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Minutes of the Meeting of the Treasury Borrowing Advisory Committee the Securities Industry and Financial Markets Association January 31, 2012
February 1, 2012--The Committee convened in closed session at the Hay Adams Hotel at 11:30 a.m. All Committee members were present. Assistant Secretary for Financial Markets Mary Miller, Deputy Assistant Secretary (DAS) for Federal Finance Matthew Rutherford and Director of the Office of Debt Management Colin Kim welcomed the Committee.
Other members of Treasury staff present were Fred Pietrangeli, Jennifer Imler, Amar Reganti, David Chung, Ernest Zhu, Brian Zakutansky, and Alfred Johnson. Federal Reserve Bank of New York members Dina Marchioni and Mark Cabana were also present.
DAS Rutherford began with a review of the fiscal situation noting that the economy posted a 2.8 percent growth rate in the fourth quarter of 2011. Rutherford presented a series of charts showing recent trends in receipts, outlays, and deficits. DAS Rutherford noted that the Administration’s new budget numbers are expected to be released in early February 2012.
Director Kim proceeded to discuss Treasury’s marketable debt portfolio. Using OMB deficit projections from the September 2011 report, “Living Within Our Means and Investing in the Future” and assuming no changes to the current issuance strategy, Treasury looks to be under financed in FY2012. With the same assumptions, Treasury would be over financed from FY2013 to FY2016. Any financing shortfalls in FY2012 are expected to be made up with increased bill issuance.
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Source: US Department of the Treasury
iShares files with the SEC-iShares Utilities Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Utilities Sector Bond Fund.
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Source: SEC.gov
iShares files with the SEC-iShares Industrials Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Industrials Sector Bond Fund.
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Source: SEC.gov
iShares files with the SEC-iShares Financials Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Financials Sector Bond Fund.
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Source: SEC.gov
iShares files with the SEC-iShares Barclays U.S. Treasury Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Barclays U.S. Treasury Bond Fund.
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Source: SEC.gov
iShares files with the SEC-iShares Aaa - A Rated Corporate Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Aaa - A Rated Corporate Bond Fund.
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Source: SEC.gov
iShares files with the SEC
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Barclays CMBS Bond Fund.
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Souce: SEC.gov
CFTC to Examine Rapid Trading
January 31, 2012--The Commodity Futures Trading Commission is planning to take a closer look at high-frequency trading, with an eye on getting a clearer understanding of how electronic trading affects commodities markets and participants.
The push is being spearheaded by CFTC member Scott O'Malia, who on Tuesday plans to propose the establishment of a subcommittee on high-frequency trading. The subcommittee, part of the CFTC's Technology Advisory Committee, would be led by CFTC chief economist Andrei Kirilenko,
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Source: Wall Street Journal
Maple extends TMX takeover bid to February 29
January 31, 2012--The Canadian group bidding for the country's biggest stock exchange extended its offer for another month on Tuesday and said it has made suggestions to ease regulatory concerns about any lack of competition that would result if its bid succeeds.
Maple Group, comprised of 13 financial institutions, said it has spoken to regulators about several ways it could refine its $3.8 billion ($3.8 billion) bid for TMX Group (X.TO), operator of the Toronto Stock Exchange and several other markets.
The bid still requires a raft of regulatory approvals and a key area of concern is pricing and governance for the Canadian Depository for Securities (CDS), which clears and settles all stock trades in Canada, and which Maple would take control of under its plan.
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Source: Reuters
US Reits are drawn to subprime securities
January 31, 2012--Real estate investment groups in the US are set to raise more funds to buy subprime and other private mortgage-backed securities, aided by attractive returns and rising share prices.
Real estate investment trusts, or Reits, have already been big buyers in the market for packages of mortgages backed by Fannie Mae, Freddie Mac and other government agencies, creating what some have termed a “shadow” financing system for US mortgages.
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Source: FT.com
