zerohedge‏@zerohedge2 min
Uh-oh: EU WEIGHS CURBS ON BANKS’ USE OF CLIENT ASSETS AS COLLATERAL
zerohedge‏@zerohedge21 s
If rehypo becomes regulated in the US, the BONY-JPM-State Street pyramid of $80 trillion in “custodian assets” crashes
zerohedge‏@zerohedge23 s
“the reuse of clients’ assets poses a potential threat to financial stability should one of the collateral chains break” – BBG
Europe Opens $80 Trillion Shadow Banking Pandora’s Box: Will Seek To Collapse “Collateral Chains”
EU Weighs Curbs on Banks’ Use [...]
Japan’s exports fall 5.8%, trade deficit widens
Japan’s trade deficit widened in August from a month earlier as both exports and imports fell, data released Thursday showed, but the results still managed to beat expectations. Total exports for the month dropped 5.8% from a year earlier, the Finance Ministry reported, though exceeding expectations in a Dow Jones Newswires poll for a 6.2% decrease. August imports lost 5.4%. The trade deficit reached [...]
But the real stunner comes early in the report, and the media write ups thus far seem to have missed it completely. Recall that the trade that felled MF Global was one directed by Corzine, and has been depicted as a repo-to-maturity trade, in which the maturity of the repo matched that of the underlying asset exactly. That in turn allowed the trade to be treated as off balance sheet, [...]
From Zero Hedge:
When it comes to the future, suddenly torn by economic uncertainty driven by a plunging stock market and a tanking economy, the talking heads and the sellside brigade have opined: more QE, preferably in the form of asset purchases.
After all it was none other than Goldman earlier today who said that “our confidence that the FOMC will ease policy once more at the June 19-20 meeting has also [...]
by Tyler Durden
When it comes to the future, suddenly torn by economic uncertainty driven by a plunging stock market and a tanking economy, the talking heads and the sellside brigade have opined: more QE, preferably in the form of asset purchases. After all it was none other than Goldman earlier today who said that “our confidence that the FOMC will ease policy once more at the June 19-20 meeting has [...]
by ZH
Indicating just what a banana continent Europe has become, we present the latest, December version of the EFSF term sheet, where we want to emphasize just two things. First, as the slide below shows, even with Italian and Spanish bond yields blowing out beyond stratospheric levels, and is now glaringly obvious that Spain and Italy will be first in line for the next bailout which may come as soon [...]
Bank of New York Charging to Hold Cash, Driving New Frenzy for T-Bills – They say that nothing comes for free, and now that includes cash. Bank of New York, the world’s biggest custodian bank, announced it is charging a fee of 13 basis points for unusually large cash deposits. That has pushed money funds to move even more of their cash into already in-demand [...]
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