Daily US Opening News And Market Re-Cap: July 12

Tyler Durden's picture

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ZeroPower's picture

13:18 12Jul11 RTRS-EUROPEAN COUNCIL PRESIDENT ROMPUY SAYS CHALLENGES FACED BY SPAIN NOT SAME AS OTHER EUROZONE COUNTRIES
13:19 12Jul11 RTRS-EUROPEAN COUNCIL PRESIDENT ROMPUY SAYS THE EURO IS STABLE AND SOLID CURRENCY

Ah, EUR pumping to the rescue.

Bohemian Clubber's picture

give me an E! give me an U!

EU! EU! EU!

 

Sudden Debt's picture

And as usual... the American are trying to steal the spotlight yet again...

US Trade Deficit Jumps More than Expected, At $50.23 Billion in May, Largest Since October 2008

down also goes the dollar.

 

Bohemian Clubber's picture

This UK inflation number is very ukish

 

snowball777's picture

The mood of Eurozone finance ministers is tilting towards more flexibility in restructuring of Greek debt

Roubini had it right a year ago...an orderly default then was the only viable option to save the core.

Sudden Debt's picture

orderly default

a orderly evacuation goes well untill somebody starts to yell FIRE!

 

BeerWhisperer's picture

OT:

Trade Gap Info anyone? Consesus is 44.1 High End is 48

Nothing reported yet that I see...

BeerWhisperer's picture

Nevermind! Tyler to the rescue. 50.2 !!!!!!!!

Atomizer's picture

Against this background, authorities from around the world are pushing for two significant changes in the post-trade infrastructure for OTC derivatives. Both should be implemented by the end of 2012.

First, OTC derivatives will need to be reported to a trade repository (TR), which is an electronic registry that keeps a record of all relevant details of an OTC derivative transaction over its lifetime. If all trades are reported to a TR, and the information is made available to the relevant supervisory authorities, then these authorities will be able to gain an overall view of the OTC derivatives markets, including the most important (gross and net) positions taken by the major dealers in these markets. If TRs had existed before the crisis, the build-up of huge derivative positions, such as those at American International Group (AIG), would have been observed much earlier.

Second, clearing OTC derivatives through a CCP instead of bilaterally can bring about several benefits from a financial stability perspective. A CCP interposes itself between the two original counterparties of a financial transaction. In other words, the CCP isolates the original counterparties from each other should one of them default. Thus, it makes financial institutions less interconnected. However, since risks become concentrated in the CCP, the CCP itself needs to be highly robust: it must protect itself against the default of one or more of its members. To that end, the CCP requires its members to regularly adjust their collateral at the CCP.

http://www.bis.org/speeches/sp110711.htm