Merrill Lynch said it will take a Q4 charge of $2.2 billion, mainly to cover the elimination of 9,000 jobs. Merrill said the job cut number includes all reductions since November, including a new round of 1,200 job cuts in
After months of silence, Equilend has finally announced a COO and CTO for the securities lending consortium. Brent Bessire will be COO and be responsible for formalizing the infrastructure of the company, and will work with platform participants to provide
In an interview with GC.com, Clearnet managing director Victorien Goldscheider has hit back at claims by London Clearing House (LCH) that the choice of Central Counter Party (CCP) provider to Euro MTS is a "no brainer" see News Item below,
In strong opposition to a proposal by the Japanese Ministry of Finance to tax cross border repurchase (repo) transactions, John Vogt, executive vice president of The Bond Market Association, says in a letter to Treasury Secretary Paul O'Neill that the
Metropolitan West Securities will reportedly purchase Cantor Fitzgerald LP's securities lending operation, sharing profits from the acquisition with Cantor Fitzgerald for two years, according to Bloomberg. The Cantor Fitzgerald division manages about $3.4 billion in customer assets.
KAS BANK clearing specialist on Euronext Paris KAS BANK is the first General Clearing Member of Euronext that is able to provide clients of the three underlying Euronext exchanges with its services from one portal instead of from three different
Shaun Parkes, former vice president and global product manager for collateral management services at the Bank of New York (BNY) office in London, says he joined Deutsche Bank primarily because he saw vast potential for growth. Certainly, hiring Parkes is
Citibank Worldwide Securities Service (WWSS) Thailand was recently awarded Securities Borrowing and Lending (SBL) Agent license from the Thailand Ministry of Finance (MOF). In Thailand, there is a mandatory stock borrowing and lending program that is operated by the Thailand
The JSE Securities Exchange South Africa ("the JSE") and GL TRADE announced that they have signed an agreement whereby GL TRADE will provide the JSE with its professional trading front end GL WIN for use on the JSE and the
SecFinex, the on line securities finance marketplace launched amid considerable scepticism among established intermedairies, says it is making real progress. Trading volumes, says SEcFione, are now averaging 300 transactions a day worth a total of 3 billion. The firm is