Statement Regarding Continuation of the Maturity Extension Program – Federal Reserve Bank of New York
On June 20, 2012, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to continue through the end of the year its program to extend the average maturity of the Federal Reserve’s holdings of Treasury securities.  Specifically, the Desk was directed to purchase Treasury securities with remaining maturities of 6 years to 30 years and to sell or redeem an equal par value of Treasury securities with remaining maturities of approximately 3 years or less.  The continuation of the maturity extension program will proceed at the current pace and result in the purchase, as well as the sale and redemption, of about $267 billion in Treasury securities by the end of 2012.
http://jlne.ws/MuFMpJ

Fed extends ‘Operation Twist,’ says hiring has slowed
CNBC
Confronted with a stumbling U.S. recovery and a financial crisis in Europe, the Federal Reserve decided Wednesday that it would extend a program known as “Operation Twist” aimed at pushing down long-term interest rates and boosting the economy.
http://jlne.ws/M7kwtx

Operation Twist won’t work, but makes Fed look busy
The Globe And Mail
The stock market doesn’t know what to make of the Federal Reserve’s monetary policy statement. The Fed sounded downbeat on the economy, extended its Operation Twist stimulus program (selling short-term bonds and buying longer-term securities), held off on outright bond-buying (or quantitative easing) and kept to the line that it would hold interest rates at exceptionally low levels through late 2014.
http://jlne.ws/KUdlRG

Fed Expands Operation Twist by $267 Billion Through Year End
Bloomberg
The Federal Reserve will expand its program to replace short-term debt with longer-term securities by $267 billion through the end of 2012 as policy makers lowered their outlook for growth and employment.
http://jlne.ws/Mxqr5v

OTC clearing VI: Will OTC clearing increase systemic risk?
William Mitting – FOW
The ultimate intention of the mandate to centrally clear standardised OTC derivatives was intended in part to reduce systemic risk in the financial system. However, could an unintended consequence be that it actually increases the problem of too big to fail and increases systemic risk?
http://jlne.ws/MEYQ6d

ION Trading to Provide Connectivity to Eris Exchange
Eris Exchange, a US-based futures exchange, today announced that ION Trading, a provider of electronic trading, pricing and risk management systems across asset classes, will introduce a new gateway providing connectivity to Eris Exchange in July.
http://jlne.ws/MEYVXP

JPMorgan CEO: We were honest about losses
MSNBC
JPMorgan Chase’s Chief Executive Jamie Dimon appeared before lawmakers on Capitol Hill again Tuesday, saying his bank was upfront with investors about its multibillion-dollar trading loss.
http://jlne.ws/MEYTPs

LCH Lifts Margin Costs for Trading Most Spanish Government Bonds
Bloomberg
LCH Clearnet Ltd., Europe’s biggest clearing house, raised the extra deposit it demands from clients to trade most Spanish government bonds.
http://jlne.ws/MEYTPA