First Impressions

Simon Puleston Jones, CEO of FIA Europe – In pursuit of Happiness
JohnLothianNews.com

“Try to find someone who does things right that you really aspire to be over the course of your career.”

Simon Puleston Jones, CEO of FIA Europe, gives advice for balancing personal life with career life. Jones begins his presentation with an acronym for “DREAM”, discussing how happiness and achieving your goals is related to Diligence and drive, Relationships and recruitment, Education and ethics, Adjustments and appreciation, and Mistakes and mentors. He stresses that your career should be something you truly enjoying waking up for and how some perks such as fancy cars and large boats can be outweighed by having a family and raising children. Jones shows that happiness is not about materialistic possessions, but rather the relationships you build with others and the experiences you have throughout your life.

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Quote of the Day

“We understand the risks of doing our job poorly and of becoming too close to the firms we supervise. We work hard to avoid these risks and to be as fair, conscientious, and effective as possible.”

William C. Dudley, the president of the New York Fed in the story, “After Criticism, Fed Will Study Wall St. Oversight”.

Lead Stories

Mario Draghi Says E.C.B. Will ‘Do What We Must’ to Stoke Inflation
DAVID JOLLY – NY Times
Mario Draghi, the European Central Bank president, strongly signaled on Friday that he and his colleagues were preparing a new round of powerful monetary stimulus to jolt the flagging eurozone economy at a time when the risk of deflation is growing.
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The World Bank risks sliding into irrelevance
Financial Times
A few years ago, turmoil at the world’s main development bank would have generated headlines across the globe. Today it barely causes a ripple. The World Bank is in the throes of an organisational restructuring unleashed by Jim Yong Kim, its president. The end product remains as murky as ever.
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Citigroup Said to Be Ousted From ECB FX Group for Rigging
Gavin Finch – Bloomberg
The European Central Bank ejected Citigroup Inc. (C) from its foreign-exchange market liaison group after the U.S. bank was fined for rigging the institution’s own currency benchmark, two people with knowledge of the move said.
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BNP Paribas Cuts Eight from U.S. Junk-Bond Trading Team
Katy Burne – WSJ
BNP Paribas SA has cut a group of junk-bond salesmen in the U.S., including team head Kevin Cook, according to people familiar with the matter. The cuts were made Thursday, the people said, the same day the French bank shook up its investment-banking division and a created a new global-markets team.
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Central Banks

After Criticism, Fed Will Study Wall St. Oversight
Peter Eavis – Dealbook – NY Times
Under pressure to show that it is up to the task of regulating giant Wall Street firms, the Federal Reserve issued a surprise announcement on Thursday that it would review crucial aspects of its bank supervision.
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Federal Reserve Could Add to Toolkit for Raising Rates
Pedro Nicolaci da Costa – MoneyBeat – WSJ
Federal Reserve officials discussed at their October meeting a new tool to use when it comes time for them to start raising short-term interest rates from near zero, according to minutes of the meeting released Wednesday.
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Why the ECB Needs to Go Risk-On
Alen Mattich – MoneyBeat – WSJ
The screws are tightening on the European Central Bank. And its president, Mario Draghi, is responding.
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PBOC Said to Inject Funds as IPO Demand Triggers a Cash Squeeze
Robin Ganguly and Kyoungwha Kim – Bloomberg
The People’s Bank of China was said to have added money to the banking system today as a cash shortage stemming from new share sales drove the benchmark money-market rate up by the most since July.
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Currencies

Ex-Credit Suisse Trader’s Hedge Fund Sees Crowded Yen Shorts
Netty Ismail – Bloomberg
Charlie Chan, a former Credit Suisse Group AG proprietary trader who now runs his own hedge fund, is looking to get out of his position selling the yen.
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Euro Slides Most in 1 Year Against Yen on Draghi Stimulus Speech
Bloomberg
The euro dropped the most in more than a year against the yen as European Central Bank President Mario Draghi said policy makers would broaden asset purchases if the inflation outlook for the region slowed.
Currencies of commodity exporters including Australia and New Zealand climbed after China cut interest rates for the first time since 2012. Switzerland’s franc fell amid speculation the nation’s central bank is intervening to defend a 1.20-per-euro cap. Japan’s currency strengthened versus most of its 31 major peers, and pared a fifth straight weekly drop against the dollar, after Japan’s Finance Minister Taro Aso said the currency had depreciated too rapidly.
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Indexes & Index Products

U.S. Tri-Party Repo Indices and Related Futures Products from BNY Mellon and CME Group to Provide Investors with Powerful New Interest Rate Risk Management Tools
BNY Mellon, a global leader in investment management and investment services, and CME Group, one of the world’s leading and most diverse derivatives marketplaces, today announced a collaboration that will provide investors with important new interest rate hedging tools that leverage BNY Mellon’s strengths as a U.S. Tri-Party Repo agent and custodian and CME Group’s leadership as a derivatives marketplace.
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Gold

Top Performing Gold Miner Readies War Chest in Bust Industry
Thomas Biesheuvel – Bloomberg
The gold industry is a “busted flush,” said Mark Bristow, surveying the ruin wrought by a 38 percent slump in the bullion price from a 2011 peak. For the Randgold Resources Ltd. (RRS) chief executive officer, that’s an opportunity.
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