| US Economic News |
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Fed's Fisher: "Too-Big-To-Fail" Must Be Addressed
Dallas Federal Reserve President Richard Fisher said Thursday that full global financial stability would not be achieved until the issue of "too-big-to-fail" is addressed.
Speaking at the conclusion of the Cato Institute's 27 annual Monetary Policy Conference, Fisher said that misperceptions of risk caused last year's financial crisis to "metastasize" in large financial institutions and spread throughout the entire financial system.
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| European Economic News |
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ECB Amends Rating Requirements For ABS To Be Eligible As Collateral
Friday, the European Central Bank's Governing Council decided to amend the rating requirements for asset-backed securities to be eligible for use in Eurosystem credit operations.
According to an ECB press release, the Eurosystem will require at least two ratings from an accepted external credit assessment institution for all ABSs issued as of March 1, 2010. In determining the eligibility of these ABSs, the Eurosystem will apply the "second-best" rule, meaning that not only the best, but also the second-best available rating must comply with the minimum threshold applicable to ABSs. Further details in this regard is given in a press release dated January 20, 2009, the central bank said.
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| Asian Economic News |
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Thai Exports Decline At Slower Pace In October
Thailand's exports dropped 3% year-on-year to US$14.8 billion in October, compared to the 8.5% fall in the previous month, a report from the Commerce Ministry showed on Friday. Economists expected a decline of 5% for October.
Meanwhile, imports decreased 17.5% on an annual basis to US$ 13.1 billion in October, after falling 17.9% in September. Economists were looking for a decrease of 16.5%.
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| All Economic News |
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ECB Amends Rating Requirements For ABS To Be Eligible As Collateral
Friday, the European Central Bank's Governing Council decided to amend the rating requirements for asset-backed securities to be eligible for use in Eurosystem credit operations.
According to an ECB press release, the Eurosystem will require at least two ratings from an accepted external credit assessment institution for all ABSs issued as of March 1, 2010. In determining the eligibility of these ABSs, the Eurosystem will apply the "second-best" rule, meaning that not only the best, but also the second-best available rating must comply with the minimum threshold applicable to ABSs. Further details in this regard is given in a press release dated January 20, 2009, the central bank said.
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