WTI

• Expected dip in mortgage delinquencies: peak in 2010, then fall. 3Q2009, delinquencies were at 6.25%, 3x historical norm
• UC Rusal likely to be able to list on HK Exchange before the end of year; looking to gain additional capital to finance a massive amount of debt
• Strong demand in Asia, Opec production cuts, excess inventory in the US: WTI is trading les than Brent, Dubai crude
• First Bangladesh derivatives trade: FX options denominated in the taka against the dollar. HSBC used historical spot, forward data to construct product, given the absence of implied volatility
• Fiscal Stability Improvement Act