RBS

Tyler Durden's picture

Frontrunning: February 8





  • Greek Premier to Seek Bailout Consensus Amid Political Quarrels (Bloomberg)
  • Merkel makes case for painful reform (FT)
  • Bernanke Cites Risks to Progress of Recovery (WSJ)
  • Proposed settlement with banks over foreclosure practices dealt a setback (WaPo)
  • Merkel Approval in Germany Climbs to Highest Level Since 2009 Re-Election (Bloomberg)
  • Francois Hollande will spark next euro crisis (MarketWatch)
  • China’s Central Bank Pledges Support for Housing Market (Bloomberg)
  • Italy Pushes for Europe Growth Policy (Bloomberg)
  • Santorum bounces back in Republican race (FT)
  • China 'Big Four' Banks Issued CNY320 Billion New Yuan Loans In Jan (WSJ)
  • Gasoline and diesel prices raised (China Daily)
 
Tyler Durden's picture

Frontrunning: February 1





  • China’s factories in strong start to 2012 (FT)
  • Merkel to court Chinese investors (FT)
  • States to decide this week on mortgage deal (Reuters)
  • Europe is stuck on life support (FT)
  • IMF's Thomsen Says Greece Must Step Up Reform (Reuters)
  • Tax cuts expiry to slow US growth (FT)
  • Government health spending seen hitting $1.8 trillion (Reuters)
  • Romney Win in Florida Primary Shows Strength (Bloomberg)
  • EU regulator blocks D.Boerse-NYSE merger (Reuters)
  • Greek Bondholders said to get GDP Sweetener in Debt Swap Agreement (Bloomberg)
  • S. Korea Plans to Buy China Shares (Bloomberg)
 
Tyler Durden's picture

Frontrunning: January 30





  • Euro-Region Debt Sales Top $29B This Week (Bloomberg)
  • Greek Fury at Plan for EU Budget Control (FT)
  • Greek "football players too poor to play", leagues running out of money, may file for bankruptcy (Spiegel)
  • After insider trading scandal, Einhorn wins the battle: St. Joe Pares Back Its Florida Vision (WSJ)
  • China Signals Limited Loosening as PBOC Bucks Forecast (Bloomberg)
  • China's Wen: Govt Debt Risk "Controllable", Sets Reforms (Reuters)
  • IMF Reviews China Currency's Value (WSJ)
  • Watching, watching, watching: Japan PM Noda: To Respond To FX Moves "Appropriately" (WSJ)
  • Cameron to Nod Through EU Treaty (FT)
  • Gingrich Backer Sheldon Adelson Faces Questions About Chinese Business Affairs (Observer)
 
Tyler Durden's picture

Frontrunning: January 25





  • Angela Merkel casts doubt on saving Greece from financial meltdown (Guardian)
  • Germany Rejects ‘Indecent’ Call to ECB on Greece, Meister Says (Bloomberg)
  • Obama Calls for Higher Taxes on Wealthy (Bloomberg)
  • Fed set to push back timing of eventual rate hike (Reuters)
  • Recession Looms As UK Economy Shrinks By 0.2%, more than expected (SKY)
  • King Says BOE Can Increase Bond Purchases If Needed to Meet Inflation Goal (Bloomberg)
  • When One Quadrillion Yen is not enough: Japan's first trade deficit since 1980 raises debt doubts (Reuters)
  • Sarkozy to quit if he loses poll (FT)
  • U.S. Shifts Policy on Nuclear Pacts (WSJ)
  • ECB under pressure over Greek bond hit (FT)
 
Tyler Durden's picture

The CDS Market And Anti-Trust Considerations





The CDS index market remains one of the most liquid sources of hedges and positioning available (despite occasional waxing and waning in volumes) and is often used by us as indications of relative flows and sophisticated investor risk appetite. However, as Kamakura Corporation has so diligently quantified, the broad CDS market (specifically including single-names) remains massively concentrated. This concentration, evidenced by the Honolulu-based credit guru's findings that three institutions: JPMorgan Chase, Bank of America, and Citibank National Association, have market shares in excess of 19% each has shown little to no reduction (i.e. the market remains as closed as ever) and they warn that this dramatically increases the probability of collusion and monopoly pricing power. We have long argued that the CDS market is valuable (and outright bans are non-sensical and will end badly) as it offers a more liquid (than bonds) market to express a view or more simply hedge efficiently. However, we do feel strongly that CDS (indices especially) should be exchange traded (more straightforward than ever given standardization, electronic trading increases, and clearing) and perhaps Kamakura's work here will be enough to force regulators and the DoJ to finally turn over the rock (as they did in Libor and Muni markets) and do what should have been done in late 2008 when the banks had little to no chips to bargain with on keeping their high margin CDS trading desks in house (though the exchanges would also obviously have to step up to the plate unlike in 2008).

 
Tyler Durden's picture

Frontrunning: January 19





  • The Fed's HFT price manipulation code stolen? U.S. Charges Programmer With Stealing Code (Reuters)
  • One million homeowners may get mortgage writedowns: U.S. (Reuters)
  • In MF Global, JPMorgan again at center of a financial failure (Reuters)
  • China's Money Rates Slump After PBOC Injects Money (Reuters)
  • Athens closes in on bondholder pact (FT) - or not
  • Hedge Funds May Sue Greece If Loss Forced (NYT)
  • China Said to Weigh Easing Constraints on Banks as Growth Slows (Bloomberg) - But wasn't a rate cut already priced in on Monday?
  • Obama Under Attack Over Keystone Rejection (FT)
  • Chinese Economy Heads for Soft Landing in 2012 (China Daily) - don't really expect "China Daily" to tell you otherwise
  • Brazil Cuts Interest Rates Further to 10.5% (FT)
  • India to Launch $35bn of Public Investments (FT)
 
Tyler Durden's picture

Frontrunning: January 17





  • Greece Running Out of Time as Debt Talks Stumble (Bloomberg)
  • China Economic Growth Slows, May Prompt Wen to Ease Policies (Bloomberg)
  • Spain Clears Short Term Debt Test, Bigger Hurdle Looms (Reuters)
  • U.S. Market Shrinks for First Time Since 2009 (Bloomberg)
  • IMF, EU May Need to Give E. Europe More Help (Bloomberg)
  • Securities Regulator to Relax Rules on Listing (China Daily)
  • Monti Seeks German Help on Borrowing (FT)
  • Draghi Questions Role of Ratings Companies After Downgrades (Bloomberg)
 
Tyler Durden's picture

Frontrunning: January 16





  • Jon Huntsman Will Leave Republican Presidential Race, Endorse Mitt Romney, Officials Say (WaPo)
  • Dont laugh - Plosser: Fed Tightening Possible Before Mid-2013 (WSJ)
  • Greece’s Creditors Seek End To Deadlock (FT)
  • France Can Overcome Crisis With Reforms – Sarkozy (Reuters)
  • Nowotny Says S&P Favors Fed’s Bond Buying Over ECB’s ‘Restrictive’ Policy (Bloomberg)
  • Bomb material found in Thailand after terror warnings (Reuters)
  • Ma Victory Seen Boosting Taiwan Markets as Baer Considers Upgrading Stocks (Bloomberg)
  • Japan Key Orders Jump; Policymakers Fret over Euro (Reuters)
  • Renminbi Deal Aims to Boost City Trade (FT)
 
Reggie Middleton's picture

BoomBustBlog Research Evident In Today's News...





More reasons why quality blogs should be staple fodder for those who are serious about real information and analysis. Now reporters, editors, bankers, analysts, managers, politicos & regulators frequent blogs. Do you wonder why?

 
Tyler Durden's picture

Frontrunning: January 13





  • China’s Forex Reserves Drop for First Quarter Since 1998 (Bloomberg) - explains the sell off in USTs in the Custody Account
  • Greek Euro Exit Weighed By German Lawmakers, Seen as Manageable (Bloomberg)
  • Greek bondholders say time running out (FT)
  • Housing policy to continue (China Daily)
  • Switzerland’s Central Bank Returns to Profit (Reuters)
  • US sanctions Chinese oil trader (FT)
  • Obama Starts Clock for Congress to Vote on Raising Federal Debt Ceiling (Bloomberg)
  • Turkey defiant on Iran sanctions (FT)
  • ECB’s Draghi Says Weapons Working in Debt Crisis (Bloomberg)
  • Greece to pass law that could force creditors in bond swap (Reuters)
 
ilene's picture

Thrilling Thursday - Clackety Clack, Don't Look Back





This is very likely the time to be fearful when others are greedy.

 
Tyler Durden's picture

Frontrunning: January 10





  • Italy Is Biggest Risk to Euro, Says Fitch (WSJ)
  • Greek Bailout in Peril (WSJ)
  • Swiss Currency Test Looms for SNB’s Jordan in Race to Replace Hildebrand (Bloomberg)
  • Daley to Depart as Obama Shifts Strategy From Compromise to Confrontation (Bloomberg)
  • BOE Stimulus Expansion May Not Be Enough to Revive U.K. Recovery, BCC Says (Bloomberg)
  • Geithner in China to Discuss Yuan, Iran (Bloomberg)
  • China Won’t See Hard Landing in 2012, Former PBOC Adviser Yu Yongding Says (Bloomberg)
  • Measures to boost China financial markets (China Daily)
  • Obama Panel to Watch Beijing (WSJ)
 
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