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08 October 2012
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  Top Stories 
  • Venezuelan voters re-elect Chavez as president
    Venezuelan President Hugo Chavez defeated Henrique Capriles by a wide margin despite mounting concerns about crime and the economy. "I congratulate the opposition and the directors of the opposition, because they recognize the victory of the people," Chavez said. "That's why I send them this salute and put out my arms to them, because we are all brothers in the fatherland of Bolivar." Chavez will be in office until early 2019, if his health holds. Los Angeles Times (tiered subscription model) (07 Oct.), The Telegraph (London) (08 Oct.), The Washington Post (07 Oct.) LinkedInFacebookTwitterEmail this Story
  • Settlement could set pattern for Lehman clients
    In a deal that could lead to 100% recovery of property for clients, the estate of Lehman Brothers Holdings settled $38 billion in claims with a London affiliate. "The agreement resolves tens of billions in claims from [Lehman Brothers Inc.'s] largest single customer claimant and will allow for customer and creditor distributions much sooner than if [Lehman Brothers International Europe's] claims involving hundreds of thousands of transactions were litigated," brokerage trustee James Giddens said. Financial Times (tiered subscription model) (05 Oct.), Bloomberg Businessweek (06 Oct.), Reuters (05 Oct.) LinkedInFacebookTwitterEmail this Story
  • Dodd-Frank stumbles in court challenges
    The Dodd-Frank regulatory legislation that was approved by Congress after much agonizing and opposition is being picked apart in successful court challenges. "The judges seem more than willing to say that the rules adopted in the aftermath of the financial crisis simply can't be enforced because of procedural defects," said Donald Langevoort, a professor of securities at Georgetown University. The Washington Post (05 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Asian-Pacific markets fall amid ongoing concerns about Europe
    European debt issues offset strong U.S. employment figures to help drive down markets across the Asia-Pacific region Monday. China's Shanghai Composite fell 0.6%. Hong Kong's Hang Seng Index gave up 0.9%. Australia's S&P/ASX 200 dropped 0.3% and South Korea's Kospi Composite declined 0.7%. Japan's markets were closed for a holiday. The Wall Street Journal (08 Oct.) LinkedInFacebookTwitterEmail this Story
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  • World Bank forecasts slowing growth for developing East Asia
    The World Bank released a report predicting that growth in developing East Asia, which does not include India and Japan, will decline from 8.3% in 2011 to 7.2% this year. The lender said policymakers in developing East Asian countries have room to ramp up stimulus. Bloomberg (08 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.K. government looks for additional budget reductions
    The U.K. government is determined to find more budget cuts to reach its goal of deficit reduction despite a double-dip recession. "I want us to be the party that absolutely levels with the British public and talks very plainly and straightly about what needs to be done because the fact is we have to find those spending reductions," Cameron said. He also said Britain will veto the EU budget if the bloc doesn't learn to live within its means. Reuters (07 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.S. job picture brightens with plunge in unemployment
    The U.S. unemployment rate plunged to 7.8% in September, the lowest rate in nearly four years. Revised numbers for earlier months also showed stronger hiring patterns than previously reported. "It's a good report. The picture is still not a great one, but it's not so bad given the unusual headwinds that we have been faced with," said Ray Stone, an economist at Stone & McCarthy Research Associates in Princeton, N.J. Reuters (05 Oct.) LinkedInFacebookTwitterEmail this Story
  • Fed's Beige Book is expected to tell tale of economy
    An upbeat tone generated by the latest U.S. jobs report might not be long lived. The Federal Reserve's Beige Book is expected to reflect continued skepticism about the employment situation, although there is evidence that consumers are spending again. MarketWatch (07 Oct.) LinkedInFacebookTwitterEmail this Story
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  • EU panel contemplates prison time for rate manipulation
    A prison term would be one possibility for anyone found guilty of manipulating benchmark interest rates under a measure expected to receive approval from the European Parliament's Economic and Monetary Affairs Committee. Sovereignty issues, however, could block ultimate passage. Reuters (05 Oct.) LinkedInFacebookTwitterEmail this Story
  • HFT company Tradeworx will lend a hand to SEC
    The Securities and Exchange Commission acknowledged that it has struggled to keep up with high-frequency-trading strategies and has sought the help of Tradeworx, a New Jersey trading firm. This month, Tradeworx will send experts to Washington, D.C., to help the SEC with a computer program that offers a real-time window into markets. The program is part of an effort to monitor trading and rein in certain practices. The New York Times (tiered subscription model) (07 Oct.) LinkedInFacebookTwitterEmail this Story
  • Swaps dealers can shed enforcement concern, CFTC's Chilton says
    Bart Chilton, a member of the Commodity Futures Trading Commission, said swaps dealers do not have to worry about enforcement action while they get up to speed on rules that take effect Friday. The rules, which are befuddling many, are part of the Dodd-Frank Act. Reuters (05 Oct.) LinkedInFacebookTwitterEmail this Story
  • Players in fund industry caution about reviewing UCITS
    The fund industry is increasingly concerned that the European Commission will subject Undertakings for Collective Investment in Transferable Securities assets to stricter rules, which could boost risk and strangle innovation. Financial Times (tiered subscription model) (07 Oct.) LinkedInFacebookTwitterEmail this Story
Each charterholder has a tale to tell. What's yours?
  Financial Products 
  • Northern Trust's FlexShares ETFs are among top new funds
    Northern Trust exited the exchange-traded-fund market more than three years ago, then re-emerged with a lineup. The Chicago custody bank rolled out four FlexShares ETFs during the past 12 months, and each was among the top 20 of 213 funds launched during the year in the U.S., according to Morningstar. The Wall Street Journal (05 Oct.) LinkedInFacebookTwitterEmail this Story
Policy, Politics, and Bond Markets
James Grant

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