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May 14, 2009
EXECUTIVE SUMMARY
- U.S. unveils plan for regulating derivatives trading.
- Surprise meetings between Israel's Netanyahu and Jordan's Abdullah.
- Myanmar's opposition leader Suu Kyi faces new trial.
- Washington to coordinate with Pakistan on some drone attacks.
Top of the Agenda: New Derivatives Rules
The Obama administration unveiled a broad plan to regulate over-the-counter derivatives trading, a move with potentially sweeping implications for a $680 trillion market that has been blamed for exacerbating the financial crisis. The Financial Times reports the plan would require the vast majority of derivatives to be cleared through central clearinghouses, thereby reducing the risk buyers face through exposure to a single counterparty. http://m1e.net/
Bloomberg says that when similar transparency requirements were implemented on the corporate bond market several years ago, through a system called Trace, the requirements reduced bank profits in that market by nearly half. http://m1e.net/
BusinessWeek says the plan shouldn't come as a huge surprise to markets, given that the principles guiding it were spelled out already in Treasury Secretary Timothy Geithner's broader framework for regulatory reform. http://m1e.net/
Related Analysis:
- CFR's Benn Steil, in a recent Council Special Report, outlines a strategy for improving U.S. financial regulation moving forward (PDF). http://m1e.net/
MIDDLE EAST: Israel-Jordan Talks
Israel's Prime Minister Benjamin Netanyahu traveled to Jordan for unannounced talks in Aqaba with Jordanian King Abdullah. The talks follow meetings earlier this week between Netanyahu and Egyptian President Hosni Mubarak and come ahead of talks early next week between Netanyahu and U.S. President Barack Obama. Haaretz reports Netanyahu has been trying to forge agreement among moderate Arab states about the threat posed by Iran and non-state groups like Hezbollah and Hamas. http://m1e.net/
CFR's Crisis Guide on the Israeli-Palestinian conflict explains many of the thorny regional issues bedeviling the peace process. http://m1e.net/
PACIFIC RIM: Myanmar's Opposition
Myanmar democracy advocate and nobel laureate Aung San Suu Kyi faces new legal troubles with the country's government. The BBC reports Suu Kyi will face trial for breaching the terms of her house arrest after an American man apparently made an uninvited visit to her home. http://m1e.net/
GM-CHINA: China Daily reports the U.S. automaker General Motors will begin exporting Chinese-made automobiles to the United States. http://m1e.net/
N.KOREA: Pyongyang set a trial date for two U.S. reporters detained in North Korea for allegedly entering the country illegally. Yonhap says Pyongyang may hope the case will prompt Washington to reach out on other aspects of bilateral relations. http://m1e.net/
SOUTH & CENTRAL ASIA: Pakistan Drones
The Daily Times reports the U.S. military has decided to allow Pakistan's military to direct U.S. drone strikes, with cooperation from U.S. military officials in Jalalabad, Afghanistan. http://m1e.net/
Al-Jazeera reports the Pakistani military continued its heavy offensive against the Taliban, shelling bases in the Swat and Lower Dir districts today. http://m1e.net/
In a new interview with CFR.org, the International Rescue Committee's Pakistan representative, Michael Young, warns that displaced populations could become a source of unrest for an already fragile state.
http://m1e.net/
INDIA: Rediff analyzes potential political fallout scenarios following the conclusion of India's month-long elections. http://m1e.net/
AFRICA: Madagascar Politics
Andry Rajoelina, the man who recently seized power in Madagascar in a coup, proposed a political compromise deal in which he would not run for the country's presidency in upcoming elections if other prominent former leaders also agree to sit out the vote (Mail & Guardian). http://m1e.net/
PIRACY: The commander of the European Union's anti-piracy mission said there is new evidence that Somali pirates are coordinating their attacks (BBC). http://m1e.net/
AMERICAS: Guatemala President Seeks Support
The AP reports Guatemala's president is reaching out for support both at home and abroad following a political row over his alleged involvement in ordering the killing of a lawyer in the country (Miami Herald). http://m1e.net/
IMMIGRATION: The Los Angeles Times looks at new computerized methods of checking workers' legal status in the United States. http://m1e.net/
EUROPE: EU Fines Intel
The European Union levied a record fine of around $1.4 billion on the U.S. computer chip maker Intel following a finding that the group engaged in anti-competitive practices (AFP). http://m1e.net/
EU: Deutsche-Welle reports workers' unions in Europe are pushing for a coordinated response at the EU level to the looming jobs crises in their countries. http://m1e.net/
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