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  • There are a few signs that activity is starting to slow down. As players find themselves with a bit more time on their hands, it’s a near certainty that the talk of who has done well and, more likely, who has done badly will increase.
  • Icap reports its highest ever annual earnings this week and notes at the same time that comments that it was not anticipating becoming a victim of consolidation have resulted in its shares easing back. Revenue rose 18% to £1.3 billion ($2.6 billion). The contribution from its electronic broking areas, including EBS, increased 38% to £273.9 million, accounting for 32% of Icap’s revenues.
  • Normally, I wouldn’t be that concerned about things agricultural, but the latest US Farm Bill, passed recently by the US senate, also includes the Commodity Futures and Trading Commission Reauthorisation Act. The CFTC effectively regulates retail FX in the US.
  • State Street Global Markets has acquired SSISearch, a specialized service provider for international payment processing and settlement instructions. SSISearch operates the settlement directory for CLS members, which provides asset managers, banks and other institutions with immediate access to verified standard settlement instructions via a secure website or State Street’s Global Link network.
  • Bank of America has hired two new strategists in London. After a five-year stint at the IMF, David Hauner joins to lead economic analysis and strategy for emerging market countries in Europe, Middle East and Africa. David Powell joins after four years as a G10 currency strategist at IdeaGlobal. He will perform a similar role at BofA.
  • It seems just like yesterday that Merrill Lynch was shouting from the rooftops its latest global head and a new team to lead its FX business. Still, time moves swiftly in FX and the bank is much more circumspect these days. Word reaches me that Merrill has hired Andrew Bailey from Lehman Brothers to trade emerging market options in London. Furthermore, sources say that Colin George is on his way over to work in options from Calyon.
  • Lehman Brothers appears to be suffering a bit of an exodus from its options team. Scott McGreery is believed to have left the bank in Singapore. He joined in March 2007 from Citi. Meanwhile, Jelena Bosanac and Jacob Bartram are believed to have left the bank in London this week. The empty seats in the options area will come as a shock to Will Vogel, who is scheduled to join Lehman from Deutsche to trade options next week.
  • UniCredit Markets and Investment Banking has hired Keith Yanowitz to trade emerging market options. Yanowitz is well known to Ben Welsh, the banks global head of FICC, and Dan O’Sullivan, its head of global FX trading, having worked with them at HSBC New York. He will be based in New York and report locally to Nick Crawford.
  • Deutsche has hired several figures for its North American FX business. Greg Fiori joins from JPMorgan as an Aussie and Kiwi spot trader based in New York; he reports to Greg Knight, head of FX spot trading in North America.
  • The Managed Funds Association has asked the Securities and Exchange Commission to extend a proposed exemption, which would allow investment companies to invest in exchange-traded funds beyond current limits, to private funds.
  • Against a background of unrelenting bad economic news, we consider the looming dangers of the world’s largest unregulated insurance and financial market: credit default swaps.
  • This article is FREE access as part of the IFLR Bulletin. Take a two week trial to International Financial Law Review and find many more related articles.