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22 October 2012
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  Top Stories 
 
  • Canada blocks Malaysian firm's takeover of Progress Energy
    The Canadian government said it won't allow state-owned Malaysian company Petronas to buy Canadian natural gas producer Progress Energy Resources in a $6 billion deal. Canadian stock market traders braced for negative fallout from the decision as investors begin to question whether they might ever cash in on profitable takeover premiums. The Globe and Mail (Toronto) (tiered subscription model) (21 Oct.), Forbes (21 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • Investors embrace absolute return funds
    A double-digit stock market rally seems to be doing nothing to keep investors from pouring cash into absolute funds. These funds seek only to generate a small positive return regardless of what is going on in the broader financial markets. Reuters (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • FX market loses confidence in central banks' stimulus efforts
    JPMorgan Chase's G7 Volatility Index declined to a five-year low, a signal that the foreign-exchange market's confidence is waning over the abilities of central banks to bolster the global economy. Average daily forex volume was down 39% in September, compared with September 2011, according to the EBS trading platform from ICAP. Bloomberg (22 Oct.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • Unemployment falls in 41 states, government says
    U.S. joblessness declined in most states last month, the Bureau of Labor Statistics said. Unemployment fell in 41 states, rose in six states and remained unchanged in three, the agency said. Employers in California are putting new workers on their payrolls at a rate ahead of the national average. CNBC (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • China's yuan steadily replaces U.S. dollar in East Asia
    Many emerging market countries, concerned that the Federal Reserve's policies are destabilizing their economies, are linking local currencies to China's yuan, displacing the U.S. dollar as the key international currency, according to the Economist. "The greenback has in the past played a dominant role in East Asia," the magazine notes. "But if anything, the region is now on a yuan standard." The Economist (20 Oct.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers warn wealthy clients to sell assets
    Many financial advisers are telling their high-net-worth clients to sell or restructure financial assets before the end of 2012 to avoid triggering capital gains taxes next year. Advisers at companies including Bank of America, Bank of New York Mellon, JPMorgan Chase and U.S. Bancorp are talking with their wealthy clients about shifting assets to tax-deferred accounts, converting IRAs, selling appreciated securities, making large gifts to heirs and exercising stock options. Bloomberg (19 Oct.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • Basel Committee will take a close look at securitization
    The Basel Committee on Banking Supervision plans a review of how securitization is regulated, said Secretary-General Wayne Byres. "What will come out before the end of the year will be more a concept paper than a detailed set of rules," he said. "It'll pose some questions." Bloomberg (22 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.K. regulators are poised to tackle high-speed trading
    Vince Cable, the U.K.'s secretary of state for business, innovation and skills -- spurred by a recent report on high-frequency trading -- is ready to seek better risk management of computer trading. The notion is that while algorithmic trading has enhanced liquidity, it falters when it is most needed, such as during a crisis. The Telegraph (London) (20 Oct.) LinkedInFacebookTwitterEmail this Story
  • SEC's new capital rule for derivatives may be doomed
    With the option for big U.S. banks to monitor their own risk internally, the Securities and Exchange Commission's proposal that banks hold more capital for their securities derivatives may fail, observers say. The complex modeling that banks will use may enable them to simply produce the result they want, some point out. "You have to ask the question: If the regulators can't figure out the value-at-risk modeling, what is the point of all this?" asks former Goldman Sachs banker Wallace Turbeville. MarketWatch (19 Oct.) LinkedInFacebookTwitterEmail this Story
  • Questions remain about changes brought about by MiFID
    Europe's Markets in Financial Instrument's Directive is nearing its fifth anniversary and lawmakers, regulators and market participants are hashing out its revisions, known as MiFID II. Most parties agree that MiFID, which encouraged more competition in the trading landscape, helped reduce trading costs and forced upgrades at exchanges. However, questions remain about some of the changes resulting from MiFID. Financial News Online (U.K.) (subscription required) (22 Oct.) LinkedInFacebookTwitterEmail this Story
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