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Fed Extends TALF Loan Maturity from 1yr to 3yrs
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TALF Loans No Longer Distributed Through Auction, Available to All Eligible Borrowers --NY FED
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BoA Sells $6.75bln of FDIC-Backed Debt
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IL Governor intends to stay on the Job; will answer questions in appropriate forum
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Obama - economists insist economy must be put back on track first
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Obama - part of econ plan...mechanism to get budgets under control
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Obama - once we get economy back on track, we will be confronted w/ "this enormous deficit"
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Obama - will change how business is done in D.C.; no road to nowhere...
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Obama - focus on job creation, increasing demand, fix financial markets will cost significant amount of money
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Community Bankers Trust Gets $17.68mln of TARP Funds
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Obama - must have reciprocity in Trade Agreements; labor, environmental agreements must be part of trade agreements
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Obama - must rebuild regulatory structure
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Obama - create jobs and train workers for them; the way to keep jobs in the U.S. is to rebuild infrastructure
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No FED speeches scheduled thru year end - barring unforseen events
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Petrobras Gas, Oil Output Totaled 2.17mln BPD in November
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December 19th 2007 - BNY ConvergEx has become the second firm this month to introduce a suite of algorithms for options trading amid a rosy outlook for electronic volumes growth. In June, BNY ConvergEx acquired LiquidPoint, which was responsible for routing or executing nearly a quarter of the daily listed options trading volume in the US, according to Bank of New York.

BNY ConvergEx boosts competition in options algorithms

Electronic trading of options has been increasing due to regulatory changes in the market. At the beginning of the year, a pilot program was introduced to allow exchanges to quote options in pennies, rather than nickel and dime increments, with the aim of reducing spreads and increasing volumes.

Nasdaq is due to launch an equity and index options market. Chris Concannon, executive vice-president at Nasdaq, has said the move to decimalization will shift the competitive landscape toward market platforms that are equipped to handle extremely high volume with an equally strong level of efficiency.

The ConvergEx options algorithmic suite is powered by LiquidPoint technology and consists of three strategies called piranha, shark and angler.

Piranha continuously sweeps the six current US options exchanges and redirects orders as market conditions change for traders who are looking for liquidity without getting caught in linkage between the trading venues and affecting the quoted prices.

Shark conceals orders from the marketplace until the order can be filled and gives users the choice to execute on just one exchange or across all six. Angler allows users to choose how much of a large order they wish to display.

ConvergEx is also developing other algorithms to allow traders to use volatility-based strategies and integrate with its equity algorithms.

Joe Corona, head of strategic development, LiquidPoint. said: "We have seen a significant uptake of Piranha since we started releasing it to our clients last month. We also have four or five other algos in the pipeline that deal with volatility and delta orders that will harness the power of Piranha, Shark or Angler and integrate with our equity algorithms.”

Last week, UBS said it is launching a suite of algorithms for options, making it one of the first investment banks to tap the market. The bank said its clients' use of electronic trading for options has grown exponentially in the last six months, and it is planning to release algorithms for more complex strategies in the first quarter of next year.

Consultancy Aite Group has predicted that by the end of this year, 7% of order flow in the US options market will be algorithmically generated and grow to 20% by 2010.

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