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WireTap 1400 01/03/12

Euromoney Skew
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A round-up of the key stories across the specialist financial media, including news that ISDA has confirmed that CDSs will not need to pay out as a result of the Greek bond swap.

Greek default insurance doesn’t need to pay out after bailout, ISDA says

Default insurance on Greek debt won’t be paid out, the International Swaps & Derivatives Association said after it was asked to rule whether part of the nation’s $170 billion bailout was a credit event.

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Dark pools capture record U.S. volume share

Private trading venues known as dark pools accounted for more U.S. equity trading than ever in January as volume fell on the biggest exchanges.

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China's share of reserves in U.S. dollar dives

China has made a sharp shift away from purchases of U.S. securities, slashing the dollar's share of the country's foreign reserves in what may signal a change in strategy for managing the massive cash pile, Dow Jones calculations indicate.

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J.C. Flowers eyes bids for ING, RBS units

J.C. Flowers is considering a bid for Asian insurance assets being sold by ING, and may also bid for RBS’s insurance business in the region.

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Euro zone factory activity falls, periphery pain intense

The euro zone's manufacturing sector contracted for the seventh straight month in February, with factories in the bloc's struggling indebted states facing some of the toughest conditions on record, a business survey showed on Thursday.

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