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Knight Link ranked number one Dark Pool
FREE ARTICLEDecember 2nd, 2008 - Knight Link ranked number one Dark Pool by share volume in Tabb Group's LiquidityMatrix for October 2008 read this
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Air Canada to Receive C$70mln From Reward Tickets
FREE ARTICLEAir Canada released today in a statement that it reached an agreement with Aeroplan to speed up payment terms of Air Canada Reward Tickets issued through May 29, 2009. This agreement will result in approximately C$70mln in payments to Air Canada by Decem read this
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BOE: UK Oct Mortgage Approvals Stagnant at 32k
FREE ARTICLE<p style="text-align: left;">UK mortgage approvals remained in the doldrums in October with just 32,000 loans greenlit, the Bank of England reported.</p> <p style="text-align: left;">That figure is slightly lower tha read this
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New NET2S report confirms, one year into MiFID, the best execution battle has truly begun
FREE ARTICLENovember 28th, 2008 - Five new Alternative Trading Venues are now competing for best execution read this
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Preview: Canadian Fiscal Update
FREE ARTICLETomorrow afternoon at 4:00 p.m. EDT, the Department of Finance will release the Economic and Fiscal Update from Parliament Hill. Both the Canadian Prime Minister and Finance Minister have repeatedly said this week that Canada is entering a “t read this
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Fidessa signs up European clients to ILA strategy
FREE ARTICLENovember 24th, 2008 - 20 European clients signed up for Fidessa's Intelligent Liquidity Access Strategy read this
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Former BOC Gov. Recommends a Policy Response to Credit Crisis, Praises BOC Inflation Targeting Role
FREE ARTICLEDavid Dodge who served as BOC governor from 2001 until last year, has made several recommendation for domestic and international policy reforms according to a release distributed by the C.D. Howe Institute today. Among them: - Better tools for prudential read this
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Carney: There Need for International Monitoring
FREE ARTICLEIn a speech addressing the UK Chamber of Commerce Mark Carney, governor of the BOC made some suggestion on building continuous markets. He said that even under stress core markets such as interbank lending, commercial paper and repo for high-quality secu read this
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Chi-X Global acquires Cicada
FREE ARTICLENovember 18th, 2008 - Exchange technology specialist to become exchange services unit of Chi-X Global read this
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Masonite Fighting for its Life
FREE ARTICLEToronto-based Masonite International which was bought-out by Kohlberg, Kravis, Roberts & Co., 3 years ago for $1.9bln, is battling to stave off bankruptcy. The door and fiberboard producers, may be forced to file for bankruptcy unless it can convince read this
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FX Update: Cable Edged Higher Post CPI Data
FREE ARTICLEGBP mixed after UK CPI slowed to 4.5% y/y in October, which was well below the consensus and is the first drop since August 2007. The biggest downward effect on CPI came from cheaper fuel and transport cost, according to the ONS. Cable firmed and traded b read this
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More on UK Treasury:
FREE ARTICLEThe Treasury says the recapitalisation eligibility criteria include the capitalisation plan, a sustainable business model, a clear funding profile and credible business management. The Treasury also says if the issue is to provide capital, it will carr read this
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Moscow Says Oil Loan Talks with China to Begin Again Soon
FREE ARTICLEThe talks concern a $25 bln loan as part of a broader deal over crude supplies. The talks have been disrupted over disagreements about terms and state guarantees. read this
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FX Update: Sterling Spikes, Continues Monday's Rally
FREE ARTICLEGBP spiked higher amid US name demand, which lifted Cable to 1.5084 highs from European opening levels of 1.4980-85, while EUR/GBP triggered a round of stops below 0.8400 and extended to 0.8373 lows on UK clearer selling. The sterling move is a contin read this
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Credit Suisse awards major global hosting contract to Fixnetix
FREE ARTICLENovember 17th, 2008 - Fixnetix to provide leading investment bank with co-location and direct connectivity to European Exchanges & MTFs read this
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Markets Report
FREE ARTICLEStrongly firmer European stock markets dominated the morning news, along with further uncertainty surrounding sterling and weak GDP figures for the Eurozone as a whole and Germany and Italy indiviudally. read this
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Minutes From October 22 Financial Stability Oversight Board Meeting
FREE ARTICLEMembers discussed: <ul> <li>Aspects and implementation of TARP</li> </ul> <ul> <li> Terms under which private institutions could participate</li> </ul> <ul> <li> Executive compensation read this
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BOC Announces Terms for C$8bln Term Loan Facility
FREE ARTICLEThe BOC today announced it is conducting the C$8bln Term Loan Facility (TLF), announced y/day by Canadian Fin. Min. Jim Flaherty, through a single price auction with direct participants in LVTS who have already completed the necessary legal arrangements. read this
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Migratory links Tibco GI to Reuters RMDS
FREE ARTICLENovember 13th, 2008 - Migratory links Tibco GI to Reuters RMDS via its RMDS2WEB real-time push web server read this
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Solace Systems to collaborate with Arista Networks and NetEffect
FREE ARTICLENovember 12th, 2008 - Solace, Arista and NetEffect publish hardware architecture and demonstrate market data performance gain read this
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UniCredit selects Caplin Trader for e-FX trading
FREE ARTICLENovember 11th, 2008 - UniCredit's Markets & Investment Banking Division selects Caplin Trader as the basis of its new online single-dealer portal for FX trading read this
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NY FED: More Details on Money Market Purchases
FREE ARTICLEThe Federal Reserve Bank of New York on Monday announced it would begin funding purchases of eligible money market instruments on or about November 24 through the previously announced Money Market Investor Funding Facility (MMIFF). Additionally, the frequ read this
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TSY: No Comment on AIG CEO's Stmt That Prior Borrowing Terms Were 'Punitive'
FREE ARTICLEA Treasury spokesperson told reporters this morning that AIG's terms were the strictest guidelines available under Emergency Economic Stabilization Act, plus some extra rules that TSY requested. Some of the recent changes to borrowing terms were mad read this
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Develop Cleaning Algorithms from "Quality Money Management" by Andrew Kumiega and Benjamin Van Vliet
FREE ARTICLEAs the competition to produce and quickly deploy profitable trading models continues to increase, many participants are starting to pay more attention to refining their model development process. In the third of three excerpts from their book "Qua read this
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US Govt Restructuring Financial Support for AIG -- Fed Statement
FREE ARTICLEThe US Federal Reserve announced today that the US government is restructuring its financial support for American International Group (AIG) in order "to keep the company strong and facilitate its ability to complete its restru read this
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BOC Announces Details of Monday’s 10bln PRA
FREE ARTICLEDetails of Monday’s C$10bln, scheduled 28-day Term PRA transaction are: Auction : 9:00 a.m. Settlement: Nov 13 Maturity: December 11 The terms of the auction will be the same as for the 28th Oct 28-day Term PRA. Results of the auction will b read this
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Canada Not Finished Taking Steps to Bolster Economy
FREE ARTICLEThe Canadian government will continue to take actions to bolster the financial system and the economy Prime Minister Stephen Harper said today. "There has been some improvement in credit conditions but there are still some significant concerns and w read this
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CQG and NH Investment & Futures expand trading connectivity
FREE ARTICLE November 6th, 2008 - CQG Inc. and NH Investment & Futures enter into global agreement for CQG to provide trading connectivity read this
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Quarterly Refunding: TSY's Borrowing Needs Still on the Rise
FREE ARTICLEFrom TSY: "Over the last several months, changes in economic conditions, financial markets, and fiscal policy, as well as a decline in nonmarketable debt issuance have contributed to an increase in Treasury's marketable borrowing needs. [TSY] read this
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Building a better autoBRIC
SUBSCRIBERS ONLYAutomated Trader spoke to a range of market participants in Brazil, to gauge the take-up of automated and algorithmic trading in the first of the BRIC economies. read this
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The Shock of the News
SUBSCRIBERS ONLYMachines can read the news now, but can they be trusted to act on it? There’s been a lot of talk about machine-readable news since our Q1 2008 feature*, but does that go any further than adding bells, whistles and meta-tags to the text streaming acr read this
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Me and My Machine: The Automated Trader Interview
SUBSCRIBERS ONLYMiles Kumaresan, Head of Quantitative Trading at TransMarket Group Ltd, talks to Automated Trader’s Editor, William Essex, about the development of the company’s High Frequency Quantitative Trading Group. read this
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Saved by the bells?
SUBSCRIBERS ONLYIt’s not every MTF in Europe that has its own bell to sound the start of trading, but much of the comment on MiFID’s first year does have a celebratory ring to it. William Essex goes in search of harmony in a fragmented market. read this
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The Buyside Profile: Mergence, Cape Town, South Africa
SUBSCRIBERS ONLYHeadquartered in Cape Town, Mergence is an interesting mix of investment businesses; part absolute return fund, part multi-strategy hedge fund, and part long-only fund. Automated Trader talks to Brad Preston, Mergence’s Quantitative Analyst, about t read this
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Short Selling and Risky Margin
SUBSCRIBERS ONLYSince Automated Trader’s Q3 issue hit your desktops, we have been living in interesting times. In our conversations with you in the last few weeks before going to press, two things have been top of your agendas: The short selling ban on financia read this
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More from SLS Survey: Credit Card Loans
FREE ARTICLETerms on credit card loans have: 51.5% tightened somewhat 39.4% remained basically unchanged read this
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Sr. Loan Survey: Change in Terms of Loans for Small Firms
FREE ARTICLEMaximum size of credit lines: 10.9% tightened considerably, 49.1% tightened somewhat, 40% unchanged Maximum maturity of loans or credit lines: 5.5% tightened considerably, 52.7% tightened somewhat, 41.8% unchanged Cost of credit lines: 29.1% tighten read this
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Sr. Loan Survey: Change in Terms of Loans for Large and Midsized Firms
FREE ARTICLEMaximum size of credit lines: 10.9% tightened considerably, 58.2% tightened somewhat, 30.9% unchanged Maximum maturity of loans or credit lines: 5.5% tightened considerably, 56.4% tightened somewhat, 38.2% unchanged Cost of credit lines: 36.4% tight read this
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BOC Announces C$35bln Term PRAs Until Year-end
FREE ARTICLETomorrow at 9:00 a.m. EDT, the BOC will issue C$4bln, 91 day PRA maturing Feb 5 2009, to be followed on Nov 10 with a minimum C$8bln 28 day PRA maturing Dec 28. On Nov 18 another minimum C$4bln 28 day PRA will be issued, followed by another minimum C$4bl read this
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Researching Quantitative Methods from "Quality Money Management" by Andrew Kumiega and Benjamin Van Vliet
FREE ARTICLEAs the competition to produce and quickly deploy profitable trading models continues to increase, many participants are starting to pay more attention to refining their model development process. In the second of three excerpts from their book "Quali read this
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ICE to acquire The Clearing Corporation as clearing initiative advances
FREE ARTICLEOctober 31st, 2008 - IntercontinentalExchange, The Clearing Corporation and nine major dealers announce new developments in global CDS clearing solution read this
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GDP - consumer red flags
FREE ARTICLEToday's GDP data, on the face of it, were not that terrible - in fact, better than expected. Indeed the report included a particulary worrisome piece of consumption data. Disposable Personal Income was down 8.7% - the bigges read this
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Update: Japan Stimulus Package
FREE ARTICLEThe Japanese economic stimulus will be worth JPY 26.9trln in nominal terms, with more than 2trln available for bank recapitalisation, a 2trln cut in income taxes, new spending of 5trln, and help for small companies of 500bln. The total value of JPY 26. read this
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SIX x-clear comment on the DTCC/LCH.Clearnet Merger
FREE ARTICLEOctober 23rd, 2008 - Marco Strimer, CEO of SIX x-clear comments on the clearing landscape following the Depository Trust & Clearing Corporation/LCH.Clearnet merger read this
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UK SEPT RETAIL SALES UP 1.8% Y-O-Y, WEAKEST SINCE FEB 06; DOWN 0.4% M-O-M
FREE ARTICLERetail sales growth fell to its lowest yearly rate in two and a half years in September, largely due to weakness in household goods shops and department stores, official figures showed. The office for National Statistics (ONS) said retail sales grew 1.8% read this
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MFR's Recap of Yesterday's Market Activity
FREE ARTICLENovember 15 has been set for the G20 summit to discuss the financial crisis. It will be hosted by Pres Bush somewhere near Washington, D.C. In this environment, where just today we have seen oil come off another 7%, the CRB off 6% and the USD index up abo read this
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A stochastic model for order book dynamics
REGISTERED VIEWERSWe propose a stochastic model for the continuous-time dynamics of a limit order book. The model strikes a balance between two desirable features: it captures key empirical properties of order book dynamics and its analytical tractability allows for fa read this
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UK Treasury Says Banks Have Requested New Terms in Bailout Plan
FREE ARTICLEThe UK Treasury confirmed that British banks have requested new terms, such as lifting the dividend freeze, in the government's bailout plan. "All the parties agreed to the terms of the deal on Monday, and that's what stands," a Tre read this
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Turquoise selects Corvil for low latency electronic trading
FREE ARTICLEOctober 14th, 2008 - Turquoise deploys CorvilNet to monitor trading systems within its London-based market centre read this
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UK SEPT. CPI HITS 5.2% Y-O-Y, 16-YEAR HIGH AS UTILITY BILLS SOAR
FREE ARTICLEConsumer prices in the UK rose by their fastest rate on record in September, as electricity and gas bills rose to dizzying levels. The CPI rate of inflation, which the BOE attempts to keep at 2%, rose to 5.2% in September, the office for National Statist read this
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In the Markets
FREE ARTICLE* US Treasury to take preferred stock in nine U.S. banks * FED's Bernanke said that the groundwork for a recovery is being laid * Stocks rallied sharply on the global bail-out, Nikkei up 14.1%, U.S. futures extend gains * US Treasury yields read this
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FX Update- Cable
FREE ARTICLEGBP continued to trade on a firmer footing, with Cable extending to 1.7403 in holiday thin N.Y. trade. Sterling enjoyed a period of optimism after today's decisive measures taken by the U.K. authorities. These included capital investments in RBS, Llo read this
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US Opening Comments
FREE ARTICLEThis morning, the British government announced it will give GBP37bln in capital to RBS, HBOS and Lloyds TSB. Germany will provide up to EUR500bln in their rescue plan and the French and Italian governments are expected to reveal their plans soon. Also, th read this
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FX Update: Yen Slides Following Equities Rally
FREE ARTICLEUSD/JPY marks time around 100.40 in early NY trade, but remains off its Asian high of 101.18. The European equity market rally encouraged gains to 100.70-75, but follow through was capped by profit taking in the JPY crosses. Strong gains in EUR/JPY, GBP/J read this
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UK Bank Shareholders On Same Terms As Government-UK Treasury's Myners
FREE ARTICLEPaul Myners, who is overseeing the UK Treasury's partial banking nationalization plan, said ordinary shareholders in the banks participating will be treated on the same terms as the government. read this
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IMF: Discussing Potential Assistance to Hungary
FREE ARTICLEThe International Monetary Fund said Hungary is in close dialogue with the IMF in terms of possible technical and financial support. Increased pressure on Hungary comes despite improvements in its financial and macroeconomic policy, the Fun read this
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BOE's Sentance: Inflation May Well Undershoot Target
FREE ARTICLEAndrew Sentance, a member of the Bank of England's Monetary Policy Committee, told an audience at the Royal Bank of Scotland: * Inflation could conceivably undershoot the 2% target for a while, in the medium term, since inflationary pressures are read this
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BOE's Sentance: Inflation May Well Undershoot Target
FREE ARTICLEAndrew Sentance, a member of the Bank of England's Monetary Policy Committee, told an audience at the Royal Bank of Scotland: * Inflation could conceivably undershoot the 2% target for a while, in the medium term, since inflationary pressures are read this
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UK Sept Output Prices Down 0.3% m-o-m; Aug revised to show record monthly fall
FREE ARTICLEUK producers' output prices continued to fall in September, albeit at a slower pace than in August. Output prices dropped 0.3% on the month in September, the second month of decline following August's 0.7% fall. The August fall, previously es read this
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Lloyds TSB Revises HBOS Merger Terms
FREE ARTICLEHBOS shareholders now to receive 0.605 Lloyds shares for every one HBOS share. read this
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Canadian Snr Loan Officer Survey, Business Outlook Survey call for BOC rate cut
FREE ARTICLEThe results of both the Q3 Senior Officers' Loan Survey (SLOS) and the Autumn Business Outlook Survey (BOS) clearly suggested Canadian Businesses, though willing to invest, are unable to access funding at a reasonable price. These result read this
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AUGUST TRADE DEFICIT $59.1 BLN, AS IMPORTS FALL FASTER THAN EXPORTS
FREE ARTICLEThe trade deficit was $59.1 billion in August, in line with analysts expectations and an improvement from the revised July deficit of $61.3 billion. The August trade deficit shrank as imports fell faster than exports. Exports declined 2% in August as read this
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Preview: BOC’s Senior Loan Officers and Business Outlook Surveys
FREE ARTICLETomorrow at 10:30 am EDT the BOC will publicly release the Senior Loan Officers Survey for the first time. The bank will also release the Fall (Q3) Business Outlook Survey. Although there are many similarities between the BOC Senior Loan Officer Survey read this
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BOC Left Door Open to Further Cuts
FREE ARTICLEThe BOC could still cut its overnight interest rate again after y/day’s coordinated global rate action (which lowered Canada's benchmark 50bps to 2.5%). Canada's 6 banks have reduced their rates by only 25bps in response to y/day' read this
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FED Eases Securities Lending Terms
FREE ARTICLEStatement from FED: Effective immediately, the Federal Reserve Bank of New York’s Open Market Trading Desk is making the following temporary changes to the System Open Market Account ("SOMA") securities lending program: The minimum read this
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FX Update- USD
FREE ARTICLEUSD shot lower following the coordinated central bank intervention and continues to face selling pressure vs. most major currencies despite bouncing off overnight lows. Today’s coordinated rate cut yielded no change in terms of benchmark rate spre read this
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Update: ECB Dollar Liquidity Auctions
FREE ARTICLEThe ECB has scheduled nine auctions of dollar liquidity by the end of the year, with relatively long terms to shore up money markets. There will be one 28-day and one 84-day tender in October, November and December, with an additional 83-day tender on read this
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TAF Auction Schedule for Q4 - 2 more 3m $150mln added in December
FREE ARTICLEThe FED announced the schedule for the expanded TAF Auctions for Q4. Oct 20, Nov 17. and Dec 15. are the dates chosen for the FED 28 day TAF Auctions; $150bln will be offered at each auction. On Oct 6, Nov 3, Dec 1 and Dec 29 the read this
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TAF Auction Schedule for Q4 - 2 more 3m $150mln added in December
FREE ARTICLEThe FED announced the schedule for the expanded TAF Auctions for Q4. Oct 20, Nov 17. and Dec 15. are the dates chosen for the FED 28 day TAF Auctions; $150bln will be offered at each auction. On Oct 6, Nov 3, Dec 1 and Dec 29 the read this
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TAF Auction Schedule for Q4 - 2 more 3m $150mln added in December
FREE ARTICLEThe FED announced the schedule for the expanded TAF Auctions for Q4. Oct 20, Nov 17. and Dec 15. are the dates chosen for the FED 28 day TAF Auctions; $150bln will be offered at each auction. On Oct 6, Nov 3, Dec 1 and Dec 29 the read this
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UK AUG INDUSTRIAL PRODUCTION -0.6% M/M; MANUFACTURING -0.4%, LONGEST NEGATIVE RUN IN 28 YEARS
FREE ARTICLEThe manufacturing sector is in the worst state it has been for almost 30 years, official figures showed. Data from the ONS showed the decline in UK industrial production accelerated in August, missing analysts' forecasts and confirming that the cred read this
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PREVIEW: UK Aug Industrial Production Seen Falling Further
FREE ARTICLEUK industrial production looks set to continue its decline in August as the turmoil in credit markets impacts the real economy. Survey evidence, chiefly the CIPS manufacturing PMI, points to a very weak industrial sector. Economists expect industrial p read this
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FX Update: European Outlook
FREE ARTICLEThe RBA's mammoth 100bp rate cut -- its biggest since 1992 -- has set a precedent and boosted speculation for a coordinated round of global rate cuts to counter recessionary winds. That saw Australian stocks rally and Asian markets pare losses. Commo read this
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ICE Futures U.S. Announces Foreign Exchange Futures
FREE ARTICLESeptember 25th, 2008 - ICE Millions to Serve Buy and Sell Side FX Trading Needs read this
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Vox Pop: the short selling debate ignites
FREE ARTICLEThe bans on short selling have caused a huge furore in the industry, so in the first of its new Vox Pop series, Automated Trader has been getting the view from the sharp end. read this