BoC To Auction C$2bln In 30 Day TLF on Monday
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White House Officially Signs Off On Automaker Loan Agreements
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Fed to Further Revise TALF Terms Based on Market Needs Going Forward
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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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Obama - need bold approach to stop rapid econ decline
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Community Bankers Trust Gets $17.68mln of TARP Funds
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Obama - concerned about Stimulus estimates; econ forecasts have deteriorated
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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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Instinet Launches NighthawkSM Liquidity Aggregation Algorithm

Instinet, a global agency broker, has launched NighthawkSM, a stealth liquidity aggregation algorithm that simultaneously accesses most major pools of dark liquidity, including Liquidnet H20, NYFIX Millennium?, Pipeline and Instinet?s various sources of upstairs liquidity. Users can also add an ECN sweep module to Nighthawk, providing access to Nasdaq?s INET, NYSE Arca and the BATS ECN.

?With dark books growing increasingly popular, market fragmentation has become more of an issue,? said Michael Plunkett, President, North America, Instinet. ?While fragmentation has always been a concern, traders now have technologies like Nighthawk to help them access these not only these hidden liquidity pools, but also ECNs, thereby improving their chances to achieve best execution while retaining anonymity.?

Nighthawk, which is available immediately through Instinet?s NewportTM and Instinet Trading Portal? front-ends, allows traders to choose among three visibility levels?gray, dark gray and black?depending on their desired execution timeframe and visibility preferences. The algorithm helps traders avoid paying the spread through passive pricing tactics and intelligently manages the allocation of the order to the various market venues.

?Trade volumes continues to explode while average shares per trade plummet, and the resulting fragmentation of liquidity makes it increasingly complicated for traders to meet best execution requirements,? said Gavin Little-Gill, Research Area Director, TowerGroup. ?Fragmentation is being further complicated by the increased use of crossing networks and internalisation that can make pockets of liquidity invisible or inaccessible to institutions. Tools that provide both access and the ability to act against these sources of liquidity change the rules of the game.?

Nighthawk becomes the ninth algorithm in Instinet?s suite of global trading strategies. These include scheduling algorithms, such as VWAP or Percentage of Volume; investment strategy-specific algorithms for pairs trading and risk arbitrage; and intelligent access algorithms, such as Nighthawk, BlockPegSM and Cobra, which was released earlier this year.

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