GSCI Ex-US

• G20: US wants to reduce European (UK and France) seats at the IMF, to give a larger vote to developing countries (India an China)
• IMF: formed to stabilize exchange rates and facilitate development though highly leveraged loans. Currency code XDR : special drawing rights, currency basket (USD,EUR,YEN,GBP). Sold part of their gold reserves to make up for budget shortfall
• Zhou Xiachuan (China Central Bank boss): international monetary system too volatile; dollar should be eventually replaced by XDR. Could be more stable, but lower growth
• Stupidity is back: Twitter valued at $1bn
• S&P GSCI (GS Commodity Index) looking at ex-US index, due to pending trading regulations
• JP Morgan Chase represents 30% CDS market - same % when it was first created 16 years ago. CDS only really being used by the largest banking institutions
• Liquidnet released 'Supernatural' - help Euro customers find dark pools. Dark pools are estimated at 8% of Euro trade volume.