Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/190200301?client_source=feed&format=rss
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Monday, January 23, 2012
Sunday, January 22, 2012
Jim Hamilton's World of Securities Regulation: UK Finance Minister ...
Transparency and market position reform of the derivatives markets must proceed deliberately based on rigorous impact assessments to fully understand the costs and benefits, said UK Finance Minister Mark Hoban in remarks to the London Stock Exchange. While greater transparency has clearly had a positive effect in equity markets, he noted, the same measures may not be directly transferrable to the derivatives markets.
Derivative markets are considerably less liquid than equity markets, he said, and extreme care is needed to ensure that transparency requirements are carefully designed to work for each asset class. For example, while the component bonds that make up Markit?s iBoxx bond indices are some of the most actively traded bonds in Europe, a review of over 9000 of these bonds revealed that only 52 percent actually traded at least once in a six month sample period in 2010.
The European Commission must also undertake a rigorous analysis when it comes to updating MiFID to reflect changes in the commodities market. He urged the Commission not to succumb to knee jerk reactions which may only serve to increase costs for EU citizens.
The Minister emphasized that it is vital to remember that the commodities derivatives market serves a critical economic function in allowing end users to mitigate commercial risk. That is why the Minister is skeptical about blanket position limits across all markets, while acknowledging that they have a role to play in defined circumstances. In his view, active position management by exchanges and authorities will be much more effective in tackling market abuse, and will also provide a more rigorous approach. He said that it is incorrect to think that blanket limits will enable governments to control prices, as some would seem to suggest.
More broadly, he urged the Commission to resist pressure to use the ongoing MiFID reforms to raise barriers against third countries seeking to trade with the EU. Across EU dossiers there has been an increasing and worrying tendency to try to implement strict equivalence or reciprocity provisions through EU legislation. The Minister cautioned that this approach could effectively close EU financial markets to third country firms.
For instance, it seems that no third country would meet the standards as set out under the current MiFID proposal. From the moment that it is passed and until equivalence decisions are taken, it would close the EU market entirely to any new third country firm. Barriers would also be placed in the way of outward investment flows, for example restricting access to emerging markets. At a time when it is vital to attract more investment both within and without the EU, it is an approach that undermines growth.
Source: http://jimhamiltonblog.blogspot.com/2012/01/uk-finance-minister-cautions-that.html
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LA hospital prepares to send tiny baby home
Haydee Ibarra looks at her 14-week-old daughter, Melinda Star Guido, at the Los Angeles County-USC Medical Center in Los Angeles, Wednesday, Dec. 14, 2011. At birth, Melinda Star Guido tipped the scales at only 9 1/2 ounces, less than a can of soda. After spending her early months in the neonatal intensive care unit, a team of doctors and nurses will gather Friday Jan. 20, 2012 to see her off as she heads home. She is the world's third smallest baby and the second smallest in the U.S. (AP Photo/Jae C. Hong)
Haydee Ibarra looks at her 14-week-old daughter, Melinda Star Guido, at the Los Angeles County-USC Medical Center in Los Angeles, Wednesday, Dec. 14, 2011. At birth, Melinda Star Guido tipped the scales at only 9 1/2 ounces, less than a can of soda. After spending her early months in the neonatal intensive care unit, a team of doctors and nurses will gather Friday Jan. 20, 2012 to see her off as she heads home. She is the world's third smallest baby and the second smallest in the U.S. (AP Photo/Jae C. Hong)
LOS ANGELES (AP) ? One of the world's smallest surviving babies is headed home.
Melinda Star Guido weighed only 9 ? ounces at birth? less than a can of soda. After spending her early months in the neonatal intensive care unit, a team of doctors and nurses will gather Friday to see her off.
Melinda has been growing steadily and gaining weight since she was born premature at 24 weeks in August at the Los Angeles County-USC Medical Center. She is the world's third smallest baby and the second smallest in the U.S.
Now weighing 4? pounds, doctors said Melinda has made enough progress to be discharged. It's too early to know how she will fare developmentally and physically, but doctors planned to monitor her for the next six years.
Most babies this small don't survive even with advanced medical care. About 7,500 babies are born each year in the United States weighing less than 1 pound, and about 10 percent survive.
A study published in the journal Pediatrics in 2010 found that many survivors have ongoing health and learning concerns. Most also remain short and underweight for their age.
There are some rare success stories. The smallest surviving baby born weighing 9.2 ounces is now a healthy 7-year-old and another who weighed 9.9 ounces at birth is an honors college student studying psychology, according to doctors at Loyola University Medical Center in Illinois where the girls were born.
Soon after birth, Melinda was treated for an eye disorder that's common in premature babies and underwent surgery to close an artery. Melinda's mother, 22-year-old Haydee Ibarra, held her for the first time after the operation in November.
Despite the hurdles, doctors said Melinda was fortunate she did not suffer serious complications such as bleeding in the brain.
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Saturday, January 21, 2012
Ga. judge orders president to appear at hearing (AP)
ATLANTA ? A judge has ordered President Barack Obama to appear in court in Atlanta for a hearing on a complaint that says Obama isn't a natural-born citizen and can't be president.
It's one of many such lawsuits that have been filed across the country, so far without success. A Georgia resident made the complaint, which is intended to keep Obama's name off the state's ballot in the March presidential primary.
An Obama campaign aide says any attempt to involve the president personally will fail and such complaints around the country have no merit.
The hearing is set for Thursday before an administrative judge. Deputy Chief Judge Michael Malihi on Friday denied a motion by the president's lawyer to quash a subpoena that requires Obama to show up.
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Supreme Court rules public domain isn't permanent, says Congress can re-copyright some international works (update)
If you've been enjoying the fireworks over PIPA and SOPA these past weeks, get ready for more intellectual property ugliness. The US Supreme Court handed down a decision in Golan v. Holder Wednesday granting Congress the power to restore copyright claims on works that had entered the public domain. The six to two decision (with only the conservative Samuel Alito and liberal Stephen Breyer dissenting) was issued primarily with an eye towards bringing the country in line with an international treaty known as the Berne Convention. The plaintiffs in the case included orchestra conductors, educators, performers and archivists who rely on public domain works such as Fritz Lang's Metropolis and compositions from Igor Stravinsky. Many orchestras, including that of lead plaintiff Lawrence Golan, will now be forced to stop performing works that are a regular part of their repertoire due to licensing fees. Hit up the more coverage link for the complete (PDF) decision.Update: To be clear, this decision upheld a statute granting copyright protection to a bundle of international works that were placed in the public domain (and therefore denied copyright protection) under previous US laws.
Supreme Court rules public domain isn't permanent, says Congress can re-copyright some international works (update) originally appeared on Engadget on Fri, 20 Jan 2012 07:50:00 EDT. Please see our terms for use of feeds.
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Friday, January 20, 2012
Reader recommendation: Healing the Heart of Democracy
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Thursday, January 19, 2012
Anyone Can Make a Super PAC: So Who Is the 'Real-Life Stephen Colbert'? (ABC News)
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