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  • Speech Given By Mervyn King, Governor Of The Bank of England To The Institute Of Directors, St George’s Hall, Liverpool 18 October 2011

    Date 18/10/2011

    Mr Chairman, Ladies and Gentlemen, 

    Surrounded by the magnificent architecture of St George’s Hall, we are reminded of the benefits and the costs of exposure to the world economy.  Built at the peak of Liverpool’s mercantile fortunes, the Hall, and the other magnificent buildings of the cultural quarter, exhibit the prosperity derived from openness to trade.  Indeed, tonight is the anniversary of a grand banquet held here on 18th October 1860 to celebrate the opening of the public library and museum building that stands opposite.  Its construction had been financed by the guest of honour at the banquet that evening, William Brown, whose statue stands in the Hall today.  Brown had profited from transatlantic trade both as a merchant and by establishing a bank which financed trade – at the time a risky business.   In those days, finance and trade supported each other, and the city prospered.  But the subsequent history of St George’s Hall, which fell into neglect in the last century, illustrates Liverpool’s vulnerability to changes in the rest of the world.   

  • Statement Of Dissent, Position Limits For Futures And Swaps - CFTC Commissioner Scott D. O’Malia

    Date 18/10/2011

    I respectfully dissent from the action taken today by the Commission to issue final rules relating to position limits for futures and swaps. While I have a number of serious concerns with this final rule, my principal disagreement is with the Commission’s restrictive interpretation of the statutory mandate under Section 4a of the Commodity Exchange Act (“CEA” or “Act”) to establish position limits without making a determination that such limits are necessary and effective in relation to the identifiable burdens of excessive speculation on interstate commerce.

  • Russell Investments Expands Defensive And Dynamic Indexes To Global Markets - Russell's Innovative Investment Style Indexes Add Global Stock Coverage To Help Investors Better Navigate Increasingly Complex And Volatile Global Markets

    Date 18/10/2011

    Russell Investments, a pioneer in the notion of multi-factor style investing, yesterday announced that its Defensive and Dynamic Indexes, introduced in February 2011, will expand coverage beyond the U.S. stock universe to the 10,000 stocks tracked by Russell Indexes globally.

  • Statement Of Dissent, Final Rulemaking On Derivatives Clearing Organizations - CFTC Commissioner Scott D. O’Malia

    Date 18/10/2011

    Introduction

    Today, the Commission approved a final rulemaking on the operation of derivatives clearing organizations (each, a “DCO”). Of the Dodd-Frank rulemakings that the Commission has so far undertaken, this rulemaking is among the most important. I have been a strong proponent of clearing. In the aftermath of the Enron crisis, I witnessed first-hand how the creation of ClearPort ameliorated counterparty credit fears in the energy merchant markets and restored liquidity to those markets. I am certain that clearing will similarly benefit the swaps market, particularly by significantly expanding execution on electronic platforms, thereby increasing price transparency and discovery. Moreover, as we have seen in the 2008 financial crisis, clearing has the potential to mitigate systemic risk, by ensuring that swap counterparties – not hardworking American taxpayers – post collateral to support their exposures.

  • Kunlun Energy Co. Ltd Added To Dow Jones Emerging Markets Oil & Gas Titans Index

    Date 18/10/2011

    Kunlun Energy Co. Ltd of Hong Kong will be added to the Dow Jones Emerging Markets Oil & Gas Titans 30 IndexDow Jones Indexes announced today.