“Hey Hoss… we gotta ride up to the Hill and ’splain about that little problem last March when that big ol Bear came round…”
“Nah… not them ‘ol snakediggers again… I think we should just keep on riding… we’re in the middle of a big storm and there ain’t time to be fooling around…”
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Civility […]
WSJ.com
What the SEC Really Did on Short Selling
By CHRISTOPHER COX July 24, 2008; Page A15
~~~~ ” The Federal Reserve’s decisions to offer credit to its 18 primary dealers — and to extend these credit facilities to Fannie Mae and Freddie Mac, complementing the recent Treasury proposal for authority to back their debt and buy their equity […]
DTCC and Markit to Form Strategic OTC Derivatives Partnership…
It’s actually pretty astounding to think that a market the size of CDS… ~$450 trillion~ is only now getting some “official” centralized trade processing and confirm utility… good thing I wasn’t holding my breath … it’s the middle of the trade cycle… no price discovery… no settlement…. (ties to […]
James Grant builds a mighty riff about the Credit Crisis of 2007/08 and Wall Street in the weekend WSJ…
~~~~ ” …. Now began one of the wildest chapters in the history of lending and borrowing. In flush times, our financiers seemingly compete to do the craziest deal. They borrow to the eyes and pay themselves […]
What a lovely week… the MSRB began outbound communication today of actions reviewed and taken by its Board of Directors … kudos… http://www.msrb.org/
~~~~ “The Municipal Securities Rulemaking Board would like to provide dealers and other interested parties with information about actions taken by the Board at its quarterly meetings. Beginning today, the MSRB will post […]
*** It’s easy to understand why Lehman Brothers is such a tempting target to bring down…. lots of competitor firms could pick up major additional market share in FI trading if LEH went the way of BSC …… BBG reports about the Greenwich Associates study…
~~~~ ” …. Lehman Brothers Holdings Inc., the securities firm […]
*** Stock loan… those guys always seemed to make money out of thin air… new rules… tough rules… which ask for some modest proof of intent to deliver… from the WSJ…
~~~~ “…. One Wall Street executive of a prime brokerage, which caters to fast-trading hedge funds routinely engaging in short selling, said the new rules […]
From Registered Rep…~~~~ “UBS is trying to address two of its thorniest problems: angry investors who hold frozen auction-rate securities, and angry financial advisors who are leaving because they feel the firm has lost the plot—or simply because they want those fat recruiting bonuses being offered by rival firms….
Meanwhile, UBS clients stuck holding illiquid […]
The opposite of “regulatory arbitrage” is “regulatory competition”… yes we saw plenty of that today… and it’s healthy… although I can’t imagine being one of the players… executive or legislative … it was like sitting in the Roman Colosseum … the action was in the Senate, House and the financial markets…
The Senate Banking Committee hosted […]
The central core of the rational for central bank regulation of funding markets comes in papers presented at the Liquidity Risk Conference, Imperial College, London, June 23-24 … it is an interesting tour through the theoretical constructs behind the deep connection between central bankers and the commercial and investment banks… the mutual embrace of market […]
