Thursday, May 14, 2009

[RED DEMOCRATICA] CFR.org Daily News Brief, May 14, 2009



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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/c?101077382-1psh7CCvXo94c%404244942-95FlqOD/TQ4Eg This could lead to a market in which most derivatives trade on regulated exchanges or electronic trading platforms. The Wall Street Journal notes that firms with particularly large exposure to derivatives could also face higher regulatory scrutiny, and that regulators would be given the authority to set limits on derivative positions seen to be having too big an impact on markets. http://m1e.net/c?101077382-lBhj0YA0kmStE%404244943-..el0hVsLY1t6

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/c?101077382-Fk9E1HXun7h56%404244944-juuzrrufXT6aE

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/c?101077382-kvM6OgHXGKhoM%404244945-1rpfSjLYZ2Gow Here is more on Geithner's framework for reform, which was released in March 2009. http://m1e.net/c?101077382-9UEyQ2HIdMudw%404244946-avaqxPKpQSAVU

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/c?101077382-nhzgXZD6901h.%404244947-1xX6m5UZDWUYo

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/c?101077382-L.c.c6kOeVgK6%404244948-tmjkLIEoYpXsk

CFR's Crisis Guide on the Israeli-Palestinian conflict explains many of the thorny regional issues bedeviling the peace process. http://m1e.net/c?101077382-oeraySP8MtN..%404244949-33s3xjB22bqIM

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/c?101077382-xIffyAGa8An5g%404244950-/ysmsHdBMY71g

GM-CHINA: China Daily reports the U.S. automaker General Motors will begin exporting Chinese-made automobiles to the United States. http://m1e.net/c?101077382-aGpZmwR1GwAPM%404244951-h9IfmwvzXSj6c

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/c?101077382-5lb5Emj6SyILM%404244952-jTHXyliaM59t%2e

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/c?101077382-3hYwuAYY0hUdo%404244953-f2v98k7f5T8.2\05\14\story_14-5-2009_pg1_1

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/c?101077382-oVxVQwSiEjZXA%404244954-N6M.S53uZ54xw Islamabad's military campaign against the Taliban in the country's northwest has left over a million people displaced.

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/c?101077382-h9d654X/Ykzko%404244955-MHKjpZG0vu736

INDIA: Rediff analyzes potential political fallout scenarios following the conclusion of India's month-long elections. http://m1e.net/c?101077382-BcQoOY0mg63Gc%404244956-6PIyTnAiIDAXM Al-Jazeera says a weak coalition could be in the mix. http://m1e.net/c?101077382-G2SJ0AF.Qc.xM%404244957-q6lyXBZDPjFGM

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/c?101077382-a9PfroJMadIqs%404244958-jYR01hm5KnLE6

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/c?101077382-6p1Zjc77uXHVM%404244959-SLOHl2xAzV6gc

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/c?101077382-mzK74vKB46bdA%404244960-jDvEGj6e6uODM

IMMIGRATION: The Los Angeles Times looks at new computerized methods of checking workers' legal status in the United States. http://m1e.net/c?101077382-VHsb1nwCo3PPU%404244961-xQaWmXE7xfRPM

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/c?101077382-Ri6st13rrqhHM%404244962-YKWHXCRDqxpho

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/c?101077382-j6x/RdM.JFXHw%404244963-67nWa6/3K0xrA

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