Conversation Starter
September 30, 2010
TG-880
Statement by the US Treasury Department on AIG Exit Plan
WASHINGTON – Today, American International Group Inc. (AIG) announced that it has reached an agreement-in-principle with the US Department of the Treasury, the Federal Reserve Bank of New York, and the trustees of the AIG Credit Facility Trust to restructure the company, putting it in a stronger position to repay taxpayers. The Treasury Department welcomes the plan announced today by AIG to accelerate its exit from government support and reposition itself as an independent, privately owned company over time. "The exit strategy announced today dramatically accelerates the timeline for AIG's repayment and puts taxpayers in a considerably stronger position to recoup our investment in the company," said Treasury Secretary Tim Geithner. "While there is a lot of work ahead to execute the terms of this agreement, today we are much closer to seeing a clear path out. AIG's Board of Directors and new management team deserve credit for the substantial progress they've made to lower the company's risk profile, refocus it around core insurance businesses, and put it in a better position to pay back taxpayers."
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See the details on AIG's plan here:
AIG ANNOUNCES PLAN TO REPAY U.S. GOVERNMENT
*Plan Provides For Full Repayment of U.S. Taxpayers
*Federal Reserve Bank of New York Expected to Be Fully Repaid
*U.S. Treasury Holdings to Be Exchanged For AIG Common Stock
*Positions the U.S. Treasury to Exit Ownership Stake in AIG Over Time
*AIG Poised to Emerge As Financially Strong, Independent Company
Lead Stories
Minimum Thresholds For Swaps Urged In US Rulemaking
Dow Jones
A large regional bank last week wrote to U.S. regulators suggesting that new rules being crafted for the privately negotiated derivatives market include a threshold, below which certain users would not be burdened by the law. The letter came in response to a call for comments on key terms in the newly passed Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/bHcs3y
More Than 60 Charged in Cyber Scheme
By CHAD BRAY, WSJ.com
More than 60 people have been charged in an alleged scheme to use computer viruses to steal millions of dollars from U.S. banks, state and federal prosecutors are expected announce later Thursday.
http://jlne.ws/bAa0N2
"According to court documents in the U.S., computer hackers in Eastern Europe used a malicious computer code, known as Zeus Trojan, to access bank accounts of small and midsize businesses and municipal entities in the U.S. The code is often attached to a seemingly legitimate email message and has the virus attached, prosecutors said. The virus then secretly monitors a person's computer activity and steals usernames and passwords, prosecutors said.
***CN: Careful opening those emails!
Treasuries Drop as Recovery Signs Reduce Bets on More Quantitative Easing
By Susanne Walker, Bloomberg
Treasuries fell, paring their quarterly gain, as evidence of a U.S. recovery reduced speculation Federal Reserve policy makers will step up purchases of debt to support the economy.
http://jlne.ws/awRR33
Citigroup Sued in New York by Norway's Central Bank for Stock, Bond
Norway’s central bank sued Citigroup Inc. along with Chief Executive Officer Vikram Pandit and Chairman Richard Parsons over $835 million in losses in Citigroup stock and bonds. Citigroup misrepresented its financial condition and failed to disclose material information, leading Norges Bank to buy Citigroup stock and bonds at inflated prices between January 2007 and January 2009, the central bank said in the Sept. 17 lawsuit filed in U.S. District Court in Manhattan.
http://jlne.ws/cWT8ES
Bank Derivatives Risk Rises for First Time Since 2008, OCC Says
By Shannon D. Harrington
The risk U.S. banks face from trading in derivatives climbed in the second quarter for the first time since 2008 after Europe's debt crisis triggered a drop in interest rates that increased the amount lenders are owed on swap contracts.
http://jlne.ws/czhbk1
Dodd-Frank to Hurt Block Trading, Says Analyst
Traders Magazine
Peter Chapman
Financial reform means less capital for block trades. That's the conclusion of Sanford C. Bernstein analyst Brad Hintz, who recently published a report on the future of institutional equities.
http://jlne.ws/cwJBI9
TABB Says Brokers Need a Client-Centric Approach to Buy-Side Investment and Execution Services
Business Wire
NEW YORK & LONDON--(BUSINESS WIRE)--New Research Examines How Sell-Side Brokers are Using Technology to Automate Data Aggregation, Customizable Analysis, Infrastructure Scaling and Information Sharing to Meet Buy-Side Firms' Needs
http://jlne.ws/9ttQBQ
Tullett Prebon Named 2010 Broker of the Year by Risk
NEW YORK, NEW YORK AND LONDON, UNITED KINGDOM AND SINGAPORE, SINGAPORE, Sep 28, 2010 (MARKETWIRE via COMTEX) -- Tullett Prebon UK:TLPR 407.20, +1.00, +0.25%) , one of the world's leading inter-dealer brokers (IDB), has been voted overall interdealer broker of the year by Risk Magazine in its 2010 annual global interdealer survey, published this month.
http://jlne.ws/aOBwMJ
Banks Keep Failing, No End in Sight
By RANDALL SMITH And ROBIN SIDEL, WSJ.com
The largest number of bank failures in nearly 20 years has eliminated jobs, accelerated a drought in lending and left the industry's survivors with more power to squeeze customers.
http://jlne.ws/9WH5V3
***CN: "No end in sight sounds an awful like the end is near."
Why a Sovereign Default Remains on the Table
WSJ.com
It is costing some governments in Europe more than ever to raise money from the bond markets. This week, the gap between yields on government bonds issued by Portugal and Ireland and those issued by low-risk Germany rose to their highest levels since the introduction of the euro.
http://jlne.ws/cZSGDJ
Banks made the right call over key jobs
Daily Telegraph
If Vince Cable does not care for "casino banking", the recent changes at the top of UK Bank plc in recent weeks must have really displeased the constantly angry Business Secretary.
http://jlne.ws/aazNjY
How to save brokers from themselves
Business Day
I want the financial services licence that lets me pay off a mortgage by drawing the customers' money from the accounts I'm looking after.
http://jlne.ws/b8Hdm6
Banks Trade Below Liquidation Value With Smallest Gain in Rally
By Whitney Kisling and Alexis Xydias, Bloomberg
Two years after the collapse of Lehman Brothers Holdings Inc., investors still aren’t willing to pay more than liquidation value for banks in developed nations.
http://jlne.ws/af3Jvk
Breaking Up Banks Can Create More Risk, Says HSBC CEO
HSBC’s chief executive said breaking up banks could create more risk and lawmakers should not set out how lenders work, a day before a UK panel steps up a probe into whether banks are too big and powerful.
http://jlne.ws/aBbgCZ
Events
Congressman Scott Garrett to Speak at WMBAA Swap Execution Facility Conference
BUSINESS WIRE
The Wholesale Markets Brokers' Association, Americas (WMBAA) is pleased to announce today that Congressman Scott Garrett is the latest leader that will speak at the First Annual Swap Execution Facility Conference, referred to as "SEFCON I." The conference will focus on the role and operation of Swap Execution Facilities (SEFs) under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and will provide global financial institutions with a comprehensive overview of this new regulatory category for US swap market intermediaries. SEFCON I will be held in Washington, D.C. on October 4, 2010 at the Grand Hyatt Hotel, One Thousand H Street, Northwest, Washington, D.C. 20001.
For more information on this event, visit:
http://jlne.ws/cMnheH
SEFCON I - FIRST ANNUAL SWAP EXECUTION FACILITY CONFERENCE
Monday, October 4, 2010
Grand Hyatt, Washington DC
1000 H Street Northwest
Washington, DC 20001
Keynote Speaker: CFTC Chairman Gary Gensler
Panel Discussions Planned For:
- OTC Trade Execution
- What is a SEF?
- SEF Regulation
- SEFs: Clearing, Nondiscrimanatory Access, Trade Reporting
Registration and details can be found at http://jlne.ws/cMnheH
WMBAA to Hold First Annual Swap Execution Facility Conference
When: Oct. 4, 2010
Where: Washington, D.C.
Full info: http://jlne.ws/bK3TUg
Details: SEFCON I will examine the role and operation of Swap Execution Facilities (SEFs) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Wholesale Markets Brokers' Association, Americas (WMBAA) will host the First Annual Swap Execution Facility Conference, referred to as "SEFCON I", focusing on the role and operation of Swap Execution Facilities (SEFs) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The conference will provide global financial institutions with a comprehensive overview of this new regulatory category for US swap market intermediaries. SEFCON I will be held in Washington, D.C. on October 4, 2010 at the Grand Hyatt Hotel, One Thousand H Street, Northwest, Washington, D.C. 20001. The keynote speaker will be Gary Gensler, Chairman of the Commodity Futures Trading Commission. Other speakers and panel members will be announced in coming weeks.
FIA Treasury Market Forum
When: Oct. 5, 2010
Where: New York, NY
Full info:http://www.futuresindustry.org/fia-treasury-market-forum
Details: After nearly two decades of stability, fixed income risk is back in both size and degree. The economy is in recession, government spending is up massively, Treasury auctions are larger and more frequent, inflation fears are back, the Fed has added quantitative easing to its monetary policy arsenal, and price volatility in the fixed income markets has returned to levels not seen in well over 10 years. This program will cover the growing role of Treasury futures as a risk-shifting mechanism for all participants in the fixed income market, including primary dealers, corporate borrowers, bond investors and the Treasury Department.
An Overview of On-The-Run U.S. Treasury Futures: Concepts and Opportunities
When: October 14, 3 p.m., CT
Where: Online
Full info: http://www.cmegroup.com/education/events/2010-10-14-an-overview-of-on-the-run-us-treasury-futures.html
Details:The introduction of On-The-Run (OTR) U.S. Treasury Futures on October 25, 2010 will provide the marketplace with a tool for gaining direct and capital-efficient exposure to on-the-run Treasury yields—the most liquid points on the Treasury yield curve. 2-Year, 5-Year, and 10-Year OTR Treasury futures allow market participants to gain synthetic exposure to the Treasury cash market, but with the added benefit of cross-margining with other interest rate products at CME Group exchanges. These contracts will also add an array of intriguing new spread trading strategies with cash securities, Eurodollar, Interest Rate Swap, and traditional Treasury futures, as well as OTR yield curve spreads. This webinar will examine the key aspects of OTR Treasury futures, including contract design, pricing and settlement, and trading strategies. Speakers include James Boudreault, Associate Director, Financial Research and Product Development at CME Group and John Brosnan, Head of U.S. Yield Curve Trading at XR Trading.
Exchanges, Clearing Houses & MTFs
Former SGX CEO appointed non-executive director of ICAP
By Jonathan Peeris
SINGAPORE: Former Singapore Exchange (SGX) CEO Hsieh Fu Hua has been appointed as a non-executive director of UK-based interdealer broker ICAP.
channelnewsasia.com
http://jlne.ws/9bcVZl
PLUS Stock Exchange Targets Private Investment Community With Bristol Roadshow - Briefing To Be Held At Mercure Holland House To Demonstrate Offering For Retail Investors
Press Release
The PLUS stock exchange is to hold a roadshow in Bristol designed to showcase growth company investment opportunities on the exchange to the private investment community. The roadshow will be held at Mercure Holland House on Thursday 30th September 2010.
http://jlne.ws/cxgbC7
Euroclear Plans Senior Management Reorganisation
Press Release
Euroclear senior management changes are expected to be implemented in October. Following the arrival of Lieve Mostrey from BNP Paribas Fortis on 1 October as Chief Technology and Services Officer and a member of the Euroclear Management Committee, the allocation of responsibilities among Euroclear Management Committee members has been reviewed.
http://jlne.ws/cxgbC7
Firms & Banks
Newedge handles $2bn notional on Eris
By Jeremy Grant, FT.com
Newedge, the world's largest futures broker, has handled $2bn in notional value of interest rate swaps contracts traded on the recently-launched Eris Exchange and cleared through CME Group's clearing house.
http://jlne.ws/cV60XV
MF Global to Release Second Quarter 2011 Results
Press Release
NEW YORK, Sep 28, 2010 -- MF Global Holdings Ltd. (NYSE: MF), a leading broker offering customized solutions in global cash and derivatives markets, will release its second quarter 2011 financial results on Thursday, November 4, 2010.
http://jlne.ws/cto7bF
ICAP's EBS Platform Announces Launch of Newly Tradable USD/Yuan "CNH" Currency Pair
Press Release
London, Hong Kong, 29th September 2010 - ICAP, the world's premier interdealer broker, announced the launch of a newly tradable currency pair for Hong Kong delivered Chinese Yuan. This pair, which launched and traded on Monday 27th September, is listed as USD/CNH on ICAP's EBS platform.
http://jlne.ws/ct9HSQ
Hedge Funds: BarCap makes prime brokerage push
Market Watch
The investment-banking arm of U.K. bank Barclays PLC is expanding in the potentially lucrative business of providing brokerage services to hedge funds
http://jlne.ws/cQsKmB
Peregrine Financial Group Canada, Inc. (PFG Canada) Welcomes Bert Liffmann, Respected Futures Portfolio Manager and Foreign Exchange Risk Manager
PFG Canada President James Klotz Elected to Serve the Ontario District Council
BUSINESS WIRE
Peregrine Financial Group Canada, Inc. (PFG Canada) is proud to report that 25-year market veteran Bert Liffmann has brought his esteemed practice as a futures portfolio manager and foreign exchange risk manager, along with a reputation of the highest level of professional conduct and standards, to the office at Water Park Place, 20 Bay Street, Toronto.
http://jlne.ws/deba4K
Goldman Sachs Seeks Up To US$2.05 Billion In ICBC Share Sale - Source
Dow Jones
Goldman Sachs Group Inc. is raising as much as US$2.05 billion from the sale of part of its stake in Industrial & Commercial Bank of China Ltd. (1398.HK) in a placement, a person familiar with the deal said Wednesday.
http://jlne.ws/cXGPlQ
Goldman Seeks to Raise $2.05 Billion in ICBC Share Sale
By Darren Boey and Cathy Chan
Goldman Sachs Group Inc. is seeking to reap HK$15.9 billion ($2.05 billion) from selling shares in Industrial & Commercial Bank of China Ltd. in a transaction that would give it a fourfold return on its 2006 investment.
Bloomberg
http://jlne.ws/9r9eHO
Goldman Sachs Runs U.S. Advertising Campaign Emphasizing Job-Creation Role
By Christine Harper
Goldman Sachs Group Inc., which agreed in July to pay $550 million to settle a U.S. regulator's fraud suit, rolled out an advertising campaign today with ads that emphasize the firm's role in alternative energy and job creation.
http://jlne.ws/aAJmGW
Goldman Sachs' Latest Ad Campaign Will Reportedly Tout Its Role As A Good Citizen
The Huffington Post
What's Your Reaction? Goldman Sachs launches a new public relations campaign today with a full page ad in the Wall Street Journal touting the company's role in raising capital for a clean energy project.
http://jlne.ws/betMV3
UBS: To Save CHF70 Million Yearly By Moving Jobs From Zurich Center
Dow Jones
UBS AG said Wednesday it will save 70 million Swiss francs ($71.4 million) annually by moving jobs out of central Zurich into the outskirts as well as into a new development dubbed Europaallee.
http://jlne.ws/c0qJdL
RBS, Barclays Get Loan-Pricing Complaint from U.K. Antitrust Regulator
Bloomberg
The U.K. Office of Fair Trading issued a statement of objections to Royal Bank of Scotland Group Plc and Barclays Plc following an investigation into the disclosure of confidential loan pricing information.
http://jlne.ws/dt4XYP
HSBC chief: No plans to move HQ to Hong Kong
Market Watch
HONG KONG (MarketWatch) -- HSBC Holdings PLC's departing chairman, Stephen Green, said Wednesday the bank has no plans to move its headquarters to Hong Kong from London. Green, who is stepping down to become the U.K.'s trade minister, made the remarks on the sidelines of the bank's board meeting in Shanghai. Rumors that HSBC was thinking about moving to Hong Kong were sparked by Stuart Gulliver ...
http://jlne.ws/cLlNyq
HSBC pledges to stay in London
My Village City of London
Top executives at HSBC Holdings Plc said there are no plans to move the bank's headquarters from London, as they gathered for their regular board meeting amid a surprise shake-up in the corporate suite of Europe's largest bank.
http://jlne.ws/9ehG8Y
HSBC has some explaining to do on governance - PIRC
Interactive Investor
LONDON (Reuters) - HSBC Holdings ( HSBA.L ), Europe's biggest bank, will "have some explaining to do" to investors on why it ignored best corporate practice and chose an executive director as chairman, a leading advisory service said.
http://jlne.ws/aGJ9os
HSBC's hot seats
The Standard
Michael Geoghegan, the outgoing chief executive of HSBC (0005), has admitted the lender's succession process could have been handled better.
http://jlne.ws/9kLhcA
Morgan Stanley Names Eric Grossman Global Head of Legal
Bloomberg
Morgan Stanley, the sixth-largest U.S. bank by assets, named Eric Grossman global head of legal.
http://jlne.ws/bYCw1F
Morgan Stanley in recruitment freeze
My Village City of London
Morgan Stanley, which employs more than 5,000 people in London, has put a freeze on hiring staff for the rest of the year. The US investment bank said although it was not hiring it had no plans for large-scale lay-offs this year.
http://jlne.ws/dtujXy
Morgan Stanley Said to Suspend Investment-Bank Hiring for 2010
BusinessWeek
Morgan Stanley, the sixth-largest U.S. bank by assets, halted hiring at its investment-banking group for the rest of 2010, a person briefed on the decision said.
http://jlne.ws/aHNJSN
Morgan Stanley in hiring freeze
New York Post
Morgan Stanley froze hiring at its investment-banking division for the rest of 2010, a person briefed on the decision said. The firm ruled out layoffs through the end of the year, the person said. Jim Wiggins, a spokesman for Morgan Stanley, declined to comment. He said the company intends to...
http://jlne.ws/aykcDO
Morgan Stanley's trading push pauses
Market Watch
Firm freezes hiring, but no layoffs planned; freeze excludes Smith Barney retail brokerage venture
http://jlne.ws/bAgACt
Morgan Hiring Slowdown More Than a Pause
New York Times
Like a lot of investment banks , Morgan Stanley won't be doing much hiring in the fourth quarter.
http://jlne.ws/a98Kja
Deutsche Bank CEO Ackermann Buys $8.4 Million of Shares in Rights Offer
Bloomberg
Deutsche Bank AG, Germany's biggest bank, said Chief Executive Officer Josef Ackermann bought shares valued at about 6.2 million euros ($8.4 million) in the company's rights offer.
http://jlne.ws/dwkWt2
Credit Suisse CEO Warns Of Mixed 3Q At Investment Bank
By Anita Greil - Dow Jones Newswires
Credit Suisse (CS: 43.80 ,-0.16 ,-0.36%) Chief Executive Officer Brady Dougan cautioned Wednesday that the performance of the Swiss firm's investment bank was mixed in the third quarter, but added that the bank as a whole is well positioned to deal with difficult market conditions.
http://jlne.ws/aMLLI9
Citigroup CEO: Working To Expand Services To Underserved Communities
Dow Jones
Citigroup is working to expand access to financial services in traditionally underserved communities, the company's chief executive said Thursday after receiving an award for its philanthropic work.
http://jlne.ws/cUaoVJ
Citigroup Welcomes Skeptical Analyst
TheStreet.com
Citigroup CEO Vikram Pandit meets CLSA analyst Mike Mayo on Oct 1. Mayo has complained he's been "frozen out."
http://jlne.ws/bLmuJF
State Street Expands Relationship with Babson Capital
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it is expanding its relationship with Babson Capital Management LLC to provide investment operations and technology services.
http://jlne.ws/cf3VRR
Jefferies Adds Ex-Merrill Investment Banker Abid Rizvi to Consumer Group
Bloomberg
Jefferies Group Inc. , the securities firm that increased staff 30 percent in 20 months, hired Abid Rizvi, a former Merrill Lynch investment banker in consumer products, to be a managing director in the global mergers and acquisitions group.
http://jlne.ws/cYJRZG
Two Major North American Global Banking Groups Implement FinArch's Liquidity Risk Calculation And Reporting Solution
Press Release
Finance Resource Planning (FRP), is pleased to announce that two of North America's largest globally operational banks are implementing the Liquidity Risk Calculation and Reporting solution from the Financial Studio platform to meet all the requirements of the UK FSA's liquidity risk regime.
http://jlne.ws/cxgbC7
Lehman Signs Fetch $111,700 in London as Collectors Vie for Bank Souvenirs
Bloomberg
Two signs from the London headquarters of Lehman Brothers Holdings Inc. sold at auction today for a total of 70,800 pounds ($111,700) as collectors and souvenir hunters snapped up remains of the collapsed bank.
http://jlne.ws/czTikF
Lehman Bros sign, artworks auctioned off in UK
LONDON - Artwork from doomed investment bank Lehman Brothers is being sold at an auction in London.
http://jlne.ws/9U6cX3
Bidding war for Lehman souvenirs at UK auction
RTE News
A sale of Lehman Brothers' signs and artworks saw the first lots selling for way over their estimated prices.
http://jlne.ws/d4XQk5
Jefferies Group Hires Peter Santry as Head of Distressed Trading Division
Bloomberg
Jefferies Group Inc. , the securities firm that added 30 percent more staff in 20 months, hired Peter T. Santry for the new position of head of distressed trading in its leveraged-finance sales and trading division.
http://jlne.ws/ceILrc
Thornton could be next to quit HSBC
Guardian Unlimited
Former Goldman Sachs banker and non-executive director who lost out in race to succeed HSBC's chairman is thought to be close to stepping down from board rocked by leaks Further boardroom upheaval is expected at HSBC after the dramatic events of Friday, when Britain's biggest bank revealed sweeping managerial changes that involve the simultaneous replacement of both its chairman and its chief ...
http://jlne.ws/9WBdUK
HSBC non-exec John Thornton must act now to clear the air
Guardian Unlimited
If John Thornton really is thinking of leaving the HSBC board after failing to get the chairman's job, he should decide quickly The directors of HSBC meet tomorrow in Shanghai to lick their wounds and, one assumes, pledge to get on better in future. They should start by asking the non-executive director John Thornton whether he wants to be part of the newly happy, harmonious crew.
http://jlne.ws/9Ng99G
HSBC needs to get its house in order
The Standard
The musical chairs just played out at HSBC Holdings couldn't be more captivating.
http://jlne.ws/bAhqsY
JPM Is The Cream Of A Not-So-Good Bank Crop
Forbes
JPMorgan looks good compared to BAC, Wells Fargo and Citigroup but that doesn't mean investors shoul
http://jlne.ws/bkyHzg
SocGen adds Chile to electronic trading destinations
The Trade News
Société Générale's Quantitative Electronic Services (QES) automated trading division has added Chile to its list of trading destinations.
http://jlne.ws/bhPPMQ
Long, slow' summer to weigh on brokers; Analysts cut quarterly profit forecasts for Goldman, Morgan Stanley
By Alistair Barr, MarketWatch
A particularly slow summer for stock and bond trading continued into September, likely denting third-quarter earnings of big brokerage firms Goldman Sachs Group Inc. and Morgan Stanley.
http://jlne.ws/aGlAWu
Interactive Brokers' Rating Upgraded
Based on Interactive Brokers Group Inc.'s (IBKR) strong capital base and low balance sheet leverage, we have raised our long-term recommendation from "Underperform to "Neutral.
http://jlne.ws/9lCYml
HSBC shareholders urge bank to 'clamp down' on information leaks
Daily Telegraph
HSBC considers launching investigation into how confidential details of its succession plan were leaked days before key board meeting.
http://jlne.ws/aqjzz2
Alex Townell Appointed Coroporate Relationship Manger For Barclays Wealth
Manxnet
Alex Townell has been appointed by Barclays Wealth as a Relationship Manager within the corporate team.
http://jlne.ws/dl196C
Maxim Group LLC Expands Investment Banking Platform With the Appointment of Two Veteran Bankers
Marketwire
NEW YORK, NY--(Marketwire - September 28, 2010) - Maxim Group LLC, a leading full service investment banking, securities and wealth management firm today announced the appointment of Bill Fox as a Managing Director and Peter Serra as Director of Investment Banking.
http://jlne.ws/dlOyhl
Liquidnet And Instinet Announce Global Liquidity Sourcing Agreement
Press Release
Liquidnet, the premier institutional investment community that enables secure and anonymous block trading of equities, and Instinet, a global leader in electronic trading and agency-only brokerage, today announced that Liquidnet's Members can now access Liquidnet's buy side-only network through Instinet's Newport 3 EMS globally, further broadening access to the Liquidnet trading platform.
http://jlne.ws/cxgbC7
Tora Trading Plans 'Dark Pool' Expansion in Australia and Europe, CEO Says
Bloomberg
Tora Trading Services Ltd. , which runs a trading execution platform and dark pools, said it plans to expand into Australia and Europe to capture increasing demand for services in Asia.
http://jlne.ws/c7nW21
HSBC attacked over Geoghegan severance deal
Independent
HSBC is bracing itself for a political backlash today after details of departing Michael Geoghegan's severance package emerged over the weekend, showing that the bank's chief executive could walk away with more than L20m when he leaves the bank next year.
http://jlne.ws/bTQ5ug
HSBC boss could get L23m pay out
Express and Star
Outgoing HSBC chief executive Michael Geoghegan could leave the banking giant with a payout eventually worth L23 million, it was reported.
http://jlne.ws/de7JB0
HSBC directors face questions over L36m 'golden goodbye' for Michael Geoghegan
Daily Telegraph
HSBC's board will face questions over the near-L36m "golden goodbye" pay package set to be awarded to Michael Geoghegan despite its efforts to prevent the bank's succession debacle spilling into another week.
http://jlne.ws/a59rUk
HSBC's Thornton set to quit board: report
Reuters
HSBC non-executive director John Thornton is to set to step down from the board of Europe's biggest bank within six months, the Financial Times said on Monday.
http://jlne.ws/cDIbcJ
HSBC boardroom catfight unlikely to claw Nedbank
Independent Online
HSBC's bid to buy 70 percent of Nedbank was unlikely to be derailed by the "boardroom politics" playing out at the "world's local bank", analysts said at the weekend.
http://jlne.ws/9cRAeB
HSBC's Gulliver Said to Become CEO as Geoghegan Quits
BusinessWeek
HSBC Holdings Plc, in its biggest management shakeup in decades, will promote the head of the bank's fastest-growing division to chief executive officer after Michael Geoghegan resigned.
http://jlne.ws/dyM3ay
HSBC makes a drama out of a crisis
eFinancial News
HSBC may be the world s local bank, with 288,000 staff working in 87 countries, generating 79bn in revenues with a balance sheet of 2.4 trillion. But it doesn t seem to be able to manage 20 people sitting round its boardroom table.
http://jlne.ws/drpcY1
HSBC boss 'to step down in boardroom shake-up'
RTE News
HSBC CEO Michael Geoghegan is to step down by the end of the year in a major boardroom shake-up, reports say.
http://jlne.ws/945zgc
HSBC chief executive to quit: UK reports
Brisbane Times
HSBC chief executive Michael Geoghegan is to step down at the end of the year as part of a major shake-up of the bank's top management, UK reports say.
http://jlne.ws/drYZ1l
HSBC set to hire chairman from within: For and against internal promotion
Daily Telegraph
The news that HSBC is set to promote an internal candidate to the board comes just weeks after Barclays announced it would hire an outsider as its chief executive. What factors should companies consider when hiring from within?
http://jlne.ws/dpQTOk
Goldman Tops, Citigroup Tanks in M&A
TheStreet.com
Goldman is the top merger advisor through the third quarter this year.
http://jlne.ws/cypbrD
Goldman Sachs: More Proof Investors are Hot for Dividends
Wall Street Journal Blogs
Goldman Sachs analysts highlighted this interesting data point in a note today, showing that U.S. dividend stocks have been growing in appeal.
http://jlne.ws/bUmNxo
Goldman Trades Where Morgan No Longer Treads With Gap Widening
BusinessWeek
Morgan Stanley executives have been trying to prove since the financial crisis that they run a different type of company than Goldman Sachs Group Inc. Investors may be finally starting to believe them.
http://jlne.ws/d1oz93
Former UBS global head of energy Trauber to get $30 million payment at Citigroup
New Kerala
NEW YORK : The former UBS global head of energy, Stephen Trauber, could get a $30 million payment over three years as head of global energy investment banking and vice chairman at Citigroup, media reports said on late Sunday evening.
http://jlne.ws/bRQfN2
Citigroup awards 6, will give CEO a raise
San Francisco Chronicle
Citigroup Inc., which is partly owned by U.S. taxpayers, awarded more than $37 million in shares to six top executives and said it plans to raise Chief Executive Officer Vikram Pandit's $1-a-year pay. Pandit, 53, declined more compensation for 2010 as other... Citigroup - United States - Chief executive officer - Vikram Pandit - Business
http://jlne.ws/d3Mfmj
New Citigroup banker could net 30 mln dlrs a year
NEW YORK (AFP) - Citigroup's top new banker, who defected from Swiss rival UBS AG earlier this month, could get a salary of up to 30 million dollars a year, The Wall Street Journal has reported.
http://jlne.ws/9ft0LC
Senior UBS banker bags role at Tesco
eFinancial News
A senior investment banker at UBS who advises companies in the retail sector has left to join the UK s largest grocer a second high-profile move from finance to industry this month.
http://jlne.ws/blko8k
Banks 'bending rules on liquidity'
Daily Telegraph
Britain's biggest banks, including government-backed Royal Bank of Scotland, are avoiding strict new regulations to prevent future failures by creating a range of products that bend the rules.
http://jlne.ws/b5edhx
RBS and NatWest customers can avoid Santander switch
Yorkshire Evening Post
Nearly two million Royal Bank of Scotland and NatWest customers can take action if they do not want their current account to be automatically transferred to Santander, it was
http://jlne.ws/aBotKW
Morgan Stanley floats to top of a fragile market
eFinancial News
Equity capital markets are lumpy and fiercely competitive at the best of times, and never more so than this year.
http://jlne.ws/9sYcWx
New Morgan Stanley Site Tracks Analyst Popularity
Reuters
NEW YORK - Morgan Stanley Smith Barney has introduced a system making it easier for advisers to find investment research, but the platform may also spark a popularity contest among analysts.
http://jlne.ws/dnYDs3
Customers can reject Santander move
Express and Star
Nearly two million Royal Bank of Scotland and NatWest customers can take action if they do not want their current account to be automatically transferred to Santander, it has been revealed.
http://jlne.ws/b10l9E
Barclays offering prisoner accounts
Express and Star
Barclays is to become the first major bank to offer basic accounts to prisoners reaching the end of their sentence, an ex-offenders association has said.
http://jlne.ws/cCq2Ch
Barclays Wealth continues US build-up
eFinancial News
Barclays Wealth, a unit of Barclays, hired a regional branch manager from Neuberger Berman and 14 investment representatives from rivals, continuing the firm's push to expand in wealth management in the Americas.
http://jlne.ws/aSmaYv
Barclays chief warns of more expensive borrowing
Yorkshire Evening Post
Barclays' incoming chief executive Bob Diamond renewed fears over the cost of borrowing today as he warned stricter banking rules will make funding more expensive.
http://jlne.ws/97z4Oy
JPMorgan in talks for RBS Sempra trading book: report
Reuters
JPMorgan Chase (JPM.N) is the frontrunner to buy the remaining infrastructure of RBS Sempra Commodities (SRE.N), the Financial Times said on Monday, citing people familiar with the deal.
http://jlne.ws/bkxWNZ
Bank of America Gets Into the Derivatives Clearing Business
The New York Observer
Bank of America Merrill Lynch today announced that it's getting into the business of clearing derivatives, which it expects will be quite lucrative. The new business segment will be called Global Futures and Derivatives Clearing Services (GFDCS), which will be part of the Global Markets Financing and Futures platform (GMF&F). The company said it will conduct "agent-clearing services for rates ...
http://jlne.ws/csRPOd
BofA Forms Clearing Services Group for Derivatives
BusinessWeek
Bank of America Corp., the largest U.S. bank, formed a futures and derivatives clearing services group in anticipation of greater demand in the $615 trillion over-the-counter derivatives market.
http://jlne.ws/9pda3z
BAML forms futures and derivatives clearing group
Bank of America Merrill Lynch (BAML) is to form a new clearing function, the Global Futures and Derivatives Clearing Services (GFDCS) group, in anticipation of an expected increase in OTC derivatives clearing following proposals in the US and Europe to centrally clear the majority of OTC derivatives trades.
The Trade News
http://jlne.ws/cZzSGb
Broker 'failed to disclose in-built charge'
Business Day
Derivatives broker CWA Global never disclosed the company's in-built charge of 25¢ for every dollar of risky financial product it sold, a former customer said yesterday.
http://jlne.ws/cyRaKy
Ex-Goldman Sachs Banker Denies Interest In Becoming UniCredit CEO
Dow Jones
http://jlne.ws/9PQXzd
Goldman Sex Discrimination Lawsuit: Bad Habits Die Hard
Naked Capitalism
Three women filed a sex discrimination suit against Goldman seeking class action status. It has gotten some attention in the press and on the Web for not the best reasons, namely, the complaint recounts in some detail how one of the plaintiffs, Christina Chen-Oster a convertible bonds sales rep, had had a colleague force himself [...]
http://jlne.ws/deB7jd
Goldman Sachs Involved In Anglo Irish Bank Bailout Shenanigans
Business Insider
But there is one part of this deal in which Goldman Sachs may have a slight conflict of interest. Anglo Irish is planning on buying the Quinn Insurance Group. Quinn owes Anglo Irish Bank 2.7 billion, and Anglo Irish believes the acquisition of Quinn is the best way to recoup that cash.
http://jlne.ws/9u1zti
UBS taps arch rival for Swiss wealth head
eFinancial News
UBS has appointed a new head of its wealth management business in Switzerland from its arch rival Credit Suisse, reversing a recent trend of its own private bankers moving the other way.
http://jlne.ws/bLT8s8
Regulators
UK Treasury to probe high-frequency trading
By Jeremy Grant, FT.com
The UK Treasury has commissioned a study into the practice in markets of ultra-fast automated trading because of concerns that a computer-generated error could have “significant impact” on the economy.
http://jlne.ws/9qLlky
FDIC faces costly WaMu claim
CNN Money
The hits keep coming for the Federal Deposit Insurance Corp. The bank wants the FDIC to cover the cost of defending lawsuits facing JPMorgan following its September 2008 fire sale acquisition of Washington Mutual, the Seattle thrift whose collapse ranks as the biggest-ever U.S. bank failure.
http://jlne.ws/aGSH0r
TC Chairman Gensler Says Position Limits Important for Commodities, CDS
By Ben Moshinsky and Caroline Connan, Bloomberg
Commodity Futures Trading Commission Chairman Gary Gensler said it's "important" to have limits on trading positions in credit-default swaps as well as for commodities derivatives. Regulators should have the authority to set position limits both on credit-default swaps and physical commodities derivatives, Gensler told a conference on financial rules in Brussels today. Limits "allow us to better protect against abusive practices."
http://jlne.ws/aULNg8
Warren Worked on Banks Lawsuit While Heading TARP Panel
By Robert Schmidt
Elizabeth Warren, named by President Barack Obama to set up the new consumer finance agency, was paid $90,000 this year to be an expert witness in a class-action lawsuit against some of the biggest U.S. banks.
Bloomberg
http://jlne.ws/8YUep7
ISDA spent $403,000 lobbying feds in 2nd quarter
INO News
(AP:WASHINGTON) The International Swaps and Derivatives Association, a trade group representing hundreds of banks and other companies, spent $403,000 in the April-June quarter to lobby on legislation overhauling financial regulations, a disclosure report shows.
http://jlne.ws/bj89YD
FSA Cracks Down On Financial Press
The Financial Services Authority (FSA) has ordered a clampdown on contact between the City and the press that threatens journalists' ability to shine a spotlight on the world of finance.
http://jlne.ws/ddKhIg
Global News
World Bank Conflict Report — MIA - Real Time Economics
By Bob Davis, WSJ.com
With the annual meeting of the World Bank and International Monetary Fund set to start next week, the two institutions compete in producing huge reports on big topics in the global economy. But the World Bank’s premier effort, the “Word Development Report” won’t be available. World Bank chief Robert Zoellick sent it back, marked up, for revision.
http://jlne.ws/cPp3Jw
South Africa Posts Trade Deficit
BY ROBB M. STEWART, WSJ.com
JOHANNESBURG—South Africa swung to a trade deficit in August from surpluses in the previous two months after a train derailment dented exports of iron ore from the mineral-rich country, official data released Thursday showed.
http://jlne.ws/9jHWr7
Wells Fargo brokerage business exits Canada
San Francisco Chronicle
Wells Fargo has decided to stop offering brokerage accounts in Canada as of today rather than comply with Canada's new national registration regime for foreign securities firms. Dean Foreman, a U.S. citizen who moved from Texas to Calgary last year for a job
http://jlne.ws/cYH6cT
Bank boss vows better deal for customers
Yorkshire Post Today
THE chief executive of the Royal Bank of Scotland Group (RBS) has said he is implementing reforms to improve the quality of lending to small businesses.
http://jlne.ws/b44Vbg
RBS cuts 500 investment banking jobs in London
eFinancial News
The Royal Bank of Scotland, which is restructuring its business after receiving a giant government bailout during the global financial crisis, said it will cut 500 investment banking jobs, mostly based in London.
http://jlne.ws/aBFm9W
RBS cuts 500 jobs
AFP
State-rescued Royal Bank of Scotland has cut another 500 jobs in the UK, mostly at its investment banking division, it announced in a statement.
http://jlne.ws/cwcgDH
Royal Bank of Scotland to sell operations in Chile to Canada's Scotiabank
Brandon Sun
TORONTO - Scotiabank (TSX:BNS) is making good on plans to capitalize on international opportunities, announcing Monday that it will acquire Royal Bank of Scotland's corporate and commercial banking operations in Chile.
http://jlne.ws/9RbDpD
Scotiabank buys Royal Bank of Scotland's Chilean operations
National Post
The Bank of Nova Scotia said Monday it has agreed to buy the Royal Bank of Scotland's corporate and commercial banking operations in Chile, further expanding its presence south of the equator.
http://jlne.ws/afS3S9
BAML dark pool connects to TORA Crosspoint
The Trade News
Asian trading technology provider and agency broker Tora has connected MLXN, the dark pool operated by Bank of America Merrill Lynch (BAML), to its TORA Crosspoint off-exchange liquidity venue, which trades Japan-listed securities.
http://jlne.ws/asDqc0
Spain Pressured to Show `Hair Shirt' Budget as Yields Rise
By Emma Ross-Thomas, Bloomberg
Finance Minister Elena Salgado is under pressure to reassure investors that Spain’s not going soft on austerity when she presents her budget today.
http://jlne.ws/coq4ZV
Ulster Bank appoints head of intermediary mortgages
Money Marketing Online
Ulster Bank has appointed Steve Curruthers as its new head of intermediary sales in Northern Ireland. Carruthers will be responsible for developing and growing Ulster Bank's share of the intermediary mortgage market in Northern Ireland supported by the Mortgage Intermediary Unit in Belfast.
http://jlne.ws/bTsm1k
OFT threatens debt management firms' licences
ShareCast
More than 100 debt management companies have been warned by the Office of Fair Trading that they risk losing their consumer credit licences if they don't make sure that they comply with the OFT's debt management guidance.
http://jlne.ws/ajfwn2
Record Ruble Bond Sales Lure Deutsche Bank, HSBC: Russia Credit
BusinessWeek
The biggest increase in ruble bond sales is spurring underwriters from Deutsche Bank AG to HSBC Holdings Plc to recruit bankers to help manage issues for the first time in at least two years as Russia's economy rebounds.
http://jlne.ws/9LVqgE
UK to mull splitting big banks
AFP
The British government on Friday announced an inquiry into possible reforms of the banking sector, including the thorny question of whether their retail and investment operations should be split.
http://jlne.ws/9Grq0M
European Central Bank: Results Of The Euro Money Market Survey 2010
Press Release
Today the European Central Bank (ECB) is publishing the results of a survey entitled "Euro Money Market Survey 2010", which highlights the main developments in the euro money market in the second quarter of 2010, in comparison with the second quarter of 2009.
http://jlne.ws/cxgbC5
Santander to add 400 jobs in Britain
Interactive Investor/ Reuters
Spanish bank Santander said its British unit planned to hire 400 call centre staff to maintain customer service levels following a period of steady expansion.
http://jlne.ws/aGJ9or
***CN: A case of job increases.
Santander Likely to Prove Skeptics Wrong
Smart Money
The Spanish bank's expansion plans will pay off in the long run.
http://jlne.ws/9XtiZN
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