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“The European Securities and Markets Authority (ESMA) is publishing this discussion paper in order to seek stakeholders’ views on the preparation of the regulatory technical standards ESMA is required to draft under Article 5(2) “Clearing Obligation Procedure” of the Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and …
Order Flow Segmentation and the Role of Dark Trading in the Price Discovery of U.S. Treasury Securities, by Michael Fleming and Giang Nguyen. August 2013 “This paper studies the workup protocol, a unique trading feature in the U.S. Treasury securities market that resembles a mechanism for discovering dark liquidity. We quantify its role in the price formation process …
“In the latest edition of Current Issues, New York Fed staff provide a detailed overview of the Bank’s Survey of Primary Dealers (SPD), including an in-depth look at the purpose and evolution of the survey. The SPD is designed to provide a timely and comprehensive summary of market expectations on a range of policy-related topics. One …
Sovereign risk: a world without risk-free assets? BIS Papers No 72, July 2013 “This volume presents and summarises the proceedings of a one-and-a-half day seminar on sovereign risk hosted by the BIS in January 2013. The event brought together senior central bankers, sovereign ratings analysts, fund managers and other market participants, sovereign legal specialists, risk …
“This release provides a comprehensive look at the financial activity and membership information of the nation’s 227 state-administered defined benefit retirement systems. Statistics are shown at the national and state levels for revenues, expenditures, cash and investment holdings, membership and beneficiaries. This information includes actuarial liability statistics, which project the total obligation required to cover …
“The federal government’s budget deficit was slightly more than $600 billion in the first 10 months of fiscal year 2013, CBO estimates, almost $370 billion less than the shortfall recorded for the same period last year. Revenues have risen by about 14 percent, accounting for much of the decline in the deficit. The results through July …
Susannah Fox: “Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones. Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In …
CFPB: “A few weeks ago, we released new estimates on the size of the student loan market, which is approaching $1.2 trillion, with federal student loans crossing the $1 trillion mark. While there’s been a lot of discussion about changes to federal student loan interest rates on new loans, many of you have asked: what’s …
ECB Monetary Policy in the Recession: A New Keynesian (Old Monetarist) Critique by Robert L. Hetzel, Federal Reserve Bank of Richmond “Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.”
Federal Reserve Bank of Richmond – Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement? by Andreas Hornstein, Karl Rhodes “The labor force participation rate has been falling since 2000, a trend that accelerated somewhat during the recession of 2007-09. Some economists and journalists have questioned whether recent improvements in the labor market will cause non-participants …
Gallup Poll: “Gallup’s U.S. Job Creation Index was steady in July, at +21, similar to +22 in June. While non-government workers, as well as state and local government workers, reported little change in net hiring at their workplaces, federal workers reported a significant decline. Net federal hiring was lower in July, at -17, than it …
Firearm Homicides and Suicides in Major Metropolitan Areas — United States, 2006–2007 and 2009–2010 – Morbidity and Mortality Weekly Report (MMRW). August 2, 2013 / 62(30);597-602 “Firearm homicides and suicides are a continuing public health concern in the United States. During 2009–2010, a total of 22,571 firearm homicides and 38,126 firearm suicides occurred among U.S. …
