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07 December 2012
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  Top Stories 
  • Big Lots CEO faces inquiry over stock sale
    Federal prosecutors are conducting a criminal investigation into Big Lots CEO Steven Fishman's sale of $10 million of stock before a company announcement that led to a drop in the share price. Big Lots said in a filing with the Securities and Exchange Commission that a grand-jury subpoena was issued by the U.S. Attorney's Office in Manhattan for records relating to the sale. The Wall Street Journal (06 Dec.) LinkedInFacebookTwitterEmail this Story
Sector SPDRs carve the S&P 500 into nine sector exchange-traded funds (ETFs) that conveniently, efficiently, and affordably provide sector exposure while giving investors the unique ability to customize the S&P 500 to meet specific investment objectives.
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  Market Activity 
  • Asian-Pacific markets mixed as traders await U.S. jobs data
    Asian-Pacific markets were mixed Friday as investors took cautious positions awaiting the release of data on the U.S. labor market. Hong Kong's Hang Seng Index edged down 0.3%. China's Shanghai Composite rose 1.6%. Japan's Nikkei 225 slid 0.2%. South Korea's Kospi advanced 0.4%. Australia's S&P/ASX 200 added 0.9%. India's Sensex was down 0.4% at midafternoon. MarketWatch (07 Dec.), The Economic Times (India) (13 Dec.) LinkedInFacebookTwitterEmail this Story
  • France gets record-low yield in $5.2B bond sale
    France's cost of borrowing fell to a record low in the sale of $5.2 billion of bonds. Benchmark 15-year bonds sold at an average yield of 2.56%, less than the previous record low of 2.85%. Yields also fell for six- and seven-year maturities. Bloomberg (06 Dec.) LinkedInFacebookTwitterEmail this Story
  • Major fund managers cut exposure to investment-grade debt
    Worried that yields on high-quality U.S. corporate debt are so low that there's no room for gains, some of the biggest fund managers are scaling back exposure to investment-grade bonds. Fearful that even a small increase in interest rates could trigger major losses, some are shifting funds to European debt and the highest-yielding bonds. The Wall Street Journal (06 Dec.) LinkedInFacebookTwitterEmail this Story
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• Updates on IFRS debate—latest news from SEC
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• Discuss how to meet information needs of the investment community
Optional pre-conference workshops 8–9 January 2013.
  • BoE holds quantitative easing and rates
    With the U.K. economy poised between growth and contraction and questions about the effectiveness of the Bank of England's quantitative easing, the central bank has decided not to extend the program. The BoE also decided to leave interest rates at a record-low 0.5%. BBC (06 Dec.) LinkedInFacebookTwitterEmail this Story
  • Analysis: U.K. appears to favor EU withdrawal
    The U.K.'s Conservative Party, which leads the governing coalition, seems ready to embrace an EU exit. The action would be a reckless gamble on Britain's future, according to The Economist. "Difficult and often humiliating as it may be, the best course is to stick close to Europe, and try to bend it towards Britain," the magazine notes. The Economist (08 Dec.) LinkedInFacebookTwitterEmail this Story
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Director, Conferences — EMEA
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  • SEC lets actively managed ETFs use derivatives
    Norm Champ, director of the Securities and Exchange Commission's investment-management division, says the regulator will drop a blanket prohibition on use of a significant amount of derivatives by actively managed exchange-traded funds. Instead, the SEC will bar derivatives use to increase returns or deliver the inverse performance of an index, he said. Bloomberg (07 Dec.) LinkedInFacebookTwitterEmail this Story
  • CFTC might delay overseas swaps rules
    The Commodity Futures Trading Commission is considering postponing some overseas swaps rules as mandated by the Dodd-Frank Act, sources say. After postponing other rules, CFTC officials have indicated that more delays are likely. "We have and will continue to grant requests for phased compliance," Chairman Gary Gensler said. Not everyone supports postponement. Commissioner Scott O'Malia says the CFTC's rule-making process has started to "resemble Swiss cheese." Bloomberg (06 Dec.) LinkedInFacebookTwitterEmail this Story
  • U.S. power regulator isn't targeting Wall Street, chief says
    Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, says recent enforcement action shouldn't be taken as a sign that the agency is out to get Wall Street. "We're not trying to push anybody out of any business," he said. "We're just trying to make sure that the markets are operating fairly and that there is a minimum of fraud and manipulation." Reuters (06 Dec.) LinkedInFacebookTwitterEmail this Story
  • SEC study: Debt issuers would be fine under money-fund revamp
    Cities, states and businesses that issue short-term debt would not be harmed by proposed money-fund rules, according to a study by the Securities and Exchange Commission. The study contradicts claims by the mutual fund industry that the rules would disrupt markets for short-term debt and hurt the economy. Bloomberg (06 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Iran sanctions settlements will cost $670M, StanChart says
    Standard Chartered expects that settlements with U.S. authorities regarding allegations of violating Iranian sanctions will total $670 million. "The group remains in active and constructive discussions with the other U.S. agencies on the resolution of the group's historical U.S. sanctions compliance," the bank says. The Guardian (London) (06 Dec.) LinkedInFacebookTwitterEmail this Story
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