Commodity Futures Trading Commission fined Morgan Stanley $300,000 for not maintaining enough USD in segregated accounts for U.S. clients, as well as ordered the bank to improve compliance with cleared swaps customer collateral, Market Watch reported.
Traders are understandably focused on digesting yesterday’s less-hawkish-than-expected FOMC meeting as well as today’s Eurogroup meeting, which has been billed as the “drop dead” date in Greece’s debt negotiations, but we’ve also seen a major shift from Norway’s Norges Bank in today’s European session.
In the second half of our interview with Nouriel Roubini,FINalternatives editor-in-chief Deirdre Brennan speaks with the renowned economist about IMF policies, the risk posed by shadow banking systems, and the possibility of a hard landing in China.
Last week, the Norway’s Norges Bank left interest rates unchanged at 1.5%, and pushed back its timeline for an interest rate hike to the end of next year (vs. the middle of the year previously), even indicating that it may have to cut interest rates to revive economic growth.
Norway’s $713 billion sovereign wealth fund is turning away from the world’s biggest currencies and their debt-laden governments as policy makers undermine their exchange rates through unprecedented stimulus measures.