Der er en vis enighed om at det ultraliberale regime på de globale finansielle markeder har spillet fallit. Men det har også været ved at gå i glemmebogen igen nu hvor spekulationerne går på markedsvending.
Onsdag præsenterer Obama så en plan for indgreb (se uddrag af DJ-meddelelse nedenfor) og vi får se hvordan markedets hovedkræfter reagerer på konkrete forslag.
Mit bedste bud er at en del af de seneste to dages fald delvis har været en opvarmning til modtagelsen af Obamas udspil. Men det kan både være kræfter som ønsker at vise lave markedsværdier og nogen som vil vise en pæn fremgang på dagen, der har været på spil.
Hvem går op og hvem går ned?
Og mon græsset overlever elefanternes kamp?
WASHINGTON -(Dow Jones)- President Barack Obama said he will put forward a strong set of regulatory measures on Wednesday, previewing the administrations proposals to strengthen oversight of financial institutions and markets and prevent a rerun of the financial meltdown.
We have to make sure weve got an updated regulatory system that hasnt been significantly changed since the 1930s to deal with enormous global capital flows and a range of new instruments and risk taking that has been very dangerous for the American people, Obama said at a press availability Tuesday
with South Korean President Lee Myung-bak.
We expect that Congress will move swiftly to get these laws in place. I want to sign them and get them up and running, he added.
Obama will unveil his regulatory overhaul at the White House on Wednesday. He said he didnt want to step on that announcement, but gave assurances that the proposals wouldnt add a whole host of regulatory agencies. Rather, the White House will streamline and consolidate oversight to close gaps in regulation, he said.
The plan is expected to give the Federal Reserve new powers to oversee systemically important institutions, allow the government to break up companies that endanger the broader economy and create a new regulator for consumer financial products.
Onsdag præsenterer Obama så en plan for indgreb (se uddrag af DJ-meddelelse nedenfor) og vi får se hvordan markedets hovedkræfter reagerer på konkrete forslag.
Mit bedste bud er at en del af de seneste to dages fald delvis har været en opvarmning til modtagelsen af Obamas udspil. Men det kan både være kræfter som ønsker at vise lave markedsværdier og nogen som vil vise en pæn fremgang på dagen, der har været på spil.
Hvem går op og hvem går ned?
Og mon græsset overlever elefanternes kamp?
WASHINGTON -(Dow Jones)- President Barack Obama said he will put forward a strong set of regulatory measures on Wednesday, previewing the administrations proposals to strengthen oversight of financial institutions and markets and prevent a rerun of the financial meltdown.
We have to make sure weve got an updated regulatory system that hasnt been significantly changed since the 1930s to deal with enormous global capital flows and a range of new instruments and risk taking that has been very dangerous for the American people, Obama said at a press availability Tuesday
with South Korean President Lee Myung-bak.
We expect that Congress will move swiftly to get these laws in place. I want to sign them and get them up and running, he added.
Obama will unveil his regulatory overhaul at the White House on Wednesday. He said he didnt want to step on that announcement, but gave assurances that the proposals wouldnt add a whole host of regulatory agencies. Rather, the White House will streamline and consolidate oversight to close gaps in regulation, he said.
The plan is expected to give the Federal Reserve new powers to oversee systemically important institutions, allow the government to break up companies that endanger the broader economy and create a new regulator for consumer financial products.
17/6 2009 19:38 Kenddinvare 0
13708 Så kom første del af afsløring af indholdet.
(Se nedenfor).
Jeg synes nu mest det kun ligner noget sikkerhedsnet under bankforretninger og ikke ting af betydning for hedgefonde o.lign.
For mig er det skuffende, med det er måske det der skal til for at bryde de kraftigt nedadgående minier (http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1399335) i dag og så kan Europa gå i plus i morgen.
WASHINGTON -(Dow Jones)- The Obama administrations plan to overhaul financial regulation would use the Federal Reserve to provide emergency payment and settlement services in an effort to make sure the plumbing of the financial system can operate in a crisis.
The proposal calls for the Feds discount window to be made available for systemically significant payment, clearing and settlement systems in the event that a commercial bank cannot perform those functions. Any such access would be on an emergency basis and could, for example, allow the system to convert margin and collateral assets to liquid funds if a bank is unable to settle its obligations.
The proposal, laid out in a near-final draft of the administrations
regulatory white paper, noted the current system is too dependent on
commercial banks being able to provide liquidity for payment and settlement systems. As the recent financial crisis showed, the report said, liquidity was not always available.
These dependencies create the risk that a systemically important system may be unable to meet its obligations to participants when due because the bank on which it relies for such services ... is unable or unwilling to provide the liquidity the system needs, the report said.
More broadly, the White House and U.S. Treasury Department want the Fed to give more scrutiny to the payment and settlement systems at the heart of the financial system. Weak arrangements can be a major source of financial contagion, the report said, potentially creating a cascade of problems in the event of a crisis.
The plan envisions a new regulatory regime for systemically important payment, clearing and settlement systems, a clear and comprehensive federal authority for oversight focused on the risk management of settlement systems.
The risk management standards imposed by the Federal Reserve on covered systems should require such systems to have consistent and robust policies and practices for ensuring timely settlement by the systems, the report said.
The Obama administration proposal calls for regular on-site examinations of payment and settlement systems, both by the Fed and either the Securities and Exchange Commission or Commodity Futures Trading Commission.
(Se nedenfor).
Jeg synes nu mest det kun ligner noget sikkerhedsnet under bankforretninger og ikke ting af betydning for hedgefonde o.lign.
For mig er det skuffende, med det er måske det der skal til for at bryde de kraftigt nedadgående minier (http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1399335) i dag og så kan Europa gå i plus i morgen.
WASHINGTON -(Dow Jones)- The Obama administrations plan to overhaul financial regulation would use the Federal Reserve to provide emergency payment and settlement services in an effort to make sure the plumbing of the financial system can operate in a crisis.
The proposal calls for the Feds discount window to be made available for systemically significant payment, clearing and settlement systems in the event that a commercial bank cannot perform those functions. Any such access would be on an emergency basis and could, for example, allow the system to convert margin and collateral assets to liquid funds if a bank is unable to settle its obligations.
The proposal, laid out in a near-final draft of the administrations
regulatory white paper, noted the current system is too dependent on
commercial banks being able to provide liquidity for payment and settlement systems. As the recent financial crisis showed, the report said, liquidity was not always available.
These dependencies create the risk that a systemically important system may be unable to meet its obligations to participants when due because the bank on which it relies for such services ... is unable or unwilling to provide the liquidity the system needs, the report said.
More broadly, the White House and U.S. Treasury Department want the Fed to give more scrutiny to the payment and settlement systems at the heart of the financial system. Weak arrangements can be a major source of financial contagion, the report said, potentially creating a cascade of problems in the event of a crisis.
The plan envisions a new regulatory regime for systemically important payment, clearing and settlement systems, a clear and comprehensive federal authority for oversight focused on the risk management of settlement systems.
The risk management standards imposed by the Federal Reserve on covered systems should require such systems to have consistent and robust policies and practices for ensuring timely settlement by the systems, the report said.
The Obama administration proposal calls for regular on-site examinations of payment and settlement systems, both by the Fed and either the Securities and Exchange Commission or Commodity Futures Trading Commission.
17/6 2009 22:13 Kenddinvare 013725 Storstilet reparation og strømlining af eksisterende system med øget kontrol og forsøg på at tage kriser/katastrofer i opløbet.
WASHINGTON -(Dow Jones)- A summary of President Barack Obamas regulatory plan, Financial Regulatory Reform: A New Foundation.
For the regulation of financial firms, the proposal:
--Creates Financial Services Oversight Council, which would coordinate activities among regulators, replacing the Presidents Working Group.
--Ensures that any financial firm big enough to pose a risk to the financial system would be heavily regulated by the Federal Reserve, including regular stress tests.
--Gives the Fed oversight over parent companies and all subsidiaries, including unregulated units and those based overseas.
--Says the Treasury will re-examine capital standards for banks and
bank-holding companies.
--Tells regulators to issue guidelines on executive compensation, with the goal of aligning pay with long-term shareholder value, including a re-examination of the utility of golden parachutes.
--Creates a new bank agency, the National Bank Supervisor, and kills the Office of Thrift Supervision. The new agency will look over national banks, including federal branches and agencies of foreign banks.
--Forces industrial banks, non-bank financial firms and credit-card banks to become more traditional bank holding companies subject to federal oversight.
--Kills the SEC program that supervised Wall Street investment banks.
--Requires hedge funds, private-equity funds and venture-capital funds to register with the SEC, allowing the agency to collect data from the firms.
--Subjects hedge funds to new requirements in areas such as record keeping, disclosure and reporting. The oversight would include assets under management, borrowings, off-balance sheet exposures.
--Urges the SEC to give directors of money-market mutual funds the power to suspend redemptions, and take other action to strengthen regulation of money-market mutual funds to prevent runs.
--Beefs up oversight of insurance by creating an office within the Treasury to coordinate information and policy.
--Kicks off a process by which the Treasury and the Department of Housing and Urban Development will figure out the future of mortgage giants Fannie Mae (FNM), Freddie Mac (FRE) and the federal home-loan banks.
For the regulation of financial markets, the proposal:
--Brings the markets for over-the-counter derivatives and asset-backed securities into a regulatory framework, strengthens regulation of derivatives dealers and forces trades to be executed through public counterparties, such as exchanges.
--Toughens the regulatory regime, including more conservative capital requirements and tougher rules on counterparty credit exposure.
--Strengthens laws designed to protect unsophisticated parties from trading derivatives inappropriately.
--Gives the Fed more power over the infrastructure that governs these markets, such as payment and settlement systems.
--Harmonizes the powers and authority of the SEC and CFTC to avoid conflicting rules relating to the same products.
--Requires that originators, for example, mortgage brokers, should retain some economic interest in securitized products.
--Directs regulators to align participants compensation with the long-term performance of underlying loans.
--Urges the SEC to continue its efforts to improve the transparency and standardization of securitization markets and recommends the SEC have clear authority to require reporting from issuers of asset-back securities.
--Urges the SEC to strengthen its regulation of credit-rating firms,
including disclosing conflicts of interest, better differentiating between structured and unstructured debt and more clearly stating the risks of financial products.
--Tells regulators to reduce their reliance on credit-rating firms.
For regulations protecting consumers and investors, the proposal:
--Creates a new agency, the Consumer Financial Protection Agency, with broad authority over consumer-oriented financial products, such as mortgages and credit cards. The new agency would work with state regulators.
--Gives the new agency power to write rules and levy fines based on a wide range of existing statutes.
--Proposes new authority for the Federal Trade Commission over the banking sector, in areas such as data security.
--Gives the new agency authority to ban or restrict mandatory arbitration clauses.
--Says the new regulator should have authority to define standards for simple plain vanilla products, such as mortgages, which would have to be offered prominently by companies.
--Beefs up the agencys power to regulate unfair, deceptive or abusive practices.
--Imposes duties of care that will have to be followed by financial
intermediaries, such as stock brokers and financial advisers.
--Regulates overdraft protection plans, treating them more like credit-card cash advances.
--Strengthens SECs framework for investor protection by expanding the agencys powers to beef up disclosures to investors, establish a fiduciary duty for broker-dealers who offer advice and expand protection for whistleblowers, including a fund that would pay for certain information.
--Requires non-binding shareholder votes on executive compensation packages.
To give the government more tools to manage crises, the proposal:
--Creates a mechanism that allows the government to take over and unwind large, failing financial institutions.
--Creates a formal process for deciding when to invoke this power, which could be initiated by the Treasury, Fed, FDIC or SEC.
--Gives authority to make the final decision to the Treasury, with the backing of other regulators.
--Gives the Treasury the authority to decide how to fix such a failing firm, whether through a conservatorship, receivership or some other method.
--Taps the FDIC to act as conservator or receiver, except in the case of broker dealers or securities firms, in which case the SEC would take over.
--Amends the Feds emergency lending powers to require prior written approval by the Treasury Secretary.
In the international sphere, the proposal:
--Recommends international regulators strengthen their definition of
regulatory capital to improve the quality, quantity, and international
consistency of capital.
--Recommends that various international bodies implement the Group of 20 recommendations, including requiring banks to hold more capital.
--Urges that national authorities standardize oversight of credit derivatives and markets.
--Urges other countries to follow the U.S. lead and: subject systemically significant companies to stricter oversight.
WASHINGTON -(Dow Jones)- A summary of President Barack Obamas regulatory plan, Financial Regulatory Reform: A New Foundation.
For the regulation of financial firms, the proposal:
--Creates Financial Services Oversight Council, which would coordinate activities among regulators, replacing the Presidents Working Group.
--Ensures that any financial firm big enough to pose a risk to the financial system would be heavily regulated by the Federal Reserve, including regular stress tests.
--Gives the Fed oversight over parent companies and all subsidiaries, including unregulated units and those based overseas.
--Says the Treasury will re-examine capital standards for banks and
bank-holding companies.
--Tells regulators to issue guidelines on executive compensation, with the goal of aligning pay with long-term shareholder value, including a re-examination of the utility of golden parachutes.
--Creates a new bank agency, the National Bank Supervisor, and kills the Office of Thrift Supervision. The new agency will look over national banks, including federal branches and agencies of foreign banks.
--Forces industrial banks, non-bank financial firms and credit-card banks to become more traditional bank holding companies subject to federal oversight.
--Kills the SEC program that supervised Wall Street investment banks.
--Requires hedge funds, private-equity funds and venture-capital funds to register with the SEC, allowing the agency to collect data from the firms.
--Subjects hedge funds to new requirements in areas such as record keeping, disclosure and reporting. The oversight would include assets under management, borrowings, off-balance sheet exposures.
--Urges the SEC to give directors of money-market mutual funds the power to suspend redemptions, and take other action to strengthen regulation of money-market mutual funds to prevent runs.
--Beefs up oversight of insurance by creating an office within the Treasury to coordinate information and policy.
--Kicks off a process by which the Treasury and the Department of Housing and Urban Development will figure out the future of mortgage giants Fannie Mae (FNM), Freddie Mac (FRE) and the federal home-loan banks.
For the regulation of financial markets, the proposal:
--Brings the markets for over-the-counter derivatives and asset-backed securities into a regulatory framework, strengthens regulation of derivatives dealers and forces trades to be executed through public counterparties, such as exchanges.
--Toughens the regulatory regime, including more conservative capital requirements and tougher rules on counterparty credit exposure.
--Strengthens laws designed to protect unsophisticated parties from trading derivatives inappropriately.
--Gives the Fed more power over the infrastructure that governs these markets, such as payment and settlement systems.
--Harmonizes the powers and authority of the SEC and CFTC to avoid conflicting rules relating to the same products.
--Requires that originators, for example, mortgage brokers, should retain some economic interest in securitized products.
--Directs regulators to align participants compensation with the long-term performance of underlying loans.
--Urges the SEC to continue its efforts to improve the transparency and standardization of securitization markets and recommends the SEC have clear authority to require reporting from issuers of asset-back securities.
--Urges the SEC to strengthen its regulation of credit-rating firms,
including disclosing conflicts of interest, better differentiating between structured and unstructured debt and more clearly stating the risks of financial products.
--Tells regulators to reduce their reliance on credit-rating firms.
For regulations protecting consumers and investors, the proposal:
--Creates a new agency, the Consumer Financial Protection Agency, with broad authority over consumer-oriented financial products, such as mortgages and credit cards. The new agency would work with state regulators.
--Gives the new agency power to write rules and levy fines based on a wide range of existing statutes.
--Proposes new authority for the Federal Trade Commission over the banking sector, in areas such as data security.
--Gives the new agency authority to ban or restrict mandatory arbitration clauses.
--Says the new regulator should have authority to define standards for simple plain vanilla products, such as mortgages, which would have to be offered prominently by companies.
--Beefs up the agencys power to regulate unfair, deceptive or abusive practices.
--Imposes duties of care that will have to be followed by financial
intermediaries, such as stock brokers and financial advisers.
--Regulates overdraft protection plans, treating them more like credit-card cash advances.
--Strengthens SECs framework for investor protection by expanding the agencys powers to beef up disclosures to investors, establish a fiduciary duty for broker-dealers who offer advice and expand protection for whistleblowers, including a fund that would pay for certain information.
--Requires non-binding shareholder votes on executive compensation packages.
To give the government more tools to manage crises, the proposal:
--Creates a mechanism that allows the government to take over and unwind large, failing financial institutions.
--Creates a formal process for deciding when to invoke this power, which could be initiated by the Treasury, Fed, FDIC or SEC.
--Gives authority to make the final decision to the Treasury, with the backing of other regulators.
--Gives the Treasury the authority to decide how to fix such a failing firm, whether through a conservatorship, receivership or some other method.
--Taps the FDIC to act as conservator or receiver, except in the case of broker dealers or securities firms, in which case the SEC would take over.
--Amends the Feds emergency lending powers to require prior written approval by the Treasury Secretary.
In the international sphere, the proposal:
--Recommends international regulators strengthen their definition of
regulatory capital to improve the quality, quantity, and international
consistency of capital.
--Recommends that various international bodies implement the Group of 20 recommendations, including requiring banks to hold more capital.
--Urges that national authorities standardize oversight of credit derivatives and markets.
--Urges other countries to follow the U.S. lead and: subject systemically significant companies to stricter oversight.
