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  • The switch to lower minimum price increments that came into effect in the US listed equity options market in February is making the market more efficient, according to a report. Earlier this year, the US options industry switched its minimum price increment from $0.05 (nickels) to $0.01 (pennies) in 13 key option classes under a pilot programme mandated by the SEC. The switch to penny pricing is already having a positive impact for users of equity options, according to Aite Group, a US consultancy firm.
  • Foreign bank interest in Turkey’s fast-growing banking market shows no sign of slowing down, with ING of the Netherlands the latest new entrant into the country’s increasingly cosmopolitan financial services sector. In June, ING signed a contract with the Armed Forces Pension Fund (Oyak), to acquire its subsidiary, Oyak Bank.
  • The third draft of Italy’s covered bond legislation has been published.
  • The most common subject when foreign banks talk about expansion in Australia is wealth management. Paul Masi, chief executive at Merrill Lynch, which focuses successfully on Australia’s ultra-rich, talks of "a unique franchise" and wants to get bigger. Steve Harker, chief executive at Morgan Stanley, has also marked it down.
  • Traders hoping that an uptick in volatility is here to stay should be careful what they wish for.
  • Commodity debate: Finding the diamonds in the dust
  • Rob Lichten has left his role as global head of FX sales and trading at JPMorgan to take what the bank described as a long sabbatical. His decision came after the bank decided to merge its G10 FX and rates businesses and combine all its emerging markets into its wider EM platform. The bank later announced that Chris Willcox and Matt Zames would co-head global rates and currency trading, excluding Asia ex-Japan.
  • Jack Jeffery, chief executive of electronic broking at Icap, quit the broker almost a year to the day after its purchase of EBS. Jeffery, who was parachuted into EBS from Citi in February 2002, had overseen EBS’s integration into Icap, which moved swiftly to replace him, announcing that market veteran John Nixon had assumed the role.
  • Global Maritime Investments fund has annualized net returns of more than 30%. Founder/partner Steve Rodley of manager M2M explains to Helen Avery how shipping hedge funds are meeting investor demand for diversification and performance.
  • On his return to the firm, John Mack demanded a complete overhaul of the MSIM division. That required taking risks and laying bets, but the latest results suggest the division is back on track and might be building a formidable business. Peter Lee reports.
  • UniCredit stole a march on its banking rivals in late June with the signing of an agreement to buy at least 85% of Kazakhstan’s fifth-largest financial services provider, ATF Bank. The roughly $2.2 billion transaction will catapult the Italian bank to the top of the foreign bank pile in the oil-rich central Asian republic, with UniCredit leapfrogging such rivals as Citi, Deutsche Bank, HSBC and ING, which all have long-established operations in the country.
  • All the global players have a presence in Australia, which is the fourth-largest asset management market in the world. Chris Wright looks at their strategies.