John Lothian Newsletter: Brokers and exchanges set for FX clearing; Call to adopt US flash crash reforms globally; Greek Deal Highlights Flaws in Default Swaps

Mar 19, 2012

Brokers, exchanges and clearing houses are ready to start with new FX clearing rules. IOSCO says that regulators around the globe should implement flash-crash-related regulatory reforms that the USA put in place… though, hopefully, IOSCO is specifically targeting the sensible ones that made a difference. Greece gets paid, but some analysts see a broken swaps system. In the top box, John Lothian returns from Boca Raton with an overview of the FIA proceedings; Cinnober and NYSE Euronext get awards; and there’s lots of discussion regarding financial regulation and muppets, both individually and collectively.

Observations – Statistics – Commentary

Boca Raton
By John J. Lothian

The FIA’s Boca Raton based international conference was a combinations of goodbyes, hellos and an amazing turnout of people from across the futures and OTC worlds. CFTC Chairman Gary Gensler showed up in person this year to deliver the CFTC Chairman’s Address and stuck around the conference, a stunning show of friendliness as opposed to last year’s remote video speech.

John Damgard has been officially honored, skewered, congratulated and retired. Walt Lukken is officially the new Futures Industry Association president. The FT’s Jeremy Grant may have seen his last Boca as he is off to Singapore and a new news beat. Of course, if SGX’s Magnus Bocker can stuff Jeremy in an SGX conference display storage tube, maybe Jeremy will be back (he would fit).

The turnout of this year’s conference was outstanding. Last year’s crowd of Dodd-Frank-inspired attendance by industry lawyers was still a factor, as was the MF Global bankruptcy. Remarkable was the tone of the conference and spirit of optimism coming from attendees. Of course, with exchange and OTC volumes down, perhaps things can’t get any worse.

The big news of the conference was the bombshell dropped on Monday by the CME Group, announcing the upcoming retirement of CEO Craig Donohue. There were plenty of announcements, including the “trinity” announcement from LCH.Clearnet Limited (LCH.Clearnet), New York Portfolio Clearing LLC (NYPC), The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX) that they have agreed to explore expanding the existing combined “one-pot” cross-margining arrangement to include interest rate swaps cleared by LCH.Clearnet. Also, the CBOE announced its began publishing the VIX of the VIX, or as I referred to in in the CBOE press breakfast at Boca, “a derivative on a derivative on a derivative on a derivative.” D to the power of 4.

John Damgard was honored in a session that included a parade of videos of Congressmen, Senators and others. In person, a series of industry heavy-weights and one-time heavy-weights shared stories of Mr. Damgard’s rise and reign as the longest serving industry organization head. During Damgard’s 30 years of running the FIA, it was noted that volumes rose 3000 percent.

Lukken takes over the FIA at a time when the industry faces dual challenges of dealing with the ongoing development and implementation of the Dodd-Frank Act and the fallout from the MF Global bankruptcy. Good luck Walt, you are going to need it.

Last year I noted that Chairman Gensler had given the industry the big Washington Monument by failing to show up and giving his speech remotely. He should be congratulated for his turnaround and attendance at this year’s conference. It should be noted that he is up for reappointment, which is likely. However, Washington, DC insiders tell me it is unlikely that Mr. Gensler will see a confirmation hearing schedule for his second term. Republicans are likely to not support scheduling a hearing, but this will allow Mr. Gensler to continue in his position until 2014 unless another is appointed in his place or he is reappointed and confirmed by the U.S. Senate. Still, it was good to see Mr. Gensler at Boca Raton. He was reportedly seen as late at 1:30 AM Thursday morning soberly socializing with conference attendees.

The weather story for the conference was not the beautiful 80 degree sunshine in Boca Raton, but rather the 80 degree record setting temperature back in Chicago at the same time. I put on the long Boca/short Chicago temperature spread and saw Chicago trade at a premium on Thursday afternoon when Boca saw strong winds and some rain blow through. Maybe we should have the conference in Chicago next year.


The big story in Boca was the one no one could really talk about
By Brian Scheid – Platts
There were no earth-shattering talks of unsolicited bids. The announcements of new products and services which exchanges and technology firms had waited until this week to make garnered scant press attention and debate over long-developing financial reform regulations bordered on mundane. In fact, this year’s annual Futures Industry Association conference in Boca Raton, Florida, may be remembered as the conference where attendees could talk about the collapse of MF Global, arguably the biggest issue facing the industry right now, but they really couldn’t talk about it.

****”….and that is all I have to say about that.”


Report from the FIA: talk of speculators, and the courting of the LME
By Alison Ciaccio – Platts
When oil futures skyrocket and gasoline prices at the pump shoot to epic levels, the blame game starts and it usually begins with so-called speculators. This hotly debated issue was one talked about at the FIA’s Boca Raton, Florida, conference this week where Bart Chilton, commissioner of the Commodity Futures Trading Commission, said a common thought among people is that speculators are the “devil” and are “driving us to hell in a handbasket” with oil prices.


The undoing of CME’s Donohue
By Lynne Marek – Crain’s
In 2003, Craig Donohue saw his opening and he took it. Only the year before, CME Group Inc. had gone public and many of the old-line traders were uncomfortable with the pace of change and the streamlining of the exchange’s top-heavy governance system. Mr. Donohue, who had been quietly cultivating mentors for years since his start in the legal department, conspired with two influential board members to oust management. By 2004, at age 42, he was CEO.

**** Nothing different came out of discussions about Mr. Donohue’s retirement at Boca Raton than has been said publicly or is publicly available information.


Cinnober One Of The Top “Great Places To Work In Sweden”
Press Release
Last night the Great Place to Work Institute Sweden declared Cinnober the 7th best workplace among mid-sized companies in Sweden. The announcement was made at an awards ceremony held at Berns Salonger in central Stockholm.

**** I want to know if they get free Cinnabon at Cinnober.


NYSE Euronext Named to Ethisphere’s 2012 World’s Most Ethical Companies List
NYSE Euronext (NYX) announced today that it has been recognized by the Ethisphere Institute, a leading business ethics think-tank, as one of the 2012 World’s Most Ethical Companies. From among a record number of nominations for the annual award, NYSE Euronext for the third time secured representation on the Ethisphere list by upholding the highest standard of ethics, performance, respect and excellence and for promoting these values to the financial services industry and global business community.


The argument that could upend Wall Street reform
Posted by Suzy Khimm – Washington Post
Scott O’Malia, one of two Republican commissioners at the Commodity Futures Trading Commission, doesn’t believe that his agency’s standards are up to snuff when it comes to Wall Street reform. “We don’t do proper economic analysis,” O’Malia tells me. His main concern is that regulators have failed to conduct a proper cost-benefit evaluation of the new financial regulations. And O’Malia has taken the unusual step of appealing to the Obama administration to examine the CFTC’s practices.

*** What is proper economic analysis?


Fear not, says Chicago exchanges’ guru
DAVID ROEDER – Chicago Sun-Times
Bluford Putnam is an economist with a rare perch overlooking his subject matter. No being cooped up in a faculty office or an investment bank for him. If he gets bored, he can wander over to Chicago’s trading floors for inspiration. The floors are diminished by electronic trading, but remain a churning cacophony of capitalism.


2012 and barriers to implementing Dodd Frank
Bill Hodgson – The OTC Space
Being a non-American, as most people are, I did some poking around to understand the flow of power and the political process in the US next year. My driver being what might happen to the implementation of the Dodd Frank Act should the composition of the various bodies in the US change and swing towards the Republican party.


Federal Reserve Stress Tests Make Us All Muppets
Simon Johnson – Bloomberg
There was disheartening news last week regarding the way the U.S. financial system operates. I’m not referring to the opinion piece by a departing Goldman Sachs Group Inc. employee, which suggested that the company has little respect for its customers.


Barriers to Change, From Wall St. and Geneva
EVEN now, after all we’ve been through, something is still wrong with Wall Street. That’s the takeaway from the extraordinary — and extraordinarily public — resignation of Greg Smith from Goldman Sachs last week.


Mitch Ackles Elected President of Hedge Fund Association, Ron S. Geffner Elected for 2nd Term as Vice President
Press Release
Mitch Ackles, a public relations executive specializing in the hedge fund industry, has been elected president of the Hedge Fund Association, it was announced today. Ron S. Geffner, a law partner at Sadis & Goldberg LLP and an expert in regulations affecting hedge funds, was elected to his second term as vice president.


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Lead Stories

Brokers and exchanges set for FX clearing
By Philip Stafford – Financial Times
The world’s largest broker-dealers, exchanges and clearing houses have finalised preparations to clear foreign exchange (FX) derivatives in readiness for new financial rules that will reshape trading of the world’s largest asset class.

Call to adopt US flash crash reforms globally
By Chris Flood – Financial Times
Reforms by the US authorities following the May 2010 “flash crash” should also be be introduced by other regulators, according to the International Organisation of Securities Commissions (Iosco), the umbrella body for the world’s market regulators.

Greek Deal Highlights Flaws in Default Swaps
A group of financial-market players on Monday will determine that holders of $3.2 billion in Greek credit-default swaps will receive around $2.5 billion in compensation for Greece’s debt restructuring—a payout that mirrors the loss that creditors suffered. But the happy outcome owes much to mere chance

Basel Group Said to Weigh National Firewalls for Bank Failures
After targeting global banks deemed too big to fail, regulators are weighing tougher capital rules for lenders whose collapse would roil national economies.

Greece over halfway to recovery, says PM
By Ralph Atkins and Kerin Hope in Athens – Financial Times
Greece’s caretaker prime minister insists that a “large, silent majority” of Greeks are willing to do whatever is needed to stay in the eurozone, despite near-daily anti-austerity demonstrations.

IMF approves Greek bailout funds ahead of March 20 deadline
The International Monetary Fund has officially agreed to pay $36.7 billion to Greece, bringing the debt-ridden country’s second bailout total to $170 billion.

Global economy on recovery path, risks remain – IMF chief
Nick Edwards and Koh Gui Qing | Reuters
The global economy has stepped back from the brink of danger and signs of stabilisation are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said on Sunday.

Latin American Nations in Worse Shape for Next Crisis, IDB Says
Most Latin American nations, in the event of another global crisis, are in worse shape than in 2007 as a result of lower budget surpluses before interest payments, the Inter-American Development Bank said.

MF Global customers seek to streamline liquidation
International Business Times
The primary advocate group for former MF Global customers is undertaking an effort to convert the commodities broker’s bankruptcy status to one that allows a more streamlined liquidation process, saying it would preserve more potential payback for customers.

KPMG removes list of MF Global creditors
By Philip Stafford – Financial Times
KPMG, the administrator to the UK arm of MF Global, the failed futures broker, has removed a controversial list containing names and home addresses of unsecured creditors from its website as it came under pressure from UK regulators.

Environmental Trading News

Exchange Council Meeting: EEX Establishes Position For Itself For The Third EU ETS Trading Period

RGGI Auction Sells 21.5 Million CO2 Allowances
RGGI Press Release
21,559,000 carbon dioxide (CO2) allowances were sold in the Regional Greenhouse Gas Initiative’s (RGGI) 15th quarterly auction on Wednesday, announced the nine Northeastern and Mid-Atlantic states participating in the second RGGI control period. The auction was the first of RGGI’s second three-year control period.

MEPs urge EU to raise their game on carbon cutting
Business Green
The European Parliament has made a fresh call for member states to increase the bloc’s carbon reduction target to 30 per cent by 2020, after Poland last week blocked a move for the EU to adopt the ambitious target.

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.comto subscribe.

Exchange & ECN News

Deutsche Boerse To Offer Additional Time Service For Co-Location Customers
Press Release
Deutsche Börse announced today the launch of a new service as part of the on-going strive to improve the service offering for latency-sensitive customers of its derivatives market Eurex Exchange and its cash market Xetra.

CME Group Plans to Start Black Sea Grain Futures, RBC Reports
By Marina Sysoyeva – Bloomberg
CME Group Inc., the world’s largest futures exchange, plans to offer trading in Black Sea grain futures, RBC Daily said, citing two unidentified managers of trading companies.

LME battle fuels outcry for commodities market
Rebecca Hampson – Financial News
When the London Metal Exchange fired the starting gun on a potential sale last autumn, saying it had received several expressions of interest, it reflected an underlying shift of the merger frenzy that had gripped the exchange sector into a different sphere of the financial markets.

BM&FBOVESPA Elected The Most Sustainable Latin American Exchange
Press Release
BM&FBOVESPA has been elected the most sustainable Latin American exchange (Best Sustainable Stock Exchange 2012) in the `Exchanges & Brokers Awards’ promoted by UK-based financial magazine World Finance. The award was created in 2007, with voting by the magazine’s international readership.

London Stock Exchange Group Plc Posts Shareholder Circular And Offer Document In Respect Of Its Proposed Acquisition Of A Majority Stake In LCH.Clearnet Group Limited
Press Release

CME Group Inc. Announces Date Of First-Quarter 2012 Earnings Release, Conference Call

NASDAQ OMX Commodities Has Implemented SMARTS For Market Surveillance
Press Release
Market Surveillance at NASDAQ OMX Oslo has implemented a new surveillance platform, the SMARTS Integrity Platform (SMARTS) on 5 March 2012.

CBOE/CFE/ONE Move to Equinix NY4

[CBOE] Trader E-News


Deutsche Boerse: Golfino Bond Subscription Ends Early

TOM MTF Statistics Week 11 2012

Admission Of Four New EFSF Issues To Luxembourg Stock Exchange

Banks, Brokers & Dark Pools

WorldSpreads to be closed over alleged fraud
By Simon Mundy – Financial Times
WorldSpreads, one of the UK’s largest spread betting operators, is to be wound up after the discovery of an alleged accounting fraud that left up to £12m missing from its clients’ accounts.

Banking quintet unite for hedging tool
By David Oakley, Capital Markets Correspondent – Financial Times
Five banks have joined forces to create a hedging tool designed to improve the health of their balance sheets and protect them against market sell-offs as international regulations force institutions to increase the quality of their assets.

Julius Baer’s chairman steps down
By Haig Simonian in Zurich – Financial Times
Bank Julius Baer, Switzerland’s biggest “pure play” private bank, is severing its final link with its founding family with the surprise departure of Raymond Baer as chairman.

Barclays Apologises to FSA Over Sale Of Swap Products -Newspaper
Dow Jones Newswires
Barclays PLC (BCS) has been forced to apologize to the Financial Services Authority following the disclosure that the bank had demanded its clients withhold information from the regulator over the sale of controversial “swap” products, the Sunday Telegraph reports.

Jefferies Is on the Upswing
Just four months ago, skittish investors feared that Jefferies Group Inc. would sink in the wake of its failed rival MF Global Holdings Ltd. But the New York securities firm has instead resumed expanding, picking up some assets of the bankrupt brokerage. Now, Wall Street is watching Jefferies’s pending earnings report as a barometer of a broad trading-desk rebound.

Investment Bank Performance Gap Widens
It’s not a zero sum game on Wall Street anymore. As the first quarter of 2012 draws to a close, some investment banking businesses are booming, while others haven’t regained momentum after a second half swoon to 2011.

Carlyle poaches senior Lloyds banker
By Daniel Schäfer in London – Financial Times
Carlyle has hired a senior banker from Lloyds to expand its financial services arm into Europe in a move that highlights how large private equity groups are gearing up to buy banking assets amid continuing turmoil in the sector.

Goldman looks to monoline insurance move
By Tracy Alloway – Financial Times
Goldman Sachs is considering offering so-called “monoline” insurance, as it explores new business areas ahead of incoming financial regulation expected to hit its lucrative trading operations.

Goldman Sachs Board Must Act on Smith Op-Ed, Ex-Partner Writes
Christine Harper – Bloomberg
Goldman Sachs Group Inc. (GS)’s directors must investigate a former employee’s allegations about a change in the firm’s culture, Jacki Zehner, who was a partner when she left the firm in 2002, wrote on her blog.

Goldman Sachs to beef up conflict-of-interest rules after criticism
Denver Post
Goldman Sachs, the investment bank blistered by a resigning employee this week for how it does business, said Friday that it will try to strengthen internal rules to prevent questions about conflicts of interest.

Fed Acknowledges Error In Citigroup Stress Test-Report
The Federal Reserve said it erred when performing its stress test of Citigroup Inc. (C), the New York Times reported on its DealBook blog Friday. The mistake caused it to overstate its measurement of losses Citi would face on its mortgage holdings during a crisis.

Walker’s World: Can banks survive?
Martin Walker – UPI
The conventional wisdom says that debt and regulation are the big challenges for banks, most of them scrambling to recover from the financial crisis. But the real question is whether retail banking as we have known it will exist after this decade.

Morgan Stanley Chief Told Managers Not to Exploit Goldman’s Woes
New York Times
James P. Gorman, Morgan Stanley’s chief executive, told a conference that he was “surprised” by the Greg Smith opinion article and said that his firm “is in much better shape” than its stock price would reflect.

Deutsche Bank rejuvenates board
AFP via Yahoo! News
Deutsche Bank, Germany’s biggest bank, named three new board members on Friday as part of a generational change being ushered in by incoming co-chief executives Juergen Fitschen and Anshu Jain.

Deutsche Bank’s Ackermann not looking for more jobs
Reuters via Yahoo! News
Outgoing Deutsche Bank chief executive Josef Ackermann said he had no plans for further jobs besides several prominent European-based board seats such as Swedish family-run Investor and German group Siemens . “No. But I will remain active on the boards of Shell, Siemens, and Sweden’s Wallenberg family’s Investor,”

Lehman Brothers Receives $850 Million in Neuberger Berman Deal
Lehman Brothers Holdings Inc., the failed investment bank that is planning a payment to creditors next month, received $850 million for its preferred equity in asset manager Neuberger Berman Group LLC.

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.

CFTC Releases Staff Analysis of Market Data Related to Single-Name and Index Credit Default Swaps
The staffs of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have released analyses of market data related to single-name and index credit default swap (CDS) transactions.

Investor Protection Is Needed For True Capital Formation
By SEC Commissioner Luis A. Aguilar

Jury to decide Mets owners’ Madoff links
By Kara Scannell and David Gelles in New York – Financial Times
Owners of the New York Mets baseball team need to convince a jury they had no inkling that Bernard Madoff’s investment fund was a fraud or be on the hook for $303m in a court case that could impact the financially strained franchise.

Interest rate swap mis-selling probed
By Ed Hammond – Financial Times
The UK financial services regulator has said it will look into the possibility that interest rate swaps may have been mis-sold by banks, including Barclays.

[ASIC] Leighton Holdings complies with three ASIC infringement notices for alleged continuous disclosure breaches and ASIC accepts compliance enforceable undertaking

BCSC panel finds that B.C. man committed fraud

UK’s Financial Services Authority: WorldSpreads Limited Enters Special Administration Regime

Fugitive hedge fund manager pleads guilty
Reuters via Yahoo! Finance
Hedge fund manager Brian Kim, who had appeared on CNBC television as a derivatives expert, pleaded guilty in New York state court on Friday to running a $6 million Ponzi scheme and will be sentenced to up to 15 years in prison.

Goldman Employee Was Source of Insider Tips, Gupta’s Lawyer Says
Federal prosecutors have recordings of a Goldman Sachs executive leaking confidential information about technology stocks to Raj Rajaratnam, the former hedge fund billionaire convicted of insider trading, a lawyer disclosed Friday during a court hearing.

Investments – Indexes – Managed Futures – Managed Funds

Overhaul by S&P will trim top funds
By Ruth Sullivan – Financial Times
Some of the funds making the top grade in Standard & Poor’s global ratings will no longer do so following an overhaul of the agency’s rating system from Monday.

Gross Says PIMCO ETF Not Afraid of Copycats
ETF Trends via Yahoo! Finance
PIMCO Total Return ETF manager Bill Gross said the fund disclosing its portfolio holdings daily won’t allow traders to “front run” the ETF’s trades. The bond fund manager told Yahoo Finance’s Breakout he doesn’t think an investor could look at the daily data and “see exactly a change in strategy or some type of nuance that would give away any of PIMCO’s secret sauce.”

LCH.Clearnet Launches OTC FX Clearing
Press Release
LCH.Clearnet Limited (LCH.Clearnet), the world’s leading independent multi asset class clearing house, today began clearing foreign exchange (FX).

Fresh attack on the cosy world of ETFs
Mike Foster and Rebecca Hampson – Financial News
The world’s leading securities and futures regulator wants to see a clampdown on extensive conflicts of interest in the exchange-traded funds sector.

Warburg Pincus Appoints Simon Eyers as Managing Director to Focus on Energy Investments in Europe and Emerging Markets
PR Newswire via Yahoo! Finance
Warburg Pincus, a leading global private equity firm focused on growth investing, today announced that Simon Eyers has joined as a Managing Director to concentrate on energy investments in Europe and emerging markets, based in the firm’s London office.

CalPERS Responds To National Study On The Economic Benefits Of Pensions
Press Release

Man Group: new annual report

Man Group: Investor presentation, March 2012

Deutsche Boerse: Source Physical Gold ETC launched On Xetra

NZX Equity Indices Methodology – Changes

Technology News

Leading Global FX Clearers Choose Traiana For Comprehensive Solution For FX Client Clearing
Press Release
BofA Merrill Lynch, Citi, Deutsche Bank, JPMorgan, Morgan Stanley And UBS To Use Harmony CCP Connect For Clearing Of OTC Foreign Exchange

Traiana Signs Up Six Banks To Clearing Network
Dow Jones
Six major banks have signed up to ICAP PLC-owned Traiana’s clearing network, helping it to steal a march on its rivals as the foreign-exchange industry prepares for a long-awaited overhaul of regulations governing derivatives trading.

Media News

Thomson Reuters Named One Of Ethisphere’s 2012 “World’s Most Ethical Companies” For Fourth Successive Year

Reports Economic Calendar

USDA Today

CBOE Events Calendar

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.

Asia-Pacific News

China Xin Yongan Joins HKMEx – Addition Of Top Chinese Brokerage To Deepen Exchange Participation
Press Release
The Hong Kong Mercantile Exchange (HKMEx), China’s global marketplace, announces today that China Xin Yongan Futures Company Limited has been approved as a broking member, making it the fifth member to join HKMEx in 2012, on the heels of Jefferies Bache’s admission last week as a clearing member of the Exchange.

Cambodia Embracing Capitalism With First IPO Since Khmer Rouge
Min Sovannry wasn’t born when the Communist Khmer Rouge took power in 1975 and abolished Cambodia’s money, markets and financial system. Now the 21-year- old college student can’t wait to embrace capitalism.

Citi sells Shanghai bank stake for $349M gain
Associated Press via Yahoo! Finance
Citigroup Inc. says it has sold its 2.71 percent stake in Shanghai Pudong Development Bank for an after-tax gain of about $349 million.

Tokyo Stock Exchange To Welcome First Leveraged And Inverse ETFs In Japan – Simplex AM – TOPIX Bull 2x ETF / TOPIX Bear -1x ETF

IMF Managing Director Meets Senior Chinese Officials And Participates In China Development Forum

Newly Listed Contracts At The Dalian Commodity Exchange

Frontier Markets

JSE Introduces Wheat Futures Under Licence From The Kansas City Board Of Trade
Press Release
Today the Johannesburg Stock Exchange (JSE) confirmed its plans to introduce a new foreign-referenced wheat contract to its existing portfolio of international soft commodities. The cash-settled futures contract, based on hard red winter wheat, will reference the Kansas City Board of Trade’s (KCBT) benchmark settlement prices.

IMF team arrives in Cairo for loan talks
By Heba Saleh in Cairo – Financial Times
An International Monetary Fund team has arrived in Cairo for talks on a $3.2bn loan facility, seen by the government and analysts as crucial to warding off a financial crisis after more than a year of political turmoil.

The Dubai Financial Market Launches Series Of Surveys To Measure Market Participant’s Satisfaction

FTSE NASDAQ Dubai UAE 20 Index Rises 23% On Higher Share Prices

Dubai Financial Market AGM
Press Release

Dubai Gold & Commodities Exchange Weekly Market Commentary – March 18, 2012

Tehran Stock Exchange Market Holiday – Iranian New Year

Malawi Stock Exchange Weekly Report-16th March, 2012

Miscellaneous News

America’s three takes on the crisis
By Edward Luce – Financial Times
Is capitalism in crisis? The question, posed earlier this year in a series of articles in the Financial Times, is suddenly commonplace. In the last week alone, this journalist has attended two august conferences entitled “capitalism in crisis”, one in New York, one in Washington. There is little consensus. But most agree that if capitalism is in crisis, it is localised: western capitalism is in trouble while communist China and its neighbours are free of philosophic angst.

Financial repression fast becoming a reality
By Tony Jackson – Financial Times
The concept of financial repression has been on the edge of investors’ minds for a while. It ought to move to the centre, for it is becoming a reality. In essence, the process involves governments using their muscle to force down the real value of their debt. It can take many forms, but they boil down to two.

Euro-crisis dilemma: austerity vs. stimulus
By Mark Malloch-Brown – MarketWatch
Spanish Prime Minister Mariano Rajoy has reopened a debate as old as the euro crisis or, indeed, debt crises themselves: Cut spending to reduce public deficits or spend to stimulate growth.

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