Canada's New Toyota Plant Will Create 1200 Auto Jobs
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Shumer-Congress Realizes Letting Big 3 Fail 'Catastrophic"
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Chrysler Needs $4 bln To Get Through March 31-CEO Nardelli
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Big 3 All Support Oversight Board In Loan Program
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March 31 Can Be a Deadline for Showing Progress with Bailout Money--Nardelli
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Fed Expected To Reject Auto Bailout-WSJ
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GM head - significant amount of CDS written against GM paper that would be triggered should GM declare bankruptcy
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Nardelli - talking balance sheet concesssions in effort to get "bridge loan"
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Redbook SSI Index - only positive gains - Discount Stores up 0.2% in November
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Redbook details - Apparel index down 9% in Nov, Department Stores down 13.6%
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Redbook SSI - 22.5% retailers posted positive comps, 72.5% posted Negative Comps
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Citadel Lost 13% in November, 47% YTD --WSJ
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Crude Falls Below $44 Handle
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Freddie: US 1yr TSY-Indexed Hybrid ARMs Averaged 5.02% Last Week (5.18% Prior)
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Freddie: US 5yr TSY-Indexed Hybrid ARMs Averaged 5.77% Last Week (5.86% Prior)
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US 15yr Mortgage Rates Edge Up to 5.33% from 5.74% Last Week --Freddie
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Earlier: US 30yr Fixed Mortage Rate: 5.53% vs. 5.97% Prior Week --Freddie Mac
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Crude Challenges But Stays Below $45 Handle
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Vehicle Sales, Market Share, Price = Variables Could Drive Bailout Costs Toward $75-$125bln Range --Moody's
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November Johnson Redbook Retail Sales -3.3%
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Bank of America pilots FX dealing algorithm

Bank of America is expanding its automated trading capabilities with the launch of its first algorithm for foreign exchange dealing.

The US west coast bank says its new Trade Weighted Average Price (Twap) algorithm is designed to deliver an average execution price while minimising market impact. The bank says Twap is in pilot with a select group of users and will be rolled out more broadly over the coming months.

The extension of automated algorithmic trading systems from equities to other asset classes has long been predicted. Bank of America's move follows the release by Citigroup subsidiary Lava Trading of a similar FX dealing program just last week.

Bank of America is reporting growing uptake of its suite of e-FX trading services. During the first half of 2006 the bank says it exceeded 11,000 global users for its FX ETS platform and grew electronic transaction volumes by 90%. Clients can now access liquidity through over 20 platforms, says Scott Freeman, head of FX ETS for Bank of America, including third party destinations such as TradingScreen, FXall, Currenex, 360T and most recently, Integral's FX Inside.

Improvements to pricing and risk management - including the delivery of live options trading over the Web - follow the bank's acquisition at the turn of the year of Massachusetts-based Financial Labs, which specialised in the provision of sophisticated auto-dealing software for foreign exchange.

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