Lloyds

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Frontrunning: September 26





  • China To Maintain Prudent Monetary Policy (China Daily)
  • Why Exit Is An Option For Germany (FT)
  • China-Japan Ministers Hold 'Severe' Talks As Spat Damages Trade (Bloomberg)
  • Eurozone Deal Over Bank Bailout In Doubt (FT)
  • UBS Co-Workers Knew of Fake Trades, Adoboli Told Lawyer (Bloomberg)
  • Banks Seek Changes To Research Settlement (FT)
  • Secession Crisis Heaps Pain On Spain (FT)
  • SEC: NY Firm Allowed HFT Manipulation (Bloomberg) - busted 'providing liquidity'?
  • Germany To Tap Brakes ON High-Speed Trading (WSJ)
  • Rajoy Outlines Fresh Overhauls (WSJ)
  • BBC Apologizes To Queen Over Radical Cleric Leak (Reuters)
  • British Banks Step Back From Libor Role (WSJ)
  • Obama Seeks To Recast Ties With Arab World (FT)
 
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Frontrunning: September 19





  • Deposit Flight From Europe Banks Eroding Common Currency (Bloomberg)
  • BOJ eases monetary policy as global slowdown bites (Reuters)
  • Stalled Rally Puts Pressure on Spain (WSJ)
  • Missed Chances Stoke Skepticism Over EU’s Crisis Fight (Bloomberg)
  • Germany's big worry: China, not Greece (Reuters)
  • Goldman names new CFO, heralding end of an era (Reuters)
  • Russia Demands U.S. Agency Halt Work (WSJ)
  • Fed’s Dudley Says Easing Vital to Spur Too-Slow Growth (Bloomberg)
  • Romney under fire from all sides (FT)
  • Poland cuts red tape to spur growth (FT)
  • IMF to Put Argentina on Path to Censure Over Inflation Data (Bloomberg)
 
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Frontrunning: September 6





  • Draghi Credibility At Stake As ECB Tries To Save The Euro (Bloomberg)
  • Clinton Returns to Back Obama (WSJ)
  • Taxi fares up 17% in New York City (Toronto Sun)
  • High Speed Scandal: Ferrari Incident Rocks China (Daily Beast)
  • China’s Richest Man Benefits From Thirst For Soft Drinks (Bloomberg)
  • China August export growth seen weak, imports slow (Reuters)
  • Death to PowerPoint! (BusinessWeek)
  • Sweden surprises with interest rate cut (WSJ)
  • IMF demands greater clarity on Irish austerity plans (Reuters)
  • At Abercrombie & Fitch, Sex No Longer Sells (Bloomberg)
  • And the best for last: California Treasurer Backs Law to Ban Costly Long-Term Bonds (Bloomberg) -> legislating low, low yields
 
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Frontrunning: August 6





  • Monti Warns of Euro Breakup as Tussle Over Spain Aid Hardens (Businessweek)
  • Italy doesn't need German cash, Monti tells Germans (Reuters) - at least we know who needs whose cash...
  • Spain has time to Wait for Clarity on EU Aid -Econ Min (Reuters) - which came first: the Spanish bailout request or the denial to need a Bailout request? Ask the Spanish 2 year...
  • Bundesbank Weidmann’s opposition to a proposed new wave of ECB bond purchases has support of Merkel’s CDU - Volker Kauder
  • China media tell U.S. to "shut up" over South China Sea tensions (Reuters)
  • Top Chinese Leaders Gather in Annual Summer Conclave (WSJ)
  • Greece Agrees With Troika on Need to Strengthen Policy (Bloomberg)
  • Coeure Says ECB Should Look at Getting Loans Into Real Economy (Bloomberg)
  • Italy Central Banker Sees Potential Rate Cut as Euro Economy Slows (WSJ)
  • A Dose of Dr. Draghi's 'Whatever It Takes' (WSJ)
  • Greek bank head sent savings abroad (FT)
 
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Frontrunning: August 3





  • U.S. nuclear bomb facility shut after security breach (Reuters)
  • EU Commission Welcomes Greek Reform Pledge, Wants Implementation (Reuters) -> less talkee, more tickee
  • China Cuts Stock Trading Costs to Lift Confidence (China Daily) as France hikes transactions costs
  • Holding Fire—for Now—but Laying Plans (WSJ)
  • ECB-Politicians’ Anti-Crisis Bargain Starts to Emerge (Bloomberg)
  • Dollar falls back as non-farm payrolls loom (FT)
  • Ethics Plan to Raise Consumer Confidence (China Daily)
  • Brazil backslides on protecting the Amazon (Reuters) - fair weather progressive idealism?
  • Japan Foreign-Bond Debate May Boost BOJ Stimulus Odds (Bloomberg)
  • Japan’s Lower House Passes Bill to Let Workers Stay on to 65 (Bloomberg)
 
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Frontrunning: July 27





  • Bundesbank Maintains Opposition to ECB Bond Buying (WSJ)
  • Greek Budget Talks Stumble as EU Urges Samaras to Deliver (Bloomberg)
  • Fortified by euro, Finns take bailouts on the chin (Reuters)
  • China Job Market for Graduates Shows Stress on Slowdown (Bloomberg)
  • China Exports Fade as Inflation Eludes Targets: Cutting Research (Bloomberg)
  • Japan Falters as Ito Calls for Euro Buys to Rein in Yen: Economy (Bloomberg)
  • Government weighs social insurance reforms (China Daily)
  • Colombia’s Split Central Bank to Weigh First Rate Cut Since 2010 (Bloomberg)
 
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Frontrunning: July 20, 2012





  • Gunman kills 14 in Denver shooting at "Batman" movie (Reuters)
  • Full retard meets Math for Retards: Spain Insists $15 Billion Aid Need for Regions Won’t Swell Debt (Bloomberg)
  • World braced for new food crisis (FT)
  • Banks in Libor probe consider group settlement (Reuters)
  • U.S. banks haunted by mortgage demons that won't go away (Reuters)
  • Ireland Bulldozes Ghost Estate in Life After Real Estate Bubble (Bloomberg)
  • China will not relax property control policies (China Daily)
  • Russia, China veto U.N. Security Council resolution on Syria (Reuters)
  • Kim to reform North Korean economy after purge (Reuters)
 
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Spanish 10 Year Yield Back Over 7% Following Ugly Bond Auction





Instead of sticking to selling short-term, LTRO covered debt, Spain was so desperate to show it has capital markets access that this morning it tried selling bond due 2014, 2017 and 2019 with a maximum issuance target of €3 billion. It failed to not only meet the target, but to price the €1.074 billion in bonds due 2017 at anything less than an all time high (6.459%) as a result sending the entire curve blowing out wider, and the 10 Year above the critical 7% threshold again, for the first time since the June Euro summit, whose only function was to give a positive return for the fiscal year to such US pension funds as Calpers and New Year. In summary:  Spain sold 2.98 billion euros of short- to medium-term government bonds on Thursday in a sale at which borrowing costs rose and demand fell. The average yield at a sale of 1.07 billion euros of five-year bonds rose to 6.46 percent compared with 6.07 percent at the previous auction of the debt last month. Investors' bids were worth 2.1 times the amount offered for the five-year paper versus 3.4 times at the last auction, and 2.9 times for the seven-year bond. The average yield at the seven-year sale rose to 6.7 percent from 4.83 percent.

 
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Finland Enters The NIRP Club As Germany Sells 2 Year Subzero Debt For The First Time





The NIRP club, or those countries whose 2 Year (or longer) bonds trade inside negative territory as presented yesterday, is happy to welcome Finland among its ranks, following the country's 2 Year bond briefly touching on -.008% minutes ago (since "recovering" to 0.0000% briefly). Other proud member countries include Holland, Germany (which earlier issued 2 Year debt at sub zero rates for the first time ever), Denmark, and Switzerland, or Europe's AAA-list. On the other end, the peripherals continue to trade on an ever more unsustainable basis. Europe has now become one big pair trade: everyone is long the viable countries and short the... less than viable ones.

 
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Not All Prayers Are Answered Affirmatively





Because I pay attention to these things; I have the sense that there has been a lot of praying recently. Prayers for QE3, prayers for Quantitative Easing mortgage bond buying, “Please SIR;” and for words to the effect in each and every FOMC minutes that “Money will be printed forever and ever Amen.”

“Now I know I'm not normally a praying man, but if you're up there, please save me, Superman!”

                          -Homer Simpson

Now I hate to do this to you and I feel like the bad boy with the pin about to prick someone’s bubble but these prayers have gone unanswered as you know and are not likely to be answered any day soon unless Europe goes up in pixie dust which, while certainly possible, will be far more serious for the markets and will more than offset the Fed dragging out their printing presses and plugging them in once again.

 
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Frontrunning: July 9





  • Euro zone fragmenting faster than EU can act (Reuters)
  • Wall Streeters Lose $2 Billion in 401(k) Bet on Own Firms (Bloomberg)
  • Eurozone crisis will last for 20 years (FT)
  • Chuckie Evans: "Please suh, can I have some moah" (Reuters)
  • Quote stuffing and book sales: Amazon ‘robo-pricing’ sparks fears (FT)
  • Situation in Egypt getting worse by the minute: Egypt parliament set to meet, defying army (Reuters)
  • Chinese goalseek-o-tron speaks: China’s inflation eased to a 29-month low (Bloomberg)
  • A contrarian view: "Barclays and the BoE have probably saved the financial system" (FT)
  • Flawed analysis: Dealers Declining Bernanke Twist Invitation (BBG) - Actually as shown here, ST Bond holdings have soared as dealers buy what Fed sells: more here
  • Obama team targets Romney over taxes, Republicans cry foul (Reuters)
  • And all shall be well: Brussels to act over Libor scandal (FT)
  • Bank of England's Tucker to testify on rate rigging row (Reuters)
 
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Barclays Wins Euromoney's Best Global Debt, Best Investment Bank, And Best Global Flow House Of The Year Awards





Financial magazine Euromoney, which in addition to being a subscription-based publication appears to also rely on bank advertising, has just held its 2012 Awards for Excellence dinner event. And in the "you can't make this up" category we have Barclays winning the Best Global Debt House, Best Investment Bank, And Best Global Flow House Of The Year Awards. Specifically we learn that "the bank’s commitment to the US is exemplified by the addition of another global senior manager to the country – Tom Kalaris is now going to be splitting his time between New York and London as executive chairman of the Americas as well as overseeing wealth management. Jerry del Missier, who has overseen the corporate and investment bank through its Lehman integration and was recently appointed COO of the Barclays group, says the bank is well positioned. "We came out of the crisis in a stronger strategic position and that has allowed us to continue to win market share and build our franchise. Keep in mind that the US is the largest investment banking, wealth management, credit card and investment management market in the world, and in terms of fee share will remain the most dynamic economy in the world for many years. As a strong global, universal bank operating in a competitive environment that is undergoing significant retrenchment, we like our position." That said, with the Chairman, CEO and COO all now fired, just who was it who accepted the various award: the firm's LIBOR setting team? And if so, were they drinking Bollinger at the dinner?

 
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Meet Anthony Browne: The New Head Of The British Bankers Association





Three weeks ago, before Lieborgate broke and the world finally understood what so many had been warning about for so long, we noted something else: that not only was LIBOR manipulated and fudged daily between 2005 and 2008, but as the chart in the attached post shows, it has been gamed every single day in 2012 as well. More importantly, we noted something else - the transition at the top of the British Bankers Association: the organization responsible for compiling LIBOR submissions from member banks, and reporting what the daily Libor fixing is. Because in the second week of June, the BBA's new head became... the former head of lobbying for none other than Morgan Stanley, Anthony Browne, a firm which itself was just caught red-handed manipulating rating agency "independent ratings" to benefit its bottom line (and which itself miraculous was downgraded by less than what the market expected in order to allow it to avoid several billion in collateral calls). And what did Anthony do at Morgan Stanley until June 12: he was head of Government relations for Morgan Stanley for Europe, Middle East and Africa and was previously an economic and business adviser to London Mayor Boris Johnson.  That's right - "head of government relations" for a rather prominent TBTF bank, being put in charge of daily Libor fixing. But everyone is shocked, shocked, that gambling has been going on here for years.

 
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Guest Post: The Great LIBOR Bank Heist of 2008?





Here’s a really wild hypothesis: if the LIBOR rate was under manipulation in 2008, is it not possible that the inter-bank lending rate spike (and resultant credit freeze) was at least partly a product of manipulation by the banking cartel? Could the manipulators have purposely exacerbated the freeze, to get a bigger and quicker bailout? After all, the banking system sucked $29 trillion out of the taxpayer following 2008. That’s a pretty big payoff. LIBOR profoundly affects credit availability — and the bailouts were directly designed to combat a freeze in credit availability. If market participants were manipulating or rigging LIBOR, they were manipulating a variable directly tied to the bailouts.

 
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