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26 October 2012
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  Top Stories 
  • 9 more major banks reportedly receive subpoenas regarding Libor
    New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen subpoenaed nine of the largest banks in the world as part of an inquiry into possible manipulation of the London Interbank Offered Rate, a source said. The officials reportedly are investigating Credit Suisse, Lloyds Banking Group, Bank of Tokyo-Mitsubishi UFJ, Bank of America, Societe Generale, Royal Bank of Canada, WestLB, Norinchukin Bank and Rabobank Groep. Seven other banks previously received subpoenas. Financial Times (tiered subscription model) (26 Oct.), The Wall Street Journal (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Business won't improve no matter who wins U.S. election, execs say
    The outcome of the U.S. presidential election won't have a significant effect on business conditions, according to 63% of executives responding to a survey at the annual conference of the Association for Financial Professionals. About 54% of CPA executives responding to another survey said the highly politicized atmosphere in Washington, D.C., won't improve after the election. (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Study: Nearly 1M jobs have already been lost because of "fiscal cliff"
    With the "fiscal cliff" still two months away, the U.S. is already losing nearly 1 million jobs as employers lay off workers, delay purchases and leave vacant positions empty, according to a study by the National Association of Manufacturers. If Congress fails to head off spending cuts and tax hikes scheduled to take effect Jan. 1, nearly 6 million jobs will disappear through 2014 and the jobless rate will rise close to 12%, the study concluded. The Washington Post (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Japan adds $9.4B to stimulus program
    Worried about falling consumer prices, Japan announced a $9.4 billion economic stimulus. Economy Minister Seiji Maehara said the effort will boost gross domestic product by 0.1 percentage point. Bloomberg (26 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Credit Suisse reportedly plans U.S. stock exchange
    Credit Suisse is working on a plan to launch a stock exchange and is in talks with U.S. regulators, sources said. The Swiss bank reportedly wants to convert its Light Pool trading platform, which handles less than 1% of daily stock trading in the U.S., into a full stock exchange. The Wall Street Journal (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • China replaces U.S. as top destination for foreign investment
    During the first six months of 2012, China overtook the U.S. as the world's biggest recipient of foreign direct investment, according to the U.N. Conference on Trade and Development. About $59 billion flowed into China, down 3% compared with the first half of last year, while the U.S. received $57.4 billion, 39.2% less than in the first six months of 2011. China Daily (Beijing) (26 Oct.) LinkedInFacebookTwitterEmail this Story
  • Initial unemployment claims decline, but 4-week average rises
    Americans applying for unemployment benefits for the first time numbered 369,000 last week, down 23,000 from the previous week's revised 392,000. The four-week rolling average, considered a more accurate picture of the labor market, reached 368,000 last week, up from 366,500 the previous week. Bloomberg (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.K. emerged from double-dip recession in Q3
    The U.K. Office for National Statistics said the economy expanded 1% in the third quarter compared with Q2, ending a double-dip recession. "We still have a long way to go and there are still difficulties ahead, but I think these figures do show that we are on the right track, we have got the right approach," Prime Minister David Cameron said. The Telegraph (London) (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Debate about fiscal austerity diverges from reality
    Spending cuts aren't automatically good or bad, but supporters and critics have overlooked that as they debate fiscal policy, according to The Economist. "What matters is how austerity is imposed and what other policies accompany it," the magazine notes. "The experience of the past couple of years argues against sudden sharp cuts, and especially against tightening more when the economy turns out weaker than expected." The Economist (27 Oct.) LinkedInFacebookTwitterEmail this Story
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  • EU weighs position-limit rule for commodity derivatives
    Going beyond EU draft law presented last year, a compromise plan being considered would restrict the number of commodity-derivatives contracts that traders could enter. However, the position-limit rule, drafted by Cyprus, which is holding the EU presidency, would not apply when businesses use derivatives to hedge against investment losses. Bloomberg Businessweek (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • FSB prefers structured approach to legal-entity identifiers
    The Financial Stability Board decided to go with a structured approach to legal-entity identifiers. Depository Trust & Clearing and the Society for Worldwide Interbank Financial Telecommunication, which have been issuing numbers since August for the Commodity Futures Trading Commission, have been using a random approach for LEIs. Securities Technology Monitor (25 Oct.) LinkedInFacebookTwitterEmail this Story
  • Italian regulator says transaction tax will boost hedging costs
    Italy's stock market regulator said the government's financial-transaction tax will make hedging against risk more expensive. The levy is 0.05% of most transactions, including derivatives. Ultimately, the tax will curb excessive risk taking, officials said. Reuters (25 Oct.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Van Eck seeks SEC approval of ETF focused on nonagency RMBS
    Van Eck Global filed with the Securities and Exchange Commission to launch an exchange-traded fund that would provide exposure to nonagency residential mortgage-backed securities. The Market Vectors Non-Agency RMBS ETF would be linked to a proprietary index of mortgage securities that don't qualify for backing by Fannie Mae, Freddie Mac or Ginnie Mae. (24 Oct.) LinkedInFacebookTwitterEmail this Story
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