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      Download this month's dashboard read more...

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    Click here to download the April edition of Tradeweb’s monthly DataSheet for global government 10-year benchmark bonds. It shows how government bond yields changed across Europe, North America and Asia-Pacific over the month, comparing monthly highs, lows and spreads against significant historic numbers.   All data and charts are courtesy of Tradeweb, the electronic fixed income marketplace, through which a significant portion of sovereign debt is traded.

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    Many people often think that creativity flourishes when people are not constrained in any way.  Give people total freedom to think and generate ideas, and they will be highly creative.  That's the conventional wisdom.  However, some research shows that constraints actually can enhance creativity.   The Boston Globe reported this weekend on a study by Catrinal Haught-Tromp.  The forthcoming article is titled, "The Green Eggs and Ham Hypothesis: How Constraints Facilitate Creativity."   The scholar chose this title because the highly creative book by Dr. Seuss only uses 50 words.   Haught-Tromp conducted experiments to examine whether constraints can stimulate creativity.   Haught-Tromp asked the research subjects to develop two-line rhymes for greeting cards. In some circumstances, she required the subjects to include a particular noun in their rhyme.  Outsiders judged the rhymes developed with this constraint to be more creative.  Moreover, she found that subjects working without the constraint tended to be more creative when developing a rhyme after they had worked in the constrained condition (as opposed to before they faced the constrained condition).  The constraint did not just generate more creativity in the moment; the effect seemed to persist.  Is there a practical example of how constraints can fuel creativity.   Consider IDEO, one of the world's leading product design firms.  At first glance, when you walk into their offices, you might think that they provide their staff members the freedom to design as they wish.  However, a closer look reveals a clear method/process by which they work.  Moreover, as IDEO staff members brainstorm, they follow certain ground rules for how such sessions should take place.   In short, constraints do exist at the firm, and they seem to enhance rather than detract from the creativity of the solutions that they design.  

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    Seung Jung Lee and Viktors Stebunovs | We exploit the cross-state, cross-time variation in bank tangible capital ratios--brought about by bank branch deregulation on a state-by-state basis--to identify the effects of bank capital pressures on employment and firm dynamics during two waves of changes in bank capital regulation. We show that stronger capital pressures temporarily slowed down growth in employment in industries that depend on external finance, retarding growth in the average size of firms rather than in the number of firms. Such effects were particularly strong for smaller firms that may not have had access to national capital and bank loan markets. Our findings indicate that a tightening of capital requirements may have significant real effects, in part because of the lack of substitutes for bank loans.

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    Jonas E. Arias, Christopher Erceg, and Mathias Trabandt | This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New Keynesian model. We consider different causes of persistently low inflation, including a downward shift in long-run inflation expectations, a fall in nominal wage growth, and a favorable supply-side shock. We show that the macroeconomic effects of persistently low inflation depend crucially on its underlying cause, as well as on the extent to which monetary policy is constrained by the zero lower bound. Finally, we discuss policy options to mitigate these effects.

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    S. Boragan Aruoba, Pablo Cuba-Borda, and Frank Schorfheide | We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A nonlinear filter is used to examine whether the U.S. in the aftermath of the Great Recession and Japan in the late 1990s transitioned to a deflation regime. The results are somewhat sensitive to the model specification, but on balance, the answer is affirmative for Japan and negative for the U.S.

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    The Securities and Exchange Commission today announced fraud charges against 10 individuals involved in schemes to trick investors into buying shares of a particular company stock.  read more...

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    Related documents:read more...

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    The Saudi Stock Exchange (Tadawul) announces the regulatory approval of the Capital Market Authority to amend the settlement cycle of listed securities in the equity market to be within two subsequent working days of trade execution (T +2). This change will take place during the first half of 2017.These substantial modifications will include the elimination of cash prefunding requirement by the exchange, activation of covered short selling with the ability to lend and barrow securities, enhanced custody controls and the introduction of proper delivery versus payment (DVP) and collateralization setup as per common and familiar standards and in line with Saudi laws.The change is part of several initiatives to develop the Saudi Capital Market especially around the post trade infrastructure to be in line with international standards. It will enhance the depth of the market, allows greater effectiveness and efficiency of post trade processes and reduce the market systemic risk.Tadawul will begin the market readiness procedures with the market participants and stakeholders in the coming few weeks which shall include more technical and awareness details.

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    J.P. Morgan Securities PLC has been additionally admitted to exchange trading for Freight Financial Options.

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    In its continuous efforts to improve the capital market environment, in accordance with the strategic objectives of fostering the development of the capital market and expanding the institutional investment base, the CMA on 15.06.2015 approved the rules for qualified foreign financial institutions in listed shares, allowing QFIs to invest directly in Saudi listed shares. These rules were implemented with the aim of raising the bar in relation to investing strategies, equity research and market valuations, and would expand and strengthen the growth of the Saudi capital market, and enhance the expertise of local institutions and investors, Thus providing stability of market prices and support growth. Due to the gradual approach that the CMA has chosen to undertake in the liberalization of the capital market, the CMA board has approved amendments to the criteria and requirements, to register qualified foreign financial institutions which would include the following: 1- lowering the minimum value of the assets under management to be SAR 3,750,000,000, rather than SAR 18,750,000,000. Furthermore, The board has agreed the inclusion of new foreign financial institutions, including sovereign wealth funds, university endowments and others, as per CMA approval. 2- The elimination of investment limits as per sub paragraph (A/1), (A/2), (A/4) and (A/5) of article 21 of the qualified foreign investor regulations. In addition, the CMA has lower investment limitations on foreign investors in order to allow for higher holding percentage in listed companies as follows: allowing foreign investors to own larger stakes in listed companies not reaching 10% of the shares outstanding of a single issuer for each investor. All foreign investors jointly ( whether resident or non-resident ) to own no more than 49 % of the shares of any listed company on the market, unless company's bylaws or any other regulation provides for foreign ownership to be limited to a lower percentage . The amended rules and its effective date will be published by the end of the first half of 2017. In addition, the CMA and Saudi Stock Exchange (Tadawul) have continuously endeavored to align the market infrastructure development with the market regulatory environment, under international best practices. In this regard, the CMA has approved Saudi Stock Exchange (Tadawul) request for amending the transactions settlement cycle of listed shares from (T+0) to (T+2).This change is to take effect first half of 2017. Furthermore, the CMA board has approved the introduction of securities lending and covered short-selling as per the regulations to be issued before the end of the first half of 2017. The CMA aims for these measures to provide greater stability to the overall capital market environment, through applying international best practices, incentivizing investors in an environment that supports the national economy. 

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    ED & F Man Capital Markets Limited has been admitted to exchange trading for Coal Futures USD, Freight Financial Futures and Freight Financial Options.

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    Bats Global Markets, Inc. (Bats: BATS), the #1 U.S. market for the trading of exchange-traded funds (ETFs), today welcomed REX Shares as a new issuer to The Bats ETF Marketplace with the launch of two new ETFs.read more...

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    GFI Securities Limited has been additionally admitted to exchange trading for Freight Financial Options.

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    The Securities and Exchange Commission has approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Securities Exchange Act of 1934.  These amendments implement provisions of the Jumpstart Our Business Startups Act (JOBS Act) and the Fixing America’s Surface Transportation Act (FAST Act). read more...

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    Societe Generale Newedge UK Limited has been additionally admitted to exchange trading for Freight Financial Options.

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    The Federal Reserve Board on Tuesday proposed a rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms. read more...

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    European Commodity Clearing AG has been additionally admitted to exchange trading for Freight Financial Options.

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    The federal banking agencies proposed a rule to strengthen the resilience of large banking organizations by requiring them to maintain a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments, over a one-year period. The rule, the net stable funding ratio, or NSFR, is being proposed by the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of the Comptroller of the Currency. read more...

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    Endesa Generación S.A. has been additionally admitted to exchange trading for Freight Financial Options.