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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September 18th, 2008 - SIERRA First Order helps Sovereign Bank to automate transaction workflow, streamline operations

Sovereign Bank now live with SIERRA First Order fromGL TRADE Capital Markets Solutions

Patrick Cannon, MD, GL TRADE North America Capital Market: "The implementation of SIERRA First Order will allow Sovereign Bank to achieve straight through processing, keep improving its investment performance, lower risks, and reduce costs for its FX retail trading operation”.

L TRADE has announced that Sovereign Bank has gone live with GL TRADE’s SIERRA First Order. Sovereign Bank will now be able to provide its clients with a sophisticated web-based trading tool to strengthen its retail FX business.

SIERRA First Order is a web-based order management engine that provides distributed, cross product trading tools. Designed for both institutional market making and retail-trading environments, SIERRA First Order automates the transfer of deal capture activities from customers and institutional clients to the trading room desktop.

Patrick Cannon, managing director of GL TRADE North America Capital Markets Solutions business unit said: “In the rapidly growing FX retail market, banks have to adopt high technology solutions to increase customer satisfaction, operational agility and flexibility. The implementation of SIERRA First Order will allow Sovereign Bank to achieve straight through processing (STP), keep improving its investment performance, lower risks, and reduce costs for its FX retail trading operation”.

“At Sovereign Bank, we are always looking for ways to better serve our clients,” said Robert F. Murray, Sovereign’s senior vice president, Capital Markets. “We understand the FX business is important to our clients so we have aimed to provide the best FX retail trading experience for them. SIERRA First Order enables our clients to have easy access to streaming rate dealing, position management, deal status check and current market quotes. The decision to select SIERRA First Order to complement our ASPEN offering allows us to streamline our retail and interbank FX operations by fully automating the transaction workflow.”

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