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CMC has hired Ahmed El Sayed, previously at Bank of New York, in the role of business development executive as part of its drive to increase its presence in the Middle East. He reports to Rob Gray.

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It’s logical that brokers such as Icap and Tullett Prebon should face being downgraded by the analysts who cover them. After all, they face many challenges. A degree of consolidation is taking place in their client base, let alone in some of the more lucrative markets they operate in. That said, I would still have thought that their diversification of offerings makes them better bets than certain regulated exchanges, which look to be veritable one-track ponies in comparison.

Inter-dealer broker GFI has poached a foreign exchange team from its rival TFS-Icap.

Exchange traded funds’ assets under management are expected to reach USD1 trillion by 2009 and to double that amount by 2011, Financial News reports. The move is part of investors’ desire for more liquid, passive investments. At present, there are USD800 billion in assets under management in ETFs globally.

Claymore Securities President Christian Magoon says that Barack Obama's victory will benefit alternative energy exchange-traded funds. The U.S. may even surpass Europe and Asia as the biggest growth market for alternative energy ETFs, he told PFR sister publication Fund Action. "The U.S. has not had as many favorable alternative energy measures, such as tax credits or subsidies, but with Obama there may be more measures put in place similar to European measures" that encourage alternative energy development, said Magoon.

News of the defeat of the Treasury’s $700 billion bailout package by the House of Representatives rocked the commercial real estate industry. Shares of real estate investment trusts dropped a precipitous 6.85%, roughly in line with the 6.98% drop in the Dow Jones Industrial Average. Spreads on benchmark 10-year, 30% subordination AAA-rated commercial mortgage-backed securities widened by 30 basis points. Spreads widened by as much as 100 basis points on BBB-rated securities.

The $74.5 billion Washington State Investment Board has issued an RFQ for real asset and emerging market real estate consultants to advise the board. "We are seeking to add value to each asset class as well as to diversify and those two areas have stood up particularly well in this market," said Search Coordinator John Lynch. The board will pick about five firms for a pool of pre-qualified consultants that can be tapped on a project basis. Responses are due Nov. 14 and the board hopes to have contracts signed by December.

The outlook for EMEA’s banking systems is generally negative, however the extent differs significantly across economies and markets, and even within markets. In these conditions it is particularly important to accurately assess the credit risk and individual banks within those markets, and correctly identify where the risks lie.

The Securities and Exchange Commission has approved a request from Barclays Global Investors to construct exchange-traded funds that invest in other ETFs, clearing the way for other ETF providers to begin launching their own offerings. BGI plans to launch a lineup of iShares target-date retirement funds in the next few weeks that will use the structure. Paul Justice, ETF strategist at Morningstar, said the approval benefits investors and expects to see more firms launch ETFs of ETFs. “It further removes the individual investor from the issue of rebalancing and we think that’s good for investors who are long-term focused,” he said.

ETF provider, iShares has appointed Nizam Hamid as managing director and head of sales strategy for iShares in Europe.

Junior AAA-rated commercial mortgage-backed securities are seeing yields top 16%. The bonds, known as the AJ tranche, remain a very solid investment with little downgrade risk, said Darrell Wheeler, managing director at Citibank. "[AJs are] likely a great long-term value that can be realized over the next couple of years, even in a recession," he said.