Eris Exchange to Launch New, Margin-Efficient Interest Rate Swap Futures
Eris Exchange, a US-based futures exchange, today announced the December 10 launch of Eris Standards — quarterly Interest Rate Swap Futures contracts that are expected to offer margin savings of 40-80% compared to cleared OTC interest rate swaps.
Bank of Canada unlikely to change interest rates in 2013: Scotiabank
The Bank of Canada is unlikely to change interest rates in 2013, particularly with inflation so low, according to Scotiabank’s head economist.
Rigging the Financial System
The New York Times
The report this week that UBS, the Swiss bank, may be close to a deal with American and British authorities to settle charges that its employees manipulated interest rates to increase the bank’s trading profits signals incremental progress in the global investigation into rate rigging at more than a dozen big banks, including Citigroup, JPMorgan Chase and Deutsche Bank.
Waiting for Signs on the Fiscal Cliff – and From the Fed
Investors are stuck between a rock and a hard place: They’re trying to plan for the end of 2012, while also looking ahead to 2013. It’s being reflected in the questions I’m getting from clients right now, who are worried both about the fiscal cliff and the outlook for interest rates in 2013
ADP: Superstorm Sandy Slows Job Growth
The Wall Street Journal
Private-sector hiring slowed in November, in part because of superstorm Sandy, according to a report released Wednesday.
GOP Deficit Plan Irks Conservatives
The Wall Street Journal
Conservatives on Tuesday took aim at House Speaker John Boehner’s deficit-reduction proposal in the fiscal cliff talks, a dispute that was aggravated by Mr. Boehner’s decision to remove some conservatives from prized committees.
How could Washington avoid a debt ceiling default? Mint a few trillion dollar platinum coins. Seriously
While raising the US debt ceiling has not gotten as much attention — yet — as the risk of falling off the fiscal cliff, it soon will. The limit will likely be hit by year end. And if Congress fails to raise the borrowing cap, the Treasury would likely run out of money-management options to avoid a default some time in the February.
Citigroup to cut 11,000 jobs
Citigroup announced Wednesday that it would cut more than 11,000 jobs in a move boost efficiency, with most of the cuts in its global consumer banking division.
Bank of Canada Announces New Publication Time for 2013 Policy Interest Rate Announcements and Monetary Policy Reports
The Bank of Canada
The Bank of Canada today announced that effective 23 January 2013, it will move to a new publication time of 10:00 ET for all scheduled policy rate announcements, including those to be published concurrently with the Bank’s quarterly Monetary Policy Reports (MPRs). This new time takes into consideration the feedback gathered via consultation with market participants and other stakeholders.
Housing is adding more vigor to the recovery, report says
Los Angeles Times
Still, job growth will remain weak next year, the quarterly UCLA Anderson Forecast says. It expects moderate growth next year if the ‘fiscal cliff’ is averted.
Federal Reserve Bank of Cleveland
For some workers, one job isn’t enough. In any week, more than 5 percent of workers hold more than one job (about 7.2 million people in October 2012). While most multiple jobholders work only two jobs, a significant share, about 10 percent, work three or four jobs.
MarketAxess Announces Monthly Volume Statistics for November 2012
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S. and European corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced total monthly trading volume for November 2012 of $54.7 billion, consisting of $34.8 billion in U.S. high-grade volume, $3.3 billion in eurobond volume, and $16.7 billion in other volume.
JGBs rise a day after strong 10-yr sale; 30-yr sale eyed
Japanese government bond prices rose on Wednesday, pushing futures prices to a 9 1/2 year high, after a 10-year debt sale a day earlier attracted strong demand and U.S. Treasuries firmed overnight.
***SNAPSHOT – WORLD KEY OFFICIAL INTEREST RATES***