DJIA Confirms New Lows Across Major US Indices
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S&P says the BOC is trying to ease tight credit conditions
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30yr Up 4-10 at 126-15
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S&P Down 3.8% to 776, Lowest Level Since Apr-97
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S&P Cuts GMAC Counterparty Risk Rating from CCC to CC
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Puts outpacing calls by about 684k on CBOE
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Troubled Assets Accounted for 2.4% of Total Assets in US Thrifts in Q3 (2.27% Prior) --OTS
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Pulte Homes (PHM) trade 15k $7.50 puts on CBOE thus far
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S&P Cuts Conoco from $90 to $68
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GM DEC. $3 puts trade 24k
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Problem Thrifts Increased to 23 in Q3 from 17 in Q2 --OTS
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C $5.00 puts for Nov & Dec trade 36k combined
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US Thrifts Had $7.9bln in Loss Provisions from $14bln in Q2 --OTS
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GM $3 and $4 Nov0 Call Strikes trade 21k, $3.00 Nov puts 24k
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US Thrifts Lost $4bln in Q3 After Losing $5.4bln in Q2 --OTS
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C 7.50 and $5.00 Call strikes trade combined 35k calls
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Treasury Does Not Anticipate Needing to Bailout More Money Market Funds
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$5.6bln to Come from Exchange Stabilization Fund
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Treasury To Allocate Up to $5.6bln to Facilitate Liquidation of Reserve US Government Fund
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Treasury to Backstop Securities in Reserve Fund's US Govt Fund
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August 22nd, 2008: SunGard has released the latest version of its cross-asset trading solution, Front Arena. Version 4.2 offers support for high volume FX and money market transactions, is able to price derivative instruments faster and can handle larger volumes of complex trades. This latest version of Front Arena includes three new features: support for grid computing; remote sheet calculations for large portfolios; and enhanced memory management

SunGard Releases Latest Version of Front Arena

Front Arena 4.2 has a single calculation engine, making it easier for customers to integrate new products. It also has a scenario engine and allows for parallel calculations thus helping lower total cost for integration for new instruments and easier integration of new models. Other features include: support for processing all major FX transaction types in an integrated cross-asset class application; a new server-side quoting component for highly competitive response times; better position analysis as standard; access to Front Arena business logic in Excel®; enhanced operations functionality; and new instrument support for fixed income, interest rate derivatives, credit products and structured equity products. It also supports the latest release of SunGards Monis for pricing of convertible bonds, and can use SunGards Adaptiv confirmation manager for back-office confirmations on equity derivatives.

A series of performance tests for Front Arena 4.2 were conducted with the solution running on Sun Microsystems SPARC Enterprise M8000 using four, direct attached Sun StorageTek 6140 Fibre Channel storage arrays. The M8000 was equipped with 256GB RAM and 16 SPARC64 VI dual-core processors running @ 2.28 GHz.

Ambreesh Khanna, Global Head, Financial Services Industry at Sun Microsystems: Front Arena 4.2 has been performance tested in collaboration with our systems, with simulations typical of tier one banks"

Ambreesh Khanna, global head, financial services industry at Sun Microsystems, explained: Front Arena 4.2 has been performance tested in collaboration with our systems, with simulations typical of tier one banks. With over 350 trades per second being processed through the system and over 100 simulated clients attached, users experienced sub-second position updates for large interbank trades.

Tim Dodd, head of product management for SunGards Front Arena, commented: Instruments like equity basket options, collateralized debt obligations (CDOs) and other path dependent instruments have become commonplace. The complexity and diversity of these vanilla instruments makes it tough to price them, therefore traders and risk managers need to get as much as they can out of hardware improvements such as parallel processing and grid computing. Front Arena 4.2 is designed to address this need.

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SunGard Releases Latest Version of Front Arena

Ambreesh Khanna, Global Head, Financial Services Industry at Sun Microsystems: Front Arena 4.2 has been performance tested in collaboration with our systems, with simulations typical of tier one banks"

Ambreesh Khanna, Global Head, Financial Services Industry at Sun Microsystems: Front Arena 4.2 has been performance tested in collaboration with our systems, with simulations typical of tier one banks"