Mifid II sets up clash between voice trading and transparency
Risk
It took the Group of 20 (G-20) nations fewer than 100 words to unleash a sweeping – and speedy – overhaul of the over-the-counter derivatives market
http://jlne.ws/vQxemr
Japan urges FSA action against Citi, UBS
By Chris Oliver, MarketWatch
Japan’s securities surveillance unit said Friday it has asked the Financial Services Agency to take action against the Japanese units of Citigroup Inc. and UBS Securities for inappropriate actions in influencing three-month interest-rate benchmarks.
http://jlne.ws/tU1hG7
Moody's downgrades three French banks
By Adam Jones in London and Scheherazade Daneshkhu in Paris - Financial Times
The credit ratings of BNP Paribas, Société Générale and Crédit Agricole were downgraded by Moody’s Investor Services on Friday, increasing the pressure on EU leaders to craft a solution to the eurozone crisis.
http://jlne.ws/tJTBpk
Statement Of US Treasury Secretary Tim Geithner
Press Release
http://jlne.ws/ulqUeT
ECB Announces Measures To Support Bank Lending And Money Market Activity
Press Release
http://jlne.ws/sJBWmN
Statement By IMF Managing Director Christine Lagarde On The Eurozone Leaders' Summit
Press Release
http://jlne.ws/ta83T9
Scotiabank, CIBC Top Bonus Increases After Record Bank Profits
BusinessWeek
Bank of Nova Scotia and Canadian Imperial Bank of Commerce had the highest jump in incentive pay this year among Canada's six-biggest banks as record profits for the group led to a 6.9 percent increase in bonuses.
http://jlne.ws/vIJcgB
Osborne Warns of Regulation If Banks Don't Show Pay Restraint
BusinessWeek
U.K. Chancellor of the Exchequer George Osborne said he was ready to use regulation to force banks to boost their capital unless they exercise pay restraint.
http://jlne.ws/td0Wk4
EBA Asks Deutsche Bank, Commerzbank To Raise More Capital
RTT News
(RTTNews.com) - The European Banking Authority, or EBA, has said that German lender Deutsche Bank AG (DB) has a capital shortfall of 3.2 billion euros to achieve EBA's 9 percent Core Tier 1 capital ratio benchmark and it must be addressed by the end of June 2012. Domestic peer Commerzbank AG (CRZBY.PK) also has been asked to raise more capital.
http://jlne.ws/v6DOh4
A day after European Central Bank President Mario Draghi damped expectations the bank would become more aggressive in supporting euro-zone debt markets, the ECB responded to a sharp rise in Italian yields by buying the country's bonds.
http://jlne.ws/w2csVW
Brown faces flak in damning RBS report
FT.com
http://jlne.ws/sNguAZ
Europe’s New Budget Rigor, ECB’s Challenge
Bloomberg
European leaders’ blueprint for a closer fiscal union to save their single currency left the onus on central bankers to address investor concerns that Italy and Spain would succumb to the two-year-old financial crisis.
http://jlne.ws/vKFNW4
At European banks, the fire sale continues
Fortune
Even as European leaders convened this week an emergency summit to save the euro, European banks were busy trying to offload trillions of euros worth of assets in a bid to slim down. But while the banks may appear desperate to sell in order to fortify their balance sheets and comply with new capital restrictions, they don't seem willing to take a bath on their performing assets just yet, frustrating willing buyers hunting for an easy deal.
http://jlne.ws/sZT4HI
Euro breakup is inevitable
CNNMoney
As European leaders unveil their latest plan to solve the debt crisis, economists and market experts aren't convinced they'll actually be successful. At least one group says there are one too many obstacles and chances are, the currency union will break up, triggering an end of the euro as we know it.
http://jlne.ws/uUQ7Kx
Sovereign debt and the Basel rules - clearing up the confusion
Blog: Narrow Tranche
There seems to be some confusion around the Basel banking regulation with respect to sovereign debt. We want to take a quick look at two distinct concepts here: "risk weights" used to determine capital ratios and "liquidity ratio" used to make sure banks have sufficient short-term liquidity.
http://jlne.ws/saBCHE
China to create $300 billion FX investment vehicle
Reuters
China's central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world's largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters.
http://jlne.ws/tfHyWg
Trade deficit shrinks again as oil price drops
USA Today
The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil.
http://jlne.ws/u7UnCB
Consumer Sentiment Improves to Best Level Since June
By Michael S. Derby, WSJ.com
Consumers’ view on the economy moved to its best level since June in mid-December. The preliminary Reuters/University of Michigan consumer sentiment index for December stood at 67.7 from 64.1 in November. It was expected by analysts to come in at 66.0, and it will be revised at the end of the month.
http://jlne.ws/tyAu2d
Banks to End 'Amend and Extend' in 2012
The Street
Banks will become very selective with credit in 2012, giving up on the "amend and extend" approach on loans of the past three years and forcing some businesses -- especially in retail and restaurants -- to restructure debt.
http://jlne.ws/tLUDmG
Mifid II sets up clash between voice trading and transparency
Risk
It took the Group of 20 (G-20) nations fewer than 100 words to unleash a sweeping – and speedy – overhaul of the over-the-counter derivatives market
http://jlne.ws/vQxemr
Japan urges FSA action against Citi, UBS
By Chris Oliver, MarketWatch
Japan’s securities surveillance unit said Friday it has asked the Financial Services Agency to take action against the Japanese units of Citigroup Inc. and UBS Securities for inappropriate actions in influencing three-month interest-rate benchmarks.
http://jlne.ws/tU1hG7
Moody's downgrades three French banks
By Adam Jones in London and Scheherazade Daneshkhu in Paris - Financial Times
The credit ratings of BNP Paribas, Société Générale and Crédit Agricole were downgraded by Moody’s Investor Services on Friday, increasing the pressure on EU leaders to craft a solution to the eurozone crisis.
http://jlne.ws/tJTBpk
Statement Of US Treasury Secretary Tim Geithner
Press Release
http://jlne.ws/ulqUeT
ECB Announces Measures To Support Bank Lending And Money Market Activity
Press Release
http://jlne.ws/sJBWmN
Statement By IMF Managing Director Christine Lagarde On The Eurozone Leaders' Summit
Press Release
http://jlne.ws/ta83T9
Scotiabank, CIBC Top Bonus Increases After Record Bank Profits
BusinessWeek
Bank of Nova Scotia and Canadian Imperial Bank of Commerce had the highest jump in incentive pay this year among Canada's six-biggest banks as record profits for the group led to a 6.9 percent increase in bonuses.
http://jlne.ws/vIJcgB
Osborne Warns of Regulation If Banks Don't Show Pay Restraint
BusinessWeek
U.K. Chancellor of the Exchequer George Osborne said he was ready to use regulation to force banks to boost their capital unless they exercise pay restraint.
http://jlne.ws/td0Wk4
EBA Asks Deutsche Bank, Commerzbank To Raise More Capital
RTT News
(RTTNews.com) - The European Banking Authority, or EBA, has said that German lender Deutsche Bank AG (DB) has a capital shortfall of 3.2 billion euros to achieve EBA's 9 percent Core Tier 1 capital ratio benchmark and it must be addressed by the end of June 2012. Domestic peer Commerzbank AG (CRZBY.PK) also has been asked to raise more capital.
http://jlne.ws/v6DOh4
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