Already, the relative scarcity of Treasury paper has widened the yield spread between Treasurys and other debt instruments like agencies, mortgages and corporates.

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Such a settlement would remove Moscow from the restrictive provisions of the Johnson Debt Default Act of 1934, thereby permitting the Soviet issuance of bonds and other debt instruments in the United States and on a dollar-denominated basis.

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For all other sovereign debt instruments, volatilities rose consistently by more than 7%, according to the study.

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Under new rules for sovereign bonds called OFZ and other local debt instruments, foreigners can tap in directly through the Euroclear service, bypassing the current need to have a Russian broker on the ground somewhere in Moscow or St.

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While funds own stocks or other assets, ETNs are debt instruments whose returns are pegged to the return on stocks or other assets.

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Additional rules take effect for mutual funds on January 1, 2012 and for debt instruments, options and other securities on January 1, 2013.

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On the other side are investors who buy money market and debt instruments.

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The tensions inherent in this approach are neither new nor unique to Goldman, but they have become much more obvious now that its traders have made hay taking short positions against debt instruments of a type peddled to clients by other parts of the bank.

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It is worth noting that, in the meantime, associate IMF membership might also have the virtue of vitiating the prohibitions imposed by the 1934 Johnson Debt Default Act -- enabling the USSR for the first time to issue bonds and other securities instruments in the United States.

CENTERFORSECURITYPOLICY: Center For Security Policy