TC Chairman Gensler Says Position Limits Important for Commodities, CDS
By Ben Moshinsky and Caroline Connan
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."
Bloomberg
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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
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
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
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
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
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
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
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
LONDON (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
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
BAML dark pool connects to TORA Crosspoint
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.
The Trade News
http://jlne.ws/asDqc0
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
Société Générale's Quantitative Electronic Services (QES) automated trading division has added Chile to its list of trading destinations.
The Trade News
http://jlne.ws/bhPPMQ
Long, slow' summer to weigh on brokers
Analysts cut quarterly profit forecasts for Goldman, Morgan Stanley
By Alistair Barr, MarketWatch
SAN FRANCISCO (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
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
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
OFT threatens debt management firms' licences
ShareCast
LONDON (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
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
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