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EUROPE Friday October 4 2013

World Business Newspaper


9 7 7 0 1 7 4 7 3 6 1 5 9
4 0
Oct 3 prev %chg
S&P 500 1672.96 1693.87 -1.23
Nasdaq Comp 3760.06 3815.02 -1.44
Dow Jones Ind 14969.54 15133.14 -1.08
FTSEurofrst 300 1242.18 1247.14 -0.40
Euro Stoxx 50 2902.12 2918.31 -0.55
FTSE 100 6449.04 6437.5 +0.18
FTSE All-Share UK 3435.72 3432.23 +0.10
CAC 40 4127.98 4158.16 -0.73
Xetra Dax 8597.91 8629.42 -0.37
Nikkei 14157.25 14170.49 -0.09
Hang Seng 23214.4 22984.48 +1.00
FTSE All World $ (u) 253.02 -
COMMODITIES
Oct 3 prev chg
Oil WTI $ Nov 104.10 104.10 -
Oil Brent $ Nov 109.19 109.19 -
Gold $ 1,315.25 1,286.60 28.65
price yield chg
US Gov 10 yr 99.03 2.61 -0.01
UK Gov 10 yr 96.07 2.70 -0.01
Ger Gov 10 yr 101.64 1.82 0.00
Jpn Gov 10 yr 101.50 0.64 -0.01
US Gov 30 yr 98.72 3.70 -0.01
Ger Gov 2 yr 100.16 0.17 0.00
Oct 3 prev chg
Fed Funds Ef 0.07 0.08 -0.01
US 3mBills 0.03 0.01 0.02
Euro Libor 3m 0.16 0.16 -
UK 3m 0.51 0.51 -
Prices are latest for edition
Oct 3 prev
$ per 1.362 1.359
$ per 1.617 1.623
per 0.842 0.837
per $ 97.3 97.3
per 157.3 157.9
$ index 84.6 84.7
SFr per 1.226 1.225
Oct 3 prev
per $ 0.734 0.736
per $ 0.618 0.616
per 1.187 1.194
per 132.5 132.2
index 83.1 83.6
index 95.97 95.70
SFr per 1.455 1.463
STOCK MARKETS CURRENCIES INTEREST RATES
World Markets
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Belgium 3.50 Morocco Dh40
Bulgaria Lev7.50 Netherlands 3.50
Croatia Kn27.50 Nigeria Naira715
Cyprus 3.30 Norway NKr32
Czech Rep Kc120 Oman OR1.50
Denmark DKr31 Pakistan Rupee 200
Egypt E19 Poland Zl 16
Estonia 4.00 Portugal 3.50
Finland 4.00 Qatar QR15
France 3.50 Romania Ron17
Germany 3.50 Russia 5.00
Gibraltar 2.50 Saudi Arabia Rls15
Greece 3.50 Serbia NewD420
Hungary Ft920 Slovak Rep 3.50
India Rup85 Slovenia 3.50
Italy 3.50 South Africa R32
Jordan JD3.25 Spain 3.50
Kazakhstan US$5.50 Sweden SKr36
Kenya Kshs300 Switzerland SFr5.70
Kuwait KWD1.50 Syria US$4.74
Latvia Lats3.90 Tunisia Din6.50
Lebanon LBP7000 Turkey TL7.75
Lithuania Litas15 UAE Dh15.00
Luxembourg 3.50 Ukraine 5.00
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THE FINANCIAL TIMES
LIMITED 2013 No: 38,358

Printed in London, Liverpool, Dublin,


Frankfurt, Brussels, Milan, Madrid,
New York, Chicago, San Francisco,
Washington DC, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi
Italian prosecutors
seek JPMorgan trial
Prosecutors in Siena have
asked a judge to force bank
JPMorgan to stand trial for
obstructing regulators, amid
a probe into Italys scandal-
hit Monte dei Paschi and its
buyout of a rival. Page 13
Abenomics struggles
Data this week show that
corporate lending by Japans
banks has flatlined at about
Y270tn ($276bn) over the past
year, in spite of Abenomics
and the BoJs efforts. Page 4
Egypt unrest brews
Pro-Morsi campus protests in
Egypt are a sign that seats
of higher learning are set to
re-emerge as the main
incubators of political unrest
that they were under Hosni
Mubaraks rule. Page 5
Boat tragedy kills 90
More than 90 migrants from
Africa died after a fishing
boat carrying them from
Libya caught fire and sank
near an Italian island. Page 4
World Cup quandary
Senior chiefs of Fifa, world
footballs authority, meet in
Zurich today to discuss the
awkward question: what to
do about the 2022 World Cup
in Qatar. Page 3
Fears for Bangladesh
Bangladeshs war crimes
tribunals, where opposition
parties leaders are accused
of crimes during the 1971
split from Pakistan, threaten
to radicalise the Muslim
country. Global Insight, Page 4
Syria rebels unify
Islamist rebels in Syria have
asked al-Qaeda fighters to
pull back from confrontation
with another rebel group,
showing that the opposition
is finding middle ground.
Page 5; www.ft.com/syria
TCS plans UK listing
Russian credit card provider
TCS has launched plans for
a London IPO to raise up to
$750m in the latest sign that
Russian groups are returning
to capital markets. Page 13;
www.ft.com/lombard
News Briefing
TOMORROW IN
FT WEEKEND
Act rich, stay
cool, avoid
inflatables...
Peter Aspden on
the 10 things you
should know about
contemporary
art fairs
Life & Arts
Can Bitcoin clean up its
act after FBI seizure?
Markets, Page 26
Saving Sothebys
The auctioneer should go private. Lord Gowrie, Page 9
Treasury and IMF warn of
dire consequences of default
By James Politi in Washington,
Michael Mackenzie and Tom
Braithwaite in New York
US banks were stocking cash
machines with extra funds,
investors dumped Treasury
bills and US equity indices sank
yesterday in a sign of mounting
unease that Washington risks
defaulting on its debt later this
month.
On the third day of a govern-
ment shutdown, policy makers
and business leaders expressed
increasing concern that Repub-
licans and Democrats would not
reach a deal ahead of the Octo-
ber 17 deadline to raise the debt
ceiling.
Christine Lagarde, managing
director of the International
Monetary Fund, warned of dire
consequences for the rest of the
world if the stalemate was not
resolved.
The government shutdown
is bad enough, but failure to
raise the debt ceiling would be
far worse, she said. It is mis-
sion critical that this be
resolved as soon as possible.
Two of the countrys 10 big-
gest banks said they were
putting into place a playbook
used in August 2011 when the
government last came close to
breaching the debt ceiling.
One senior executive said his
bank was delivering 20-30 per
cent more cash than usual in
case panicked customers tried
to withdraw funds en masse.
Banks are holding daily emer-
gency meetings to discuss other
steps, including possible free
overdrafts for customers reliant
on social security payments
from the government.
The US Treasury has said the
US could run out of money to
pay its bills as early as October
17 if there is no deal.
A default would be unprece-
dented and has the potential to
be catastrophic: credit markets
could freeze, the value of the
dollar could plummet, US inter-
est rates could skyrocket, the
Treasury said yesterday, citing
negative spillover effects
around the world.
The S&P 500 was down 1.2
per cent by midday in New
York. It was on course for its
worst one-day performance
since late August.
Premiums for insuring
against a US sovereign default
over the next year rose from
around 30 to 54 basis points.
As the debt ceiling deadline
looms, money funds are looking
to lighten up on their holdings
of October-dated bills, traders
said. Barack Obamas adminis-
tration and Democrats believe
that funding the government
should not be a matter for nego-
tiation, but Republicans in Con-
gress have held firm in their
attempts to extract concessions
from the White House.
Additional reporting by Robin
Harding in Washington and
Richard Blackden in New York
US shutdown, Page 2
New York Notebook, Page 8
Comment, Page 9; Lex, Page 12
The Short View, Page 13
Markets, Pages 24 & 25
www.ft.com/shutdown IMF head Christine Lagarde: it is mission critical that this be resolved as soon as possible Reuters
Citi fined
$30m over
iPhone
research
By Camilla Hall, Kara Scannell
and Richard Blackden
in New York
Citigroup has been fined $30m
for passing unpublished
research to a handful of clients,
including embattled hedge fund
SAC Capital, giving them an
opportunity to trade on weaker
sales of Apples iPhone ahead of
other investors.
Kevin Chang, the Taipei-based
analyst at the centre of the case
who has since been fired by the
bank, covered companies includ-
ing Hon Hai Precision Industry,
an Apple supplier.
After other analysts cut their
Apple iPhone order estimates
for Hon Hai, he received multi-
ple email enquiries from hedge
fund clients as to his thoughts
on the forecasts, according to a
consent order from the Massa-
chusetts Securities Division.
An employee of SAC Capital
wrote: Hey Kevin, Are you
picking up any order cuts to
iPhone? He received similar
emails from Citadel, GLG Part-
ners and T Rowe Price.
Mr Chang later forwarded
them previews of unpublished
estimates in which he cut his
Apple iPhone order forecasts by
26.7 per cent a day before they
were published.
SAC Capital declined to com-
ment, as did Citadel. Neither
GLG Partners nor T Rowe Price
had any immediate comment.
The watchdog said that SAC
Capital, T Rowe Price and Cita-
del executed sales of Apple
stock on December 13 and 14.
Apples share price fell 5.2 per
cent between 9am and close of
play on December 14. GLG did
not sell any Apple shares during
this period.
The investors were not
charged with wrongdoing.
While Citigroup accepted the
facts of the consent order, it nei-
ther admitted nor denied break-
ing the law.
Citigroup said: We take our
regulatory compliance require-
ments very seriously and train
all of our employees about these
obligations.
A default would be
unprecedented and
has the potential to be
catastrophic
US Treasury
Banks boost cash stocks amid panic fears Pressure on shares and dollar
US 1-month Treasury bill
Source: Bloomberg
Yield (%)
Jun
2011
12 Oct 13
-0.05
0
0.05
0.10
0.15
Hedge funds step in shadows of
repo market as banks pull back
By Tracy Alloway and
Arash Massoudi in New York
Some of the best-known hedge
funds have stepped into the
shoes of Wall Street banks and
expanded into the $5tn repo
market, where financial compa-
nies lend out their assets in
exchange for short-term loans.
The rise of non-bank partici-
pants in this market comes
as new rules make the decades-
old business less attractive
for banks.
It marks an evolution of mar-
kets since the 2008 financial cri-
sis, which has seen the with-
drawal of banks from certain
markets and activities where
they were once the main actors.
Hedge funds including Och-
Ziff and Moore Capital have
begun expanding their repo
business, according to people
familiar with the matter.
At the same time, broker-
dealer Pierpont Securities has
joined with a California-based
start-up to build a platform that
directly matches borrowers with
lenders in the repo market.
The shadow banking system,
which encompasses less-regu-
lated financial groups such as
hedge funds and asset manag-
ers, has grown since the crisis
as banks shrink their balance
sheets under greater regulatory
scrutiny.
If past is prologue, when
banks step away from a funda-
mentally attractive business,
non-bank institutions will step
in, said Steven Abrahams,
strategist at Deutsche Bank.
Mr Abrahams said he
expected big money managers
and new capital markets vehi-
cles to fill some of the gap.
The repo market is a vital
source of credit, though it has
come under scrutiny for playing
a big role in the financial crisis.
Banks have used the market
to pawn their assets in
exchange for short-term loans,
but they also act as intermediar-
ies arranging repo deals
between other entities.
It is this match book repo
business that some banks say
they may be forced to shrink
because of leverage ratio rules
that would require them to hold
more capital against all the
assets on their balance sheets.
That could wipe out the thin
strip of profits banks eke out of
the business, bankers say.
Some analysts expressed
doubt that hedge funds would
find repo financing profitable.
Banks have traditionally offered
repo services as an add-on to
other businesses that generate
more fees. Hedge funds also
tend to have a higher cost of
funding than banks.
Och-Ziff, Moore Capital and
Pierpont declined to comment.
AntiAmazon law
Frances parliament has passed
a law aimed at online retailer
Amazon that will prevent
internet booksellers from
offering free delivery, in an
effort to protect the countrys
traditional bookshops. Aurlie
Filippetti, culture minister,
criticised Amazon for its
strategy of dumping, saying
it used offers of free delivery
to get around French laws that
control the price of books.
Report, Page 13
OCTOBER 4 2013 Section:FrontBack Time: 3/10/2013 - 20:30 User: digbyt Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
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The global economy is expe-
riencing transitions on an
epic scale, Christine
Lagarde, managing director
of the International Mone-
tary Fund, said yesterday,
warning that turbulence in
emerging markets would
knock 0.5 to 1 percentage
points off their growth.
Ms Lagardes remarks
show the damage done to
emerging markets by a
recent round of taper
talk, over the possibility of
the US Federal Reserve
slowing the pace of its asset
purchases and their vulner-
ability to future changes in
the pattern of global capital
flows.
The immediate priority
is to ride out the turbulence
as smoothly as possible,
said Ms Lagarde. Curren-
cies should be allowed to
depreciate. Liquidity provi-
sion can help deal with dys-
functional market behav-
iour. Looser monetary pol-
icy can also help.
But she warned that
countries with inflationary
pressures such as Brazil,
India, Indonesia and Russia
had less scope to use mon-
etary policy and that high
debt and deficits meant
many developing countries
had little space for fiscal
stimulus either.
Overall, the global out-
look remains subdued, said
Ms Lagarde, in her tradi-
tional speech ahead of the
annual World Bank and
IMF meetings in Washing-
ton next week.
In many of the advanced
economies, however, we are
finally seeing signs of hope.
Growth is looking up, finan-
cial stability is returning,
and fiscal accounts are
looking healthier.
The impact of a slowdown
in US Federal Reserve asset
purchases had been
expected to dominate this
years annual meetings but
the Feds decision to hold
off on tapering has removed
that focus.
Instead, the worlds eco-
nomic policy makers will
have a ringside seat as they
assemble in a US capital
where much of the federal
government is shut down
and a potential default is
just days away if Congress
cannot resolve its differ-
ences.
Ms Lagarde said that rais-
ing the debt ceiling was
mission critical for the
world economy.
Because the normalisa-
tion of monetary policy
affects so many markets
and people across the globe,
the US has a special respon-
sibility: to implement it in
an orderly way, linking it to
the pace of recovery and
employment; to communi-
cate clearly; and to conduct
a dialogue with others,
said Ms Lagarde.
The expectation of taper-
ing by the Fed had
prompted a flight of capital
from emerging markets,
causing currencies and
asset markets to fall, only
for a sharp flow back the
other way when the US cen-
tral bank unexpectedly kept
its purchases at $85bn a
month in September.
Ms Lagarde said the US
showed the clearest signs of
recovery among advanced
countries. We see it all
around us. Households are
in better shape, the housing
sector is looking brighter
and the private sector
engine is humming again.
And yet, growth this year
will still be too low below
2 per cent due to too
much fiscal adjustment.
She also pointed to
improved growth in the
eurozone.
Now, after six quarters
of recession, the region
came up for air last spring,
and growth should be back
in positive territory next
year almost 1 per cent,
she said. Yet unemploy-
ment at 12 per cent is
still far too high.
China should slow down
its credit boom and try to
grow via higher productiv-
ity, she said.
This means liberalising
interest rates, ramping up
financial sector oversight,
opening up protected sec-
tors to private initiative
and further strengthening
of the social safety net.
The poisonous politics of
the US government shut-
down is infecting other bills
that Congress is looking to
tackle this year, damping
hopes for compromise and
delaying work on other leg-
islation.
Some business is continu-
ing in Congress, as Demo-
crats and Republicans
remain deadlocked on how
to provide short-term fund-
ing to move beyond the
impasse. The House agricul-
ture committee held a hear-
ing on Wednesday on cus-
tomer protections to pre-
vent another MF Global,
the brokerage that col-
lapsed in 2011.
But other hearings, espe-
cially those involving wit-
nesses from government
agencies affected by the
shutdown, have been post-
poned.
One of the most critical
issues Congress must pass
before the year-end is the
farm bill, which sets food
and nutrition policy. The
current legislation expired
on September 30, although
many farm programmes
will be able to continue to
the end of December.
Legislators must pass a
bill this year or risk cuts to
Department of Agriculture
initiatives and other pro-
grammes that help farmers
and the poor. The sticking
point has been differences
over the food stamp pro-
gramme, which provides
assistance to low-income
individuals and families.
The Republican-domi-
nated House is pushing to
cut about $40bn from that
food-aid programme, a
move that the Democratic-
led Senate opposes. This
week, the Senate asked for
a conference with the
House to resolve differences
on the bill, but has not yet
had a response.
Some Republican and
Democrats in Congress
expressed concern that the
acrimonious atmosphere
was lessening the chance of
a compromise on the bill.
And with the political lead-
ership preoccupied with
negotiations over the shut-
down, there is little band-
width for other matters.
We are continuing to do
everything we can to move
forward with the farm bill,
said Cullen Schwarz, a
spokesman for Democratic
senator Debbie Stabenow,
chairwoman of the agricul-
ture committee. But the
shutdown makes it much
more difficult to get critical
legislation done.
Another goal is to tackle
housing finance reform,
which includes settling the
fate of Fannie Mae and
Freddie Mac, the mortgage
finance companies taken
over by the government
amid a nearly $190bn bail-
out in 2008. It is seen as the
last big financial crisis
issue to remain unresolved,
and President Barack
Obama has expressed sup-
port for winding the two
companies down.
Bob Corker, Republican
senator, and Mark Warner,
Democratic senator, have
introduced a bill that would
gradually close Fannie Mae
and Freddie Mac in five
years, but maintain limited
government involvement in
housing finance. The bill
has bipartisan backing and
supporters hoped to get leg-
islation done before the end
of the year. The committee
held a hearing on the issue
on Tuesday.
But a House bill pushed
by Jeb Hensarling, Republi-
can congressman, chairman
of the financial services
committee, envisions a com-
pletely private housing
finance system.
The House and Senate are
already far apart on the
issue and given the poison-
ous atmosphere, hope is
fading that the two sides
can resolve their differ-
ences, according to a
Republican aide.
Another issue that is
being closely watched is the
nomination of the next
head of the Federal
Reserve, which is likely to
be Janet Yellen, its vice-
chair. Mr Obama told CNBC
on Wednesday that the
nomination process had not
slowed because of the shut-
down. But the Senate bank-
ing committee, which must
approve a nominee before it
moves to the full Senate,
has not received any word
on when a nomination
would be sent over by the
White House.
John Boehner, the Republi-
can Speaker of the House
known for his love of ciga-
rettes and Merlot and the
occasional public tear,
could have been declaring
victory now were it not
for a young senator from
Texas with presidential
ambitions.
In the lead-up to the gov-
ernment shutdown, the goal
of the Speaker and many
conservatives even the
influential activist Koch
brothers was simply to
hold a firm line in budget
talks and pass a short-term
spending bill that would
keep in place sweeping
automatic spending cuts
that are hated by Demo-
crats.
In light of the shutdown,
it is a deal that Democrats
have been eager to hand
their Republican rival, if
only he would accept.
Instead, Mr Boehner has
become a victim of a band
of unruly Tea Party legisla-
tors. That group, inspired
by Senator Ted Cruz of
Texas, upended his budget
strategy and instead forced
Mr Boehner to fight a seem-
ingly unwinnable battle
against Obamacare. The
Tea Party has demanded
that Republicans only pass
a budget or debt ceiling
agreement if it delayed
implementation of the
health law.
[Cruz] said if you dont
agree with my tactic . . .
youre bad. He pushed
House Republicans into
traffic and wandered away,
Grover Norquist, the anti-
tax crusader, told the Wash-
ington Post.
The initial sympathy for
Mr Boehners predicament
from people who see him as
a pragmatic dealmaker has
shifted to anger, with Dem-
ocrats demanding he take
back control of his party.
The question facing the
Speaker now is what he
would be willing to give up
to end the stalemate over
the budget and a far more
dangerous crisis over an
increase in the debt ceiling.
He alone can bring a bill to
the floor of the House for a
vote. Would he be willing to
end the government shut-
down and even pass an
increase in the debt ceiling
by relying on the support of
20 or more moderate Repub-
licans and every Demo-
cratic legislator in the
House?
Doing so would violate
the unofficial so-called
Hastert rule, which Mr
Boehner has broken in the
past, that says legislation
should not be brought for a
vote if it is not supported
by a majority of the Repub-
lican party.
Boehner has always said
that the US will not default
on its debt. He also always
says that there arent votes
in the House to pass a
clean debt limit bill. Thats
why we need a bill with
cuts and reforms, said Mr
Boehners spokesman.
That means Mr Boehner
would only increase the
debt ceiling if it were part
of a broader deficit deal. He
appears to have dropped his
insistence that a deal would
include changes to the
health law.
Barack Obama has said
he would not negotiate over
the debt ceiling.
If Boehner went with a
clean [budget bill] now or
over the past few days, he
would be removed from his
speakership almost immedi-
ately, becoming the first
Speaker in the history of
the House to be removed
from the middle of a session
of Congress, said Charlie
Cook, the political analyst.
Not until there is a shift
in what Mr Cook calls the
middle third of the
Republican rank-and-file,
those legislators that are
sympathetic to hardline Tea
Party lawmakers but could
be swayed to join the mod-
erates, would Mr Boehner
move ahead with a vote.
Until that middle third
shift, Boehner cant go
ahead unless he is ready to
relinquish his gavel, Mr
Cook says.
Of the 20 Republicans
who have indicated that
they would support the pas-
sage of a clean spending
bill, and probably would
support an increase in the
debt ceiling without other
conditions, all but one are
from states that were won
by Mr Obama in 2012. They
mostly represent east coast
states, including New York,
New Jersey, Pennsylvania,
and Florida. Seven sit in
districts that were won by
Mr Obama, and the rest
(with exceptions) are in dis-
tricts that were only nar-
rowly won by Mitt Romney.
Peter King, the Republi-
can congressman from New
York, has been the most
outspoken critic of Mr Cruz,
who he has called a fraud
and conman.
Mr King said 10 people
met Mr Boehner to express
their concerns about the
shutdown on Wednesday
and that another 15 were
willing to say the govern-
ment should be reopened,
but that they were reluc-
tant to stage their own
rebellion against Mr Boeh-
ner. For now.
On the other side of the
capitol, Rand Paul, a sena-
tor who also has presiden-
tial ambitions and is consid-
ered far more savvy than
Mr Cruz, was adopting a dif-
ferent approach.
The staunch Tea Party
conservative invited every
senator for a chat over
coffee on the steps of
the capitol building. It was
a gesture lost amid the
more serious politics at
play, but it was a sign that
even the most hardline
Republicans were looking
for a way out.
Boehner future in balance as
stalemate decision time nears
US shutdown
Speaker faces being
removed if he tries
to force through
clean budget bill,
writes Stephanie
Kirchgaessner
Standoff
threatens delays
to drafting
of legislation
Deadlock fears
Lawmakers want to
make progress on
the farm bill and
housing finance
reform, writes
Gina Chon
Lagarde warns of
transitions on epic scale
Inside and
at FT.com
See Notebook,
Comment and Lex
Shutdown latest
News, comment and
analysis of the
Washington stalemate
www.ft.com/shutdown
Video
With a debt ceiling
debate days away, FT
editor Lionel Barber talks
to investigations editor
Christine Spolar about
what politicians in
Washington are thinking
www.ft.com/video
John Boehner, Republican Speaker of the House, cannot move ahead with a vote until the middle third of his partys legislators can be swayed to join the moderates Getty
Sanctions hit
The US shutdown is
hampering the
administrations ability to
enforce sanctions on Iran
ahead of crucial talks later
this month, a senior state
department official said
yesterday, writes Geoff
Dyer in Washington.
Wendy Sherman, under
secretary of state for
political affairs, told a
Senate hearing that the
Treasury office that
enforces sanctions was
virtually utterly depleted.
Our ability to enforce
sanctions, to stop
sanctions evaders, is being
hampered significantly by
the shutdown, she said.
As far as Iran is
concerned, the sooner the
shutdown is over, the
better.
As a result of the
shutdown, the state
department did not have
its full complement of
intelligence officers who
monitor sanctions and
travel was restricted for
officials whose job it is to
try and enforce sanctions.
Full story at
www.ft.com/us
The immediate
priority is to ride
out the turbulence
as smoothly
as possible
IMF chief
Taper talk expected
to cut emerging
market growth by
up to 1 percentage
point, writes
Robin Harding
WORLD NEWS
OCTOBER 4 2013 Section:World Time: 3/10/2013 - 19:39 User: quinnt Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

3
Sepp Blatter, Fifa president,
and his senior colleagues
meet in Zurich today to dis-
cuss footballs awkward
question: what to do about
the 2022 World Cup in
Qatar.
Construction worries
about next years World
Cup in Brazil should be
uppermost for the games
governing body, but it is
the tournament still nine
years away that is proving
just as troublesome.
In the nearly three years
since the tiny Gulf state
was awarded the tourna-
ment, players, coaches,
administrators and health
experts have united in criti-
cising the idea of staging a
tournament in June temper-
atures of up to 50C, despite
Qatars ambitious plans for
stadiums with cooling tech-
nology.
So Mr Blatter is expected
to announce that Fifa will
examine options to resched-
ule the tournament with
the choices probably com-
ing down to either January
and February or November
and December of 2022.
The Qatar World Cup
saga is an almighty mess
for Fifa. Todays meeting
will also weigh up allega-
tions about the exploitation
of migrant workers and the
death toll on construction
projects related to the com-
petition.
Qatars suitability as host
has been a constant debate
since Fifas decision in
December 2010 to award
Russia the 2018 World Cup
and Qatar the 2022 event
prompted allegations of vot-
ing corruption.
Qatar has denied the
claims, but they are being
looked into by Michael
J Garcia, Fifas investigator
into ethical behaviour.
It emerged this week that
Mr Garcia, who oversaw the
investigation that led to
Eliot Spitzers resignation
as New York governor in
2008, is seeking meetings
with the bidders of the 2018
and 2022 tournaments.
Could Qatar lose the tour-
nament? Mr Blatter has
admitted that Fifa should
never have held the 2018
and 2022 votes at the same
time, and said awarding the
tournament to Qatar was a
mistake. He is said to have
voted for the US.
However, ever the wily
politician, 77-year-old Mr
Blatter, president for 15
years, is looking to turn
Fifas Qatar problems to his
advantage.
To some observers, the
battle over Qatar is fast
becoming a proxy for the
power struggle between Mr
Blatter and Michel Platini,
Uefa president and former
French football player and
manager, who is consider-
ing a challenge for Mr Blat-
ters job.
They see the Fifa presi-
dent seeking to play off his
longstanding support for
poorer footballing nations
against Mr Platinis backing
for the oil-rich Gulf state.
Last month, Mr Blatter
told the Die Zeit newspaper
that Qatar succeeded only
because of direct political
influences. This was taken
as a pointed attack on Mr
Platini, who has openly
declared that he voted for
Qatar.
Mr Platini has repeatedly
denied that his support for
Qatar was driven by pres-
sure from former French
president Nicolas Sarkozy
to improve trade relations.
The Uefa president took
umbrage at Mr Blatters
jibe, telling reporters that
political and economic
influences are constantly at
play in decisions on where
to stage the World Cup and
the Olympic Games, and
that Mr Blatter should
know that.
However, as the presiden-
tial battle unfolds, Mr Blat-
ter will play a cautious
hand regarding Qatar.
Cancelling its World Cup
is an unlikely outcome.
There may be compensation
claims to face by reschedul-
ing the tournament, from
the US and other losing bid-
ders, including Australia
and Japan, who would
argue the bidding competi-
tion stipulated a June
event. But it would be a
small price to pay compared
with incurring the wrath of
Qatar, whose investment in
football, at clubs such as
Paris Saint Germain and
Barcelona, is substantial.
Moreover, the US may
conclude it is not worth
jeopardising its own strate-
gic relations with Qatar for
the sake of a tournament.
Rescheduling remains the
likely option, but not with-
out discomfort to Fifa. One
of Fifas biggest cheques
comes from US broadcaster
Fox, which is paying $400m
for the English-language
rights to the 2018 and 2022
competitions.
Fifa knows it faces tricky
negotiations with Foxs
James Murdoch because the
broadcaster would not take
kindly to scheduling the
World Cup against National
Football League games.
Negotiations must also
take place with domestic
football leagues, principally
in Europe, and the English
Premier League is likely to
drive a hard bargain.
As for Qatar itself, the
Gulf state is ambivalent. If
the international football
community reaches a con-
sensus to move the event to
an alternate date, we are
able to accommodate that
change, the Qatar 2022
supreme committee said.
Fifa faces quandary over World Cup in Qatar
Business of sport
Three years after
the Gulf state was
awarded the 2022
contest, criticism
remains strong,
writes Roger Blitz
Dohas Aspire
academy with its
10 pitches is a
World Cup venue,
while parts of the
city have been
razed for
stadiums by a
host that Sepp
Blatter, right,
opposed
Getty/Reuters/AP
Building blitz
Country plans to spend $205bn on infrastructure before 2015
Dugup streets and traffic
chaos plague commuters in
Doha as Qatar begins the
infrastructure overhaul
needed to host footballs
World Cup in 2022, writes
Simeon Kerr.
The road improvements
are part of Qatars plans to
invest $205bn by 2015 in
basic infrastructure,
including new power plants
and a new metro system.
Billions more will be spent
on hotels and stadiums.
But worries over whether
the infrastructure will be
ready on time have been
overshadowed by the plight
of the building industrys
manual labourers and
concerns over the
governments handling of
largescale contracts.
Criticism of the conditions
under which Qatars manual
labourers work has grown
after The Guardian
newspaper reported that
Nepalese workers were dying
at the rate of one a day
because of unsafe conditions
on building sites. The
government denied the
report but pledged to boost
inspections.
Doha has been criticised
by human rights groups for
years over its kafala system
of sponsorship, under which
companies control labourers
from south Asian countries.
Manual labourers, many of
whom arrive indebted to
middlemen, often have their
passports withheld illegally
and can face delays in salary
payments. Workers also
need to secure exit visas to
leave the country
To be taken seriously, the
government will have to
conduct criminal
prosecutions against
infringements and set out
plans for legislative reform
of the kafala system, said
Nicholas McGeehan of
Human Rights Watch, an
advocacy group.
The former Qatari prime
minister, Sheikh Hamad bin
Jassim Al Thani, tried to
reform the system but was
blocked by the private
sector which argued that it
needed controls on labour
mobility to recoup the cost
of bringing workers to the
country. There appear to be
vested interests in the
business community that
support these controls, said
James Lynch of Amnesty
International, the human
rights lobby group.
Building companies also
complain of heavyhanded
treatment by Qatari clients,
including the government,
who erode confidence by
threatening to cash in
performance bonds, lodged
by builders to guarantee the
quality of their work.
Government advisers in
Doha insist that the
reputational issues
overshadowing their hosting
of the World Cup can be
overcome. They point to
Dohas successful, if last
minute, completion of
infrastructure to host the
Asian Games in 2006.
FOOTBALL POLITICS
US broadcaster
Fox would not take
kindly to scheduling
the World Cup
against NFL games
OCTOBER 4 2013 Section:World Time: 3/10/2013 - 17:41 User: jamesa Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1
4

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
WORLD NEWS
Bangladesh for
historical reasons a
byword in the west for
famine, poverty and
disaster has achieved
notable successes in the
past two decades.
Malnutrition, child
mortality and fertility are
down. Literacy and life
expectancy are up. On all
these counts, Bangladesh
scores better than its
wealthier neighbour India.
A crowded and largely
Muslim nation of more
than 150m, Bangladesh
has also joined China and
Italy as a major garment
exporter, albeit one whose
reputation is marred by
factory fires and a
building collapse that
killed more than 1,000
workers in April.
Yet its achievements
are gravely threatened by
politics, specifically the
determination of Sheikh
Hasina and her Awami
League government to
persecute her opponents
to have them hanged, in
fact with the help of a
war-crimes tribunal that
has lost all credibility.
On Tuesday, the
International Crimes
Tribunal (a domestic
court, despite its name)
handed a death sentence
to Salauddin Quader
Chowdhury, a member of
parliament from the
opposition Bangladesh
Nationalist party, for
torture, rape and genocide
during the war that led to
independence from
Pakistan in 1971.
He was the seventh
person to be sentenced by
the court the others are
or were leaders of the
Jamaat-e-Islami, an
Islamist ally of the BNP
and the news was greeted
with instant protests by
human rights activists
convinced the government
is trying to finish the
trials in unseemly haste
before a general election
due by January.
These tribunals have
proved so divisive, and
have been so poorly
managed, they risk
polarising Bangladesh for
a generation and
poisoning political debate
before the elections, said
Lord Carlile, a UK Liberal
Democrat peer and expert
on war crimes and
terrorism. He said he had
irrefutable evidence that
the Chowdhury judgment
was either written by the
government or submitted
by the judges in advance
in draft form to the law
ministry for vetting.
Foreign governments,
while preoccupied with
the war in Syria and
other crises, are so
worried about
Bangladeshi politics and
the possible radicalisation
of a populous country
wedged between the
Indian subcontinent and
southeast Asia that they
have urged Sheikh Hasina
and her rival Khaleda Zia,
the BNP leader, to hold
talks to ease the tension.
John Kerry, US
secretary of state, and
Ban Ki-moon, UN
secretary-general, have
urged the two women to
ensure a peaceful election
by resolving a dispute
over what happens when
the current parliaments
term expires this month;
the BNP, which is
expected to win a free
election, wants a non-
party caretaker
government to take over,
but Sheikh Hasina insists
on staying at the helm.
The Awami League
government is under fire
from domestic and foreign
critics for other reasons.
It has detained human
rights activists and has
threatened to seize
businesses connected to
Muhammad Yunus, a
Nobel Peace Prize winner
and founder of
microlender Grameen
Bank, probably because
he was considering a new
career in politics.
But it is the war crimes
process that has attracted
the most opprobrium.
Few question the need
for a public reckoning,
however late, given the
slaughter committed by
Pakistani troops and their
Jamaat allies in their
doomed war to keep
Pakistan united 42 years
ago. What is unacceptable
to international jurists
and Bangladeshi
moderates is the blatant
politicisation of the
tribunal established by
the current government.
Even if the election
passes off peacefully, the
danger in Bangladeshs
winner takes all
political culture is that
BNP ministers in a new
government would take
revenge on their Awami
League predecessors, just
as the League has taken
revenge on the BNP for
the past five years.
The tribunal, said Lord
Carlile, was an extreme
form of point-scoring by
one of the two big parties
against the other. If the
government changed, the
position might simply be
reversed with people
being hanged for political
reasons, which is a
form of retribution that
should have gone out 100
years ago.
War crimes
trials threaten
to polarise
Bangladesh
These tribunals
risk . . . poisoning
political debate
before the
elections
GLOBAL INSIGHT
Victor Mallet
in New Delhi
By Guy Dinmore in Rome
More than 90 African
migrants have died and 250
are missing after an over-
crowded fishing boat carry-
ing them from Libya caught
fire and sank close to the
Italian island of Lampedusa
early yesterday.
It is horrific like a cem-
etery. They are still bring-
ing them out, said Giusi
Nicolini, Lampedusas
mayor, as rescuers laid out
bodies of mostly Eritreans
and Somalis on the quay.
Angelino Alfano, interior
minister, said 93 bodies had
been recovered by early
afternoon, including three
children and two pregnant
women, and that 151 people
had been saved.
The fishing boat of 20m in
length was believed to be
crammed with up to 500
people and had set out from
the Libyan port of Misurata.
Italian divers reported
seeing about 100 bodies
inside and around the boat
on the sea floor. A health
worker co-ordinating the
collection of the dead
onshore said 47 were
women
Mr Alfano said the disas-
ter was apparently caused
after migrants set fire to a
blanket to attract attention
in the darkness but trig-
gered a blaze from leaking
fuel. Passengers rushed to
one side of the boat and it
capsized and sank.
Italian politicians were
quick to use this latest of
many similar disasters to
urge the EU to intervene
with a co-ordinated policy
to stop human traffickers
operating on the shores of
north Africa.
But questions were also
raised about how such a
tragedy could occur within
5km or so of Lampedusas
port, where the coastguard
operates. Mr Alfano, who
praised the Italian rescue
effort, said the disaster
occurred between 4am and
5am and the coastguard
was alerted at 7am.
The coastguard said it
was alerted at 7.20am by
two civilian boats in the
area of the disaster, half a
nautical mile from shore.
The area was monitored by
the coastguard and finance
police vessels, but it is not
possible to control every
centimetre.
It also noted that the
authorities that night had
to deal with a total of 400
migrants Syrians, Eritre-
ans and Somalis arriving
on two other boats.
Antnio Guterres, UN
high commissioner for
refugees, expressed his dis-
may at a rising global phe-
nomenon of migrants and
people fleeing conflict or
persecution and perishing
at sea.
UNHCR said 8,400
migrants and asylum-seek-
ers had reached Europe by
sea during the first half of
this year.
Europe has to step up
its effort to prevent these
tragedies and show sol-
idarity both with migrants
and with countries that are
experiencing increasing
migratory flows, Cecilia
Malmstrm, EU home
affairs commissioner, said.
We have to become bet-
ter at identifying and rescu-
ing vessels at risk. We also
need to intensify our efforts
to fight criminal networks
exploiting human despair
so that they cannot con-
tinue to put peoples lives
at risk in small, over-
crowded and unseaworthy
vessels.
She said the European
Border Surveillance System
(Eurosur) of sharing infor-
mation and co-ordination
between member states
would become operational
in December to track, iden-
tify and rescue small ves-
sels at sea.
However, Italian politi-
cians complained that Fron-
tex, the EU agency co-ordi-
nating border management
and in charge of implement-
ing Eurosur, had been ham-
pered by EU austerity poli-
cies.
Furthermore, Italys
coastguard says its ability
to monitor vast stretches of
coastline has also been hin-
dered by budget cuts.
With Chinas highways
snarled by traffic, thou-
sands of tourists stranded
at one of the countrys
beloved national parks and
millions more crushing into
its most popular attrac-
tions, there is little question
that the Chinese nation is
once again on holiday.
Early government esti-
mates are that this National
Day holiday week, which
began on Tuesday, will be a
record for the country in
terms of domestic visitor
numbers and tourism reve-
nue, with both up about 20
per cent compared with the
same period 12 months ear-
lier.
Tourism records have
become par for the course
in China: stronger numbers
have been posted year after
year over the past half dec-
ade. But economists say
that the regularity of this
phenomenon should in no
way diminish its signifi-
cance, because it underlines
the strength of consump-
tion growth and the resil-
ience of consumer confi-
dence in China.
Lu Ting, an economist
with Bank of America Mer-
rill Lynch, said the tourism
frenzy suggested the Chi-
nese economy was on solid
footing despite concerns
about a renewed downturn
after weaker-than-expected
manufacturing figures.
With consumption holding
up so well, China is
unlikely to see a sharp
slowdown, he said in a
note to clients. Strong tour-
ism numbers pointed to
stable employment, rising
wages and robust consumer
confidence, he added.
Yet that is little consola-
tion for Chinese visitors
who have flocked to the
nations main tourist desti-
nations only to find them
bursting to capacity and
beyond.
Many Chinese get most of
their vacation time during
the golden weeks when
the whole nation is on holi-
day, and the press of
crowds pushes up hotel
rates and inevitably presses
infrastructure. With more
people spending more
money on travel every year,
the crush has steadily got
worse.
In Jiuzhaigou, a national
park in the southwestern
province of Sichuan, thou-
sands of tourists were stuck
in a 400-bus jam trying to
make their exit. Frustrated
by the delay, some stormed
the parks ticket office and
demanded refunds. Paramil-
itary police were deployed
to control the crowds and
hundreds of tourists ended
up walking out of Jiuzhai-
gou after dark.
A series of other parks
also suffered severe over-
crowding. The national
tourism administration said
there had been problems
throughout China, from
Laoshan in the northeast-
ern province of Shandong
to Fanjing mountain in the
southwestern province of
Guizhou and Yuntai moun-
tain in the central province
of Henan.
Scores of complaints from
visitors prompted the tour-
ism administration to issue
a warning. All scenic areas
must strictly control
crowds, strengthen contin-
gency plans and step up
their patrols, it said. It also
called on local officials to
protect the legal rights of
tourists.
It was not just Chinas
mountains that were
clogged. Nearly 1m people
visited Beijings top tourist
sites on Wednesday, with
175,000 of them crowding
into the Forbidden City in
the centre of old Beijing. In
Hangzhou, just outside
Shanghai, more than 1m
people filled the prome-
nades around West Lake on
Wednesday, a single-day
record.
Overall, there were 8.4m
tourists at Chinas 125 most-
visited tourist sites over the
first two days of the
National Day holiday week,
up 19 per cent from a year
earlier, according to the
national tourism adminis-
tration. Revenue at these
sites was up 27 per cent
year on year, reaching
Rmb437m ($71.4m).
Amid the frustration and
anger at the overcrowding,
there were at least improve-
ments in some areas. On
Tuesday, the first day of the
holiday, the 110,000 people
who visited Tiananmen
Square left behind five
tonnes of rubbish. Not a
historic high, commented
the Beijing Youth Daily,
which noted that last year,
eight tonnes of rubbish
were generated. The record
was 20 tonnes, in 2010.
Migrants die in Italy sea tragedy
Over 90 drown,
250 still missing
Vessel from Libya
capsizes after fire
Rise of Chinas consumers boosts tourism
National Day week
Analysts say record
visitor numbers
suggest a robust
economy, write
Simon Rabinovitch
and Lucy Hornby
With more people
spending more
money on travel,
the crush has
steadily got worse
By Ben McLannahan
in Tokyo
Hitomi Fujii, head of plan-
ning at Tokushima Bank,
has been waiting at least a
decade for a pick-up in lend-
ing. And on the evidence of
present demand, he will
need to keep waiting.
Last December, Prime
Minister Shinzo Abe prom-
ised to boost the metabo-
lism of Japans sluggish
economy. In April,
Haruhiko Kuroda, new cen-
tral bank governor, did his
bit by pledging to drive
interest rates even lower.
Yet at Tokushima Bank,
on the island of Shikoku,
there are still few signs of a
credit recovery beyond a
scattering of car loans and
a mini-run on mortgages
ahead of the consumption
tax rise next April.
Mr Abe has sent up a big
balloon, so the mood has
changed, says Mr Fujii.
But theres been no change
in behaviour.
Banks like this across
Japan are supposed to be at
the sharp end of Abenom-
ics. It is they who are
expected to lead the coun-
trys revival by supplying
credit to small businesses
with big ambitions, boost-
ing the circulation of
money in an economy that
has seen the total stock of
loans rebound only slightly
from a 30 per cent fall
between 1996 and 2005.
But data from the Bank of
Japan this week show total
corporate lending by domes-
tic banks has flatlined at
about Y270tn ($276bn) over
the past 12 months.
In spite of the BoJs
efforts, frantically buying
government bonds from
banks to increase their
excess reserves, there are
no signs yet of an overall
boost to lending, says
Shinichi Tamura, an ana-
lyst at Barclays in Tokyo.
The problem is that many
businesses in Japan do not
want or need to borrow.
Cash balances at non-finan-
cial companies hit a record
Y231tn in June, the BoJ
says, a sum about the same
size as the UK economy.
Meanwhile, the deflation
that has persisted for most
of the past 15 years has
caused managers to associ-
ate any debt-funded growth
with irresponsibility.
We never know what
will happen in the future,
says Minoru Moriizumi,
general affairs manager at
Nishi Seiko, a Tokushima-
based supplier of nuts and
bolts. Using our money to
expand is the safest way.
Official surveys of busi-
ness confidence, such as the
BoJs Tankan published
on Tuesday, suggest that
sentiment has improved to
its highest level for many
years, particularly among
exporters benefiting from a
weaker yen. But in regions
such as Tokushima, which
has a shrinking population
and a dearth of vibrant
industries, many companies
are facing spiralling costs
and still-slack demand.
Thanks largely to the fall
in importers buying power
under Mr Abe, core con-
sumer price inflation rose
to a five-year high of 0.8 per
cent in August.
Were in a tough situa-
tion, says Nobuyoshi Tan-
aka, president of Toku-
shima Seihun, a cup-noodle
maker. Prices of raw mate-
rials are going up but we
cannot raise our prices.
The average interest rate
on a new five-year loan
from a regional bank fell to
1.33 per cent in August,
close to the record low of
1.11 per cent in March, the
BoJ reported this week. But
companies such as Seihun
are indifferent to cost.
As a company policy we
do not borrow from banks,
says Mr Tanaka.
The irony is that Japa-
nese banks, as a whole,
have rarely been in better
shape to supply more loans.
Today, they show few
traces of the crisis that saw
Y112tn of corporate bank-
ruptcies between 1997 and
2003 and a host of state res-
cues and mergers. The sys-
tem-wide ratio of non-per-
forming loans is about a
third of the peak, according
to Fitch, while capital levels
at bigger banks are in line
with international norms.
But in the absence of
demand for bread-and-but-
ter lending, even the more
profitable regional lenders
face an uncertain future.
At Musashino Bank in
Saitama prefecture, an hour
outside Tokyo, Masami
Kurihara, deputy president,
says customers such as
Honda have finally
resumed some debt-funded
investment.
Yet he is unconvinced a
loan revival is around the
corner, even with the BoJ
keeping monetary policy as
loose as possible. Even if
base money is ample, is it
translated into actual
demand for cash and loans?
Im not sure, he says.
Back at Tokushima Bank,
Mr Fujii hopes that the
effects of Japans consump-
tion-led revival start trick-
ling down soon to Shikoku.
Or Mr Abes third arrow
of structural reforms could
unlock opportunities in
agriculture or healthcare.
Either way, he says,
were ready.
Additional reporting by
Nobuko Juji
By Victor Mallet
in New Delhi
Lalu Prasad Yadav, once
among Indias most power-
ful politicians, was jailed
for five years yesterday and
disqualified from parlia-
ment after being found
guilty of corruption in a
cattle-feed scandal dating
back to the 1990s.
He was sentenced the day
after the Congress-led coali-
tion government abandoned
its plan to change Indian
law so that politicians could
keep their seats in parlia-
ment even if convicted of a
crime, provided they had
filed an appeal, as Mr
Yadav is expected to do.
Mr Yadav is one of 56
accused of involvement in a
scheme through which offi-
cials and politicians
invented herds of livestock
and siphoned Rs9.5bn from
official funds destined for
cattle fodder and other agri-
cultural purposes. He was
also fined Rs2.5m.
The issue of criminal MPs
has become a topic of
intense political debate as
parties prepare for a gen-
eral election by May next
year in the worlds largest
democracy. The Bharatiya
Janata party, the Hindu
nationalist opposition, ini-
tially supported the law
change but then changed
its mind and accused Con-
gress leaders of seeking to
protect allies such as Mr
Yadav.
Congress leaders aban-
doned plans to protect crim-
inal MPs after an outburst
last week by Rahul Gandhi,
who leads the party with
his mother Sonia.
Mr Yadav, 65, was a pio-
neer of caste politics and
vote-bank politics and a
former national railways
minster. He mobilised mem-
bers of his low-status Yadav
caste as well as underprivi-
leged Muslims in the state
of Bihar, whose large popu-
lation of over 100m gives it
a key role in politics.
Additional reporting by
Jyotsna Singh
Abenomics struggles to lift Japan banks corporate lending
Waiting for lift off
Source: Thomson Reuters Datastream
Japanese bank lending, amount
outstanding (tn)
2000 05 10 13
420
440
460
480
500
520
540
560
Japan inflation
(annual % change in CPI)
2000 05 10 13
-2.5
-2.0
-1.5
-1.0
-0.5
0
0.5
1.0
1.5
2.0
2.5
Exminister jailed
over India scandal
Inflated numbers
Like a duck to water: visitors enjoy an afternoon at Beijings Summer Palace at the start of a busy holiday period Chinafotopress
20%
Increase in visitor numbers
and tourism revenue,
compared with the same
period 12 months earlier
175,000
Number of visitors to the
Forbidden City in old
Beijing on Wednesday
8.4m
Number of tourists at
Chinas 125 most visited
sites over the first two days
of the holiday week, up 19%
from a year earlier
27%
Increase in revenue at
these sites from last year,
at Rmb437m ($71.4m)
5
Tonnes of rubbish left in
Tiananmen Square, down on
the 20 tonnes left in 2010
8,400
Migrants that reached
Europe by sea in first half
OCTOBER 4 2013 Section:World Time: 3/10/2013 - 18:29 User: jamesa Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

5
By Xan Rice in Lagos
Gambia has withdrawn
from the Commonwealth
saying the group, made up
mostly of former territories
of the British empire was
neocolonial following
criticism of the African
states human rights record.
The announcement was
made on national television
on Wednesday night, five
days after President Yahya
Jammeh used a speech at
the UN General Assembly
to accuse former colonial
powers of prescribing how
Africans should govern. It
said: The government has
withdrawn its membership
of the British Common-
wealth and decided that the
Gambia will never be a
member of any neocolonial
institution and will never
be a party to any institution
that represents an exten-
sion of colonialism.
Gambia had been one of
54 members of the Com-
monwealth, joining on
achieving independence
from Britain in 1965. The
African country, the small-
est on the continents main-
land, is popular with UK
package tourists but inter-
government relations have
been strained since Mr Jam-
meh took power in a 1994
coup. The president, whose
official title is His Excel-
lency Sheikh Professor
Alhaji Doctor, is renowned
for his authoritarian rule
and eccentric beliefs. Mr
Jammeh made headlines in
2007, saying he had found
herbal cures for HIV,
asthma and high blood
pressure. The next year he
vowed to execute any gay
person found in Gambia.
Amnesty International,
which has chronicled the
countrys human rights
abuses, said in 2009 that
hundreds of Gambians had
been kidnapped by witch
hunters and forced to
drink hallucinogenic
potions at secret govern-
ment detention centres.
In his UN speech last
week, Mr Jammeh named
as the three biggest
threats to human exist-
ence: excessive greed,
obsession with world domi-
nation and homosexuality.
All these three have
nothing to do with climate
change and are more deadly
than all natural disasters
put together, he said.
The authorities in Banjul,
the capital, offered no spe-
cific reason for the decision
to withdraw from the Com-
monwealth. But the organi-
sation proposed last year
that Gambia create commis-
sions to protect human
rights, media freedoms and
fight corruption. Gambia
was attacked this year in
Britains Human Rights and
Democracy report.
The UK Foreign Office
said: Decisions on Com-
monwealth membership are
a matter for each member
government. We would very
much regret Gambia, or
any other country, deciding
to leave.
The Commonwealth has
been accused of not speak-
ing out about rights abuses
in member countries, for
example when Rwanda was
admitted in 2009. The Com-
monwealth Human Rights
Initiative, an independent
non-governmental organisa-
tion, wrote to the Common-
wealth ministerial action
group last month to high-
light fear and intimida-
tion in Gambia. It spot-
lighted repressive legisla-
tion, lack of press freedom,
enforced disappearances,
harassment of NGOs and
the death penalty.
Michael Lake, director of
the Royal Commonwealth
Society, an educational
charity, said Gambias with-
drawal would be a loss.
The unexpected announce-
ment made on state televi-
sion by President Yahya
Jammeh was seemingly
made without recourse to
due democratic process and
without consulting the
Gambias people.
When Havana hosts its
annual trade jamboree next
month, officials will be sure
to tout Cubas new con-
tainer terminal and free-
trade zone the communist
islands first strategic push
to join the international
economy in decades.
Although Havana usually
treats the trade fair as a
chance to thumb its nose at
the US, the new port may
change the usual approach.
That is because the ambi-
tious $900m scheme, built at
Mariel port on Cubas
northern coast and just 120
miles from Florida, seems
predicated on an end to the
53-year old US embargo.
As there is no sign of that
happening, despite indica-
tions that Cuba wants a
more pragmatic relation-
ship with the US, analysts
say Havana will have to
count on friendly govern-
ments such as Brazil, Mex-
ico, China and Singapore, to
make up for this apparent
hole in the projects busi-
ness model.
The United States is the
obvious market for Mariels
FTZ exports and trans-ship-
ments, said Richard Fein-
berg, senior fellow at the
Brookings Institution and
author of several Cuban
studies. In the meantime,
friendly governments may
incentivise modest invest-
ments by their firms.
The Mariel container ter-
minal, built by Brazilian
construction company Ode-
brecht, part-financed by
Brazilian development
loans and operated by Sin-
gapores PSA, is part of a
scheme that will take over
all of the facilities at
Havanas ageing port, and
see the Havana Bay trans-
formed into what could be a
spectacular tourism and
recreational playground.
It also reflects changes
sweeping the Caribbean and
US seaboards. The widening
of the Panama Canal is
prompting many regional
port authorities to upgrade
facilities to accommodate
larger container ships.
Mariels bay has been
dredged to take ships with
twice the draft of the
Havana port, while Mariels
port itself, 28 miles from the
capital, will have 700m of
berth and capacity of up to
1m containers, three times
Havanas.
Bigger ships will need to
make more use of trans-
shipment to fill them, and
so we see a growth in trans-
shipment activity in Pan-
ama and in the Caribbean
basin, said Neil Davidson,
senior analyst of ports and
terminals at London-based
Drewry.
Cuba is well located to
take part in this,
but . . . needs a deeper port.
Despite the embargo,
most experts agree the first
phase of the plan is a good
one, with two provisos.
First, trans-shipment is a
price-sensitive business,
and Cubas Mariel will have
to compete with efficient
existing hubs. A further
complication is that the
embargo forbids ships
entering US waters if they
have berthed in Cuba over
the past six months. (One
exception is US food
imports to Cuba.)
Second, enticing investors
to set up in the free-trade
zone will be harder than
just attracting ships to use
its container facilities.
The big attraction of an
FTZ . . . is that cargo is
landed, work is carried out,
such as assembly, and this
creates wider economic ben-
efits, said Mr Davidson.
But establishing an FTZ is
a tougher job as it requires
companies to put down
roots, and the US embargo
is a key challenge.
Cuba says the zone is the
first of several across the
country that will increase
exports, spur high-technol-
ogy projects, and create
jobs. It also forms part of a
broader push to encourage
foreign investment.
Western diplomats and
businessmen say that while
new rules governing FTZ
investment are a step for-
ward in a hostile invest-
ment climate, the regula-
tions still fall short.
Cuba isnt like other
places where all, not just
some of, the rules are clear
and standard across the
board, said one foreign
investor, asking his name
not be used. Every deal
will have to be negotiated.
A common complaint is
that employers must hire
and fire through a state-run
labour company, which
drives up costs. And Cubas
complicated approvals proc-
ess, tough supervision, high
communication costs and
conflict resolution through
state entities, unless stipu-
lated otherwise in con-
tracts, could hold back the
countrys biggest single
investment since the fall of
the former Soviet Union.
Everything that has
been going on since Fidel
Castro took ill has been a
work in progress, including
relations with the US, one
foreign banker operating in
Cuba said. Mariel is no
exception. Only time and
plenty of tweaking will tell
if it is truly a success.
By Abigail FieldingSmith
in Beirut
Islamist rebel groups in
Syria have signed a joint
statement asking al-Qaeda
fighters in the north to pull
back from confrontation
with another faction, under-
scoring the emergence of a
Salafist-leaning middle
ground within the disparate
ranks of the armed opposi-
tion.
Six factions, including
Ahrar al-Sham and the
recently-formed Jaish al-Is-
lam coalition, called on the
hardline Islamic State of
Iraq and al-Sham (Isis) and
the local Northern Storm
Brigade to cease fighting in
Azaz and settle their differ-
ences in an Islamic court.
Fighting between the two
has flared since Isis moved
into the town, which is near
the Turkish border, last
month.
The statement, issued late
on Wednesday but pub-
lished yesterday by the Syr-
ian Observatory for Human
Rights, also asked Isis to
to withdraw their forces
and equipment to their
essential bases immedi-
ately, according to a trans-
lation by Reuters.
It was an appeal to stop
the shedding of the blood
and stop the conflict
between both sides, said
Islam Alloush, a spokesman
for Jaish al-Islam.
It was our duty as the
biggest active brigades on
the ground to interfere and
issue such a statement.
Abu Amer, a spokesman
for Ahrar al-Sham, stressed
that the statement was not
hostile to Isis. It was an
appeal and not an order,
he said.
The statement comes
shortly after a group of 11
rebel factions including
the more moderate but still
Qaeda-linked Jabhat Al-
Nusra collaborated in con-
demning the western-
backed political opposition
as unrepresentative.
According to Charles
Lister, an analyst at IHS-
Janes, groups that may be
concerned by the aggressive
and alienating behaviour of
Isis, but which have dis-
tanced themselves from the
leadership of the western-
backed opposition, appear
to be coalescing.
The statement symbol-
ises what weve slowly seen
developing in the last week
or two, Mr Lister said, a
very gradual alignment of
all the main large Islamist
groups in Syria.
Gambia pulls out of Commonwealth
Statement attacks
neocolonial group
UK Foreign Office
expresses regret
Cuba bets on
end to US
embargo with
new terminal
Mariel port
Freetrade zone
forms part of a
drive to attract
greater foreign
investment, writes
Marc Frank
Islamist
rebels
challenge
alQaeda
in Syria
WORLD NEWS
[Greed, lust for
power and
homosexuality]
more deadly than
natural disasters
Mariel
US
Cari bbean Sea
ATLANTI C
OCEAN
Havana
DOMINICAN
REPUBLIC
FLORIDA
CUBA
200 km
The Mariel container terminal is part of a scheme that will take over all of the facilities at Havanas ageing port Reuters
Ahmad Ghoneim is a top
student at Cairo University.
But his chances of complet-
ing his studies on time dim
by the day. The 19-year-old
student of Arabic literature
is also a campus activist
leading regular protests
against the July 3 coup that
toppled Islamist president
Mohamed Morsi.
It is a high-risk endeav-
our. On a recent Tuesday,
Mr Ghoneim shuffled dis-
creetly out of a campus pro-
test march just as a group
of plainclothes thugs
stormed the crowd holding
up signs denouncing mili-
tary leaders, dragging at
least one student away.
My mum tells me you
wont get good grades in
a dungeon, he said at a
nearby caf later. I see
a chance to make Egypt bet-
ter.
Egyptian security forces
crushed Morsi supporters
vast protest encampment at
the Rabaa al Adawiya
mosque in Cairo last
month, in a melee that left
hundreds dead. Courts have
consistently ruled against
the legality and activities of
Mr Morsis political and
social organisation, the
Muslim Brotherhood.
Last month, security
forces stormed and shut
down the offices of the
newspaper of the Freedom
and Justice party, the
Brotherhoods political
branch.
But acting under the ban-
ner of the self-described
Anti-Coup Alliance, Morsi
supporters and diehard
opponents of the military-
backed interim government
have launched a campaign
of small, regular protests in
neighbourhoods, campuses
and public spaces.
Dozens of protesters man-
aged to make their way to
Tahrir Square on Tuesday
evening, where they
chanted slogans denounc-
ing the coup before plain-
clothes enforcers swooped
in to disperse the crowd.
Many anticipate further
confrontations on Sunday,
when the military will cele-
brate the 40th anniversary
of the start of the 1973 war
with Israel, after the alli-
ance called on supporters to
demonstrate in Tahrir
Square.
Everything is happening
but there are not as many
media announcements and
big events, said Aisha
Haddad, a representative of
the Anti-Coup Alliance and
a member of a prominent
Brotherhood family. Its in
campuses and certain
neighbourhoods. But gath-
ering in a central place, its
not happening.
As university classes got
under way last month in
Egypt, dozens of small pro-
Morsi campus protests
erupted, a signal that the
institutions of higher learn-
ing are about to re-emerge
as the main incubators of
political unrest they were
during the decades of rule
under Hosni Mubarak. Vid-
eos posted to the internet
showed dozens of small pro-
tests
Police say they are will-
ing to tolerate displays of
civil disobedience so long as
they do not disrupt civic
life or attempt to derail the
transition plan endorsed by
the armed forces.
There are still pro-Morsi
sympathisers, said the
interior ministry. The
country is divided, and we
will never go back to that
era when there is only one
side. The only thing thats
important to us is that both
sides respect the rules.
Mr Ghoneim and his
friends say they are scepti-
cal of the security forces
stated commitment to
respecting civil liberties.
The activists meet in each
others homes, in cafs and
via social media to map out
strategies to keep the belea-
guered movement alive
despite what they describe
as surveillance by the state
especially the interior
ministrys National Secu-
rity organisation, previ-
ously known as State Secu-
rity, or Amn el-Dawla.
The Amn el-Dawla real-
ise that students are the
new power and the new
force and theres no ceiling
to what theyre capable of
doing, said Mr Ghoneim.
The activists pitch is sim-
ple: down with military
rule, a message that reso-
nates among Egyptian
youth and a certain seg-
ment of the population long
wary of the armed forces
leading role in political and
economic affairs.
There arent any politi-
cal officials in our group
and were not trying to
raise any flag that belongs
to a political party, he
says. We welcome anyone
who is against the coup and
against the violence.
There have been strong
hints that many of the
Brotherhoods youth are
rebelling against the organi-
sations rigidity and
requirement of subservi-
ence to leaders. Mr
Ghoneim says he voted for
Mr Morsi in both the first
and second rounds of last
years elections but is not a
member of the Brother-
hood, does not represent
the organisation and
acknowledges the presi-
dents mistakes.
Egypts student campuses live up to
reputation as incubators of unrest
Political turmoil
ProMorsi protests
revive memories of
university discord
during the Hosni
Mubarak era, says
Borzou Daragahi
Morsi supporters outside
Cairo University in July AFP
Legal Notices
OCTOBER 4 2013 Section:World Time: 3/10/2013 - 19:16 User: jamesa Page Name: WORLD4 EUR, Part,Page,Edition: EUR, 5, 1
6

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
OCTOBER 4 2013 Section:Ad Page Time: 3/10/2013 - 15:03 User: baxterw Page Name: AD FILLER1, Part,Page,Edition: EUR, 6, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

7
Spain
The country is
emerging from the
recession with a
more competitive
economy but critics
claim that
confidence in the
rebound is both
premature and
potentially
dangerous.
By Tobias Buck
Seeds of recovery
L
ook closely at the hulking
container ships that leave the
port of Barcelona these days
and you may catch a glimpse
of a national economy heading slowly
towards recovery.
Most vessels disappearing into the
horizon sit a fraction deeper in the
water than the day they arrived: for
every four containers laden with
goods that are unloaded, Barcelona
now sends six full containers abroad.
A few years ago, before the start of
Spains brutal downturn, the flow of
traffic went in the other direction.
Ships would arrive fuller than they
left, while the ports spidery harbour
cranes worked overtime to satisfy
Spains soaring demand for goods
from around the world.
I have worked in this port for 22
years but I have never seen such a
rise in exports. And neither has any-
one else, says Jos Alberto Carbon-
ell, director-general of the Port de Bar-
celona. In the first eight months of
the year, with the Spanish economy
still contracting, the port enjoyed an
8 per cent rise in exports. Shipments
to east Asia, Latin America and other
fast-growing regions rose particularly
sharply, with container traffic to Alge-
ria up 22 per cent, to Brazil up 15 per
cent and to Mexico up 13 per cent.
From his seventh-floor office over-
looking the Mediterranean, Mr Car-
bonell has a privileged view not just
of the ebb and flow of Barcelonas
port traffic but also of the state of
Spains economy in general. Ports, he
says, serve as a thermometer of a
nations economic health and his
has recently shown unmistakable
signs of recovery. There is a much
better mood now than last year, he
says. People are not euphoric. But
there is no longer doubt over the sur-
vival of the companies we work with.
From the noise and bustle of the
Barcelona docks to the thickly car-
peted calm that envelops Madrids
senior bankers, the message coming
from the countrys business leaders is
the same. Spain, they say, is not only
emerging from the recession but it
has used the harsh years of the down-
efforts. Luis de Guindos, the economy
minister, declared last month that
Spain should stand as an example of
the quality of Europes policy
response to the crisis. Political leaders
in Berlin, seen by many Spaniards as
the true architects of their countrys
economic policy, have also found it
hard to muffle their triumphalist
cries. Spains expected return to
growth, they claim, shows that
Europes answer to the crisis was
right after all.
The Spain-is-back brigade has some
data to back up its case: the current
account has swung from a deficit of 10
per cent in 2007 to a surplus of as
much as 2 per cent this year; exports
are forecast to rise by more than 5 per
cent both this year and next, as Span-
ish companies take advantage of the
rapid fall in unit labour costs and the
corresponding rise in competitiveness.
Jorge Sicilia, the chief economist of
BBVA, the Spanish bank, notes that
investment in equipment and machin-
ery has been on the rise since the first
quarter this year suggesting that the
export-led recovery is spreading to
other parts of the economy.
After nine successive quarters of
decline, Spains gross domestic prod-
uct is expected to return to growth
this quarter. Both the Spanish govern-
ment and the majority of interna-
tional forecasters have revised
upwards their predictions for growth
in 2014. Some believe Spains GDP
may rise by up to 1 per cent, a rate
that should allow it to make a small
dent in its unemployment rate.
But what pleases politicians such as
Mr de Guindos more than anything
else is the nature of Spains nascent
recovery. In past crises, he argues,
households and companies during
the boom years equivalent to about
200 per cent of GDP today.
Juan Rubio-Ramrez, professor of
economics at Duke University in
North Carolina, points out that it is
extremely rare for a country to suffer
from such high levels of both govern-
ment and private debt. You need
high growth or high inflation to make
that kind of debt level sustainable,
and Spain is not likely to have either.
You are in uncharted territory here.
Prof Rubio-Ramrez points out that
Spain unlike Italy or Greece still
has a primary budget deficit, which
means the government is in deficit
even after excluding interest pay-
ments on existing debt. The current
trajectory, he argues, leaves Spain
almost no margin for things to go
wrong and highly vulnerable to
external shocks and renewed market
jitters. When your debt is above 100
per cent of GDP, it is very easy to
come up with scenarios where debt
really explodes, he says.
Even economists who take a more
sanguine view of Spains debt load
warn that it will serve as a drag on
growth for many years. With house-
holds, companies and the public sec-
tor all deleveraging at the same time,
domestic demand is unlikely to return
to growth until 2015. Nor is demand
likely to receive much of a boost as a
result of new hiring. Although the
labour market is showing signs of sta-
bilisation, it will take many years to
bring the unemployment rate close to
20 per cent, let alone below.
It is true that unemployment fig-
ures have improved in recent times
but it is equally true that unemploy-
ment is at such a high level that any
marginal improvement is irrelevant,
argues Santiago Lpez, a Madrid-
based economist with Exane BNP
Paribas. Many people are no longer
actively looking for jobs and long-
term unemployment already affects
more than 50 per cent of the total
unemployed population.
T
he most likely scenario for
Spain, then, is one of slow
recovery, a gradual reduction
in unemployment and even-
tually a slow decline in government
and private sector debt. Growth will
be held back by the need to reduce
debt at all levels of the economy,
while debt reduction will be hampered
by low rates of growth. For millions of
Spaniards especially young people,
immigrants and the long-term unem-
ployed the coming years are
unlikely to offer much respite. For
many of them, recovery will mean lit-
tle more than a vague brightening of
economic prospects and perhaps the
hope that one day they too will be
able to escape Spains shocking unem-
ployment.
But for all the problems it has
become increasingly difficult to argue
that Spain still marks the frontline in
the battle to save the eurozone.
Today, policy makers in Brussels, Ber-
lin and other European capitals are
far more likely to worry about politi-
cal chaos in Italy, a shaky govern-
ment in Portugal, the lack of reforms
in France and the prospect of a third
bailout package for Greece.
Spain has shown that it is able to
maintain political stability even in
acute crisis. After much prodding and
several false starts, it has taken steps
to clean up its banking regime, bring
down the cost of labour and tackle
long-term challenges such as its
underfunded pension system. And
while the jury is still out on most
reform measures, Spain has won itself
some vital breathing space.
The problems in Spain have been
identified. The process of correcting
them has started. This process has by
no means been completed but every-
thing we have done so far has shown
us that we can do it, says Mr Sicilia
of BBVA. This is also important for
Europe as a whole because it shows
that this can be done that this crisis
can be overcome.
ANALYSIS
Source: Thomson Reuters Datastream
Spain
Italy
Germany
France
Export growth
Annual % change on rolling
12-month sum
Aug 2012 Jul 2013
0
2
4
6
Spain would habitually fall back on
currency devaluations to bolster
exports and draw more tourists to the
beaches of Benidorm and Mallorca.
Whatever advantage the economy
gained, however, was soon eaten up
by wage increases and inflation. The
[current] gain in competitiveness has
been obtained not through currency
devaluation but through internal
devaluation, through a process of low-
ering unit labour costs, he said
recently. This gain in competitive-
ness is much more permanent and
much more sustainable than when
you simply devalue your currency.
E
xports, which accounted for
20 per cent of GDP before the
crisis, now make up almost
35 per cent of national out-
put. What is more, Spanish exports
are moving steadily up the value
chain sales of chemicals, pharma-
ceuticals and machinery are up
and heading increasingly to fast-grow-
ing countries outside the eurozone.
Spain has a comparative advantage
that it can build on. Its exports are
structurally strong and getting
stronger, says Morgan Stanley,
which hailed the advent of a New
Spain in a recent research report.
Whatever signs of improvement
there are, they have to be set against
the two great unresolved problems
facing Spain: dangerously high levels
of debt and unemployment. Madrid
revealed this week that its public debt
was on course to reach 100 per cent of
GDP by the end of next year. Some
private sector economists believe that
figure will rise above 110 per cent by
2018. To this must be added the vast
debt load accumulated by Spanish
Housing
After the boom, the long reconstruction
Spains notorious housing bubble kept
inflating for more than a decade,
sucking in more workers, more capital
and more land with every year that
passed. At its high point in 2006 the
construction sector accounted for no
less than 13 per cent of Spains gross
domestic product and employed 2.7m
workers. That same year, Spain was
responsible for more housing starts
than Germany, France, Britain and
Italy combined.
The collapse that followed was no
less spectacular. Construction today
makes up just 5 per cent of Spanish
output, about 1.7m workers have lost
their jobs and housing starts are
roughly 95 per cent below their peak.
House prices have dropped more
than 30 per cent from their peak but
almost certainly have further to fall. The
International Monetary Fund believes
prices will have to drop another 15 per
cent; others are more sceptical still,
pointing out that house prices in Spain
have not fallen nearly as sharply as
they did in Ireland or the US after their
housing bubbles burst.
A small but noteworthy flurry of deals
over recent months, often involving
foreign private equity groups, suggests
that some investors are starting to see
value in Spanish property. But analysts
warn that a broader recovery, one that
On the web
Euro in crisis For more analysis,
comment and news on the eurozones
rescue packages, visit
www.ft.com/euro
Speed read
Booming In the first eight months
of the year, with the Spanish economy
still contracting, Barcelonas port
enjoyed an 8% rise in exports
Stubborn stat Spain is unlikely to
see any rapid improvement in the
unemployment rate, which has been
stuck at more than 26%
Vindicated Politicians in Berlin claim
that Spains expected return to growth
shows that Europes answer to the
crisis was right after all
Spain
Italy
Germany
France
Current account balance
Source: IMF
2013-2014=forecasts
% of GDP
-10
-5
0
5
10
2005 07 09 11 13 14
would involve new hiring in the
construction sector, is still many years
away. Despite the collapse in new
housing starts, about 800,000 units
still remain vacant equivalent to one
empty flat or house for every 20
households in the country.
This means Spain will have to pull
itself out of the slump without any
meaningful help from the sector that
was once at the forefront of its
economic rise. Along with the massive
debt load and towering unemployment,
the hangover from Spains
construction boom is a key reason
economists believe Spain will see only
modest growth in the years ahead.
Hope and despair: exports are forecast
to rise by more than 5% this year and
next but high levels of unemployment
and labour reforms have sparked
protests Bloomberg/AP
Unit labour cost
Source: Thomson Reuters Datastream
Rebased
2008 09 10 11 12 13
90
95
100
105
110
115
Spain
Italy
Germany
France
Source: Thomson Reuters Datastream
Spain
Italy
Germany
France
Unemployment rates
Percent
2007 09 11 13
5
10
15
20
25
30
turn to make the economy more com-
petitive, less dependent on real estate
and more reliant on high-value
exports. In the last one-and-a-half
years, Spain has shown the willing-
ness to do the right thing, says a top
banker in Madrid. Whether that is
enough I cannot say but there has
definitely been an improvement.
It is an improvement, however, that
has done little to lift the economic
misery suffered by millions of Span-
iards. Even in the heart of Madrid, the
countrys still-prosperous capital, visi-
tors struggle to spot signs that the
crisis is abating. Shops are still shut-
tering at alarming pace, while the
glum queues outside the citys many
soup kitchens are as long as ever. In
poorer Spanish regions such as Anda-
lucia, the economic hardship is on
even plainer display.
Sceptics argue that the new-found
confidence in Spains economic pros-
pects is both premature and danger-
ous: the country is saddled with a
vast and still-growing debt load,
much of it owed to foreign creditors.
The cost of servicing and eventually
reducing this burden will put a severe
brake on any recovery. Spains debt
woes also make the country acutely
vulnerable to any external economic
shocks such as the political chaos in
Italy or the unresolved budget crisis
in the US. Nor is Spain likely to see
any rapid improvement in unemploy-
ment: the jobless rate is stuck above
26 per cent, and will remain close to
that level for at least the next two
years.
One thing is beyond doubt: a real
economic turnround would resonate
far beyond the borders of Spain. Last
year, at the height of the financial
crisis that threatened to push Madrid
into a sovereign bailout, the country
was seen by many as the frontline in
the battle to save Europes single cur-
rency. In the months that followed,
Spain served as the principal testing
ground for the EUs controversial
response to the crisis.
Madrid pushed through brutal
spending cuts, tax increases and a raft
of structural reforms that sparked
outrage among trade unions and ordi-
nary voters. A sweeping labour mar-
ket reform made it easier and cheaper
to fire workers, and gave companies
more leeway to strike wage deals at
factory levels. The government of
Mariano Rajoy, Spains bland but dog-
gedly persistent prime minister, also
took steps to cut the public sector,
reduce trade barriers inside the coun-
try and break up cosy cartels.
Spanish politicians and their back-
ers in Berlin claim that the recent
signs of recovery vindicate their
OCTOBER 4 2013 Section:Features Time: 3/10/2013 - 19:39 User: whiteg Page Name: BIG PAGE, Part,Page,Edition: EUR, 7, 1
8

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
Without fear and without favour
Friday October 4 2013
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Borrowing from
Marcus Aurelius
From Mr Rosario A Iaconis.
Sir, Rather than capitulating to the
forces of instability, the Italian
political establishment has chosen
patriotism over paralysis. Seizing the
day, both the centre left and the
centre right borrowed a page from
an ancient countryman, Marcus
Aurelius: Never let the future
disturb you. You will meet it, if you
have to, with the same weapons of
reason which today arm you against
the present.
Rosario A Iaconis,
Chairman,
The Italic Institute of America,
Mineola, NY, US
Marcus Aurelius: weapons of reason
Ultimately, banks are big data and technology companies
From Mr Zachary Townsend.
Sir, Banks are Realising the
promise of new technologies (The
Connected Business, FT.com,
September 30), despite being saddled
by outdated and outmoded core
banking technologies. Some of the
best but least studied innovation is
happening inside treasury
management and commercial
banking groups. There, far from the
public eye, new technologies such
as application programming
interfaces are allowing financial
institutions and businesses of all
sizes to interact in new, faster ways.
These technologies speed the flow of
transactions for the business while
decreasing risk and delivery costs for
the bank.
Unfortunately, Eric Openshaw
and Larry Albin continue the false
dichotomy between the business and
technology functions of banks.
Ultimately, banks are big data and
technology companies. At the centre
of every bank is simply a data store
that records who has how much
money and the rules governing
transaction processing. We call this
data store a core banking system,
which is then surrounded by delivery
channels, risk management and
other technologies. Banks, their
boards and their shareholders will
come to realise that huge portions of
bank budgets and headcounts can be
replaced by modern web technology
if architectured correctly. Those
financial institutions that remake
themselves fastest in the model of
software engineering first companies
such as Google or Facebook,
including picking a forward-thinking
technologist as chief executive, will
be the true benefactors of this new
era in finance.
Zachary Townsend,
Co-founder,
Standard Treasury,
San Francisco, CA, US
Looking back is the only way for governments to learn
From Dr Jacob A Jordaan.
Sir, I am somewhat puzzled by
Kenneth Rogoffs argument that we
should not rely on hindsight to
analyse and criticise the actions of
the governments of the UK and
other countries in the aftermath of
the economic crisis (Britain should
not take its credit status for
granted, October 3). Professor
Rogoff provides a clear analysis
showing that the actions of the UK
government at the time can easily be
defended, especially given the
impossibility of knowing how
economic conditions would develop
in the last couple of years. However,
if we want anything positive to come
out of the crisis, surely it should be
that governments, banks and
international financial institutions
look back at what happened and
learn from their mistakes and
possible errors of judgment.
I agree with Prof Rogoff that with
hindsight it is easy to come up with
better solutions and more
appropriate government policies and
that it seems inappropriate to
criticise governments too strongly for
decisions that seemed perfectly
defendable at the time. However,
without looking back at the crisis
with what we know now, how else
will governments be able to learn
from the experience, adjust their
expectations and prepare themselves
better for future international
economic challenges?
Jacob A Jordaan,
Utrecht University School of
Economics, The Netherlands
Weidmann warning sounds like double standard
From Mr Erik F Nielsen.
Sir, I found Bundesbank president
Jens Weidmanns warning (report,
October 1) against banks holding of
their home countrys sovereign debt
the so-called home bias a bit rich
coming from a senior German official.
First, the fact that Italian, Spanish
and Irish nationals have increased
their share in the holding of their
national governments debt simply
reflects two factors. One, foreign
investors withdrew, which in the
case of German banks was partly
the consequence of German
supervisors introduction of de facto
capital controls inside the eurozone;
in the case of Ireland, incidentally,
after the European Central Bank had
insisted on foreign creditor banks
being allowed to leave without
sharing in the pain of the collapse of
the bubble they had helped fuel.
Two, national investors in these
countries and not only the banks
took a considerably more realistic
view of the creditworthiness of their
own sovereigns than most foreigners
did; an assessment that has proved
profitable so far.
Second, it sounds like a double
standard when the Bundesbank
president calls for tougher rules for
banks holding of (certain)
sovereigns. Wouldnt it be more
urgent for German supervisors to
adopt tougher rules for German
banks holding of non-performing
loans so that they, at least, would
match the practice applied in
countries such as Italy and Spain?
Erik F Nielsen,
Global Chief Economist,
UniCredit Bank,
London EC2, UK
Americas Cup was
laughable as sport
From Mr Peter Double.
Sir, David H Clarke (Letters,
October 1) has no idea what he is
talking about. The winner of the
Americas Cup in the previous finals,
and thereby the defender for the 35th
Series of Races (in this case Larry
Ellison) will determine (subject to
litigation in the US courts) both the
venue and the type of yachts to be
sailed as required by the original
Deed of Gift relating to the Americas
Cup. Match racing and events all
over the world for the Americas Cup
are therefore impossible.
The idea that fast short races near
a beach attract viewers is also
flawed. This is not what yacht racing
is about having men wearing crash
helmets, and sailing in boats with
masts 130ft tall, and at speeds of up
to 50mph, and which are useless for
any other purpose, is just proof that
the Americas Cup is a billionaires
plaything, and will remain so until
someone with a grain of sense brings
normality to the Cup.
Sceptre and Sovereign (12-metre
challengers) still have a life being
used for regular sailing, even today
many years after they were built.
This will not happen to the latest
spacecraft yachts used in San
Francisco.
This means something like a
J Class yacht, which has a useful life
after the Cup Campaign, and can
have a terrific following wherever
the Cup Races are held, is the way
forward. Such yachts can be used for
youth and forces training, as well as
general chartering. There were
several J Class yachts racing in the
Solent recently, where I was present
with more than 200 people watching
from boats following the racing. The
tactics are important, not just speed
for non-yachties, who have no idea
about what is involved in a yacht
race, especially wind and tide
concerns, none of which was
relevant in the recent fiasco in San
Francisco.
While I salute Sir Ben Ainslie,
Oracles tactician, on his magnificent
victory, if the Americas Cup takes
the Formula One direction, with all
the associated nonsense, it will end
up like Formula One at the moment,
which people are starting to voice
complaints about: namely, that it is
just a procession based upon the
qualifying times. That is not sport or
racing. Who wants to watch a
procession, however fast it moves?
The Americas Cup will not
improve until it gets a large dose of
reality away from the US Courts and
the enormous costs that only
billionaires can afford. The Kiwis did
exceptionally well considering their
small budget, but that again is not
what the Americas Cup is about. It
should not be about who has the
most money to spend (Mr Ellison
paid for two defenders); it should be
about close-fought competition with
lots of challengers in the Louis
Vuitton Cup vying for the right to
take on the defender of the
Americas Cup. As has been
recorded, only three yachts
challenged in the Louis Vuitton Cup
in San Francisco, which is laughable
this is not sport, it is a complete
waste of money for short-term
returns. In six months time no one
will care about the Americas Cup,
and most will not even remember
the name of the losers. That surely
cannot be good advertising, or good
for the Americas Cup as a whole.
Can someone name the loser of the
33rd Americas Cup series? It was
not James Hunt.
Peter Double,
Horsham, W Sussex, UK
COMMENT ON FT.COM
Off Message blog
John McDermott: How parents affect
the politics of their children
www.ft.com/comment
Restoring sanity to
the BP settlement
Court judgment finally upholds spirit of Deepwater deal
The dispute over BPs liability for
the Deepwater Horizon disaster
has finally taken a turn for the
better. A federal appeals court in
Louisiana has approved an injunc-
tion that allows the UK-based oil
company to stop making payments
to businesses that had not experi-
enced actual injury traceable to
loss from the spill.
Nothing is ever cut and dried in
the US tort system, and even on
this commonsense point the court
found in the companys favour
only by a slender two-to-one mar-
gin. But the majority ruling
imposes some belated sanity on a
shakedown posing as a settlement
that is presently expected to pay
out more than $9.6bn to claimants.
It obliges the administrator to link
calculations of losses to profit-
based measures rather than allow-
ing claimants to opt for either that
yardstick or cash flow whichever
delivered the bigger number. The
ruling also clarified that claims
would only be valid if the losses
involved were genuinely attributa-
ble to the spill.
BP has learnt the hard way that
it is a mugs game attempting to
settle politically charged litigation
in good faith. Acknowledging the
scale of the damage wrought by
the 2010 spill, it entered into a deal
that acknowledged the validity of
business and individual claims in
five states along the Gulf of Mex-
ico without knowing their ultimate
number or value. To speed the
process, it relieved claimants of
the need to prove their losses labo-
riously in court.
One can criticise the companys
lawyers for having drawn up too
open-ended a settlement. But this
cannot excuse the administrator
for compensating those who lost
nothing, or turning a blind eye to
inflated claims. This not only vio-
lates the spirit of the agreement; it
rewards the brass-necked at the
expense of the deserving.
What is important now is that
this ruling should be more than an
emission of judicial hot air. Once
the injunction is lifted, the courts
must ensure that the settlement is
fairly administered with only valid
claims being met. There should be
an end to lawyers touting for busi-
ness, as one did, by promising
potential clients that they could be
compensated for losses that are
unrelated to the spill.
More is at stake than the future
of BP. The US legal system needs
to show that it can deal fairly with
companies that enter voluntarily
into settlements rather than liti-
gating to the hilt. The alternative
is yet more trench warfare in the
courts. Lawyers might cheer such
an outcome, but society would be
the loser.
Trading principles
Freetrade deal should not be sacrificed to expediency
When Barack Obama announced a
new era of engagement with Asia
in 2009, he hailed the Trans-Pacific
Partnership as the keystone of his
foreign policy pivot. The agree-
ment would set rules for 21st-
century trade and, along the way,
offer new opportunities for US
exporters to tap into the regions
dynamic economies. Four years on,
two deadlines have come and gone.
Yet Mr Obama still has not
clinched his pact.
The US president will step up
the pressure next week in Bali,
where he is due to attend the Asia-
Pacific Economic Co-operation
summit assuming the visit is not
cancelled because of the govern-
ment shutdown. This is an impor-
tant chance for Mr Obama to con-
clude his pact by the preferred
December deadline. Considerable
progress has been made in recent
months. Yet the chances of recon-
ciling the conflicts of interest that
remain (US pharmaceuticals ver-
sus Japanese farmers, for example)
by the end of the year are slim. US
business and Congress are also
voicing concerns over the haste
with which Washington is driving
the process. There is a risk that, in
the rush to do a deal, the TPPs
principles could be watered down
through concessions and excep-
tions. This would be a mistake.
The TPP would be the most sig-
nificant trade deal in decades,
bringing together two-fifths of the
world economy and one-third of all
commerce. It aims not just to erad-
icate tariffs on goods and services,
but would cover labour and the
environment, intellectual property,
government procurement and
state-owned enterprises.
Mr Obama has good reason to
push hard for a deal. The global
economy has been held back by
the failure of the Doha round of
trade talks. The rules of the World
Trade Organisation, devised for a
pre-internet age, are badly in need
of updating. A partial pact such as
the TPP is no substitute for Dohas
multilateralism. But it could
revive the process. Countries such
as South Korea are now expressing
strong interest in joining the part-
nership. It would also tie the
region in more closely to western
standards on trade at a time when
China is building regional pacts
and influence of its own.
The prize for securing a pact
would be enormous. The TPP is
not just a trade deal. It is about
ensuring a set of standards that
can be the blueprint for global
commerce in the 21st century.
Given the scale of ambition, it is
no surprise that two deadlines
have been missed. Mr Obama
should not now jeopardise that
prize by giving in to expediency.
High interest rules
Modest curbs strike the right balance on payday lenders
Moneylenders are accustomed to
making enemies. Britains growing
payday loans industry has been
widely vilified for offering short-
term debt at annualised interest
rates that can exceed 5,000 per
cent. Its newest scourge is the
Financial Conduct Authority,
which yesterday announced more
stringent rules for the sector.
The FCA says that action is
needed to prevent consumers from
borrowing more than they can
afford at a cost they do not under-
stand. That is a laudable aim, even
if the problem may have been
exaggerated. At Wonga, the online
lender that is often portrayed as a
villain with a smiling cheek, about
7 per cent of loans go sour. That is
comparable to the default rate on
credit card debt, and hardly sug-
gestive of predation.
The new rules require borrowers
to be reminded of the dangers of
borrowing more than they can
afford, and told where to find free
advice on getting out of hock.
Lenders will have to check that
customers are not asking for loans
they cannot repay. There will be a
ban on rolling a loan over more
than twice; after that, defaulting
borrowers will be offered a repay-
ment arrangement, which usually
involves a freeze on interest. Those
in severe financial distress will
have part of their debt written off.
More contentiously, the regula-
tor will bar lenders from repeat-
edly trying to sweep cash from
customers bank accounts if they
go into arrears, forcing them to
stop after two such attempts fail
for lack of funds. No longer able to
rely on automatic collections, com-
panies will have to get their cus-
tomers to pay up willingly. This
will increase costs. Yet it also does
away with an anomaly that has
given payday lenders de facto pri-
ority over other creditors.
The FCA has sensibly resisted
calls for a limit on borrowing
costs, at least for now. Such a
measure may help to deter adven-
turous underwriting, but it is a
blunt tool. The government has
had to raise a cap imposed on
credit unions because it threatened
their viability. Far better to enjoin
lenders from the practices that
have aroused concern.
The effect of the new regulations
will probably be muted. This
reflects the limited role of the
authorities, which is to prevent
consumers from being gulled by
misleading information or
exploited by abusive practices.
Several unscrupulous lenders have
rightly been forced out. That will
not stop people from making bad
decisions. It is not the regulators
job, however, to save consumers
from themselves.
New York Notebook
Excess selfesteem
and the Tea Party
Call them the trophy kids. They
grew up at a time when every young
American was a winner and every
Little League sports season ended
with the presentation of a shiny
self-esteem booster to every player
on every team, no matter what
they did.
I saw them in action as I cheered
on my own little leaguers, and I
wondered what would happen to all
these young people with shelves full
of happy endings when they grew up
and had to deal with the non-MTV
version of the real world.
Im beginning to think that some
of them became the kind of adults
who would shut down the
government. Maybe Im getting
curmudgeonly in my old age, but I
have detected a decidedly trophy-kid
sensibility in the young guns of
the Republican party who have
caused much of our federal
apparatus to grind to a halt
this week.
The mark of a trophy kid, to my
mind, is a self-confidence as well
reinforced as an underground Iranian
nuclear reactor. They feel as if they
are winning even when they are
losing and if we know anything
about the Tea Party contingent on
Capitol Hill, its that they live in a
world of their own.
The Republican hard core in the
House of Representatives has been
labelled the suicide caucus by a
conservative commentator, Charles
Krauthammer. They essentially voted
to shut down the government in the
hope of blocking implementation of
President Barack Obamas
healthcare reforms. But they cant
do that because they lack both
sufficient support in the Democratic-
controlled Senate, and a friend in the
White House, which remains
occupied by the very man who
supplied 75 per cent of the syllables
for Obamacare.
Yet that isnt getting the Tea
Partiers down. Like any proper
trophy kids, they arent hung up on
results. To them, winning is a
sensation a buzz. The zeitgeist was
captured a few days before the big
House vote by Rand Paul, the
Kentucky senator, who compared the
current feeling in the Republican
ranks to that reported by the actor
Charlie Sheen during his infamous
internet rants of two years ago.
Does anybody remember Charlie
Sheen when he was kind of going
crazy . . . and he was going around,
jumping around, saying, Winning,
winning, were winning, Mr Paul
said. Well I kind of feel like that. I
think we are winning. And Im not
on any drugs.
No, hes high on life but one that
could scarcely have been imagined
by your humble narrator when he
started playing little league baseball
in the late 1960s. It was, to use the
technical term, a simpler time, when
we measured ourselves by more
objective criteria.
Trophies, as a result, were dear.
You only earned one if your team
won a championship or the coaches
picked you for an all-star team. By
the time I hung up my sneakers, I
had won four, and even today I wish
I knew where my mother put them
after I left home.
By contrast, if you lost back then,
you cried. Because baseball was the
most popular little league sport of
that era, we all generally came
equipped for such moments with a
leather glove in which we could bury
our faces when the tears began to
flow. Viewed from the touchy-feely,
tell-it-all-to-Oprah perspective of
today, that may seem cruel. But it
was fair, and it produced people
prepared to be citizens of a republic.
We could pull for our team, fight for
our cause and then live by the
numbers on the scoreboard.
By that measure, I spent most of
my life thinking of the Republicans
as the party of actual winners.
From 1952 to 2004, the Grand Old
Party won nine of 14 presidential
elections. Twice, a Republican
Richard Nixon in 1972 and Ronald
Reagan in 1984 carried 49 of the 50
states (with both receiving 55 per
cent or more of the vote in such
current blue states as California,
Illinois and New Jersey).
Its hard to imagine the current
government-closing GOP matching
that record of success. At the risk of
running foul of libel laws, I would
suggest that many of todays
Republicans remind me of those fey
Democrats of yore who inspired Will
Rogers to say: I belong to no
organised party. Im a Democrat.
The sad thing for Republicans is
that so few of their national leaders
trophy laden and otherwise seem
to understand their position. Mr
Obama knocked them on their
posteriors almost a year ago, but
they still cant distinguish that
particular body part from their
elbows, as the old saying goes.
gary.silverman@ft.com Blinking is for wimps
Gary Silverman
US life insurers support transparency
From Mr Gary Hughes.
Sir, Regarding Financial alchemy
used to send insurance liabilities to
the shadows (October 1): captive
reinsurance transactions are a
legitimate, safe and carefully
regulated means of fully satisfying
required reserve requirements. The
life insurance industry supports
added transparency and disclosure in
this area, which would dispel the
notion that these transactions are
shadow arrangements. The states
are currently working constructively
to assure that captive transactions
are appropriately disclosed and
handled uniformly from state to state.
Gary Hughes,
Executive Vice President & General
Counsel,
American Council of Life Insurers,
Washington, DC, US
If only theyd had oncall healthcare
From Mr Clinton Williams.
Sir, Given that the FT is the only
daily print media I receive, any
presenting of events reportage with
sidesteps to humour is most
welcome, and the letter from Mark
Osborne is the latter. That the
Paleolithic hominid population
experienced living fewer than
average 40 years (citation needed, Mr
Osborne) included factors such as
being prey to carnivores which now
do not stalk the more urbanised
Paleo diners, the Paleos somewhat
remote distance in millennia from
this days on-call healthcare services
open to neo-Paleos, and, most
pathetic of all, the Paleos not having
developed over-the-internet access to
generic pharmies from Canada.
Clinton Williams,
Oakland, MI, US
Diet not the only threat to early Paleos
From Mr Dominic Wallington.
Sir, Mark Osbornes letter
(October 2) about the Paleolithic diet
sweeping California (Business Life,
September 30) is also quite amusing.
While not a Paleo adherent as such,
I would guess that most of them are
aware that humans in that era did
not live that long.
Like most of the adherents
mentioned I am vaguely aware of the
fact that A&E triage was limited in
those days, and that beef was less
domesticated, tended to be unwilling
to die and was not available in plate
size portions.
Guns were also rare and hunting
was therefore generally up close and
rather personal. Predators were not
extinct or neatly caged in the local
zoo. I am also aware of the fact that
bacteria have been around
substantially longer than man-made
antibiotics and that in general
animals in captivity tend to live
much longer than those in the wild.
Finally I remember reading that
Paleolithic man had, on average, a
bigger brain than modern humans.
Maybe that was the problem?
Dominic Wallington,
Reigate, Surrey, UK
OCTOBER 4 2013 Section:Features Time: 3/10/2013 - 19:21 User: paleita Page Name: LEADER USA, Part,Page,Edition: EUR, 8, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

9
COMMENT
economy: the first is easily
corrupted, the second the best we
have. Whats missing is a credible
account of where and how he would
strike the balance between market
economics and social equity. In its
place are the politics of daydreaming,
based on the hope that enough
voters will desert Nick Cleggs Lib
Dems to take Labour over the line.
In other times, Mr Cleggs party
would be the natural beneficiary of
this political flight from the middle
ground. He makes a convincing pitch
that Lib Dems can anchor Labour to
the centre or pull back the Tories
from the right. His party may well
do better than its present, dire poll
ratings suggest. But it has lost the
many Lib Dem voters who disdain
the compromises of coalition. If Mr
Clegg emerges again as kingmaker,
most likely it will be by default.
Travelling abroad, I am often
asked who will win in 2015. My
answer is no one and certainly not
Britain. Things could change. But,
viewed from a distance, Britain is a
diminished power buffeted by events
and heading, with its eyes shut,
towards a calamitous exit from the
EU. Close up, the nations politics
scarcely challenge such impressions.
philip.stephens@ft.com
Economics is now an argument about two numbers
an economy can produce at any
given moment before inflation starts
to rise as everything overheats.
During recessions, economies tend to
run below capacity. In a boom, they
run above.
Radical critics of the coalition
governments so-called austerity
policy like to point out that UK GDP
is a good 15 per cent below the level
it would have reached if growth had
continued at its pre-2008 rate. There
is, they say, therefore enormous
unused capacity.
By way of reply, some of the
governments apologists say there is
very little usable spare capacity after
the ravages of the past few years.
The economic damage done by the
recession may have permanently
lowered the level at which the
economy can stably operate.
No one can be sure of the right
answers. But there is a way of
approaching them suggested by an
English 18th century clergyman, the
Reverend Thomas Bayes, in an essay
first published in 1761 two years
after his death. This was at a time
when the universities were moribund
and the best way of doing academic
work was often in the leisure of an
ecclesiastical living. The question
Bayes set himself was how to
determine whether an event about
which there is uncertainty actually
happened.
To get the inquiry going, we need
an estimate of the prior probability
of it having happened. This might
not be better than a rough guess
so long as it is honest. Bayes
theorem deals with how the degree
of confidence in an event or a theory
rises as the evidence accumulates. If
you are investigating a murder, the
probability of someones guilt will
rise if you find a motive, and then
again if you discover the weapon in
their glove box. Odds shift as
evidence accumulates.
There is no need for this high-
powered principle as far as the
current UK growth rate is concerned.
We shall soon find out whether
annualised third-quarter growth was
3 per cent or more. There is not
much case either for immediate
stimulus or application of the brake.
But there is every need for Bayes
in relation to the capacity question.
If there is very little excess capacity
the current upturn needs to be
carefully watched to prevent the
economy running up against the
inflation barrier, say early next year.
But if excess capacity is anything
like 15 per cent, we can focus on
keeping the upturn going.
We have the assurance of the Bank
of England that, subject to certain
conditions, monetary policy will not
be tightened at least until
unemployment drops from recent
levels of 7.7 per cent to 7 per cent.
But I do not find credible the banks
projection that there is only a 50 per
cent chance of that threshold being
reached before the middle of 2016.
The underlying assumption must
be that there is a great deal of
capacity waiting to come into use,
The first figure that
matters is how fast the
economy is growing and
the second is how much
spare capacity there is
The Republicans have a serious Tea Party problem
survey finds that 48 per cent of
Republicans back it, and that the
same is true of 57 per cent of self-
identified Tea Party supporters. This
cleavage between the Tea Party
movement and the wider public is
the central fact shaping the future of
the GOP, and it raises the question
of whether the rise of the Tea Party
movement has hurt Republicans
more than it has helped them.
To many conservatives, the idea
that the Tea Party has damaged the
GOP seems absurd; the movements
emergence coincided with the
Republican comeback of 2010. Tea
Party protests brought energy to a
beleaguered right early in the first
Obama administration. Tea Party
activists helped elect moderate
Republican Scott Brown to the
Senate from Massachusetts, of all
places at the start of 2010, a
development that nearly derailed the
presidents health reform effort.
But as it happens, that election
came at a time of very high
unemployment, which tends to
benefit the opposition party in
midterm congressional elections.
There is no way to really resolve the
counterfactual question of how
Republicans might have fared had
Tea Party candidates not pulled the
party to the right. Some will point to
Republican defeats in Senate races in
Colorado, Delaware and Nevada,
where candidates identified with the
Tea Party movement fairly or
otherwise bested more conventional
Republicans in primary elections.
Others will point to more successful
Tea Party Senate candidates that
year, like Ron Johnson in Wisconsin
and Marco Rubio in Florida.
But consider some of the most
influential Tea Party Republicans in
the US Senate Utahs Mike Lee and
Kentuckys Rand Paul, both of whom
were elected in 2010, and Texass Ted
Cruz, elected in 2012. These three
men have played a leading role in
pressing congressional Republicans
to take a more confrontational
stance over the funding of Mr
Obamas reforms. They are all
distinguished by the intensity of
their ideological commitment. All
three also won a smaller share of the
votes cast in their respective Senate
races than Mr Romney won in their
states. This is not an entirely fair
comparison; Mr Romneys election
was two years later. Yet the midterm
electorate is also smaller and more
inclined to back Republicans.
In Utah, Mr Lee won an impressive
62 per cent of the vote in 2010. But
Mr Romney won 73 per cent. In
Kentucky, Mr Paul won 56 per cent
of the vote in 2010 while Mr Romney
won Kentucky by 61 per cent in 2012.
And in Texas, Mr Cruz won just
under 57 per cent of the vote in 2012
while Mr Romney won just over 57
per cent that same year. All three
Tea Party stalwarts fared worse than
a Republican presidential candidate
who was widely regarded as
profoundly flawed.
One could argue that Republican
Senate candidates running in heavily
Republican states should be more
conservative than GOP presidential
candidates who are obligated to win
in more competitive states. That will
inevitably mean that these
Republican Senate candidates will
tend to win smaller majorities.
Problems arise, however, when Tea
Party Republicans force their
counterparts who represent more
competitive states and districts to
follow their lead, just as problems
arise when GOP presidential
candidates distance themselves from
their partys unpopular congressional
wing. An approach that appeals to
voters in Kentucky, Texas and Utah
might not fare quite as well in
densely populated coastal suburbs
and other contested regions.
It would be one thing if Tea Party
Republicans contented themselves
with making forceful arguments with
the intention of persuading their
colleagues and the wider American
public. It is quite another when they
cripple the ability of the Republican
leadership to act in the interests of
the party as a whole. Yet one of the
central tenets of Tea Party ideology
appears to be that compromise aimed
at expanding the Republican
majority is anathema.
No one should doubt the sincerity
or the seriousness of the Tea Party
Republicans in Congress who are
behind the government shutdown.
Rather, one should question their
judgment.
The writer is a fellow at the R Street
Institute and a contributing editor at
National Review
Reihan Salam
Samuel Brittan
A
ll the indicators suggest that
UK gross domestic product is
now growing again after a
lapse of four years in which it either
fell or stagnated. And it has been
doing so, up until now, without
generating more inflation.
There are two key numbers that
policy makers and the British
equivalent of US Federal Reserve
watchers need to know. The first is
how fast the economy is actually
growing. The second, which is far
more difficult, is how much spare
capacity there is in the economy.
The impression conveyed by the
latest indicators is that GDP grew at
an annualised rate of about 3 per
cent or more in the third quarter
of 2013, although we shall have to
wait a couple of months for an
official estimate. It would, however,
be surprising if first impressions
turned out to be all that wrong.
The problem about capacity is a
more abstruse one. Capacity in the
economists sense refers to the
theoretical limit to the amount that
Street and some visibly wince.
The German chancellor Angela
Merkels third successive victory was
a reminder that elections tend to be
won by those who command the
centre. This lesson has been lost on
the Tea Party Republicans whose
fatwa against President Barack
Obama is likely to cost them another
presidential election in 2016.
Strangely, in Britain, both the
Conservatives and Labour are also
fleeing the middle ground. Mr
Camerons problem is his party;
Labours Achilles heel is its leader.
Ask voters to put themselves on a
spectrum from right to left and the
great majority crowd towards the
halfway mark. The trick is then to
ask them to place the politicians on
the same spectrum. Tony Blair, the
former prime minister, always aimed
to end up dead centre. The evidence
of three election victories suggests
this was not a bad strategy. Winning
comes first. Leaders with the
confidence to make the political
weather can then change perceptions
of where the centre lies. Margaret
Thatcher shifted it to the right; Mr
Blair to the left.
Mr Cameron once understood this.
He was a self-styled moderniser the
Tory heir to Blair who cared about
the poor, took climate change
seriously and embraced social
liberalism. And now? His speech the
other day suggests he still sees
himself as a moderate, but the
resonant tunes of the conference
were those that once won Tories the
sobriquet of the nasty party.
The Conservatives have embraced
the politics of pessimism. They are
at war with modernity. Lynton
Crosby, the partys campaign chief,
hails from a school that says
politicians define themselves against
the enemy. The Tories have plenty:
welfare recipients are scroungers,
immigrants a threat to national
identity, and the EU a dastardly plot
to rob Britain of its nationhood.
Most things in politics are relative.
Britains economy has spluttered into
life. After years of unremitting
misery, the signs of an upturn are
hailed by the government as a
wondrous feat. Yet the country is
still burdened by deficits and debt,
and output is below the levels of
2007. Austerity, the Treasury intones,
has many more years to run.
The nations politicians are
returning to Westminster after their
annual around-Britain caravan of
party conferences. The myriad
speeches, promises and insults
hurled at opponents have shown
them to be bereft of ideas. I am
struck by a parallel with the euro:
the crisis has subsided, but no one
knows where it is heading next.
Mr Camerons Conservatives have
been cheered by the run of better
economic news, but the electoral
arithmetic says they will struggle
mightily in 2015 to win the overall
majority that would set them free
from their Liberal Democrat coalition
partners. The Tories scored about
35 per cent in the 2010 election. To
govern alone requires them to get
40 per cent or so and that after
five years of falling living standards.
There is only limited cheer in Mr
Camerons predicament for Ed
Miliband. True, the curiosities of the
electoral system mean the Labour
leader could win office with a
smaller share of the vote, perhaps as
little as 35 per cent. Mr Miliband,
though, lacks the bearing of a
plausible prime-minister-in-waiting.
Invite his colleagues to frame their
leader in the doorway of 10 Downing
Rebellion against the leadership
has become routine in a party
assailed on its right flank by the
xenophobic populism of the UK
Independence party. Tory MPs want
a strategy to collect the partys core
vote rather than a pitch for
undecideds. For his part, Mr
Cameron is weakened by an absence
of firm conviction. He seems to think
it enough for a prime minister to
look persuasive in the part.
Mr Miliband could have seized the
chance to claim the territory vacated
by the Conservatives. Instead, while
a featherweight prime minister has
been blown rightward, the leader of
the opposition has strolled leftward.
His role model seems to be Franois
Hollande. Didnt the French
president win power from the left?
Labour can surely do the same.
The snag is that France, where the
communists can still claim a
respectable following, is not Britain.
In any event, Mr Hollandes present
troubles, alongside Ms Merkels
success, scarcely underscore the
Labour case that the economic crisis
has turned Europes political tide in
favour of parties of the left.
Mr Milibands desire for social
justice is sincere enough. He is
correct too in drawing a distinction
between capitalism and the market
An approach that appeals
to voters in Kentucky,
Texas and Utah might
not fare quite as well
in coastal suburbs
which does not quite conform to
evidence on the ground. A picture of
gradual economic expansion slowly
eating up reserves of unused
capacity may suit forecasters and
policy makers. But that is not how
things happen. It is much more
likely either that expansion will
eventually disappoint or that it
will surge ahead very fast. The
latter prospect will obviously
not be harmful to the coalition
so we can expect Labour to warn
of the vulnerability of any such
expansion.
What can spoil the prospect of
harmless party political games?
Never take your eyes off sterling,
which has so far held up. But
veterans of past crises will know
that this can change with great
speed. The exchange rate is just a
price that ought to be left to its own
devices, but below a certain rate,
panic sets in. Although Ed Balls, the
shadow chancellor, understands
these matters, it is not his job to
give a pure economics lecture should
things become unstuck.
www.samuelbrittan.co.uk
O
ne year ago this week, Mitt
Romney, then the Republican
partys presidential nominee,
scored a surprising victory in his
first debate with President Barack
Obama. Having endured withering
attacks from conservative rivals and
a well-oiled Democratic machine that
had turned him into a cartoon
plutocrat, Mr Romney stunned
viewers with his problem-solving
pragmatism. The debate was a false
dawn as the Obama campaign proved
its tactical superiority. But that brief
moment demonstrated the potential
of a less ideological Republicanism.
Now, of course, a relatively small
faction of Tea Party Republicans has
pressurised John Boehner, the
Republican House Speaker, into
shutting down the federal
government and using the threat of
breaching the debt limit as a tool to
secure policy concessions from
Senate Democrats.
That this strategy is unpopular is
beyond dispute. A new CBS News
poll finds that 72 per cent of
Americans oppose using a shutdown
to force changes in Mr Obamas
healthcare reforms. But the same
Britain faces a
fight between
pessimists
and dreamers
Merkels
victory was
a reminder
that
elections
tend to be
won by
those who
command
the centre
Philip Stephens
T
ales of extravagant dinners
where diners feasted on
organic delicacies and imbibed
vintage wines make for eye-catching
headlines. As does the cutting
remark despatched this week by Dan
Loeb an activist investor and
shareholder in Sothebys that while
top executives at the auction house
work for a luxury brand, this does
not entitle senior management to
live a life of luxury.
The criticism that auction house
personnel are aping the lifestyles of
their clientele when they should be
minding the shop is easy to make. It
may even be justified from time to
time.
One of the things I do not miss
about my otherwise great years at
Sothebys is prolonged contact with
very rich people. The occasional
yacht cruise holiday, the odd pot of
caviar or magnum of La Tche was
indeed enjoyable but does give one
ideas above ones station. I also
prefer my cats and myself leaner and
more agile.
I nevertheless doubt whether the
financial suits at Sothebys are at
present indulging employees to a
greater extent than in my day the
1980s boom and early 1990s bust.
Indeed, what this weeks news
highlights is not so much a world of
boardroom excess but the unique
nature of the auction house business
and its less than perfect suitability
to public ownership.
Sothebys is in effect one half of a
global monopoly. Viewed from Mars,
it and Christies, its arch rival,
would be seen as one entity. That
opportunistic investors should be
attracted by this should come as no
surprise.
While fiercely competitive, the two
houses are almost entirely mirror
images of each other. Where one
innovates in a particular sales
sector or location the other swiftly
follows. Each houses division of
fine art, jewellery, collectables or
luxury items generally offers more or
less identical terms to consignors.
Each house employs highly
educated, expert and customer-
friendly personnel. In the old days, a
gentlemans agreement dictated that
employees did not move from one
house to the other. That agreement
has long been torn up and Sothebys
and Christies compete with each
other from time to time for the same
people.
Christies, however, does have one
large advantage over Sothebys. The
firm is privately owned by the great
French art collector and luxury
goods magnate Franois Pinault.
Good management practice
nowadays dictates that as far as
governance is concerned you run
private companies very much in the
same way as you are required to run
public companies. This said, a
private company enjoys speed and
flexibility in corporate decision-
making. This is not just desirable in
itself but is far better suited to the
needs of a small but steadily growing
clientele of rich individuals now
located throughout the world.
The art trade is cyclical, like any
luxury business. (When you are
hungry you do not need the
Impressionists.) But while I am sure
an eagle-eyed investor could run
down the odd instance of executive
excess, the bonus culture prevailing
in a business where base salaries are
much lower than those in the
financial sector does depend on
profitability. It is silly to bite your
own hand before a meal.
In the late 1980s I was hauled over
the financial coals for hiring Michel
Roux to cook a banquet in our
salerooms in Bond Street. We were
entertaining the owners of the five
first growth Chateaux of Bordeaux
who had brought their own wines. I
got my own back because one of
them left a 6m bid for a rare
Renaissance bronze displayed as a
centrepiece on one of the tables. The
coals were rapidly doused. The bean
counters grovelled.
As a now disinterested Sothebys
loyalist and one who holds no
shares in the company I hope some
sensible person or group of people
buys the business. It is an expensive
buy, but how often do you get the
chance to purchase one half of a
growing global monopoly?
I am vain enough to think that
even 20 years after my time in Bond
Street I could hand on a tip or two
as to how to augment value.
The Sothebys name is, as a brand,
underutilised. And some sort of
partnership structure would bind key
personnel to the firm and its future.
But do also make sure that they go
easy on all that caviar and
champagne.
The writer, a former London
chairman of Sothebys, is chairman
of the Fine Art Fund Group
Grey Gowrie
Private
ownership
would suit
Sothebys
rather better
The odd yacht cruise, pot
of caviar or magnum of
La Tche was enjoyable
but does give one ideas
above ones station
Pakistan
needs a clear
narrative for
confronting
terrorism
The army,
mullahs and
politicians must
get their act
together, says
Ahmed Rashid
www.ft.com/
thealist
OCTOBER 4 2013 Section:Features Time: 3/10/2013 - 19:20 User: paleita Page Name: COMMENT USA, Part,Page,Edition: EUR, 9, 1
10

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
Illustration: Lloyd Thatcher
BUSINESS LIFE
In a new marketing
campaign for the National
Basketball Association,
Chinese characters are
plastered across a shot of
Los Angeles Lakers star
Kobe Bryant throwing
down a slam dunk.
Another version of the
commercial features the
same clip but the
Portuguese phrase E la
para todos. Yet another in
Spanish reads Y es para
todos nosotros. The
translation: the NBA is for
everyone.
With the tip-off of the
NBA Global Games series
in Istanbul on Saturday,
the league is launching its
first marketing push
specifically targeted at
base that understands the
game.
The NBA has been a
pioneer in exporting its
game across the globe.
Invented in Massachusetts
in 1891, basketball became
an Olympic sport in 1936
and has spawned leagues
across the world. While the
game remains most
popular in the US, a
25-year effort championed
by Mr Stern has helped to
establish the NBA as one
of the most global leagues
in the world. Games and
programmes are broadcast
to more than 215 countries
in more than 47 languages.
And the rise of digital
media has provided
international fans with
more access to content
than ever before. NBA.com
attracted 9.6bn page views
and 5.6bn video streams
last season; more than half
its visitors were from
outside North America.
Global expansion and
digital expansion go hand
in hand, says Mr Stern.
The last word
Emily Steel looks
at how American
leagues seek to
export their
stars and sports
international fans.
Called One Game, One
Love, the campaign is
part of an attempt to
broaden the appeal of the
sport and by extension,
its business across
countries and cultures. It
includes television spots in
10 languages across 43
countries and territories as
well as print, online and
social media adverts.
The global pitch comes
as the NBA doubles down
on expanding its already
we should begin addressing
an international audience
differently than an
extension of a domestic
audience, says David
Stern, NBA commissioner.
For years, US sports
leagues have attempted to
export their games and
their stars to global
audiences. The National
Football League, for
instance, has hosted
American football games
outside the US as part of
its International Series
since 2007, including in
London last weekend.
Roger Goodell, NFL
commissioner, has talked
about expanding its
international schedule, and
some have speculated that
it would place a franchise
in the UK capital.
Boosting the
international appeal of
American sports is a
crucial strategy for the
leagues to develop their
businesses beyond
cultivating the next
generation of fans in the
The NBA makes a play to slamdunk the world
sizeable international
business. The league says
its international revenues
have grown at double-digit
pace every year for the
past two decades. Of the
NBAs $5.5bn in total
revenues projected for the
coming season, about
10 per cent is generated
via its international
operations. The breadth
and the scope of our
international business
globally has gotten to the
size that we decided that
US through marketing to
younger demographics.
New global fans translate
into more lucrative media
distribution deals,
merchandise sales and
other partnerships. When
you build a truly global
league, the value of the
franchise will go up, says
David Carter, a sports
industry consultant who
directs the Sports Business
Institute at the University
of Southern Californias
Marshall School of
Business.
Yet several challenges
exist in crossing cultures,
developing fan bases and
translating the rules of a
game. American sports
often are viewed as import
products, novelties, says
Kevin Adler, founder of
Engage Marketing, a
Chicago-based sports and
entertainment marketing
company. There is not the
same nationalistic pride
that comes from a
homegrown sport. It takes
a long time to build a fan Global bounce: a Chinese version of the new NBA campaign

I have been a loyal Tivo


subscriber since it rolled
out its first digital video
recorder in 1999. Its
revolutionary timeshifting
abilities freed the Taylor
family from the tyranny of
the television schedule, let
us choose what we watched
and when, and enabled us
to wind back live
recordings and flip through
ads during movies.
After the dishwasher, it
may be the most popular
device in the house. Even
my technophobe wife
appreciated its simple user
interface and superior
search capabilities.
But customers have been
tempted to stray. Emerging
services such as Netflix or
Hulu Plus give access to a
broader range of video
content over the web, and
devices such as Apple TV,
Roku and SlingBox add
extra features and flexibility.
Now Tivo has brought out
the Roamio range for those
wanting not just neat, easy
ways to record video
several items at a time if
needed and play back big
amounts of highdefinition
video, including from web
TV services: on top of all
that, it has added streaming
to mobile devices.
I have been testing the
Roamio Pro. As the most
sophisticated of three
versions, it costs $600. It
can record up to six
programmes simultaneously
and store up to 450 hours
of fullHD video on its
builtin hard drive.
Roamio Plus costs $400
and has the same features
but stores up to 150 hours
of HD video; and a $200
model simply called
Roamio, which can record
four programmes at once,
stores 75 hours of video
and lacks some of the
advanced features, including
the streaming content
capabilities, of its siblings.
All three require the Tivo
subscription service. This is
$15 a month in the US;
Tivo has not confirmed if
Roamios will be available
elsewhere, which would be
through partners such as
Virgin Media in the UK.
I found setting up the Pro
a robust black box about
the size of a large hardback
book fairly easy (some
early buyers reported
problems getting the plugin
card tuners supplied by the
local cable company to
work at first).
Although such recording
units are still known as
settop boxes, the Roamio
typically sits under the TV
Paul Taylor
Personal Technology
Paul Taylor picks his favourite from
the latest crop of apps.
What it is: WriteThat.name, web app
for Gmail and Outlook
Why you should try it: People change phone numbers
and email addresses surprisingly often, rendering
contact lists out of date. WriteThat.name automatically
updates your Gmail or Outlook list by analysing your
incoming emails. Up to 10 contacts are updated for free
each month, or you can pay an annual fee ($59 or euro
or sterling equivalent) for the full service, which includes
scanning your emails over a year for revised contacts.
Planet of the Apps
Tivos settop box
for the mobile
television viewer
Roamio Pro
Keen television viewers have long appreciated Tivos
timeshifting digital recording capabilities. But so did
rivals, who introduced similar features. Now, Tivos
new Roamio settop boxes improve old features and
offer new ones, such as streaming to mobile devices
and tapping into a broader array of video services.
and it also works if put in
a cupboard or nearby room.
Like earlier Tivo boxes,
the Pro allows users to view
and record more than 300
channels that my US TV
provider offers. However,
its more powerful processor
makes searching for
programmes or skipping
through menus much faster.
Also, the builtin apps
and broadband internet
connection, which you can
operate wirelessly thanks to
builtin WiFi, give access to
a huge range of other video
content including TV shows
and movies from webbased
services. One of Roamios
strengths is that it collects
all this video content in one
place, which makes it easy
to search and record.
Access to web services is
provided by other settop
boxes and games machines,
but Roamio Pros extra
features make it stand out.
One is the ability to stream
content to mobile devices
only Apples iOS devices
for now, but those running
Googles Android operating
system as well within a few
months. Initially, you must
be on the same network,
but soon Roamio users will
be able to view live or
prerecorded content over
any internet connection.
This streaming capability
worked very well over my
home WiFi network, and I
watched the final moments
of the US baseball season
on my iPad in bed. But, as
with any streaming service,
quality depends on available
bandwidth.
In addition, you can
download recorded content
to a mobile device, such as
a smartphone or a tablet,
to view later.
Many of the Pros
features can be found in
other devices, but Tivo has
pulled them together in one
box without cluttering up
the user interface
Overall, the Roamio Pro
is the best HD settop box
available. It is pricey but if
you like watching movies
and other video, it
represents good value.
Help to get a good nights sleep
most of us need one more hours sleep
a night.
Russell Sanna, executive director of
the Division of Sleep Medicine at Har-
vard Medical School, echoes this view.
Employers are not yet convinced
that sleep matters for peak perform-
ance. It does matter significantly that
the top of organisations most of the
time do not value sleep as a perform-
ance asset. Sleep is for losers is the
prevailing cultural norm.
He adds that sleep is considered
private behaviour . . . not something
that an employer should be mucking
around with. However, bad sleep has
public consequences. Many of them
end up in the workplace. Sleep depri-
vation is so pervasive that, from a
public health perspective, it is the
new smoking.
Not only does poor sleep dent pro-
ductivity, it also causes impulsivity
and poor decision-making, according
to sleep researchers. Sleep deprivation
has been indicated as a cause in
7.8 per cent of all the US Air Forces
Class A accidents, defined as costing
$1m or more). Sleep-deprived US
workers cost their employers $63bn in
lost productivity, according to a 2011
Harvard Medical School study. A
study published in the journal Organi-
zational Dynamics in 2011 found that
sleepy team members may be espe-
cially likely to engage in con-
flict . . . [and] engage in social loaf-
ing. There are also strong links
between chronic sleep deficiency and
obesity, diabetes and depression.
The Harvard Medical School Divi-
sion of Sleep Medicine is planning to
launch a campaign to address this
issue. ReCharge America aims to
engage global companies and consum-
ers, for example, by working with
Walmart to provide shoppers with the
opportunity to assess their sleep
health and receive guidance.
N
o discussion of sleep con-
sultants, however, is com-
plete without those helping
parents cope with waking
infants. Louise Moxon set up Cocoon,
an agency in London that provides
parents desperate for their infants to
sleep through the night with consult-
ants. She believes that societal change
has meant that parents want to buy
in help that would previously come
from families. In our parents genera-
tion . . . often the grandmother of the
child would move in to help and give
advice. Now, it seems that it is not the
done thing, she says. Moreover, there
is so much advice on the internet and
in books that it becomes difficult to
know what to believe.
Kim West and Deborah Pedrick, co-
founders of the International Associa-
tion of Child Sleep Consultants, add
another factor: The growing aware-
ness of the effects from chronic sleep
loss . . . and its connection with child-
hood obesity, attention deficit hyper-
activity disorder and learning defi-
ciencies in school-age children.
A good sleep consultant must be
sympathetic to the needs of the child
and parents, Ms Moxon insists. A lot
of parents find the leave to cry tech-
nique very upsetting. However, a good
sleep consultant will understand your
needs and requirements and therefore
choose a method that works for you.
Mr Meadows does not work with
children but says that understanding
the client is key. Sleep is an individ-
ual thing. Seven to eight hours is
the much-trumpeted time were meant
to sleep. In fact the range is four
to 10 hours. Some can wake up at
5am, run around the park, read the
papers and be in the office by 7.30am.
They are predetermined to be like
that, he adds.
G
uy Meadows used to work as
a researcher in sleep labs at
the Charing Cross and the
Royal Brompton hospitals in
London. He would spend his nights
observing those with sleep disorders
as they tried to get some shut-eye.
Eight years ago he decided he had had
enough: I was tired of watching peo-
ple sleep. I was doing shift work. I
know how bad that is for your
health.
His work, however, had convinced
him there was a market among people
desperate for a cure to their sleep
problems. Now the 36-year-old, who
describes himself as a normal sleeper
with disturbances he has two chil-
dren, aged three and one works as a
sleep consultant, running workshops
and one-to-one counselling sessions to
help people overcome insomnia.
Mr Meadows is part of a growing
profession advising individuals and
companies on sleep. As he puts it,
long hours, working with markets in
different time zones and technologies
leaves many people tired but wired.
When man was wandering around the
fields with his plough, he wasnt
checking Facebook and Twitter. His
brain was much quieter. Today our
brains are so stimulated we cant
sleep.
His mantra is that the best sleep-
ers do nothing to get themselves to
sleep. Insomniacs do lots. His clients,
he says, end up lying in bed saying to
themselves: Ive run a half-marathon,
havent had any caffeine or alcohol
and I still cant sleep. His approach
is to teach people to let go of the
sleep struggles in their heads.
Some companies, including Google
and the consumer goods group
Procter & Gamble, are investing in
sleep, from providing lectures to train-
ing human resources managers in
how to advise employees to improve
their sleep routines and hygiene. Tips
include leaving smartphones and
other devices to one side and going to
bed at regular times. Sleep consult-
ants also offer advice on melatonin-
regulating lighting or the best sched-
ules for overseas travel.
Employers can help working
schedules by looking at shifts and
making managers aware of the dan-
gers of the long-hours culture, says
Mr Meadows.
So appealing is the promise of sleep
that Mr Meadows is also working with
marketing departments at Este
Lauder, Tui and Thomson to incorpo-
rate sleep into their brand message.
Rebecca Robbins, the co-author of
Sleep For Success, is working with the
New York Benjamin Hotel as its offi-
cial sleep consultant. The luxury hotel
also offers a pillow menu, slumber-
inducing foods and a sleep guarantee.
Ms Robbins, who is finishing a PhD
in sleep research at Cornell Univer-
sity, has given talks to banks and tech
companies. She says that while a
chief executive evangelising the
importance of sleep can help change a
companys culture, it is those lower
down the corporate ladder who make
the most difference. Team managers
can observe their employees tired-
ness. They can change the focus so it
is the quality not quantity of work
hours that counts, she says.
Nancy Rothstein consults and lec-
tures on sleep wellness to employers.
She believes that as the economy has
improved, so companies are starting
to look at sleep as part of their bene-
fits. Companies have looked at fit-
ness and diet and left out sleep. But
how you work out doesnt impact as
much as sleep.
Ms Robbins agrees: The notion is
that sleep is for the lazy. Instead we
[are encouraged to] increase our pro-
ductivity by going to the gym. In fact
Rest is just as important
as fitness in todays
working environment, and
consultants are targeting
exhausted executives
Emma Jacobs
Working lives
MORE ON FT.COM
For news and reviews of the
latest gadgets, go to
www.ft.com/personaltech
Employers are not yet
convinced that sleep
matters for peak
performance. It does
matter significantly
Companies have looked
at fitness and diet and
left out sleep. But how
you work out doesnt
impact as much as sleep
The cost of a bit of shuteye
The weary are prepared to
part with their cash for all
sorts of sleepenhancing
products: pills, herbal
remedies or noise reducers.
Research by IMS Health,
a healthcare services
company, found that last
year there were 60m
prescriptions for sleeping
pills in the US in 2011, up
from 47m in 2006.
The National Sleep
Foundation, a US nonprofit
organisation, this week
published the findings of its
first global poll, which
compared the sleep times
of people aged 25 to 55 in
the US, Canada, Mexico,
the UK, Germany and
Japan. Japanese and
Americans report sleeping
about 30 to 40 minutes
less on workdays than
those in the other countries
surveyed, averaging six
hours and 22 minutes and
six hours and 31 minutes of
sleep, respectively, it said.
Americans (21 per cent),
Japanese (19 per cent) and
Britons (18 per cent)
reported sleeping fewer
than six hours a night
during the work week,
about twice the rate of the
other countries.
Tivo has pulled
lots of features
together without
cluttering up the
user interface
OCTOBER 4 2013 Section:Features Time: 3/10/2013 - 18:06 User: paleita Page Name: BizLife, Part,Page,Edition: EUR, 10, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

11
ARTS
Selective ignorance is bliss. I havent
read Meg Rosoffs bestselling young
adult novel How I Live Now, about a
New York teenager visiting her
English country cousins on the
outbreak of an engulfing terrorist
war. So I cant, like some critics, use
the book to bash the screen
adaptation, nor do I feel the wish. To
the reviewing colleague who
mystifyingly judges the film slightly
drab, I can only retaliate with my
epithets. Textured; tone-perfect;
near-totally captivating.
The pooling of periods is what
director Kevin Macdonald (The Last
King of Scotland) does beautifully.
His near-future Britain is backwashed
by past wars and war moods (Elgar
on the radio between conflict
updates). The initially brusque
heroine, superbly played by Saoirse
Ronan, reminds us that Carrolls
Alice was also a little sharp and
stroppy: Ronans Daisy even has
Alices Tenniel-illustrated surreal
straight-falling hair. Daisys romance
with the older brother (George
Mackay) modulates from tersely shy
to fairytale-touched, timeless-seeming.
The countryside is filmed with a
gorgeous high-fidelity radiance,
though it too is allowed mood
changes as the landscapes modulate
in a last-reel escape odyssey. Golden
hillsides; sinister marshlands; dark
gothic woods; tangled wildernesses.
All England is here: a blend, like the
movie and its story, of dark with
light, of the eternal-pastoral with
tense and tactile forebodings of an
unwritten future.
Its party time again at author
Irvine Trainspotting Welshs. Come
dressed as the sick soul of Scotland.
Filth, from Welshs 2008 novel, is
about a policeman with issues (James
McAvoy). The placing of those
brackets is intended, since McAvoy
plays the issues rather than the
policeman. What else can he do?
Timeless story
of a futurepast
Fairytaletouched:
Saoirse Ronan in
How I Live Now.
Below: Antonia
Thomas in
Sunshine on
Leith
Detective Bruce Robertson is nothing
but issues. Self-disgust; cynicism;
drug addiction; corrupt copping;
crypto-gayness; banging friends
wives. Hes a matchstick man in
which every match, some incendiary,
is a vice or a destructive compulsion.
If Trainspotting (1996) was a feral,
fresh-seeming bacchanal of bad faith
in everything macro-Scottish or
micro-British Filth is the same
rave-up held 17 years later. Everyone
is older, crabbier. Drama has been
mugged by melodrama. Posturing
nihilism powers on, fatuously
fantasticated whenever the realist
impulse, feeble at best, flickers out
altogether. Jim Broadbent, Jamie Bell,
Eddie Marsan, David Soul submit to
director Ron S. Bairds hallucinatory-
expressionistic routines, which are
OTT even by Terry Gilliam standards;
though the Stanley Kubrick estate
might perk up at the possibility of
droit moral lawsuits as the classical
music keeps striking up over the
baroquely choreographed scenes of
Clockwork Orange-ish thug action.
Theres always another Scotland.
Charm and goodwill get you a long
way: even, in Sunshine on Leith, 500
miles and then 500 more. Thats
Edinburgh and back for anyone
standing offshore pondering a movie
trip to Scotland for a Mamma Mia!-
style show of Proclaimers hits. The
ex-stage singalong is better than one
feared or hoped. A sturdy cast Peter
Mullan, Jane Horrocks, George
Mackay belt out the hit songs,
linked by a broken-hearts-of-
Midlothian plot. Former screen
urchin Dexter Fletcher (Bugsy
Malone, Lock, Stock and Two
Smoking Barrels) perkily directs.
Take a Slovenian philosopher-critic,
let him talk in a thick accent for two
hours and put him inside the films
he discusses. The Sound of Music,
Triumph of the Will, Titanic . . . It
has to be fascinating, hasnt it? Have
him harangue us while lying on
Travis Bickles mouldy bed from Taxi
Driver. Let him speak and stand on
the seeming deck of the Jaws boat . . .
The Perverts Guide to Ideology is
oddly hypnotic, even lovable. Slavoj
Zizek and director Sophie Fiennes
boldly follow their first arcane hit,
The Perverts Guide to Cinema. Zizek
once more makes with the Marxist
philosophising, or his version,
rubbishing the capitalist-consumerist
dream while utopianising a world
where we will all be equal and free.
Im not sure if the Zizek thoughts are
an aid to illuminating the Zizek-
chosen movies, or vice versa. But it
is rich fun and collectably eccentric.
Save the weeks best for last. The
Crash Reel is a horrifically engaging
documentary. The sweet-spirited 18-
year-old with the blond hair and all-
American grin turns over the wrong
way in a high snowboarding
somersault, during pre-Olympics
training, and lands on his face. Our
stomachs turn over simultaneously;
our hearts land in the snow with the
same synchronous thud. Kevin Pearce
damaged his brain, eyes, face, co-
ordination . . . He might not walk. He
might not live. As for a return to
snow sports, forget it.
Director Lucy Walker (Blindsight,
Countdown to Zero) is good at
adversity made heroic or apocalyptic.
She is a fly, here, on every available
wall. The hospital walls. The walls of
the Pearce dining room where the
Thanksgiving dinner becomes an
annual intervention, the family
imploring the slow-recovering but
itchy Kevin not to snowboard again.
And of course the walls of the
training slopes and half-pipes: those
ramparts of snow rearing into a
pitiless sky. The film captures the
horror and danger and the druggy
thrill. We understand why these kids
want their highs even when the
cost of coming low can be fatal.
Walker, early, makes everything
contagiously snappy. Names are
crayon-scrawled with arrows,
helpfully, on training or competing
footage; family photos and home
movies are passed before our eyes
like scrapbook pages. The pace
slows when it needs to. For the
harrowing, human hospital
scenes; for the home scenes.
There is kindly, Anglo-Irish, glass-
blowing dad; loving, stoical mom,
ageing almost by the frame; ex-
snowboarding older brother whom
Kevin beat to the trophies but who
now stays by his side, devotedly,
during convalescence. Human beings
do ridiculous, tragic, self-destructive
things. Amazingly other human
beings are around to care. The
Crash Reel is honest at the punch,
though, about the battle between
others compassion which can
have its own self-interest and the
individuals yen to adventure,
which doesnt necessarily abdicate
when the mental or physical
prowess for it does.
ARTS VIDEO
Using interviews,
lyrical dance clips
and intimate
rehearsal footage,
choreographer
Wayne McGregors
art of the body is
celebrated in a new
video, presented
by Peter Aspden
www.ft.com/
body
By the pricking of these thumbs,
something gifted this way comes.
Thus my feelings as I watched Justin
Pecks Murder Ballads which opened
the triple bill by Benjamin Millepieds
ensemble, appearing briefly at
Sadlers Wells this week. The troupe
comprises two women and five men,
all determinedly earnest; costuming is
dreariest streetwear; the programme
also brings Millepieds Reflections, an
interminable vexation to the spirit set
to the worlds most tedious piano
score (a bold-faced rival to Saties
Vexations by David Lang), and
William Forsythes Quintet, with its
excruciating accompaniment of Gavin
Bryars Jesus Blood Never Failed
Me Yet, whose obsessive repetitions
are about as welcome as an outbreak
of dengue. But Pecks contribution is
stylish, witty, a promise and proof
of fascinating talent.
Peck, a dancer with New York City
Ballet, has already produced
choreography that has won serious
approval and, if this subtle piece is
anything to go by, knows how to
make dances born of their music,
living easily in it. Bryce Dessners
fascinating score is based on
American ballads about murder, and
I saw choreography of buoyant
energy, with gesture sweetly and
skilfully set within movement which
sailed along with its music, lived in
it, and engaged its cast in actions
that sat happily, flatteringly on their
bodies, and bothered not at all with a
carrier-pigeon task as messenger.
(The Millepied and Forsythe jaw-
breakers on display had so much to
say that there was no time for dance
of any value or interest.)
Peck is clearly a child
of his parent troupe,
educated and conditioned
lucky him! by the example
of Balanchine and Robbins
choreographies. Certainly, this
small creation has all the marks
of talent: felicity of means, grace of
manner, ease of construction, and all,
be it said, achieved at the cost of
who-knows-what sweated labour.
He is a choreographer, and provided
that popular demand does not
corrode his gifts, we have great
things to hope for.
This LA troupe otherwise needs to
escape from the epidemic glums that
infected the evening, and make
serious efforts to obtain some
decorative wit and elegance.
www.sadlerswells.com
DANCE
LA Dance Project
Sadlers Wells, London

Clement Crisp
FILM
Nigel Andrews
How I Live Now

Kevin Macdonald
Filth
John S. Baird
Sunshine on Leith

Dexter Fletcher
The Perverts Guide to
Ideology
Sophie Fiennes
The Crash Reel

Lucy Walker
The timing was fortuitous. With a
month to go until the centenary of
Brittens birth the long haul of
anniversary events is nearing its
climax, while the Southbank Centres
year-long festival of 20th-century
music, entitled The Rest is Noise,
continues to make its steady
chronological progress and is just
arriving at the 1950s and 60s.
Over two weeks the Southbank
Centre has been focusing on Britten
with talks and films, as well as
music. But few of the events are
likely to be as rewarding as this
all-Britten concert a generously
long programme of four works, not
his most familiar, and all
spectacularly well played by the
London Philharmonic Orchestra
under its principal conductor,
Vladimir Jurowski.
Neither of the works in the first
half the Prelude and Dances from
the ballet The Prince of the Pagodas
and the Suite Op. 90 (A time there
was) is generally thought to be
Britten at his best. Take a conductor
like Jurowski, though, with the
ability to invest every phrase with
colour and precision, and ones
concentration leaps. The ballet score
came across as a vivid orchestral
spectacular, however hand-me-down
its material (too many echoes of
Stravinskys Petrushka). And the
Suite Op. 90 did not sound at all like
cosy English folk songs as it can, but
gritty, to the point and brilliantly
imaginative.
In the Nocturne, for tenor and
small orchestra, Jurowski and his
players provided Mark Padmore with
a backdrop of the most perfect,
delicate fragility. Every detail was
precisely chiselled out in Brittens
moonlit accompaniments and
Padmore responded with singing that
illuminated the poetry with just the
same kind of sensitive detail, though
vocally he sometimes sounds a bit
hard-pressed these days.
The soloist in the Cello Symphony
was the deeply pensive Truls Mork, a
long-standing champion of Brittens
works for cello. How fortunate he
was here to have Jurowski holding
back the orchestra so that the cello
could be heard (Rostropovichs huge
sound has been the bane of all the
cellists who have had to follow him)
and getting electricity to course
through every hushed phrase. After
playing so perfectly prepared and
beautifully detailed as this, the rest
is noise indeed.
www.southbankcentre.co.uk
Colour and
precision:
Vladimir
Jurowski
Chris Christodoulou
Bringing out the best in Britten
CLASSICAL MUSIC
London Philharmonic
Orchestra
Royal Festival Hall, London

Richard Fairman
Is there such a thing as sophisticated
drivel? Judging by The Wasp
Factory, a fantasy derived by
Australian electro-acoustic composer
Ben Frost from Iain Bankss 1984
novel, the answer must be yes. The
piece has the trappings of
sophistication an expensive rig,
a five-piece string band, a libretto
by David Pountney, a Royal Opera
co-production, a programme
interview with a leading psychiatrist.
Its source material, too, has form.
Bankss tale of a psychopathic
teenager on a remote island is
groaning with symbolism and has
huge theatrical potential, illustrating
the sick end of society as graphically
as Wedekinds Lulu plays did for
audiences a century ago.
Frost kills this material as
systematically and narcissistically as
Frank, his anti-hero, targets victims.
Commissioned by the Bregenz
Festival, The Wasp Factory is an
abuse of the word opera, and on this
evidence its questionable whether
Frost can be called a composer. The
score consists of violent electronic
spasms, long stretches of third-hand
rock, pop and minimalism, and a
dirge of scrappily pitched narration.
This is intoned by three female
actor-songsters representing Frank,
girl-turned-boy who relates the
childhood mutilations he/she suffered
and contemplates the impending
return of insane brother Eric.
Frost himself directs. Thanks to
the overlay of amplified sound
vibrations, the wordy text is largely
unintelligible, though Frost makes
sure the many expletives are audible,
and I did catch one line women
can give birth and men can kill.
The action calls on the three
performers to crawl around a
platform-like dung heap, picking
their noses, exposing their crotches
and generally behaving like monkeys
no, thats disrespectful to monkeys.
Nothing really happens.
Who is kidding whom? The Wasp
Factory is no better, no worse, than
some of the navel-gazing modernism
that state-funded arts institutions
imagined to be the future in the
1960s and 70s. Judging by Fosters
programme interview, his piece was
a necessary vehicle for him to work
through a personal childhood
trauma. If so, I hope it was
therapeutic. The Wasp Factory is
another nail in the coffin of the
Royal Operas artistically bankrupt
contemporary programme, and at the
end of the 75 minutes I was
enormously relieved to get out.
www.roh.org.uk
OPERA
The Wasp Factory
Linbury Studio Theatre, London

Andrew Clark
Lieselot De Wilde in The Wasp Factory
OCTOBER 4 2013 Section:Features Time: 3/10/2013 - 18:01 User: cheald Page Name: ART USA, Part,Page,Edition: EUR, 11, 1
12

LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,435 Set by WANDERER
1 2 3 4 5 6 7 8
9 10
11 12
13 14 15
16
17 18 19
20 21
22 23 24
25 26
27 28
S L O U G H C O N V N C E
T L E R E S
O R O N A L G N M E N T
P V T E C A
O R E G A N O N O S W E A T
V D L U T O E
E A R N S C R E E N E D
R A H X O V
B A R D O L P H T W E E
P E F R O N R
A R C H A C E M B A R G O
S R L L S J N
T H E R V A L S E A G L E
P S S C H S
T R E A T S E S T A T U E
JOTTER PAD
ACROSS
1, 4 As was one News
Iinternational square (6,3,5)
9 Americans gas for a long time
(5)
10 Boat in which you start out and
set off (9)
11 Ambushes seen by road to US
city? Yes, on vacation (7)
12 Going to board the Orient
Express? (2,5)
13 Singer left boat (4)
14 Find out about Margarets
brimless hat? (8)
17 Part of address after Cowpers
frst poem (8)
19 Chances theyll make prize pie?
(4)
22 As is one part of a toaster (7)
24 Partners leaving it happens,
sadly, to be something set in
stone (7)
25 People not facing the reality of
East German wealth (9)
26 Predict round will include this (5)
27, 28 Battleground in London (8,6)
DOWN
1, 20 So Bobby and Lily sew
differently? Thats lads for you!
(4,4,2,4)
2 Call topless person involved in
dispute about seductive scheme
(9)
3 Older relative has taken ones
second car (6)
5 Impetuosity shown by such as
Harry Houdini? (3-10)
6 Lett unhappy about his national
emblem (7)
7 Bit of ginger eaten by degrees is
hot stuff (5)
8, 16 Like a punch hosts arrange?
So get drunk (6,2,1,5)
10 Bird represented in each Tory
crest (13)
15 Embarrassed, given found in
fagrante delicto (3-6)
16 See 8
18 Scots judge novel with oft-
repeated phrase (7)
20 See 1
21 Some vermin certainly affected
walker (6)
23 Additional spear carrier (5)
SOLUTION 14,434
FDI in Ukraine
Blog: As an EU
trade deal beckons
for Kiev, foreign
investors are still
getting a rough ride,
says Roman Olearchyk
www.ft.com/bb
US budget and
political paralysis
Video: FT editor Lionel
Barber talks to Christine
Spolar about what lies
behind the thinking of
the leadership in
Washington in waging
war over fiscal plans
www.ft.com/shutdown
Most read
1
2
3
4
5
Mounting Wall Street fears of US
default
Microsoft investors wary of Gates
role in chief executive search
Italys coalition government survives
as Berlusconi retreats
Bitcoin price continues to fall follow
ing Silk Road raid in US
America flirts with selfdestruction
TODAY ON FT.COM
THE LEX COLUMN
Friday October 4 2013
Well Fed
Sources: Thomson Reuters MMD; Moodys
US federal funds, as a % of state total
government funds, fiscal 2012
Yields (%)
0 10 20 30 40 50
Louisiana
Texas
New York
California
Alaska
Wyoming
Jan Oct 2013
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
AAA rated, 10-year general
obligation municipal
bonds
US 10-year
Treasury
Dancing on the ceiling
Sometimes the same thing holds
true for the sum as for the parts.
The general consensus on the US
government shutdown is that, while
it certainly is not good for the
country, a failure to raise the debt
ceiling later in October would be far
worse. Ditto for the 50 states.
From California to Maine, states
rely on federal funds for
programmes ranging from education
and housing to healthcare and
transport. At $535bn in fiscal 2012,
federal revenues accounted for more
than a third of the $1.45tn in overall
state revenues, according to
Moodys. The largest number of
states 24 got between 31 and 40
per cent of their funds from the
Feds; these include California, New
York, Pennsylvania and Texas.
Alaska and Wyoming were the most
self-reliant at 19 and 18 per cent,
respectively. Louisiana received the
most from Uncle Sam: 52 per cent.
A shutdown affects discretionary
spending to states, but most federal
transfers are mandatory spending.
The latter can proceed during a
shutdown, although some
programmes require appropriation,
and that depends on the availability
of funds. Medicaid, the health plan
for the poor, for example, is funded
three months in advance to create a
cushion. If the government is
risking default, however, and must
prioritise payments, even mandatory
programmes are more at risk.
States are left to decide whether
they should (or can) front the
government in the hope of
reimbursements. That depends on
how much cash they have on hand.
Finances have improved since the
recession, but money is still tight.
States also could pass on cuts to
localities and healthcare providers.
Investors are taking the shutdown
in their stride they seem
confident that it will not last long
enough to hurt economic growth.
But if it does, municipal bond
prices may rise: they mostly take
their cue from US Treasuries, which
rally in times of fear. Yields on top-
rated 10-year general obligation
munis are flat at around 2.5 per
cent this week. A US default, on
the other hand, would bring havoc.
Sothebys
Even before Dan Loebs harsh letter
landed in his inbox, Sothebys chief
executive William Ruprecht must
have known that unwelcome changes
were afoot. Mr Loeb, who now owns
a 10th of the auction house, calls for
Mr Ruprechts head and spells out
all the ways he has fallen short as
boss (weak growth, bloated operating
costs, excessive executive
compensation, too much fancy food
for employees). Mr Loeb also
generously offers to serve on the
board, and to find a better CEO and
a few other new board members.
While Mr Loeb may get things
moving faster, Sothebys has already
started to change how it does
business. It has installed a new
finance chief, a former Goldman
Sachs banker. A capital review is
due in early 2014; it is likely to call
for a buyback or dividend. The key
issue is not whether Sothebys needs
new management, but whether it
even should be a public company.
The elephant in the room when
discussing Sothebys is its archrival
Christies. Mr Loeb claims that
Christies is way ahead in key art
categories, in Asia and in internet
sales. Christies, though, is privately
held so it is not easy to evaluate
these claims. And that begs the
question if Sothebys, too, might be
better off in private hands. It is a
trophy asset for which a plutocrat
might pay a big premium. Its
earnings can swing, which public
investors do not like. And there is a
natural tension between increasing
profits aggressively, as Wall Street
demands, and protecting the brand.
A sale, an option that Mr Loebs
letter does not contemplate, should
be considered. Sothebys share price
is at $51, up 47 per cent year to date.
Citigroup thinks a takeover could
work at $55 per share. But remember
John Paulson, another hedge fund
titan, paid a 50 per cent premium to
win a bidding war for Steinway. A
fine painting, like a grand piano,
does make a room feel complete.
Gazprom
Things are getting very heated
between Gazprom and the European
Commission. The EU is preparing to
make a formal charge against the
Russian gas export monopoly that it
has abused its position in central
and eastern Europe. That could lead
to a fine equivalent to 10 per cent of
Gazproms annual revenue, which
was Rbs5tn, or $156bn, in 2012. It is
another call on the finances of a
company weighed down by existing
commitments. And it could put paid
to the prospect of a higher dividend.
Gazproms gas exports were up 13.5
per cent year on year in August;
exports to Europe are likely to be up
9 per cent altogether this year, HSBC
estimates. But its profit is being
devoured by higher depreciation
charges (up 37 per cent year on year
in the first quarter of 2013), while
capital expenditure on maintenance
and new projects is eating cash.
Gazprom spent $53bn on capex in
2011; it may spend $40bn this year.
Investors had been hoping for a lift
to the dividend to reap the benefits
of all this spending. Gazproms
payout ratio has climbed steadily to
25 per cent, but it seems stuck there.
And the prospect of a hefty penalty
from Brussels, while maintaining its
other financial commitments, will
not help.
Europe is unlikely to throw the
book at Gazprom. The maximum
penalty would be about $15bn one
even JPMorgans Jamie Dimon would
have to take seriously. But the EU
tends not to be maximalist. Its
biggest penalty to date in this sort of
case is 1bn levied on Intel in 2009.
Do not be fooled by Gazproms
apparent financial heft: it is a bit of
an illusion. The company is too
profligate for a fine of any scale not
to affect the bottom line. The
recovery in Gazproms share price
seen since June has stalled; the
shares are up a third this year but
the rally has had little momentum.
That is hardly surprising when its
investment case is so uncertain.
UniCredit
UniCredit is partying like it is 2007.
On Monday the Italian bank moved
its HQ into a shiny new skyscraper
in Milan. By yesterday it was
looking for acquisitions. Whats next?
A big move into collateralised debt
obligations?
The potential acquisition of Bank
BGZ in Poland (talks are under way)
fits in with UniCredits efforts to
focus on core markets in its central
and eastern Europe business. Pekao,
its existing Polish unit, accounts for
about a 10th of group profits and
generated an impressive 12.7 per cent
return on equity in the first half of
the year. Adding BGZ would increase
the size of Pekaos balance sheet by
a quarter and provide scope for cost
savings. It would also give UniCredit
more exposure to a country in which
banking still has room to grow.
With a market capitalisation of
3.3bn zlotys (785m) BGZ is hardly a
big bite for UniCredit (29bn). And
Pekao itself, through which
UniCredit would probably do a deal,
has a healthy balance sheet.
All that said, now is perhaps not
the most opportune time for an Italian
bank to be mulling an acquisition.
Investors are suspicious of anything
that even looks as if it could damage
capital ratios. And while Poland is a
more attractive place to be a bank
than other parts of the region, it is
not without its problems. The
International Monetary Fund expects
Polish GDP to rise 1.3 per cent this
year and 2.2 per cent next. Hardly
the stuff of which fortunes are made.
Not only that, but falling Polish
interest rates are putting interest
margins under pressure.
Still, those risks are small
compared with the challenges
UniCredit faces in Italy. So it makes
sense for it to diversify. And by
talking about acquisitions when
Adobe Systems
When Adobe Systems switched to
selling software subscriptions instead
of licences, investors knew that its
revenue would take a hit for the first
few years. No matter. As a cloud
or SaaS provider of graphics
software, Adobe could count on the
halo above those buzzwords to
cushion the drop in profits. Sure
enough, quarterly results have
sagged. And, investors love the
transformation and have sent shares
up 60 per cent over the past year.
They appreciate that Adobes
business is now more predictable and
that in time it will grow again. They
know the business is in better shape
than it would appear. The old Adobe
software licence was perpetual.
The customer pays (a lot) up front
for a box of software they are free to
use forever. Upgrades are released
every few years, of course, but those
require another hefty outlay.
The software as a service (SaaS)
model delivers programmes over the
internet for a monthly fee;
subscribers receive free updates as
soon as they are ready. Over the
average life of a subscription,
revenue should be greater than
under the perpetual model. For
example, Microsofts Office cloud
option costs $8 per month. The
perpetual licence for Office costs $180
up front, and Microsoft estimates
that customers update it every five
to seven years. That same $180
comes in less than two years under
the cloud model.
At Adobe, third-quarter net income
fell 60 per cent, but cash from
operations was only down 18 per
cent since deferred revenue which
has been received but not recognised
on the P&L was worth $35m. Only
a fraction of the deferred revenue
comes from the Photoshop/Acrobat
side. Most subscription revenue there
is booked as the cash arrives. But
Adobes fast-growing web analytics
business gets most of its cash up
front. A nice hedge to have while the
subscription business takes hold.
many other European banks have
their eyes on dividends, UniCredit is
at least standing out from its peers,
even if it has not quite travelled
back to the delirious days of 2007.
OCTOBER 4 2013 Section:FrontBack Time: 3/10/2013 - 19:38 User: fitzgeraldj Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1

13
Companies and sectors in this issue
Companies
Adobe Systems ........................12
Aggreko.......................................25
Air FranceKLM..........................14
Alibaba.........................................15
Alitalia.......................................... 14
Alrosa...........................................13
Amazon........................................13
Apple.......................................13,25
Archer Daniels Midland............14
Aviva............................................ 25
BGC Partners.............................15
BGZ.............................................. 14
BP........................................ 8,16,25
Barcelona......................................3
Boeing......................................... 25
Bunge...........................................14
CME............................................. 24
CALSTRS.....................................15
Cargill ..................................... 14,24
Christies..................................9,16
Citigroup......................................17
Doosan.........................................14
easyJet.........................................14
eBay............................................. 16
Essar Energy.............................. 14
Etihad Airways........................... 14
Facebook................................13,15
Finmeccanica..............................14
First Reserve.............................. 14
Gazprom.................................12,17
General Electric....................14,25
Google.....................................13,14
Groupon.......................................15
Hitachi..........................................14
Honda .......................................... 4
Honeywell International ...........25
Hong Kong Stock Exchange...15
ICE................................................ 15
Interstate Power and Light.... 24
JPMorgan Chase...................13,17
Kohlberg Kravis Roberts......... 16
Lenta............................................ 13
LinkedIn....................................... 15
London Stock Exchange..........15
Louis Dreyfus Commodities... 14
Lufthansa.................................... 14
Magellan Midstream Partners
24
Merlin Entertainments..............16
Microsoft..................................... 12
Moncler........................................16
Monte dei Paschi di Siena......13
NYSE............................................ 15
Nasdaq OMX.............................. 15
Neste Oil......................................17
New York Stock Exchange......15
Numericable............................... 16
Paris Saint Germain...................3
Pekao...................................... 12,14
Reckitt Benckiser......................25
Ricoh..............................................4
Royal Dutch Shell ....................14
Ryanair.........................................14
Sequoia Capital..........................14
Sharp ............................................4
Shuanghui International .......... 24
Siemens.......................................14
Skyscanner................................. 14
Smithfield Foods.......................24
Sony...............................................4
Sothebys............................9,12,16
Tarkett ........................................16
Telecom Italia........................14,15
Telefnica....................................14
Tesco...........................................25
Tesla Motors..............................25
Texas Industries........................25
Tivo...............................................10
Tokushima Bank......................... 4
UBS...............................................17
UniCredit ................................ 12,14
United Technologies.................25
Verizon Wireless........................14
Vodafone..................................... 14
WPP............................................. 25
William Hill..................................25
Wonga........................................... 8
Zynga........................................... 15
Sectors
Banks........................................... 17
Construction.................................3
Gen Financial.........................13,16
Gen Industrials......................14,16
Gen Retailers..............................13
Media............................................. 3
Mobile & Telecoms...................14
Oil & Gas.................................... 14
Travel & Leisure.....................3,14
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2013 Week 40
News Briefing
US implied equity volatility
Source: Thomson Reuters Datastream
CBOE Vix index
Jun 2013 Oct
10
12
14
16
18
20
The fear gauge rises more
than 10 per cent, Page 25
EU presses Gazprom
Brussels says group could
face antitrust charges over
gas pricing case. Page 17
Rare BP victory
Oil group wins appeal
court battle over Gulf
spill payout. Page 16
Tarkett plans IPO
KKR eyes 2.5bn
valuation for flooring
group. Page 16
Biofuels pioneer
Neste Oil is a rare
success story in European
refining. Page 17
Drought toll on Dreyfus
Trader reports doubledigit
drop in profits in wake of
2012 drought. Page 14
NYSE deal progresses
Purchase by ICE unlikely
to spark round of
consolidation. Page 15
Skyscanner stake
Sequoia Capital takes
stake in flight comparison
site, valuing it at $800m.
Page 14
Essar exits Kenya unit
Energy group to leave
venture, which has been
dogged by disagreements
with government. Page 14
Inside Business
Air France hesitation on
Alitalia is better part of
valour. Page 14
Corporate issues down
US companies borrowing
in market at slower pace
than expected. Page 24
Pig market stymied
US shutdown leaves
market without
government data. Page 24
Golds China boost
Market in the precious
metal rebalances
eastward. Page 24
Insight
Do not ignore risks of a
rate surge for the banks.
Page 26
Markets & Investing
Companies
Friday October 4 2013
Hanging up Franco Bernab resigns as chairman of Telecom Italia Page 14
Halloween is starting to spook
the $1.5tn US Treasury bill
market. In the past three days,
the yield on the bill maturing
on October 31 has soared by
more than any other one-
month bills yield since August
2011 the last time Congress
seemed ready to default.
Yields on paper maturing in
the final two weeks of the
month have also jumped, as
the US prepares to hit its debt
ceiling on October 17. No
wonder the Halloween bill yield
is up from 0.03 to 0.13 per cent.
However, paper maturing one
week into November offers a
yield of just 0.04 per cent. If
the markets fear anything, it is
closer to a night of trick-or-
treating than a lasting zombie
invasion.
The US Treasury says rising
yields show nascent concerns
about possible delays in
payments. In a sense, this is
right. Owners of Treasury bills
worry more about being paid
than about making money. Any
whiff of trouble sees money
market funds sell and Capitol
Hill stinks right now. Some
hedge funds and banks have
sold to avoid problems with IT
systems that were not designed
to flag up default on bills used
as the worlds risk-free rate.
This is not the same as
actively betting on default. The
credit default swaps market is
the place to look for that. The
spread on a one-year CDS that
pays out on US default has
jumped above the spread on
five- and 10-year swaps for the
first time since the last debt
ceiling crisis. But investors
surely do not believe that CDS
would protect against anything
other than a brief technical
default by the US which
would (probably) have little
impact. In a catastrophic
default, the CDS seller may not
survive far less pay out.
Traders are more likely to be
using CDS as a cheap bet on
technical default. CDS pay a
bonds face value, but allow the
cheapest bonds to be handed
in, so returns on a brief delay
to payments could be many
times the cost.
A US default would surely be
very serious. But the moves in
markets do not so far imply as
dramatic a rise in investor
fears as might at first appear.
The Short View
James Mackintosh
By Rachel Sanderson in Milan
Prosecutors in Siena have asked
a judge to force JPMorgan
Chase to stand trial for obstruct-
ing regulators, as part of a
wider probe into Italys scandal-
mired bank Monte dei Paschi di
Siena and its 2008 buyout of
regional rival Antonveneta.
The allegation is the latest fol-
lowing a wide-ranging series of
criminal charges filed by the
prosecutors against the Italian
groups former managers. Monte
dei Paschi, Italys third-largest
bank by assets, is being kept
alive by 4.1bn in government
bailout bonds, its third state
rescue in four years.
The prosecutors are pursuing
a trial for the Italian banks
former managers for alleged
obstruction of regulators, mar-
ket manipulation and fraud
related to the Antonveneta deal.
The managers deny wrongdo-
ing. It is now up to the judge to
decide whether to approve crim-
inal trials. The date for a deci-
sion is not yet fixed.
The prosecutors also allege
that JPMorgan withheld infor-
mation from regulators about a
1bn financing structure,
known as an indemnity, that
the US bank arranged for MPS
ahead of its 9bn takeover of
Antonveneta, according to peo-
ple with direct knowledge of the
matter.
JPMorgan said in a statement:
No claim was ever made under
this indemnity (which only
existed for a matter of
days) . . . for the benefit of
JPMorgan or any of its employ-
ees. We believe that JPMorgan
and its employees acted cor-
rectly at all times. We will
defend this action vigorously.
If the case goes to trial, it will
be another legal headache for
the US bank, which recently
paid nearly $1bn in fines in con-
nection with its London
Whale trading fiasco and is
under pressure to pay another
$11bn in penalties and customer
aid to settle allegations it mis-
sold mortgage-backed securities.
MPS has been embroiled in a
scandal that erupted 18 months
ago when it was alleged that
hidden derivatives deals were
used to cover up losses, and alle-
gations surfaced of bribery and
backhanders by former manage-
ment. A number of former man-
agers are under arrest and
police are also investigating the
suicide of the banks former
head of communications.
MPS has launched legal pro-
ceedings in Italy against
Nomura, and prosecutors are
also investigating the Japanese
bank over complex derivatives
agreements, which were alleg-
edly used by former manage-
ment to flatter the banks
accounts after the Antonveneta
buyout, and to hide the impact
of the deal from shareholders.
Nomura, which has denied
wrongdoing, has launched a
claim against MPS in London
asking the High Court for a
series of court declarations that
each of the disputed agreements
are valid.
Under pressure from regula-
tors, MPS which was founded
in 1472 and considers itself the
worlds oldest bank is being
forced to undertake a 2.5bn
capital increase, close branches
and cut the salaries of its top
managers. Analysts expect the
bank will fail to find sufficient
backers for the capital increase,
forcing the Italian government
to take it over next year.
The tough judge, Page 17
JPMorgan
faces trial
demand
in Italy
Allegation that bank
obstructed regulators
Move part of probe
into Monte dei Paschi
By Courtney Weaver in Moscow
TCS, one of Russias largest
credit card providers, has
launched plans for an initial
public offering in London to
raise up to $750m in the latest
indication that Russian compa-
nies are returning to equity cap-
ital markets.
A London flotation will give
City investors access to one of
the fastest growing parts of Rus-
sias financial services sector.
Last year, unsecured consumer
lending in Russia expanded
more than 40 per cent, accord-
ing to the central bank, while
credit card lending TCSs spe-
ciality rose nearly 80 per cent.
TCSs IPO is the second large
share offering by a Russian
company announced this week;
state-owned diamond producer
Alrosa unveiled plans in Mos-
cow to sell a 16 per cent stake,
as part of the Russian govern-
ments $15bn privatisation
programme.
Lenta, a Russian retailer part-
owned by US private equity firm
TPG and Russias VTB Capital,
has also made preparations for
an IPO, possibly in London.
Founded in 2007 by Oleg
Tinkov, a restaurant and brew-
ery entrepreneur, TCS has
expanded its loan portfolio to
nearly $2bn via an online-only
business model that lets it reach
far-flung regions of Russia that
brick-and-mortar rivals cannot.
More than four-fifths of TCS
customers live outside Moscow
and St Petersburg, and half of
its clients are from towns with
populations of 200,000 or fewer,
said Oliver Hughes, chief execu-
tive, in an interview.
We are able to reach very
deep down into the regions, into
villages of 1,000 people, he said.
All we need is an internet con-
nection or a post office.
With the Russian consumer
lending sector forecast to grow
an extra 25 to 30 per cent, some
analysts have warned the mar-
ket is overheating, and an rising
number of clients are taking out
multiple loans from different
lenders to repay existing debts.
But Russias central bank has
said it is tackling the risk of
over-indebtedness with regula-
tory measures such as increased
provisioning demands on banks.
Mr Hughes said TCS, which is
Russias third-largest credit card
issuer by loan book size, was
better shielded from bad debts
than most, as it dealt largely
with first-time borrowers with-
out debts, and imposed tight
credit limits on clients.
TCS plans to use $150m-$200m
from the IPO to develop an
insurance product and fund fur-
ther expansion in the credit
card market. It says credit card
penetration in Russia is still less
than 20 per cent.
Mr Tinkov will sell down his
61 per cent stake in the offering,
but retain control of the com-
pany. Minority shareholders
will partially sell down their
stakes but remain investors.
www.ft.com/lombard
Russian card provider TCS
plans $750m London IPO
Wheels of fortune: Oleg Tinkov founded TCS in 2007. He will sell down his 61 per cent stake
By Hugh Carnegy in Paris
Frances parliament has passed
a law preventing internet book-
sellers from offering free deliv-
ery to customers, in an attempt
to protect the countrys strug-
gling bookshops from the grow-
ing dominance of US online
retailer Amazon.
Yesterday, Aurlie Filippetti,
the culture minister who pro-
posed the move, denounced
Amazon for its alleged strategy
of dumping, claiming the com-
pany used offers of free delivery
to get around French laws con-
trolling the price of books.
Speaking during a debate in
the National Assembly, she
said: Once they are in a domi-
nant position and have wiped
out our network of bookshops, it
is a strong bet that they will
raise their delivery charges.
The new law, which will now
go for ratification by the Senate,
is the latest move by France
against US internet companies,
which it believes are unfairly
using their market power to
overwhelm local competition.
The socialist government of
President Franois Hollande is
lobbying the EU to regulate
online platforms and applica-
tions and is pushing for interna-
tional agreement on taxing
internet companies such as
Google, Facebook and Amazon
in the countries where custom-
ers use their websites.
Defending Frances cultural
assets against the perceived
threat from US products and
companies has strong cross-
party support. All main parties
supported the new law, which
will be added to 1981 legislation
that allows a maximum 5 per
cent discount on the centrally
fixed single price for books.
But Amazon attacked the new
law, saying all measures that
increased the price of books
damaged the purchasing power
of French consumers and dis-
criminated against those shop-
ping on the internet.
The impact will be greatest
both on the depth of the cata-
logue [offered to consumers] and
on small publishers for whom
the internet represents a big
part of their business, Amazon
said.
France delivers postal blow to
Amazon to protect bookshops
OCTOBER 4 2013 Section:2Front Time: 3/10/2013 - 20:29 User: fitzgeraldj Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 13, 1
14

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
COMPANIES
UniCredit, Italys largest
bank by assets, has put in a
preliminary offer to buy
Polands Bank BGZ and is
considering the long-
expected sale of its Ukrain-
ian banking business.
The moves are part of
UniCredits long-term strat-
egy to boost its presence in
its core European countries
including Italy, Austria,
Germany and Poland and
sell assets elsewhere.
UniCredit expanded rap-
idly in eastern Europe in
the run-up to the financial
crisis and has taken steps
to sell out of countries
where it had a limited pres-
ence. It sold its Kazakh
business for $500m earlier
this year.
UniCredit already owns
Polish bank Pekao, which
has been one of its fastest-
growing businesses.
A purchase of BGZ, which
is owned by Dutch lender
Rabobank, would make
UniCredit the largest bank
in the country. Rabobank
said in June it was review-
ing all strategic options
for BGZ, which local Polish
media have valued at
nearly $1bn.
Federico Ghizzoni, chief
executive of UniCredit, said
he was still in the early
stages of talks to buy BGZ.
Regarding the sale of its
Ukrainian lender, Mr Ghiz-
zoni said: We are sounding
out the market, it is not
easy to leave countries
like these.
Rachel Sanderson
See Lex
UniCredit in preliminary
offer for Polands BGZ
BANKS
India-focused Essar Energy
has said it will exit a trou-
bled oil refining joint ven-
ture in Kenya, sending
shares up as much as 1.5
per cent in early trading
yesterday.
The London-listed energy
group paid $7m in 2009 for
50 per cent of Kenya Petro-
leum Refineries, which
operates a single refinery
near the coastal city of
Mombasa, part of a series of
African investments by
Indian companies.
But the venture has since
been dogged by disagree-
ments with the Kenyan gov-
ernment, which owns the
remaining 50 per cent stake
and has accused Essar of
failing to deliver on
planned investments for the
refinery.
In a statement, Essar said
it would exercise an option
to exit following a series of
studies examining a poten-
tial upgrade to the ageing
facility, which would have
involved an investment of
about $1bn between the two
owners.
Essar Energy believes
that the upgrade is not eco-
nomically viable in the cur-
rent refining environment,
the group said.
The decision comes as
Essar Energys parent, the
Mumbai-based Essar con-
glomerate, has put a
number of investment
projects on hold as it seeks
to reduce debt.
The wider group, which
has interests ranging from
steel to outsourcing, earned
revenues of $39bn during
the last financial year but
has struggled to finance a
net debt burden of $14bn.
The Kenyan investment
came as part of a series of
international expansions for
Essar Energy, including the
purchase of Stanlow, Brit-
ains second-largest oil
refinery, from Royal Dutch
Shell in 2011 for $350m.
James Crabtree
EssartoexitKenyaref inery
after$1bnupgradeestimate
OIL & GAS
Forza Italia: UniCredit wants
to boost Europe presence
Sequoia Capital, the Silicon
Valley venture capital
group, has taken a stake in
Edinburgh flight compari-
son website Skyscanner
that values the group at
$800m.
Skyscanner gave no fur-
ther details of the invest-
ment, but said that Scottish
Equity Partners which
contributed 2.5m of Skys-
canners first round of ven-
ture capital funding in 2007
remained the websites
largest investor.
The announcement of
Sequoias backing provides
further evidence of Skys-
canners status as one of
Scotlands fastest-growing
internet companies. Skys-
canner searches for the best
airfares from 900 airlines,
and compares hotel and car
hire tariffs.
Its a wonderful valida-
tion of the technology com-
pany we have built and the
huge opportunities we have
ahead of us, Gareth Wil-
liams, said Skyscanners
chief executive.
Sequoia made its name by
providing Apple with its
first financing in 1978 and
has estimated that the com-
panies it has backed now
account for 20 per cent of
the value of the Nasdaq
stock exchange.
Sir Michael Moritz, chair-
man of the San Francisco
firm, also served as a direc-
tor of Yahoo and Google
during formative periods of
their development. He will
now join Skyscanners
board as part of the deal.
Welsh-born Sir Michael,
who was given a British
knighthood in June, said
Skyscanner was one of the
best technology companies
ever to come out of Europe
and predicted that Skys-
canners success . . . is just
the beginning of whats pos-
sible.
Mure Dickie
Sequoia buys into airfare
website Skyscanner
SOFTWARE
Andy Halford, finance direc-
tor at Vodafone, will stand
down next year after help-
ing complete the landmark
sale of the groups $130bn
stake in Verizon Wireless.
Mr Halford, 54, has been
in the role for nine years,
and in that time oversaw
the delivery of a 61bn in
dividends to shareholders.
He has been a stoic
defender of the companys
sometimes labyrinthine tax
structures, although he
might yet leave with the
long-running settlement of
a tax dispute with the
Indian government unre-
solved.
Gerard Kleisterlee, chair-
man, said that Mr Halford
had contributed greatly to
substantial value creation
for Vodafone and its share-
holders.
His last act will also be
the most significant in over-
seeing the financial aspects
of a sale of the $130bn stake
in its US wireless business
to Verizon.
The deal, which has been
mooted for almost as long
as Mr Halford has been
with the company, is
expected to complete in the
first quarter of next year.
Mr Halford was finance
director of Verizon Wireless
from 2002 to 2005, before
taking the wider role at the
Vodafone group level. He
was chairman of the 100
group of FTSE 100 finance
directors, and will remain
on the board of Marks and
Spencer.
Vodafone declined to com-
ment on any future plans.
Its shares rose 1.4 per
cent to 222p yesterday.
Daniel Thomas
Key Vodafone executive in
Verizon deal to step down
MOBILE & TELECOMS
Finmeccanica, Italys loss-
making defence and indus-
trial conglomerate, is close
to reaching an agreement to
sell most of its stake in its
Ansaldo Energia turbines
unit to a state-controlled
investment fund for about
400m.
Shares in Finmeccanica
rose in Milan yesterday, to
make a gain of about
20 per cent over three days,
on expectation of an agree-
ment today that could also
lead to disposals of other
non-core assets. That would
allow the company to
reduce its debt and focus on
its aerospace and defence
sectors.
People close to the matter
said that Finmeccanica
intended to sell 40-45 per
cent of Geneva-based
Ansaldo Energia to a strate-
gic fund managed by Cassa
Depositi e Prestiti (CDP), a
state-controlled lender. Fin-
meccanica owns 55 per cent
of Ansaldo Energia, with
the remaining 45 per cent
held by First Reserve, a US
investment fund, which was
also expected to sell its
share to CDP.
The deal, expected to be
completed by Finmec-
canicas board today, would
seal a process that began
nearly two years ago but
was delayed by political and
internal opposition to a sale
to a foreign company.
Siemens of Germany and
South Koreas Doosan had
expressed an interest in
Andalso. People close to the
matter said it was possible
that at a later stage CDP
would sell on its stake, in
stages, to Doosan.
Finmeccanica reported in
July a first-half net loss of
79m with debt of 4.93bn,
up from 3.37bn at the end
of 2012.
CDP and Finmeccanica
declined to comment.
Guy Dinmore
Finmeccanica closes in
on turbines stake sale
GENERAL INDUSTRIALS
61bn
Vodafone dividends during
Andy Halfords tenure
Louis Dreyfus Commodities
reported a doubledigit drop
in firsthalf profits after the
continued effects of last
years US drought hit
trading and processing at
the agricultural traders
grains and oilseeds business,
writes Emiko Terazono.
The privately owned
company, which along with
Archer Daniels Midland,
Bunge and Cargill dominates
the worlds food commodity
flows, said net income,
excluding discontinued
operations, fell 13 per cent
to $258m in the six months
to June.
Including Biosev, its
Brazilian sugar operation
that was moved to a
separate holding vehicle at
the end of last year, net
income fell 45 per cent.
Last years poor harvest in
the US has meant that the
countrys inventories of
grains and oilseeds have
been at the lowest levels in
decades, limiting processing
and trading opportunities for
agricultural trading houses.
In July, Bunge said
secondquarter net income
had plunged 58 per cent,
and it was forced to close a
soyabean processing plant
over of a lack of supplies.
Many traders were also hit
by problems in South
America, where trading was
hampered by transport
problems in Brazil and
sales strikes by farmers in
Argentina hoarding supplies
in the face of rising inflation
and currency fluctuation
concerns.
Dreyfus said tight supplies
in North America because of
last years harvest had led
to limited export and
crushing opportunities.
Meanwhile, a good crop in
South America translated to
more exports, but also
drove logistics issues at
origin.
Operating results at the
companys protein division,
which includes oilseeds,
grains and vegetable oils, fell
almost a third to $428m,
while the tropicals
business, which includes
sugar, cotton and coffee, fell
44 per cent because of
discontinuing operations.
The company said that its
sugar division had enjoyed
growth, both organic and
also due to the recent
acquisition of Imperial Sugar,
whose distribution brands
performed well.
The results were the first
under Ciro Echesortu, who
took over as chief executive
in June. He succeeded
Serge Schoen, who was
appointed chairman of the
commodities trading house
last month.
Dreyfus tapped the public
capital markets last year for
the first time in its 160year
history, issuing bonds.
Analysts said that Mr
Schoens appointment could
pave the way for Dreyfus to
consider a potential float.
Last years drought in the US sent inventories of grains and oilseeds to the lowest levels in decades Reuters
Drought takes toll on Louis Dreyfus
Air France hesitation on Alitalia is better part of valour
The horns of the dilemma on which
Europes airline industry sits are painfully
sharp. On the one hand, European airlines
are on average less profitable than those
of any continent except Africa. This is
hardly a surprise: at the last count, there
were 217 of them. On the other hand, one
plausible remedy mergers and
shutdowns, so that the best-managed
airlines achieve higher margins and the
weakest fade away remain frustratingly
out of reach.
Nothing better illustrates this dilemma
than the hesitation of Air France-KLM,
Europes biggest airline by revenue, over
what to do with its 25 per cent stake in
Alitalia. After the Italian airlines
announcement last week that it needs a
100m capital increase, Air France-KLM
faces three choices, each of which is as
discomforting as a sudden loss of cabin
pressure in a flight over the Alps.
The first choice is to increase the
Franco-Dutch groups shareholding in
Alitalia, and even to make it a controlling
stake. Such a step would represent an
astonishing triumph of hope over
experience. It would be inspired by the
notion that the former flag-carrier will one
day stop bleeding the money that the
Italian state, banks and other companies
have poured into it year after year.
In recent days, members of Italys fragile
coalition government have dropped hints
that they would be happy for Air France-
KLM to double its stake. But there is a
catch, as there usually is with Alitalia.
Italian politicians want a binding promise
from any future foreign owner of the
airline that it will use Romes Fiumicino
airport as a hub, especially for long-haul
flights. Furthermore, it must integrate
Alitalia into its operations as an equal
partner, not some washed-up scrounger.
For Air France-KLM, these are difficult
conditions to swallow. Anything that
threatens to tie the groups hands and that
dooms Alitalia to remain a perennial
lossmaker is, however, a non-starter as
Alexandre de Juniac, chief executive of
Air France-KLM, indicated this week.
The second option is to pull out of
Alitalia altogether on the grounds that
Air France-KLM, particularly the
struggling French half of the group, has
more than enough financial and strategic
problems of its own to fix. Abandoning
Alitalia might provide a shortlived
emotional gratification, akin to that felt
upon scrambling out of a bad marriage.
But for Air France-KLM, it is not a
satisfactory long-term answer. It would
simply strengthen the position in the
Italian market, and therefore in Europe
more generally, of rivals such as Ryanair,
Lufthansa and easyJet.
The third choice for Air France-KLM is
to sit tight and do nothing, except perhaps
to sprinkle some alms in Alitalias latest
begging bowl. But this is hardly a
solution, either. The 100m capital
increase, due for approval at an Alitalia
shareholders meeting on October 14, will
no more restore the airlines fortunes
than one life jacket would save a whole
flight crew.
The airlines first-half net loss was
294m, 46 per cent up on a year earlier. Its
net debt was 946m and its liquidity was
128m. Plainly, Alitalia is no closer to
financial health than it was in 2009 when
Silvio Berlusconi, the former premier,
hustled a group of mainly Italian investors
into acquiring stakes in order to thwart an
Air France-KLM takeover.
From time to time, it is suggested that
Alitalias salvation will come from non-
European investors from China, Japan,
Russia or the Gulf. After all, Air France-
KLM launched a code-share pact last year
with Abu Dhabi-based Etihad Airways, the
Gulfs third biggest carrier. Might this pair
consider a joint effort not just to keep
Alitalia in the skies but to restructure it
so that, dare one say it, the airline
actually makes some money for once?
Maybe, but Etihad would surely never
buy into Alitalia unless it felt confident of
success in treacherous political and
industrial territory where everyone else
has failed. Nowadays, Alitalia accounts for
only 12 per cent of seat capacity on flights
in and out of Italy. It has a much higher
cost base than its more efficient budget
airline competitors. It has a long and, by
European standards, incomparably ghastly
record of managerial incompetence, restive
trade unions and unhelpful attention from
politicians. Why would Etihad want to go
anywhere near it?
In this sense Alitalias plight is
emblematic of many failing European
airlines. It is chronically unprofitable. It is
probably impossible to turn round. But
politicians in its home country will not let
it die, and so it refuses to go away. Air
France-KLM is doing the right thing by
not rushing into a deal.
Tony Barber is the Financial Times
Europe editor
Tony.Barber@ft.com
www.ft.com/insidebusiness
COMPANIES ROUNDUP
By Daniel Thomas
in London
Franco Bernab quit as
executive chairman of Tele-
com Italia yesterday at a
board meeting convened to
find a business plan to res-
cue the heavily indebted
company from a downgrade
of its credit rating to junk.
His resignation has been
expected since last week,
when it became clear there
were differences over strat-
egy between the manage-
ment and a powerful bloc of
shareholders that owns
more than a fifth of Tele-
com Italias stock.
Mr Bernab has advo-
cated issuing stock to raise
as much as 5bn to help
reduce net debt of close to
30bn, with credit agencies
threatening a rating down-
grade in the next few
months to junk status
unless the balance sheet is
brought under control.
Any demand for share-
holders to inject new cash
into the company would
likely be blocked by Telco,
the shareholder pact
between Telefnica, the
Spanish telecoms rival, and
a number of Italian institu-
tions. Telefnica last month
took a greater control of the
shareholder group and is
gradually buying out the
Italian shareholders.
The rumours of Mr Bern-
abs departure have helped
the companys shares rise
in Milan this week, in part
owing to the receding
chance of a capital raising.
Mr Bernab announced his
resignation after a lunch
with the board in Milan.
His departure makes it
more likely that Telecom
Italia will pursue a debt
reduction strategy based on
asset sales and cost cutting,
which in the short term
could mean job losses in
Italy and the sale of its
broadcast towers and parts
of its real estate portfolio.
In the longer term, people
with knowledge of the situ-
ation have suggested that
Telefnica could support a
sale and break up of Tele-
com Italias Brazilian arm,
which is a rival to the Span-
ish group in the country.
Mr Bernab, 65, told a
parliamentary hearing last
week that Telecom Italia
needed fresh capital to
avoid a credit downgrade to
junk, but opposed any
sale of its assets.
The groups stock has lost
30bn in value during Mr
Bernabs tenure in a wider
depressed European tele-
coms sector.
It is now valued at
11.5bn, just over a third of
its net debt.
Telecom Italia wrote
down a further 2.2bn in
goodwill for the first half of
2013, taking impairments
close to 14bn over the past
three years.
See Inside Business
Telecom
Italia chief
quits over
strategy
MOBILE & TELECOMS
Plans for reducing
debt triggers split
on Europe
Tony
Barber
INSIDE BUSINESS
Contracts & Tenders
OCTOBER 4 2013 Section:Companies Time: 3/10/2013 - 19:08 User: wrightj Page Name: CONEWS1, Part,Page,Edition: EUR, 14, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

15
Euronext, which comprises the stock
exchanges of Paris, Amsterdam, Brus-
sels and Lisbon. ICE has already indi-
cated that it plans to float the busi-
ness next year, although rumours per-
sist it could be sold.
If I were LSE, Id consider NYSE or
Nasdaq but not until I see what hap-
pens with Euronext, because there
would be more synergies with Europe
and the transatlantic deals have not
worked, says Diego Perfumo, an ana-
lyst at Equity Research Desk.
In Asia, speculation persists that
the Singapore exchange may yet
return to the consolidation trail after
the failure to merge with ASX two
years ago. It has one of the strongest
balance sheets of any exchange in the
world but, since 2011, it has concen-
trated on organic growth and is step-
ping up plans to expand its network
of overseas sales offices.
Japan is expected to undergo
another round of consolidation after
the creation in January of Japan
Exchange Group through the combi-
nation of the Tokyo Stock Exchange
and Osaka Securities Exchange.
The country still has three main
commodity exchanges, including
Tocom, as well as other smaller ones.
Consolidation has to take place for it
to make any sense as an efficient
exchange model, says Bill Herder,
president of the Asia chapter of the
Futures Industry Association, based
in Singapore.
However, unlike many other coun-
tries, Japans commodity exchanges
and financial exchanges are each
overseen by different regulators. Con-
solidating watchdogs under one roof
is seen as a key prerequisite for any
deals between these exchanges.
But for many executives, a mega-
deal is a simply a step too far in an
uncertain world. Exchanges with
derivatives businesses are having to
comply with a G20 mandate intended
to tighten up practices and oversight
of derivatives markets, and this could
threaten revenues.
Around the world, the local rules
are still being written. Only time will
tell what will be the profitable busi-
ness models, says Mr Ponzo at Grey-
Spark. Until it gets clearer, the valu-
ations for deals are pretty much
impossible to ascertain, hence the
lack of appetite to buy too high or sell
too low. Give it two years for the new
regimes to play out and then we will
see another wave of consolidation, but
I doubt it will happen before then.
www.ft.com/tradingroom
[by regulators] a lot in recent years
and [executives] have had their fin-
gers burnt, says Niki Beattie,
founder and chief executive of Market
Structure Partners, a capital markets
consultancy.
Instead, consolidation and growth
have increasingly been focused along
national or local lines.
Exchanges have gotten smarter
and size is less important, says one
banker, who declined to be named.
Executives were thinking more imagi-
natively about acquisitions, consider-
ing data companies and clearing
houses, for example, because there
are fewer transactions that the regula-
tors would let happen or that make
sense from a valuation perspective.
One asset with an unclear future is
IntercontinentalExchanges purchase
of NYSE Euronext has moved one
step closer after passing a key Euro-
pean regulatory hurdle, but the $10bn
deal has yet to spark another round of
global industry consolidation.
ICE and NYSE said yesterday that
Euronexts governing college of regu-
lators were not minded to object to
their proposed deal, announced in
December. The acquisition needs final
approvals from national authorities in
individual European jurisdictions for
it to be completed.
The transatlantic deal is likely to
become the industrys largest since
the Chicago Mercantile Exchange
bought the Chicago Board of Trade for
close to $12bn in 2007, and a notable
cross-border success after several
high-profile failures.
The once-fragmented, equities-domi-
nated business has been overturned in
the past decade by competition,
increasing use of automated trading
and the growing popularity of deriva-
tives. The industry response was to
bulk up via acquisitions, with strate-
gic assets fought over like a game of
chess. But the dealmaking has since
slowed down.
The ICE/NYSE deal is more the
outlier rather than the trendsetter, at
least for now, says Frederic Ponzo,
managing partner of GreySpark capi-
tal markets consultancy. In fact, it
can only go through because the US
market is fragmented and competi-
tive, therefore the risk of abuse of
dominant position is very remote.
So far this year BATS Global Mar-
kets has agreed a merger with rival
Direct Edge to create the second-
largest share-trading platform in the
US. And speculation in recent weeks
has linked Nasdaq OMX with the Lon-
don Stock Exchange Group.
Cross-border exchange deals have
not always been easy, however. The
European Commissions blocking of
Deutsche Brses merger with NYSE
Euronext last year and Australian
authorities squashing of Singapores
SGXs plans to buy ASX in 2011 left
executives scarred.
The national card has been played
ICE and NYSE go where others fear to tread
News analysis
Regulators have made
crossborder deals difficult
for exchanges, write Philip
Stafford, Arash Massoudi
and Jeremy Grant
Source: FT research
1999
Not all M&A deals shown
2000 01 02 03 04 05 06 07 08 09 10 11 12 13
Eurex
LSE
Euronext
NYSE Euronext
ICE
Nasdaq OMX
CME Group
IntercontinentalExchange
International Petroleum Exchange
London Stock Exchange
Borsa Italia
Paris Bourse
Amsterdam Stock Exchange
Brussels Stock Exchange
Nasdaq
OMX
Deutsche Brse
Swiss Options and Financial Futures Exchange
Chicago Mercantile Exchange
Chicago Board of Trade
Nymex
New York Stock Exchange
Archipelago
Creditex
International Securities Exchange
American Stock Exchange
ON FT.COM
For news and
analysis on
consolidation within
the exchanges
sector, go to our
indepth page at
www.ft.com/
exchanges
Mr Tradition, Mr Innova-
tion, Mrs Practical and Ms
Future sound like charac-
ters from the card game
Happy Families. In fact,
they feature in a blogpost
from Charles Li, head of the
Hong Kong Stock
Exchange, after the
exchange refused to accom-
modate Alibabas desire for
a board control structure to
get around its ban on dual-
class shares.
Mr Lis musings have put
centre stage the balance
that many exchanges must
strike in weighing their
desire to attract new list-
ings Alibaba would have
been a $60bn-plus Hong
Kong company with pro-
viding safeguards for out-
side investors.
Dual-class shares are a
case in point. Hong Kong
and Singapore are among
the exchanges that ban
them. The UK discourages
them to the point of extinc-
tion, although they were in
vogue during the 1960s. In
continental Europe they are
allowed, while in the US the
structure has become de
rigueur for the hottest tech
initial public offerings, from
Facebook and LinkedIn to
Zynga and Groupon.
Historically, the rise of
dual-class shares was a
response to corporate
threats. Colin Mayer, Peter
Moores professor of man-
agement studies at the Sad
Business School in Oxford,
says they were used by UK
companies in the 1960s to
protect themselves from
hostile takeovers, before
institutional investors mar-
shalled their opposition.
Similarly, the advent of
corporate raiders in the US
during the 1980s prompted
the New York Stock
Exchange to lift its ban on
the structure in 1988, as it
feared that otherwise
groups such as General
Motors would desert it.
Arguments for dual-class
shares go beyond defence
against an opportunistic
attack.
Fans say US newspaper
barons who floated their
businesses in the second
half of the 20th century
used the structure to pro-
tect the editorial integrity
of their properties from out-
side shareholder pressure.
Such shareholdings sur-
vived even the controversy
that has attached to Rupert
Murdochs media empire,
though 21st Century Fox
faces a challenge to the
familys effective control
later this month.
Enthusiasts also argue
that dual-class shares allow
entrepreneurs to bring their
ideas to the public market
at an early stage, and ena-
ble companies to plan for
the long term.
The people behind com-
panies such as Google,
LinkedIn and Facebook say
it is important to them to
be able to maintain their
vision and values and
retain a long-term perspec-
tive, Mr Mayer says.
He says dual-class shares
also permit a company to
pursue different divi-
dend policies for differ-
ent classes of share-
holder. Family share-
holders might prefer to
invest for the long term,
while outside inves-
tors might be
more con-
cerned about
i mmedi ate
f i n a n c i a l
returns.
D u a l -
c l a s s
s h a r e s
should also
be more transparent than
some other mechanisms
through which an investor
seeks control of a group
without owning more than
half of the equity.
In Italy, Telecom Italia
was a prime example of the
use of pyramid structures
that allow an entity with
little capital to control a
company through layers of
intermediaries.
The essential argument
against dual-class shares
boils down to fairness:
there should be no second-
class investors at the mercy
of those who own no more
of the company than they
do but have greater rights.
The UK market believes
in the principle of one
share, one vote even if that
trumps efficiency, says
Julian Franks, a professor
of finance at London Busi-
ness School.
One-share-one-vote propo-
nents also say that dual-
class shares prevent inves-
tors from acting as stew-
ards of the company; and
remove a spur to manage-
ment performance
provided by the
risk of being
taken over.
So conten-
tious are dual-
class shares
that there is significant
opposition to the prevailing
culture both where they are
allowed, and where they are
banned.
In the US, some investors
have long grumbled about
them, even while there are
few signs they are prepared
to boycott such companies.
Philip Larrieu, invest-
ment officer in the corpo-
rate governance office at
the California teachers pen-
sion fund, says the founders
of tech companies have sur-
rounded themselves with
too many protections.
They put in these
defences . . . managements
seem to want them all, he
says, and when they get to
a size where they dont
need them, they dont want
to get rid of them.
In the UK, meanwhile,
there are various ideas for
broadening the types of
share on offer while protect-
ing investors from exploita-
tion. You might want
restrictions on the two
classes such as setting
limits on the proportions of
voting and non-voting
shares, or providing a sun-
set clause so that they die
out after a set period of
time, says Mr Franks.
The issue is most visible
in Asia. Alongside Mr Lis
call for a debate, Singapore
is considering whether to
relax its ban as it pushes to
become, as one lawyer puts
it, a home for tech and bio-
medical start-ups.
One way or another, dual-
class shares will provide
plenty of material for argu-
ments between Mr Competi-
tion and Mr Shareholder-
Protection.
Mr Li puts Mr Tradition and
Ms Future at heart of listings row
News analysis
Dual class shares
are banned by
some exchanges,
but not all, say
Alison Smith,
Paul J Davies and
Stephen Foley
Deep differences in how to protect investors rights
Exchanges differing
approaches to dualclass
shareholdings reflect some
deep differences in how
various markets seek to
protect shareholder rights,
write Alison Smith, Paul J
Davies and Stephen Foley.
In the UK and markets
where there is a legacy of
the British approach,
shareholder rights are
enshrined in the regimes
that govern corporate
listings. This means that if
one share, one vote is
undermined, investors can
lack safeguards that US
peers take for granted. In
the US there is much more
protection for investors,
both in terms of disclosure
and the class action
system, says Mark Chan, a
partner at Berwin Leighton
Paisner in Hong Kong.
Colin Mayer, of Sad
Business School in Oxford,
believes there is intrinsic
protection for outside
investors in controlled
companies need to continue
to tap the capital markets.
They want to raise capital
from the public markets and
so they do take account of
nonvoting shareholder
views, he says.
But across markets, a
common theme is that the
best protection for investors
lies in clarity about where
they might be putting their
money. The key point is
that the basis on which
the shareholding has been
constructed is all transparent
at the time the company
goes public, Mr Mayer says.
Then its up to shareholders
to make a decision.
Rumours of tieup reawaken an old bid saga
Speculation linking Nasdaq OMX in a
tieup with the London Stock
Exchange Group revives one of the
industrys longeststanding bid stories,
write Philip Stafford and Arash
Massoudi.
Bob Greifeld, chief executive of
Nasdaq, went hostile seven years ago,
with a 12.43 per share offer for the
69 per cent of LSE shares it did not
own. The LSE shareholders rebuffed
the approach, and Nasdaq sold its
stake at a profit.
Analysts say the rationale for a deal
still holds. Nasdaq faces consolidations
taking place above and below them.
You could certainly see some
movement there, says Rich Repetto,
analyst at Sandler ONeill.
LSE and Nasdaq have both seen
their historic business of cash equities
trading come under intense pressure
from new market entrants.
Attempts to diversify Nasdaq has
pushed into US fixed income trading
and the LSE has entered clearing and
settlement are complementary.
But others question the timing. LSE
is still integrating LCH.Clearnet and
Nasdaq has a $2bn debt pile, which
will rise with the $750m purchase of
eSpeed from BGC Partners.
Musings: Hong
Kong Stock
Exchange head
Charles Li
The ICE/
NYSE deal
can only go
through
because the
risk of abuse
of dominant
position is
very remote
Frederic Ponzo,
GreySpark
EXCHANGE CONSOLIDATION
Bourse buyouts Who is next?
OCTOBER 4 2013 Section:Companies Time: 3/10/2013 - 18:55 User: wrightj Page Name: CONEWS2, Part,Page,Edition: EUR, 15, 1
16

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
COMPANIES
As BP battles to limit the
cost of its 2010 oil spill in
the Gulf of Mexico, it has
not had much joy from US
justice.
The ruling on compensa-
tion payments from the fed-
eral Fifth Circuit appeals
court on Wednesday
evening was a rare piece of
genuine good news.
If more decisions go BPs
way, it could be spared pay-
ing billions of dollars to
businesses claiming com-
pensation over the spill.
However, the decision is
just one battle in a long and
complex legal campaign.
The Fifth Circuit delivered
its ruling to Judge Carl Bar-
bier in the US District
Court as he was in the mid-
dle of hearing evidence in
the civil trial over the spill,
which will determine dam-
ages and penalties for BP
that could run into the tens
of billions.
The appeal court ruling
related to the fight over the
settlement that BP signed
last year to compensate
individuals and businesses
for the spill.
Intended to bring peace,
that settlement has instead
flared into an increasingly
bitter dispute. Payments
have been running far
ahead of BPs expectations,
mostly because Patrick
Juneau, the court-appointed
claims administrator,
allowed more generous cal-
culations of business losses
than the company thinks is
reasonable.
Judge Barbier upheld Mr
Juneaus interpretation
against BPs challenges, but
on a two to one majority
decision, the appeals judges
overturned central points of
those rulings.
They ordered him to
expeditiously draw up an
injunction to suspend con-
tentious payments for busi-
ness losses while the com-
plex legal issues raised by
the dispute are worked
through something that
he had previously refused
to do.
They also cast doubt on
the definitions of profits
and losses Judge Barbier
allowed for the purposes of
calculating compensation.
Most of all, they insisted
that businesses that have
suffered no loss, or that suf-
fered losses that were not
caused by the spill, should
not be able to claim com-
pensation.
If the settlement does pay
out to businesses that have
not suffered losses as a
result of the spill, the
appeals judges said, then it
is invalid.
Moreover, they added, if
BPs lawyers had agreed to
a settlement that did pay
out to those unaffected
businesses, that would be
contradictory to common
tenets of both tort and con-
tract law, and to common
sense. That individuals
and businesses who were
not hurt by the spill should
be able to claim has been a
feature of the settlement
from the beginning.
One firm of lawyers seek-
ing clients wrote on its web-
site: If the numbers work,
there is no need to provide
proof that BP caused your
loss the law presumes BP
caused the loss. This is
what BP agreed to.
By taking a firm line
against such claims for
unrelated losses, the
appeals court could save BP
billions.
There is still a way to go
yet. Plaintiffs lawyers
could call for a review of
the appeal en banc, mean-
ing that the case would be
looked again at not by three
appeals judges, but by eight
or more, and ultimately the
case could go all the way to
the Supreme Court. Until
BP actually gets its injunc-
tion, the payments for busi-
ness losses will keep flow-
ing out of the door.
But the appeals court
decision does at least allow
BP to hope that the most
extreme outcomes for the
cost of the settlement, well
above its present estimate
of more than $9.6bn, can be
avoided. Yet while saving a
few billion dollars would be
welcome for BP, which had
an underlying replacement
cost profit of $18bn last
year, the companys legal
predicament is such that it
would still resolve only a
fraction of the costs it still
faces.
The trial over the spill,
which resumed this week
after a five-month break,
could lead to a very wide
range of outcomes. A pen-
alty phase, expected next
year, will set the fine that
BP faces under the Clean
Water Act, which could
reach a maximum of $18bn
if the company is found to
have acted with gross negli-
gence in the disaster.
Such a finding would also
expose BP to claims for
punitive damages from any
governments, businesses or
individuals whose property
was touched by the oil, or
who work in fishing. There
are claims for damages
from businesses and indi-
viduals not covered by the
settlement, and from state
and local governments,
which BP said added up to
more than $34bn.
There will be claims also
for natural resources dam-
ages, based on an assess-
ment of the harm done to
the region that has no set
end date.
This year BP adopted a
more combative stance on
costs and can be expected
to fight on all fronts. But
investors cautious reaction
to the appeals court suc-
cess, pushing BP shares up
just 1.1 per cent in London,
is understandable.
Editorial comment
Dan Loeb is an avid con-
temporary art collector as
well as one of Wall Streets
most combative investors.
He has bought works by
Richard Prince, Basquiat
and Andy Warhol, among
others, following a passion
for art that he says has also
turned out to be a success-
ful investment.
But in the case of
Sothebys, the venerable
auction house to which he
turned his activist atten-
tions this year, he bought
in without liking what he
saw. In an open letter in a
regulatory filing and pub-
lished on Wednesday, Mr
Loeb tore into Sothebys,
accusing it of an inability to
keep up with shifting art
market trends and lambast-
ing it for alleged manage-
ment excess.
Mr Loeb now the auc-
tioneers largest share-
holder with a 9.3 per cent
stake called on chairman
and chief executive William
Ruprecht to quit with
immediate effect, adding
that the team at his hedge
fund Third Point had
already started considering
candidates as potential suc-
cessors.
Industry observers sug-
gest Mr Ruprechts Achilles
heel has been a failure to
produce a consistent, for-
ward-thinking strategy for
the company.
It is acknowledged both
in and outside the auction
house that he just doesnt
have a competitive vision.
Its long been a festering
complaint, especially when
many believe that the mar-
ket spoils were Sothebys
for the taking, says
Michael Plummer, principal
at ArtVest Partners, which
provides art market invest-
ment advice.
While Sothebys has
struggled to maintain earn-
ings levels, it has also
begun to lag behind its
main rival, Christies,
which has embarked on a
more thoroughgoing mod-
ernisation.
Christies, by contrast,
has a top new management
team and is successfully
executing a slick and supe-
rior global vision propel-
ling them into an infinitely
better position in the 21st
century art world, says
Mr Plummer.
Following decades of a
near-duopoly of the high-
end art sales market, Lon-
don-based Christies has
pushed ahead of its New
York-based rival.
It announced record sales
of $6.27bn for 2012, a rise of
10 per cent from the previ-
ous year. Sales at Sothebys
missed analysts estimates,
totalling $5.4bn, down 7 per
cent from 2011. In August,
the company announced
that first-half net profit fell
7 per cent to $69.4m.
Christies privately
owned by the French lux-
ury goods tycoon Franois-
Henri Pinault has commit-
ted heavy resources into
online operations and pene-
trating lucrative new mar-
kets. Chief executive
Stephen Murphy inaugu-
rated its mainland China
operations in a star-studded
display last month. Earlier
this summer, it also secured
a licence to operate in
India. Sothebys is yet to
hold an auction in either
country.
Jeff Rabin of ArtVest says
another error by the
Sothebys executive team
has been its focus on the
top end of the market,
where unpredictable turno-
ver and a fierce rivalry for
commissions can weigh
heavily on margins.
Its made them vulnera-
ble there is a greater vol-
ume of lower-priced items
and a much better rate of
return possible for the auc-
tioneer. They really should
consider re-entering the
lower-priced spectrum, even
with a sub-brand, if they
want to claw back the gap
from Christies, Mr Rabin
says.
Third Points assault on
Mr Ruprecht and his team
should shake up their strat-
egy, analysts believe.
Heeding Mr Loebs calls
for a separation of Mr
Ruprechts roles as chief
executive and chairman
would bring Sothebys bet-
ter in line with broader
industry best practices,
says Oliver Chen, a retail
analyst at Citigroup.
Sothebys defended itself
against what it called Mr
Loebs incendiary and
baseless attack by pointing
to the share price, saying it
had exceeded the Standard
& Poors Midcap index over
the one, five and 10-year
periods. It said it would
comment on the letter at
the appropriate time.
Some believe the share
price performance has little
to do with Sothebys strat-
egy, and can be attributed
to the booming fine art mar-
ket. Either way, the auction-
eer must placate its increas-
ingly rowdy Wall Street
investors. It placed its Man-
hattan headquarters on the
market last month and has
already received first-round
bids, people familiar with
the matter said. Analysts
estimate the propertys
value at up to $600m, which
could generate post-tax pro-
ceeds of $450m.
Last month Sothebys
appointed Patrick McCly-
mont, a former Goldman
Sachs partner, as chief
financial officer, in a move
that it said was unrelated to
the maelstrom of corporate
activism engulfing it.
Hes clearly talented and
will be a boon to the group,
but when it comes to the
question of whether
Sothebys management will
be able to reverse its cur-
rent fortunes and tame
the ire of their largest
investor well, its just far
too soon to tell, says Citi-
groups Mr Chen. But
make no mistake, the
gloves are off and its going
to be one hell of a fight.
See Lex
Sothebys in frame for change
GENERAL FINANCIAL
News analysis
Shareholder attack
adds to leadership
woes of auction
house, says
Elizabeth Paton
Calls to quit put Ruprechts 33year career at art house on the block
It is usually the art, not the
auctioneer, that goes on the
block, writes Lina Saigol.
But William Ruprecht, the
chief executive of Sothebys,
has found himself under the
hammer after calls for his
resignation from activist
investor Dan Loeb.
Mr Ruprecht is facing the
biggest threat to his career
after 33 years at the fineart
auction house, during which
he presided over US
operations, sold everything
from Renoir paintings to
vintage cars, and earned a
reputation for obtaining the
prized objects that make an
auction house prosper.
The son of a
painter
and a
businessman,
Mr Ruprecht,
57, grew
up in St
Louis,
Missouri,
and studied sculpture and
fine art at the University of
Vermont. After a stint at a
traditional furniture maker,
where he made replicas of
18th century work by hand,
Mr Ruprecht joined the
orientalcarpet department
of Sothebys in 1980. There,
he learnt the nuts and bolts
of auctioneering, researching
and photographing items for
catalogues and
assembling
them for sale.
Mr Ruprecht
has overseen
a number of
specialist
department
s, as well as becoming the
auction houses principal
auctioneer from 1995 to
2003, where he presided
over sales such as that of
the estate of the Duke and
Duchess of Windsor. In
2000 he was promoted to
the post of president and
chief executive of the
auction house just as it was
facing financial ruin and its
reputation was in tatters.
Sothebys, along with
Christies, had been accused
of colluding to fix prices and
was facing an exodus of its
top specialists, and Mr
Ruprecht had been charged
with cleaning up the mess.
At first glance, Mr
Ruprecht did not appear the
obvious man to run the
company. With his large
frame and enthusiastic
manner, he was seen as
something of a bull in the
delicate china shop of the
art world. But in such an
intimate company, where
employees are specialists
and often boast long
tenures, Mr Ruprechts
familiarity with the business
made him popular.
He spent the next four
years trying to restore
Sothebys battered balance
sheet, fighting a classaction
lawsuit from buyers and
sellers which was settled
for 265m and cutting
operating costs.
By 2006, Mr Ruprecht
was able to reinstate
Sothebys dividend and was
in pole position to benefit
from the coming art boom,
which was being fuelled by a
wall of money from China
and the Middle East.
At the time, Mr Ruprecht
said the business mindset of
Sothebys was more Porsche
than Volkswagen.
But it does not appear
to be going fast enough
for Mr Loeb.
Sothebys vs Christies
Source: artnet Analytics
Auction sales ($bn)
Year to May 31
0
1
2
3
4
2009 10 11 12 13
Sothebys
Christies
Sothebys tends to focus on the
top end of the market, where
unpredictable turnover and a fierce
rivalry for commissions can weigh
heavily on margins Charlie Bibby
More news at ft.com/companies
The worlds biggest
container ship
Maersk, the Danish giant
shipping line company,
has just released the
Majestic Maersk, the
biggest container ship ever
made. Richard Milne, Baltic
and Nordic correspondent
for the Financial Times,
reports from Copenhagen
harbour
www.ft.com/video
Default spooks
Halloween bill
The yield on the Treasury
bill maturing October 31,
Halloween, has leapt on the
back of US government
intransigence. Shortdated
CDS levels have jumped too.
James Mackintosh,
investment editor, says
markets are more sanguine
than these moves suggest
www.ft.com/video
Problems on every aisle
for Tesco
Tesco profits fell by a third,
hit by a collapse in
European earnings and
weakness in Asia.
Lexs Vincent Boland
and Oliver Ralph look at
Tescos problems and the
difficulties the supermarket
group faces turning this
around
www.ft.com/video
By Michael Stothard in
Paris and AnneSylvaine
Chassany in London
French floor maker Tarkett
is to launch an initial pub-
lic offering that could value
the company at as much as
2.5bn and be a payday for
private equity sponsors
Kohlberg Kravis Roberts.
The Paris-based group,
which sells speciality floor-
ing worldwide, is on track
to announce an intention to
list today, subject to
approval by the French
Autorit des Marchs Fin-
anciers, according to people
close to the situation.
The deal comes amid a
surge of new listings in
Europe because of buoyant
markets. The $18bn of Euro-
pean IPOs issued so far this
year is more than three
times that during the first
nine months of 2012, accord-
ing to Thomson Reuters.
KKR, which manages a
$6.1bn European buyout
fund, bought a 50 per cent
stake in Tarkett in 2006, in
a deal valuing the company
at about 1.6bn including
debt. The rest of the shares
are owned by the Decon-
inck family.
The US private equity
group, which is planning to
raise a new European fund
next year, hired advisers
this year to prepare for a
sale or an IPO. It weighed a
listing in New York but the
Deconinck family preferred
a Paris listing.
A listing of Tarkett on the
Paris stock exchange could
value the company at up to
2.5bn including debt, one
of the people said.
The company posted earn-
ings before interest, taxes,
depreciation and amortisa-
tion of 260m last year.
Tarkett, which declined
to comment, has pursued
an acquisitive strategy
since it was bought by
KKR, buying 12 companies
in the past five years. Last
year it bought US carpet
maker Tandus for an undis-
closed sum.
The group makes one-
third of its revenue in the
US, where it competes with
Mohawk Industries, Arm-
strong, and Interface, three
other makers of flooring.
KKR is one of several
buyout firms that are hop-
ing to use the strong equity
markets to list investments
they had made before the
financial crisis.
UK-based theme park
operator Merlin Entertain-
ments, backed by Black-
stone, and clothing designer
Moncler, owned by Carlyle
and Eurazeo, are planning
market debuts in London
and Milan before Christ-
mas. In France, Carlyle,
which is also raising a
European fund, is working
on an IPO of cable company
Numericable.
HSBC, JPMorgan, Deut-
sche Bank and Bank of
America are advising Tar-
kett on the flotation.
KKR prepares to list Tarkett
HOUSEHOLD GOODS
Rare victory
for BP in the
long saga of
Deepwater
OIL & GAS
News analysis
Appeal court ruling
offers some respite
but there are still
tough battles ahead,
writes Ed Crooks
BP
Source: Thomson Reuters Datastream
Share price (pence)
Jan 2013 Oct
420
440
460
480
Workers clean up after the 2010 oil spill Photoshot
Loebs letters
Do what you do
best: retreat to
your mansion in
the Hamptons
where you can play
tennis with your
fellow socialites
to Irik Sevin,
CEO of Star Gas
Since ascending to
your role of Chief
Value Destroyer,
the shares have
dropped over 45%
to Pendleton Siegel,
CEO of Potlatch
[You] could be
tooling around in a
luxurious business
jet, possibly sipping
Cristal champagne
at shareholder
expense
to John Collins
CEO of Intercept,
Seen by some as the Hunter
S Thompson of activist letter
writing, Dan Loeb is known
for the vitriolic missives he
sends chief executives. Here
are some of his greatest hits:
$9.6bn
BPs current estimate
of settlement costs
OCTOBER 4 2013 Section:Companies Time: 3/10/2013 - 19:25 User: wrightj Page Name: CONEWS3, Part,Page,Edition: EUR, 16, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

17
By Alex Barker in Brussels
and Guy Chazan in London
Brussels stepped up pres-
sure on Gazprom in its
stand-off over gas prices, as
Europes top competition
enforcer warned the energy
group that it was on course
to face antitrust charges
unless it moved to settle the
case.
Joaqun Almunia, the EU
competition commissioner,
repeated for the third time
in a month that his staff
were drafting a charge
sheet a so-called state-
ment of objections based
on their one-year investiga-
tion of Gazproms pricing
practices.
While the European Com-
mission is aiming to be
ready to accuse the group of
abusing its dominance by
the end of the year the
usual step at this point in a
probe the Gazprom inves-
tigation is far from a rou-
tine antitrust case.
Any decision to press
charges and move towards
fining the group will be
highly political and taken
against the backdrop of ris-
ing EU-Russia tensions.
It would be premature to
anticipate when the next
steps would be taken in this
investigation, but we have
now moved to the phase of
preparing a statement of
objections, Mr Almunia
told an audience in Vilnius.
Lithuania triggered the
investigation with a com-
plaint against Gazprom.
Sergei Kuprianov, spokes-
person for Gazprom, said
that Mr Almunia had said
nothing new.
So far Gazprom has made
no attempt to negotiate a
settlement with the com-
mission, an outcome that
lawyers see as probable in
such diplomatically sensi-
tive probes.
Mr Almunias term as
competition commissioner
comes to an end next
autumn, meaning any fines
would probably be enforced
by his successor. Some peo-
ple involved in the case
think that is an important
factor for Gazprom in
weighing up whether to
open settlement talks.
Mr Kuprianov said: We
are not in discussion with
them on this because they
havent concluded their
investigation. And we have
not been invited to take
part in any settlement nego-
tiations.
The Commission is con-
cerned that Gazprom over-
charged customers in cen-
tral and eastern Europe
with prices out of kilter
with competitive bench-
marks. Investigators are
also examining whether
Gazproms considerable
market power was abused
to set high prices.
Should wrongdoing be
proven, the commission can
fine Gazprom up to 10 per
cent of global turnover.
See Lex
EU warns
Gazprom
to settle
pricing case
OIL & GAS
Charges drafted by
competition chief
Claims customers
were overcharged
JPMorgan Chases potential
record penalty to settle alle-
gations that it mis-sold
mortgage securities is being
heavily influenced by a
66-year-old cyclist named
Dee, who rides downtown
to work daily from her
apartment on Riverside
Drive in New York.
She has a much lower
public profile than Jamie
Dimon, JPMorgans chief
executive, or Eric Holder,
US attorney-general, who
met in Washington last
week to work towards a
landmark $11bn settlement.
But, according to several
people involved in the case,
Denise Cote Dee only to
her friends, Judge to any-
one in her courtroom with
any sense will have a big-
ger impact than either man
on the size of the banks
penalty.
In 2011, the Federal Hous-
ing Finance Agency, a gov-
ernment regulator, accused
JPMorgan and more than a
dozen other banks of selling
mortgage-backed securities
packed with loans made to
uncreditworthy borrowers.
The banks hired dozens of
top lawyers in New York
and Washington. They were
dismayed, later horrified,
that the case fell to Judge
Cote in the district court.
Their fears date back to
rulings she made a decade
ago after the collapse of
WorldCom, when she
rejected banks arguments
that they had relied on
auditors when underwriting
the telecom companys
stocks and bonds.
That was the first signif-
icant ruling on a banks
duty to do due diligence in
about 30 years, says Sean
Coffey, a lawyer represent-
ing plaintiffs, including the
New York State Common
Retirement Fund, who
sued several Wall Street
banks saying they should
have detected WorldComs
accounting fraud.
A native of St Cloud, Min-
nesota, Judge Cote joined
the US attorneys office in
Manhattan after law school,
where she won the prize for
most distinguished woman
in her class.
She then spent six years
in private practice before
returning to the same gov-
ernment office as the first
female chief of the criminal
division, a post she held
until being appointed to the
federal bench by President
Bill Clinton in 1994.
As a judge she acquired a
reputation as being anti-
business. I dont think this
is political bias. I think its
more that shes got an
acute sense for a whiff of
fraud. She can smell it,
says John Coffee, a law pro-
fessor at Columbia Univer-
sity, where Judge Cote
often appears before his stu-
dents to discuss WorldCom.
Shes known as one of
the hardest working judges
and . . . I want to find a
polite word for this but
shes a . . . tough judge.
In the FHFA case, Judge
Cote ruled against the
banks in so many early
decisions that in March
they made the unusual
move of asking the appeals
court to intercede.
Bank lawyers accused
Judge Cote of having made
a series of gravely prejudi-
cial rulings.
The FHFA has alleged
that the mortgage-backed
securities plunged in value
because banks packed them
with loans to homeowners
who never had a hope of
paying. The MBS were then
sold to Fannie Mae and
Freddie Mac, government-
backed companies now
overseen by the FHFA,
which suffered huge losses.
The banks main argu-
ment is that Fannie and
Freddie knew what they
were buying. To prove this,
they wanted to see millions
of documents and interview
dozens of witnesses. But
Judge Cote placed strict
limits on this discovery
stage. Her campaign for
settlement created an
extraordinarily uneven
playing field in terms of
access to potential wit-
nesses, the banks said,
Mr Coffey recognises her
stance but sees it differ-
ently: One of the things
she clearly does not tolerate
is delay for delays sake.
Unfortunately for the
banks, their appeal was
rejected and they are back
in Judge Cotes court.
The pricetag to get out is
not cheap. The Financial
Times revealed in August
that JPMorgan faced a
demand for $6bn to settle
the case. Though the bank
will seek a discount, the
claim still makes up the
largest part of the settle-
ment and contributes heav-
ily to the overall bill of
about $11bn.
Work on that settlement
is continuing. Yet it could
still fall apart, according to
people involved, leaving Mr
Dimons bank back in the
hands of Judge Cote.
The tough judge ready
to ruin Dimons day
BANKS
News analysis
JPMorgan under
pressure to avoid
court date, report
Kara Scannell and
Tom Braithwaite
Brussels is preparing to accuse Gazprom of abusing its dominance Bloomberg
Europes refining hub is a
40km finger of man-made
land jutting into the North
Sea from the port of Rotter-
dam. At its tip sits the
industrys latest arrival: an
800,000 metric ton, state-of-
the-art biodiesel refinery.
Neste Oil, its Finnish
owner, invested 670m in
the plant and hopes it is
also the future of an indus-
try grappling with a host of
challenges, including legis-
lation to reduce carbon
emissions and a market suf-
fering from overcapacity.
Opened just two years
ago, Neste Oils refinery,
with its fresh pale green
pipework winding its way
into and out of grey
processing units, certainly
looks the part, not least
compared with some of the
much older ones dotted
along the peninsula.
However, what distin-
guishes the refinery from
its neighbours is the raw
materials it uses to make
its products: instead of
crude oil, it uses vegetable
oils, waste oils and fats as
well as palm oil, which are
stored in massive, white
cylindrical tanks.
The facility uses 10 types
of feedstocks but produces
exactly the same end-prod-
uct every time, the refin-
erys manager, Bart Leend-
ers, says proudly on a tour
of the site.
Most other biodiesel
plants, which are also
smaller, typically use just
one type of feedstock so
have less flexibility.
The main end-product is a
transparent, odourless liq-
uid, a renewable diesel
based on Neste Oils own
research and development
called NExBTL. It is mainly
sold to other oil companies
in Europe and the US.
Unlike other biofuels,
says Mr Leenders, NExBTL
can be used in higher per-
centages when mixed with
regular fuel.
The Rotterdam refinery is
one of three renewable die-
sel facilities owned by
Neste Oil, which also has
two fossil fuel plants. The
company is a rare success
story in European refining,
which is struggling with
too much capacity, competi-
tion from Asian rivals, neg-
ative margins and costly
environmental legislation
changes.
Last month, Neste Oil
upgraded its full-year profit
guidance, pointing to better
than expected demand for
renewable fuels. It now
expects its renewable fuels
unit to deliver operating
profits above 200m for the
full year 2013, compared
with previous guidance of
120m. The key target mar-
kets are northern Europe,
the US and Canada.
It is clear to us that
Neste has found a solid
niche for its biodiesel, bene-
fiting from an exceptional
pricing environment in the
US, said analysts at Citi in
September.
But they warned of uncer-
tainties around forthcoming
legislative decisions in the
US, which could poten-
tially impact renewables
profitability.
The company predicts
that the EU biodiesel mar-
ket will expand from about
12m tonnes today to 22m
tonnes by 2020.
Demand for biofuels has
been driven mainly by legis-
lation. The EU, for example,
requires that renewable
energy should account for
at least 10 per cent of the
energy used in road and rail
transport by 2020. National
legislation in Finland has
targeted 20 per cent content
by 2020, and legislation in
the US will require 20 per
cent content by 2022.
Matti Lievonen, Neste
Oils president and chief
executive, credits the com-
panys ability to innovate
across the group it employs
1,200 people in research and
technology and engineering
with its success. His per-
sonal car, a Mercedes, runs
on the companys renewa-
ble diesel.
Innovation is in our
roots, he says in an inter-
view in London. The com-
pany has invested
40m-50m annually over
the past five years in
research into renewable
raw materials.
In the past four years it
has brought four new prod-
ucts to market, including
biojet fuel and a premium
quality pro diesel sold at its
retail stations in Finland.
Yet biofuels are not with-
out controversy. Concerns
have risen in recent years
that their use is encourag-
ing the diversion of farm
production away from food
crops.
Also, in displacing food
production, some experts
fear biofuels threaten to
spur the conversion of for-
est and peatland, which
store carbon dioxide, into
land for food crops, thus
also increasing carbon
emissions.
The European Parliament
last month approved a pro-
posal to limit the share of
food-based biofuels in cars
and trucks to 6 per cent of
total consumption by 2020.
The decision must still be
approved by EU govern-
ments.
The use of palm oil as a
raw material has also come
under scrutiny, with green
campaigners saying the
increased use of it leads to
more deforestation in coun-
tries such as Indonesia and
Malaysia.
The developments put the
industrys focus on the pro-
duction of clean fuels from
non-food sources. Neste Oil,
which uses about 2.2m
tonnes a year of raw materi-
als, half of which is crude
palm oil, says it is steadily
extending its range of feed-
stocks and has increased
the amount of waste and
residues it uses to produce
its diesel to about 50 per
cent.
The company also has a
non-deforestation declara-
tion and a good co-opera-
tion with different NGOs,
insists Mr Lievonen.
You need to have tracea-
bility in Europe and the
US for all your feedstock.
Our customers know where
it has come from, he says.
The company buys its
palm oil on long-term con-
tracts from certified suppli-
ers never from the spot
market.
Back in Rotterdam, Mr
Leenders is proud of the
companys credentials as an
innovator. Its an industry
in development, he says.
We are innovating. We feel
a bit like pioneers.
Rotterdams refining pioneer brings
pick n mix to production of biofuels
OIL & GAS
News analysis
Neste Oils newest
renewables plant
thrives on feedstock
flexibility, writes
Sylvia Pfeifer
Neste has raised
the amount of
waste and residues
used for its diesel
to about 50%
Green energy: Neste Oils refinery is state of the art
MORE ON FT.COM
For full coverage of the
energy sector, including
news, commentary,
interactive graphics and
videos, go to
www.ft.com/energy
COMPANIES
Judge Denise Cote: impact
on size of banks penalty
OCTOBER 4 2013 Section:Companies Time: 3/10/2013 - 17:45 User: wrightj Page Name: CONEWS4, Part,Page,Edition: EUR, 17, 1
18

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
OCTOBER 4 2013 Section:Ad Page Time: 3/10/2013 - 15:05 User: baxterw Page Name: AD FILLER, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

19
Fund Bid Offer D+/- Yield
ACPI Global UCITS Funds Plc (IRL)
www.acpi.com
FCA Recognised
ACPI Emerging Mkts FI UCITS Fund EUR 97.14 - 0.11 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 112.05 - 0.14 0.00
ACPI Global Credit Fund USD C $ 12.78 - 0.02 0.00
ACPI Global Fixed Income UCITS Fund GBP C 143.00 - 0.02 0.00
ACPI Global Fixed Income UCITS Fund EUR B 138.00 - 0.01 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 139.95 - 0.02 0.00
ACPI India Fixed Income UCITS Fund GBP C3 76.60 - 0.25 0.00
ACPI India Fixed Income UCITS Fund EUR B3 79.14 - 0.36 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 76.17 - 0.29 0.00
ACPI International Bond Fund USD $ 17.89 - 0.01 0.00
ACPI FM Limited (JER)
Regulated
ACPI Balanced Fund USD $ 13.18 13.19 -0.02 0.00
ACPI Focused Equity Fund USD $ 13.01 13.02 0.06 0.00
ACPI Multi-Asset Fund USD $ 11.83 11.83 0.09 0.00
ACPI Multi-Strategy Fund USD $ 176.81 - -1.27 0.00
ACPI
Other International Funds
ACPI Global Credit UCITS Fund EUR C 11.87 - 0.00 0.00
ACPI Global Credit UCITS Fund USD C $ 11.36 - 0.00 0.00
ACP Partners Strategic Opps Fund USD A $ 118.22 - -0.91 0.00
Q-ACPI India Fixed Income Fund USD A $ 8.75 - 0.03 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FCA Recognised
AC Risk Parity 7 Fund (EUR A) 116.64 122.47 0.27 0.00
AC Risk Parity 7 Fund (GBP A) 117.95 123.85 0.26 0.00
AC Risk Parity 7 Fund (USD A) $ 115.97 121.77 0.26 0.00
AC Risk Parity 12 Fund (EUR A) 133.03 139.68 0.54 0.00
AC Risk Parity 12 Fund (GBP A) 100.16 105.17 0.39 0.00
AC Risk Parity 12 Fund (USD A) $ 143.07 150.22 0.57 0.00
AC Risk Parity 17 Fund EUR A 85.22 89.48 0.48 0.00
AC Risk Parity 17 Fund GBP A 85.05 89.30 0.48 0.00
AC Spectrum Fund (EUR A) 75.49 79.26 -0.55 0.00
AC Spectrum Fund (GBP A) 76.80 80.64 -0.56 0.00
AC Spectrum Fund (USD A) $ 72.48 76.10 -0.64 -
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 38.91 41.40 -0.02 0.00
American Asset Growth I $ 41.69 41.69 -0.02 0.00
American Century Sicav (LUX)
FCA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 13.35 - 0.02 0.00
ACI Conc Gbl Grwth Eq I Acc $ 13.56 - 0.03 0.00
ACI Emerging Mkts Eq B $ 10.78 - 0.10 -
ACI Emerging Mkts Eq I $ 10.78 - 0.10 -
ACI Gbl Grwth Equity Acc F $ 13.77 - 0.02 0.00
ACI Gbl Grwth Equity I Acc F $ 14.16 - 0.02 0.00
ACI US AllCap Grwth Eq A Acc $ 13.09 - -0.01 0.00
ACI US AllCap Grwth Eq I Acc $ 13.28 - -0.01 0.00
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Absolute Var 2 EUR 98.05 - -0.05 0.00
Bd. Euro Corporate AE Class - R - EUR 17.12 - 0.01 0.00
Bd. Global AU Class - R - USD $ 25.98 - 0.04 0.00
Eq. Emerging Europe AE Class - R - EUR 28.28 - -0.32 0.00
Eq. Emerging World AU Class - R - USD $ 91.62 - 0.26 0.00
Eq. Greater China AU Class - R - USD $ 552.20 - 3.57 0.00
Eq. Latin America AU Class - R - USD $ 558.33 - 0.68 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 492.92 - -1.65 -
AEF Ltd Eur (Est) 492.86 - -1.55 0.00
Arbiter Fund Managers Limited (LUX)
Tenterden House,3 Tenterden Street,W1S 1TD+44 (0)20 7491 1901
FCA Recognised
The Arbiter Global Emerging Markets Fund Class A USD $ 102.81 - 0.74 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 21.45 - 0.04 0.00
Arisaig Asia Consumer Fund Limited $ 53.04 - 0.33 0.00
Arisaig Latin America Consumer Fund $ 28.02 - -0.15 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 91.19 - 0.56 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 52.09 - -0.74 0.00
Artemis Gbl Hedge Fd Ltd EUR 48.91 - -0.73 -
Artemis Gbl Hedge Fd Ltd USD $ 52.64 - -0.78 -
Artemis Pan-Euro Hdg EUR 179.05 - -1.13 -
Artemis Pan-Euro Hdg GBP 197.40 - -1.21 -
Artemis Pan-Euro Hdg USD $ 186.84 - -1.19 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Emerging Markets I USD Acc $ 7.96 - 0.04 0.00
Artisan Global Equity Fund Class I USD Acc $ 13.38 - 0.05 0.00
Artisan Global Opportunities I USD Acc $ 10.52 - -0.06 -
Artisan Global Value Fund Class I USD Acc $ 14.26 - -0.03 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.42 - 0.04 -
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FCA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.4548 2.5775 0.0009 0.86
Sterling Asset Mgt. Fund PC - Class I 107.3151 112.6809 0.0420 0.00
Sterling Intl. Eq. Fund PC 55.7153 58.5011 0.0968 0.00
Dollar Intl. Eq. Fund PC $ 10.6554 11.1882 0.0272 0.00
European Eq. Fund PC 5.1109 5.3664 0.0125 0.00
European Eq. - Feeder PC 1.3751 1.4439 0.0107 0.00
Fund Bid Offer D+/- Yield
European Eq - Feeder PC - Class I 120.0149 126.0156 0.8997 0.00
Chindia Eq. - Feeder PC 1.0661 1.1194 0.0156 0.00
Chindia Eq - Feeder PC - Class I 73.5572 77.2351 1.0959 0.00
Ashburton Emerging Markets Funds Limited
Chindia Eq - Class I $ 119.2588 125.2217 1.7968 0.00
Chindia Eq Fund $ 0.8988 0.9437 0.0148 0.00
Ashmore Management Company Ltd (GSY)
Regulated
Ashmore Emerging Market Debt & Currency Fund Inc USD $ 162.67 - -4.21 0.00
Emerging Mkts Liquid Inv P'folio $ 9.54 - -0.28 6.16
Local Currency Debt Pflo $ 27.74 - -0.72 1.57
Emerging Mkts Corporate High Yield $ 123.94 - -1.22 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 107.55 - 0.02 4.84
Ashmore SICAV Emerging Market Frontier Equity Fund $ 150.04 - 0.56 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 99.55 - -0.60 2.65
Ashmore SICAV Global Equity Fund $ 118.59 - -0.30 0.70
Ashmore SICAV Global Small Cap Equity Fund $ 133.14 - -0.14 0.15
Ashmore SICAV Local Currency Fund $ 96.80 - 0.11 0.23
EM Equity Select USD F $ 118.79 - 0.24 0.00
EM Mkts Corp.Debt USD F $ 110.01 - 0.10 9.64
EM Mkts Loc.Ccy Bd USD F $ 109.09 - 0.26 3.08
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 292.20 - -2.93 0.00
Aspect Diversified EUR (Est) 174.71 - -1.74 -
Aspect Diversified GBP 88.85 - -0.87 0.00
Aspect Diversified CHF (Est) SFr 84.15 - -0.82 0.00
Aspect Diversified Trends USD $ 87.28 - -0.07 0.00
Aspect Diversified Trends EUR 86.96 - -0.05 0.00
Aspect Diversified Trends GBP 89.81 - -0.08 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2911.40 - -2.00 0.00
American One $ 2604.64 - -19.77 0.00
Bond Global 1146.47 - -2.10 0.00
Eurocroissance 705.27 - -4.21 0.00
Far East $ 659.78 - -3.35 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1120.72 - 0.18 0.00
$ Income Fund - Share Class B Acc $ 1137.89 - 0.19 0.00
$ Income Fund - Share Class C Acc $ 995.70 - 0.15 -
$ Income Fund - Share Class G Acc 1056.36 - 0.20 0.00
$ Income Fund - Share Class M Acc 1002.95 - 0.17 -
$ Income Fund - Share Class S AccA$ 1012.10 - 0.42 -
Gl Sukuk Fund - Share Class A Acc $ 1134.99 - 0.55 0.00
Gl Sukuk Fund - Share class B Acc 1002.75 1002.75 0.51 -
BNP Paribas Investment Partners (LUX)
5 Aldermanbury Square, EC2V 7BP London
Telephone: +44 207 063 7783
FCA Recognised
BNP Paribas Insticash
BNP Paribas InstiCash EUR 118.61 - 0.00 0.00
BNP Paribas InstiCash GBP 131.37 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Currencies World 92.47 - -0.23 -
BNPP L1 Real Est Securities Eur F 180.50 - -1.02 0.00
Parvest
Bond Asia ex-Japan $ 96.13 - 0.10 -
Bond Euro 1422.64 - 0.46 0.00
Bond Euro Medium Term 1275.11 - 0.63 0.00
Bond USA High Yield $ 1825.30 - 1.77 0.00
Bond USD Government $ 1624.10 - 1.60 0.00
Bond World Corporate $ 139.33 - 0.18 0.00
Bond World Emerging $ 2326.02 - 0.91 0.00
Bond World Emerging Advanced $ 98.75 - 0.25 0.00
Bond World Emerging Local $ 90.08 - 0.19 0.00
Bond World High Yield 99.97 - 0.09 -
Bond World Inflation-Ld 1094.24 - 1.50 0.00
Convertible Bond World 102.79 - 0.06 -
Equity Best Selection Euro 128.02 - -0.75 0.00
Equity Best Selection Europe 130.27 - -1.05 0.00
Equity Best Selection Europe ex-UK 111.17 - -0.77 -
Equity Brazil $ 1017.78 - 1.37 0.00
Equity Europe Growth 130.83 - -1.04 0.00
Equity India $ 82.04 - 1.40 0.00
Equity Indonesia $ 85.78 - 0.34 -
Equity Japan 84266.00 - -340.00 0.00
Equity Japan Small Cap 146908.00 - -529.00 0.00
Equity Latin America $ 3882.54 - 2.13 0.00
Equity Russia Opportunity $ 650.57 - -2.78 0.00
Equity Turkey 105.80 - -1.91 0.00
Equity USA Growth $ 110.84 - -0.07 -
Equity USA Mid-Cap $ 1565.82 - -2.30 0.00
Equity USA Small-Cap $ 135.08 - -0.67 0.00
Equity World Low Volatility 114.55 - -0.77 0.00
V350 99.56 - -0.04 -
BNP Paribas
Other International Funds
BNP PARIBAS GLF USD-DIST-USD $ 1.00 - 0.00 0.09
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.18
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds
Sterling Bond F 0.44 - 0.00 2.76
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised
ASEAN Frontiers A GBP Inc 111.70 - 0.78 0.70
Asia Growth A GBP Inc H 38.09 - 0.35 0.00
Australia A GBP Inc 75.98 - 0.50 2.35
Baring China Bond Fund $ 10.09 - 0.01 -
Baring Emerging Markets Corporate Debt Fund $ 9.77 - 0.06 -
Baring Global Mining Fund - Class A GBP Inc 5.86 - 0.05 0.00
Dynamic Emerging Markets A GBP Acc F 9.48 - 0.02 0.00
Eastern Europe A GBP Inc 62.18 - 0.24 2.09
Emerging Mkt Debt LC A GBP Hedged Inc 10.46 - 0.08 4.55
Emerging Opportunities A GBP Inc H 19.97 - 0.14 0.00
Fund Bid Offer D+/- Yield
Glb Emerging Markets A GBP Inc H 19.53 - 0.19 0.00
Glb Resources A GBP Inc H 13.03 - 0.07 0.30
High Yield Bond A GBP Hedged Inc H 7.28 - 0.02 5.78
Hong Kong China A GBP Inc 529.30 - 6.07 0.59
India Fund - Class A GBP Inc 9.21 - 0.34 0.00
Latin America A USD Inc H $ 42.90 - -0.01 1.12
MENA A GBP Inc F * 11.83 - -0.02 1.81
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FCA Recognised
Russia A GBP Inc F 37.60 - -0.31 0.25
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FCA Recognised
Bedlam Global A 206.57 206.57 -1.20 0.00
Bedlam Global B 215.08 215.08 -1.23 0.19
Bedlam Emerging Markets A 236.57 236.57 -0.38 0.00
Bedlam Emerging Markets B 235.55 235.55 -0.36 0.77
Bedlam Europe A 140.96 140.96 0.00 0.00
Bedlam Europe B 147.05 147.05 0.00 1.29
Bedlam Japan A 92.63 92.63 -0.01 0.00
Bedlam Japan B 91.95 91.95 0.00 0.16
Bedlam UK A 128.96 128.96 0.00 0.00
Bedlam UK B 130.27 130.27 0.00 1.98
Bedlam Global Income Fund 99.31 99.31 -0.18 3.93
BlackRock (JER)
Regulated
BlackRock UK Property 33.81 - 0.04 4.40
BLK Intl Gold & General $ 5.86 6.18 0.05 0.00
Blairmore Funds PLC
FCA Recognised
Smith & Williamson Investment Management
Administrators - BNP Paribas
Blairmore Global Equity fund $ 12.27 - -0.05 0.00
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 102.19 - -0.10 0.00
BlueBay Em Mkt Bd B - USD $ 270.73 - 0.58 0.00
BlueBay Em Mkt Corp Bd B $ 154.13 - -0.03 0.00
BlueBay Em Mkt Sel Bd B - USD $ 158.14 - 0.36 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 164.25 - 0.45 0.00
BlueBay Gbl Convert Bd I - USD $ 184.72 - 0.53 0.00
BlueBay Gbl High Yield Bd B $ 122.59 - 0.12 0.00
BlueBay High Yield B - EUR 311.27 - 0.36 0.00
BlueBay High Yield Corp Bd B 132.20 - 0.14 0.00
BlueBay Inv Grd B - EUR 159.94 - 0.18 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 126.99 - 0.13 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 128.48 - 0.13 0.00
BlueBay Inv Grd Libor Fd B 123.53 - 0.02 0.00
BlueBay Struct.Fds: High Inc Loan Fd 183.80 - -0.01 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 125.09 - 0.47 0.00
Bluebay Macro Fd A $ 123.90 - 0.61 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6913.00 - -22.00 2.65
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9365.00 - -116.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
UK Agricultural Class A 1.15 - 0.00 0.00
UK Agricultural Class B 1.24 - 0.00 0.00
Student Accom Class B 1.11 - -0.01 -
CG Asset Management Limited (IRL)
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised
Capital Gearing Portfolio Fund Plc 25461.35 25461.35 -67.02 0.81
CG Portfolio Fund Plc
Real Return Cls A 176.39 176.39 -0.19 2.09
Dollar Fund Cls D 126.58 126.58 -0.43 1.95
Capital Value Fund Cls V 123.88 123.88 -0.04 0.27
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 6626.00 - -23.00 0.00
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International funds are part of
The Capital Group Companies
www.thecapitalgroup.com
FCA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 19.18 - 0.06 0.00
Cap Int All Ctry Eq B 15.65 - 0.03 0.00
Cap Int All Ctry Eq B $ 21.29 - 0.06 0.00
Cap Int All Ctry Eq BD 13.11 - 0.09 0.31
Cap Int Emerg Asia Eq B SFr 8.32 - -0.01 0.00
Cap Int Emerg Asia Eq B 6.79 - 0.00 0.00
Cap Int Emerg Asia Eq B $ 9.23 - 0.04 0.00
Cap Int Emerg Asia Eq Bd 5.69 - 0.02 0.00
Cap Int Global Equity B $ 20.22 - 0.01 0.00
Cap Int Global Equity BD 12.09 - 0.06 0.54
Cap Int Global Equity B SFr 18.22 - 0.02 0.00
Cap Int Global Equity B 14.86 - -0.01 0.00
Cap Int European Eq BD 10.04 - 0.05 1.71
Cap Int European Eq B 13.14 - 0.00 0.00
Cap Int European Eq B SFr 16.11 - 0.02 0.00
Cap Int European Eq B $ 17.87 - 0.01 0.00
Cap Int Japan Equity B 8.54 - -0.05 0.00
Cap Int Japan Equity B $ 11.62 - -0.05 0.00
Cap Int Japan Equity B SFr 10.47 - -0.04 0.00
Cap Int Japan Equity BD 7.14 - 0.00 0.17
Cap Int AsiaP ex Jp Eq B SFr 15.62 - 0.12 0.00
Cap Int AsiaP ex Jp Eq B 12.74 - 0.08 0.00
Cap Int AsiaP ex Jp Eq B $ 17.33 - 0.13 0.00
Cap Int Asia Pex Jp Eq BD 10.21 - 0.12 0.63
Cap Int Em Mkts Fund BD 52.25 - 0.15 0.42
Cap Int Em Mkts Fund B SFr 80.02 - -0.08 0.00
Cap Int Em Mkts Fund B 65.32 - -0.03 0.00
Cap Int Em Mkts Fund B $ 88.77 - 0.39 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 10.45 - 0.06 0.61
Cap Int Glb Growth Inc B 13.09 - 0.01 0.00
Fund Bid Offer D+/- Yield
Cap Int Glb Growth Inc B SFr 16.05 - 0.04 0.00
Cap Int Glb Growth Inc B $ 17.81 - 0.03 0.00
Cap Int Eur Growth Inc B 20.28 - -0.01 0.00
Cap Int Eur Growth Inc B SFr 24.86 - 0.03 0.00
Cap Int Eur Growth Inc B $ 27.58 - 0.01 0.00
Cap Int Eur Growth Inc BD 15.56 - 0.08 1.60
Cap Int US Growth Inc B 15.37 - -0.01 0.00
Cap Int US Growth Inc B SFr 18.84 - 0.02 0.00
Cap Int US Growth Inc B $ 20.91 - 0.01 0.00
Cap Int US Growth Inc BD 12.80 - 0.06 0.20
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 10.66 - -0.05 0.00
Cap Int Em Mk Tot Opp B 8.70 - -0.04 0.00
Cap Int Em Mk Tot Opp B $ 11.83 - 0.01 0.00
Cap Int Em Mk Tot Opp Bd 6.90 - 0.00 0.91
Cap Int Gbl Abs Inc Grow B $ 12.24 - -0.02 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 12.33 - -0.08 0.00
Cap Int Em Mkts Debt B 10.06 - -0.06 0.00
Cap Int Em Mkts Debt B $ 13.68 - -0.01 0.00
Cap Int Em Mkts Debt Bd 7.52 - -0.02 3.73
Cap Int Em Mk LocCur Dbt B $ 10.90 - 0.00 0.00
Cap Int Euro Bond B SFr 17.21 - 0.00 0.00
Cap Int Euro Bond B 9.31 - 0.03 1.64
Cap Int Euro Bond B $ 19.09 - -0.02 0.00
Cap Int Euro Bond BD 14.04 - -0.02 0.00
Cap Int Glb H Inc Opp B SFr 30.33 - 0.00 0.00
Cap Int Glb H Inc Opp B 24.74 - -0.04 0.00
Cap Int Glb H Inc Opp B $ 33.65 - -0.02 0.00
Cap Int Glb H Inc Opp BD 12.46 - 0.05 5.70
Cap Int Global Bond B SFr 17.50 - 0.00 0.00
Cap Int Global Bond B 14.28 - -0.02 0.00
Cap Int Global Bond B $ 19.42 - -0.01 0.00
Cap Int Global Bond BD 9.83 - 0.04 1.15
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 1.0346 - 0.0424 4.84
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1356.7665 - 53.0821 -
CATCo Re Fund Ltd Series B $ 1379.5603 - 56.7477 -
CATCo Re Fund Ltd Series D $ 1145.9851 - 48.2175 -
CATCo Re Fund Ltd Series E $ 1154.4958 - 51.0449 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 310.21 - 2.35 0.00
Cedar Rock Capital Fd Plc 300.73 - -3.89 0.00
Cedar Rock Capital Fd Plc 238.55 - -3.14 0.00
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 383.37 - 2.36 0.00
Magna Umbrella Fund PLC
Magna Africa R 9.14 - 0.06 0.00
Magna Eastern European R 8.80 - -0.08 0.00
Magna Emerging Mkts Div Fd R Acc 11.95 - 0.04 0.00
Magna Emerging Mkts Div Fd R Dist 10.60 - 0.04 4.98
Magna Global Emerging Markets R 8.17 - -0.01 0.00
Magna Latin American R 9.12 - 0.01 0.00
Magna Mena R * 14.32 - 0.05 0.00
Magna New Frontiers R 9.71 - -0.02 0.00
Magna Turkey R 10.21 - -0.11 0.00
Magna Undervalued Ass Fd R 10.57 - -0.03 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 347716.34 347716.34 3136.79 0.00
CAM GTi Limited $ 910.49 - 58.65 0.00
Raffles-Asia Investment Company $ 2.16 2.16 0.01 3.12
Cheyne Capital Management (UK) LLP (IRL)
Regulated
Cheyne Convertibles Absolute Return Fund 1283.11 - -0.42 0.00
Cheyne European Real Estate Bond Fund 106.59 - 0.02 0.00
Cheyne Global Credit Fund 111.18 - -0.23 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 133.50 - 1.97 0.00
Cheyne European High Yield Fund - December 2017 Class 121.04 - 0.98 0.00
Cheyne High Income Regulatory Capital Fund Class A Series 1 117.37 - -0.12 0.00
Cheyne Long/Short Credit Fund $ 204.87 - -1.30 -
Cheyne Malacca Asia Equity Fund Class A $ 1605.85 - -19.38 0.00
Cheyne Multi Strategy Liquid Fund $ 117.35 - -0.39 0.00
Cheyne Real Estate Credit Holdings Fund 123.80 - 0.65 0.00
Cheyne Real Estate Debt Fund Class A1 115.28 - 0.14 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 132.71 - -3.93 -
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FCA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 25.23 - -0.04 1.32
CMI Pacific Basin Enhanced Equity $ 43.92 - 0.43 1.78
Single Country Equity Sub Funds
CMI German Equity F 53.19 - -0.08 1.64
CMI Japan Enhanced Equity F 3366.08 - -5.23 1.00
CMI UK Equity 11.75 - 0.07 2.14
CMI US Enhanced Equity F $ 63.12 - 0.01 0.65
Index Tracking Sub Funds
Euro Equity Index Tracking 16.73 - -0.03 2.73
Japan Index Tracking 633.81 - -0.29 1.11
UK Eqty Index Tracking 14.81 - 0.09 3.12
US Eqty Index Tracking $ 47.38 - -0.03 0.78
Managed Sub Funds
Global Bond 1.49 - 0.00 1.21
Global Network Mgd Global Mxd 2.23 - 0.00 0.50
Global Equity 2.43 - 0.00 0.34
Bond Sub Funds
CMI Euro Bond F 42.17 - -0.07 3.05
CMI Japanese Bond 1711.86 - 1.52 0.43
Fund Bid Offer D+/- Yield
CMI UK Bond 7.53 - -0.01 2.51
CMI US Bond $ 12.95 - 0.00 2.06
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.20 - 0.00 0.73
CMI Stlg Currency Reserve 4.95 - 0.00 1.09
CMI US Dllr Currency Reserve $ 9.89 - 0.00 0.10
CMI Access 80% Gu F 5.67 - 0.00 0.00
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 14.9797 - -0.0920 4.16
Europ.RealEstate Sec. IX 19.3821 - -0.1191 0.00
Gbl RealEstate Sec. I $ 9.8093 - -0.0129 1.34
Gbl RealEstate Sec. IX $ 11.2794 - -0.0147 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FCA Recognised
Comgest Asia F $ 3508.18 - -9.85 0.00
Comgest Europe F SFr 5278.05 - -48.25 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2450.68 - 10.22 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 48.00 - -0.54 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FCA Recognised
Comgest Magellan 16.54 - -0.05 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FCA Recognised
Comgest Gth Asia ex Jap DIS F $ 6.02 - 0.02 0.00
Comgest Gth Emerging Mkt DIS F $ 31.30 - 0.05 0.99
Comgest Gth Europe DIS F 16.09 - -0.15 0.01
Comgest Gth GEM PC DIS F 10.45 - -0.02 1.26
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FCA Recognised
CC Asia Alpha Fd - Cls A Euro 14.02 14.02 0.03 0.00
CC Asia Alpha Fd - Cls B USD $ 13.74 13.74 0.03 0.00
CC Asia Alpha Fd - Cls C GBP 13.53 13.53 0.03 0.00
CC Asia Alpha Fd - Cls I USD $ 10.78 10.78 0.03 0.00
CC Asian Evolution Fd. Cls A USD $ 15.57 15.57 -0.06 0.00
CC Asian Evolution Fd. Cls B GBP 14.64 14.64 -0.05 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 17.50 17.50 -0.06 0.00
CC Japan Alpha Fd - Cls A Euro 8.52 8.52 -0.19 0.00
CC Japan Alpha Fd - Cls B GBP 9.28 9.28 -0.20 0.00
CC Japan Alpha Fd - Cls C JPY 902.81 902.81 -19.62 0.00
CC Japan Inc & Grwth Fd - Cls Acc USD $ 11.96 11.96 -0.24 -
CC Japan Inc & Grwth Fd - GBP Founder Acc 12.09 12.09 -0.24 -
CC Japan Inc & Grwth Fd - GBP Founder Inc 11.75 11.75 -0.23 -
CC Japan Inc & Grwth Fd - JPY Founder Acc 1217.49 1217.49 -24.16 -
CC Japan Inc & Grwth Fd - JPY Founder Inc 1176.12 1176.12 -23.34 -
CC Japan Inc & Grwth Fd - USD Founder Acc $ 12.08 12.08 -0.24 -
CC Japan Inc & Grwth Fd - USD Founder Inc $ 11.73 11.73 -0.23 -
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FCA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser B 11.94 - 0.01 0.00
Cont EUR Spec Equity Ser 1 F 104.29 - 0.02 0.00
Cont EUR Spec Equity Ser 2 F 108.80 - 0.03 0.69
Cont EUR Spec Equity Ser 5 F 109.02 - 0.02 0.87
UK Equity Index Programme Ser B 11.19 - -0.04 1.57
UK Equity Index Programme Ser 1 F 25.99 - -0.09 2.50
UK Equity Index Programme Ser 2 F 26.35 - -0.10 2.85
UK Equity Index Programme Ser 5 F 26.60 - -0.09 3.07
UK Specialist Equity Pro Ser B 12.01 - -0.05 0.51
UK Specialist Eqty Pro Ser 1 F 20.48 - -0.07 0.00
UK Specialist Eqty Pro Ser 2 F 20.95 - -0.07 0.80
UK Specialist Eqty Pro Ser 5 F 21.00 - -0.08 1.00
US Equity Index Programme Ser B $ 12.07 - -0.01 0.00
US Equity Index Programme Ser 1 F $ 57.93 - -0.04 0.59
US Equity Index Programme Ser 2 F $ 59.12 - -0.03 0.88
US Equity Index Programme Ser 5 F $ 59.33 - -0.04 1.07
Contl Eurp Eqty Index Prog Ser B 11.63 - -0.08 0.00
Contl Eurp Eqty Index Prog Ser 1 F 319.30 - -2.14 1.50
Contl Eurp Eqty Index Prog Ser 2 F 325.75 - -2.18 1.68
Contl Eurp Eqty Index Prog Ser 5 F 326.73 - -2.18 1.86
US Sovereign Bond Index Prog Ser B $ 9.67 - 0.01 2.53
US Sovereign Bond Index Prog Ser 1 F $ 23.70 - 0.02 2.07
US Sovereign Bond Index Prog Ser 2 F $ 23.79 - 0.02 2.23
US Sovereign Bond Index Prog Ser 5 F $ 24.22 - 0.03 2.48
Continental Eurp Sovereign Bond Index Prog Ser B 10.09 - -0.01 3.34
Continental Eurp Sovereign Bond Index Prog Ser 1 F 122.54 - -0.10 2.90
Continental Eurp Sovereign Bond Index Prog Ser 2 F 123.04 - -0.10 3.03
Japan Specialist Equity Programme Series B 15219.00 - -101.00 0.00
Japan Specialist Equity Programme Series 1 F 4753.00 - -32.00 0.00
Japan Specialist Equity Programme Series 2 F 5141.00 - -34.00 0.46
Japan Specialist Equity Programme Series 5 F 5157.00 - -35.00 0.61
Swiss Equity Prog Ser B SFr 11.94 - -0.12 0.00
Swiss Equity Pro Ser 1 F SFr 276.82 - -2.66 0.00
Swiss Equity Pro Ser 2 F SFr 283.21 - -2.73 0.13
Swiss Equity Pro Ser 5 F SFr 283.77 - -2.74 0.31
Pac Basin Eqty Pro Ser B $ 10.79 - 0.09 0.00
Pac Basin Eqty Pro Ser 1 F $ 54.78 - 0.48 1.12
Pac Basin Eqty Pro Ser 2 F $ 56.09 - 0.50 1.31
Pac Basin Eqty Pro Ser 5 F $ 56.46 - 0.49 1.52
UK Sovereign Bond Index Prog Ser B 9.64 - 0.00 3.45
UK Sovereign Bond Index Prog Ser 1 F 13.92 - 0.00 2.98
UK Sovereign Bond Index Prog Ser 2 F 13.97 - 0.00 3.14
UK Sovereign Bond Index Prog Ser 5 F 14.09 - 0.00 3.40
Swiss Franc Pro Ser 1 F SFr 105.42 - -0.01 1.52
Swiss Franc Pro Ser 2 F SFr 106.65 - -0.02 1.62
Coutts Equator Emerging Markets B $ 10.39 - 0.09 0.00
Coutts Equator Emerging Markets 1 F $ 34.68 - 0.31 1.08
Coutts Equator Emerging Markets 2 F $ 34.75 - 0.32 1.10
Coutts Equator Emerging Markets 5 F $ 34.84 - 0.32 1.33
Global Investment Grade Programme USD SB $ 9.82 - 0.02 2.87
Global Investment Grade Programme GBP SB 9.80 - 0.02 2.87
Global Investment Grade Programme USD S1 F $ 110.84 - 0.24 2.57
Global Investment Grade Programme EUR S1 F 107.84 - 0.21 2.57
Global Investment Grade Programme GBP S1 F 114.40 - 0.23 2.57
Fund Bid Offer D+/- Yield
Global Investment Grade Programme CHF S1 FSFr 100.01 - 0.19 2.57
Global Investment Grade Programme USD S2 F $ 111.88 - 0.24 2.57
Global Investment Grade Programme EUR S2 F 109.11 - 0.21 2.57
Global Investment Grade Programme GBP S2 F 113.26 - 0.23 2.57
Global Investment Grade Programme CHF S2 FSFr 100.80 - 0.19 2.57
Global Investment Grade Programme GBP S5 F 113.93 - 0.24 2.82
UK Specialist Equity Income Ser B 11.36 - -0.03 1.67
UK Specialist Equity Income Ser 1 F 9.58 - -0.03 2.09
UK Specialist Equity Income Ser 2 F 9.66 - -0.03 3.31
UK Specialist Equity Income Ser 5 F 9.67 - -0.03 3.53
** 30 day average yield
Crdit Andorr Asset Management (LUX)
www.creditandorra.com
FCA Recognised
Crediinvest SICAV Money Market Eur I 11.25 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.04 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.57 - 0.01 0.00
Crediinvest SICAV Fixed Income Usd $ 10.54 - 0.01 0.00
Crediinvest SICAV Spanish Value 251.78 - 2.34 0.00
Crediinvest SICAV International Value 212.01 - -0.63 0.00
Crediinvest SICAV Big Cap Value 17.53 - 0.09 0.00
Crediinvest SICAV US American Value $ 15.14 - 0.01 0.00
Crediinvest SICAV Sustainability 13.21 - 0.06 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 380.10 381.90 10.50 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 34.97 - -0.08 0.00
Davis Global A $ 27.69 - 0.13 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 64.02 - 0.01 0.00
CABEI Central America Fund $ 1937.58 - 1.64 0.00
Dodge & Cox Worldwide Funds (IRL)
111 Buckingham Palace Road Victoria, London SW1W 0SR
www.dodgeandcox.worldwide.com 020 7340 8695
FCA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 14.64 - 0.00 0.00
GBP Accumulating Share Class 14.83 - -0.04 0.00
GBP Distributing Share class 10.98 - -0.03 -
EUR Accumulating Share Class 16.18 - -0.07 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 14.02 - 0.00 0.00
EUR Accumulating Share Class 12.14 - -0.06 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 15.18 - -0.01 0.00
GBP Accumulating Share Class 14.55 - -0.04 0.00
EUR Accumulating Share Class 14.51 - -0.06 0.00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
FCA Recognised
DGT - Consumer I Class 128.01 - -0.43 0.00
DGT - Consumer R Class 125.18 - -0.42 0.00
DGT - Strategic I Class 1.06 - 0.00 0.00
DGT - Strategic R Class 1.08 - 0.00 0.00
Dominion Fund Management Limited
Other International Funds
DX EVOLUTION PCC LIIMITED - DXE () FUND 99.64 99.64 -0.43 0.00
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 107.69 107.69 -1.07 0.00
Dragon Capital Management
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2.87 - 0.00 0.00
Vietnam Growth Fund (VGF) $ 20.14 - 0.06 0.00
Vietnam Property Fund (VPF) $ - - - -
Edinburgh Partners Limited (IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR 2.21 - 0.00 0.91
European Opportunities I GBP 1.85 - 0.01 0.92
European Opportunities I USD $ 3.00 - 0.02 0.86
European Opportunities A EUR 2.16 - 0.00 0.91
Global Opportunities I USD $ 1.61 - 0.00 1.56
Global Opportunities I GBP 0.99 - 0.00 1.66
Global Opportunities I EUR 1.18 - 0.00 1.64
Global Opportunities A GBP 0.93 - 0.00 1.67
Pan European Opportunities I EUR 1.39 - -0.01 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
Saudi Arabia Equity Fund SR 10.29 - 0.13 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised
Ennismore European Smlr Cos NAV 81.17 - -0.18 0.00
Ennismore European Smlr Cos NAV 96.93 - -0.52 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 354.79 - 1.92 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 121.23 - -4.45 0.00
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 26.66 - 0.02 0.00
Smaller Cos Cls Two Shares 19.01 - 0.01 0.00
Smaller Cos Cls Three Shares 9.41 - 0.01 -
Smaller Cos Cls Four Shares 12.54 - 0.01 0.00
Fund Bid Offer D+/- Yield
Eurobank Fund Management Company (Luxembourg) S.A. (LUX)
Regulated
(LF) Absolute Return 1.27 - 0.00 0.00
(LF) Balanced - Active Fund (RON)RON 15.03 - 0.03 0.00
(LF) Balanced - Polish Fund (PLN) Zty 7.45 - -0.01 0.00
(LF) Cash Fund 1.39 - 0.00 -
(LF) Cash Fund (PLN) Zty 11.36 - 0.00 0.00
(LF) Cash Fund (RON) RON 15.60 - 0.00 0.00
(LF) Eq Dynamic Polish (PLN) Zty 6.40 - 0.00 0.00
(LF) Eq Emerging Europe 0.93 - -0.01 0.00
(LF) Eq Flexi Style Greece 1.49 - -0.01 0.00
(LF) Eq Mena Fund 11.38 - 0.04 0.00
(LF) FOF Balanced Blend 1.20 - 0.00 0.00
(LF) FOF BRIC 0.78 - 0.01 0.00
(LF) FOF Equity Blend 1.01 - 0.00 0.00
(LF) FOF New Frontiers 12.26 - 0.06 0.00
(LF) FOF Real Estate 12.69 - -0.04 -
(LF) Global Equities 0.90 - 0.00 0.00
(LF) Greek Equities 0.30 - 0.00 0.00
(LF) Greek Government Bond 13.92 - -0.11 0.00
(LF) Income Plus $ $ 1.20 - 0.00 0.00
(LF) Turkish Equities 12.70 - -0.21 -
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP 12.64 - 0.08 0.00
China Focus A-GBP 3.43 - 0.01 0.12
China Opportunities A-GBP 1.05 - 0.01 0.48
Global Financial Services A-GBP 0.37 - 0.00 0.11
Global Health Care A-GBP 0.38 - 0.00 0.00
Global Industrials A-GBP 0.68 - 0.00 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.20 - 0.00 0.88
Global Real Asset Securities 1.42 - -0.01 0.00
Global Technology A-GBP 0.19 - 0.00 0.00
Global Telecomms A-GBP 0.26 - 0.00 1.72
India Focus A-GBP 2.79 - 0.00 0.00
Latin America A-GBP 2.00 - 0.01 0.66
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FCA Recognised
American Fund USD Class $ 66.54 - -0.05 0.00
American Fund GBP Hedged 36.30 - 0.09 0.00
Latin American Fund USD Class $ 19.69 - 0.17 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 33.77 - -0.14 0.00
FOURPOINTS Investment Managers
Other International Funds
IT Funds-Info Tech UK Dist 634.08 - 1.96 0.00
FourWinds Capital Management (UK) Limited(LUX)
Contact +442075187970,info@fourwindscm.com,www.fourwindscm.com
Regulated
Bache Global Series - Alternative Benchmark Commodity Index
USD Inst. Accumulation Shares $ 70.35 73.87 -0.42 -
USD Inst. Annual Distribution Shares $ 87.09 91.44 -0.51 -
EUR Inst. Accumulation Shares 90.10 90.10 -0.84 -
GBP Inst. Accumulation Shares 93.06 93.06 -1.00 -
Fiduciary International Ireland Limited (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 19.69 - 0.31 5.81
Frk Templeton Emg Mkts Debt Opp EUR 13.14 - 0.23 5.96
Frk Templeton Emg Mkts Debt Opp GBP 11.31 - 0.17 5.72
Frk Templeton Emg Mkts Debt Opp SGD S$ 24.57 - 0.48 0.00
Frk Templeton Emg Mkts Debt Opp USD $ 19.41 - 0.46 5.86
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L-2449 Luxembourg 00 352 466667 212
www.franklintempleton.co.uk UK freephone 0 800 305 306
FCA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis $ 9.14 - -0.02 1.08
Frk High Yield $ 7.07 - 0.00 5.72
Frk High Yield (Euro) 6.40 - 0.01 5.34
Frk Income $ 12.20 - 0.02 3.71
Frk US Government $ 9.44 - 0.00 1.78
Frk US Liquid Reserve Inc $ 9.70 - 0.00 0.00
Frk US Low Duration Fd $ 9.83 - 0.00 0.21
Frk US Total Return $ 11.00 - 0.02 1.43
Tem Asian Bond $ 13.67 - 0.05 2.44
Tem Asian Growth $ 30.22 - 0.07 0.34
Tem Emerging Markets $ 34.52 - 0.15 0.33
Tem Emg Mkts Balanced AQdis $ 8.54 - 0.01 2.98
Tem Emg Mkts Bd $ 19.48 - 0.05 6.41
Tem Euro Gov. Bond 10.08 - 0.01 1.90
Tem Euro Liquid Reserve 4.39 - 0.00 0.00
Tem Europ Corp Bond Fd F 10.62 - 0.01 2.06
Tem European Total Return 9.17 - 0.01 2.59
Tem Global $ 32.67 - 0.03 0.51
Tem Global (Euro) 14.87 - -0.05 0.62
Tem Global Aggr.Inv.Grd Bond Fd $ 10.41 - 0.03 0.00
Tem Global Aggregate Bond Fd F $ 9.97 - 0.03 1.89
Tem Global Balanced $ 22.69 - 0.00 1.08
Tem Global Bond $ 20.90 - 0.03 2.29
Tem Global Bond (Euro) 10.26 - 0.01 2.59
Tem Global Equity Income $ 10.51 - 0.00 2.90
Tem Global High Yield Fd F $ 10.05 - 0.01 5.10
Tem Global Income $ 13.92 - 0.01 1.68
Tem Global Income Fd $ 10.95 - 0.01 5.85
Tem Global Smaller Cos $ 34.58 - -0.03 0.40
Tem Global Total Return $ 18.04 - 0.02 4.05
Tem Latin America $ 67.37 - 0.50 0.45
Class A Acc
Frk Asia Flex Cap Fd $ 13.47 - 0.04 0.00
Frk Biotech Discovery $ 22.80 - -0.09 0.00
Frk Brazil Opportunities Fd $ 10.36 - 0.04 0.00
Frk Euroland Core Fund 16.04 - -0.02 0.00
Frk European Growth 14.27 - -0.08 0.00
Frk European Sml Mid Cap Gth 29.63 - -0.01 0.00
Frk Global Conver.Securities $ 11.30 - 0.02 0.00
Frk Global Growth $ 13.15 - -0.03 0.00
Frk Global Sml Mid Cap Gth $ 30.47 - 0.11 0.00
Frk Gold and Precious Mtls Fd F $ 4.77 - 0.02 0.00
Frk India $ 20.10 - 0.11 0.00
Frk MENA Fund $ 5.63 - 0.03 0.00
Frk Mutual Beacon $ 61.89 - 0.04 0.00
Frk Mutual Euroland Fd 15.15 - -0.04 0.00
Frk Mutual European EUR 21.33 - -0.07 0.00
Fund Bid Offer D+/- Yield
Frk Mutual Gbl Disc $ 16.95 - 0.02 0.00
Frk Natural Resources Fd F $ 9.55 - 0.05 0.00
Frk Real Return Fd F $ 10.64 - 0.00 0.00
Frk Strategic Income Fd $ 14.27 - 0.01 0.00
Frk Technology $ 8.79 - -0.01 0.00
Frk Tem Global Gth & Val $ 23.27 - -0.01 0.00
Frk Tem Japan 665.62 - -13.04 0.00
Frk Templeton Gbl Equity Strategies Fd $ 11.18 - 0.01 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 12.71 - 0.01 0.00
Frk U.S. Focus Fund $ 12.81 - 0.00 0.00
Frk US Equity $ 19.93 - -0.01 0.00
Frk US Opportunities $ 10.03 - -0.02 0.00
Frk US Sml Mid Cap Gth F $ 16.94 - -0.01 0.00
Frk Wrld Perspective Fd $ 17.56 - -0.02 0.00
Tem Africa $ 12.05 - 0.06 0.00
Tem Asian Sml Comp Fd $ 33.03 - 0.13 0.00
Tem BRIC $ 14.26 - 0.04 0.00
Tem China $ 22.40 - 0.09 0.00
Tem Eastern Europe 21.61 - -0.21 0.00
Tem Emerging Mkts Sml Comp Fd $ 8.36 - 0.00 0.00
Tem Euro S-Term Money Mkt Fd 1012.42 - 0.00 0.00
Tem Euroland 16.78 - -0.04 0.00
Tem European EUR 18.84 - -0.04 0.00
Tem Frontier Mkts Fund $ 18.32 - 0.03 0.00
Tem Growth (Euro) 12.99 - -0.05 0.00
Tem Korea $ 5.96 - -0.01 0.00
Tem Thailand $ 19.18 - -0.04 0.00
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class (Susp) 98.43 - 0.00 0.00
Global Real Estate-GBP C Class (Susp) 96.28 - 0.00 -
GAM Limited (IRL)
FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Asia-Pacific Eqty USD Acc F $ 12.19 - -0.04 0.98
GAM Star Asian Eqty USD Ord Acc F $ 13.69 - 0.11 0.12
GAM Star Cap.Appr.US Eqty USD Inc F $ 15.97 - -0.01 0.00
GAM Star Cat Bond USD Acc $ 11.67 - 0.03 0.00
GAM Star China Equity USD Acc F $ 21.26 - 0.21 0.78
GAM Star Cont European Eqty GBP Acc F 3.11 - -0.01 0.05
GAM Star Cred Opportunities GBP Acc 11.09 - 0.01 6.80
GAM Star Discretionary FX USD Acc F $ 10.12 - 0.05 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.89 - 0.04 0.00
GAM Star Emerging Asia USD Class ACCU $ 12.58 - 0.06 0.00
GAM Star Emerg. Market Rates USD Acc F $ 11.19 - 0.02 0.00
GAM Star European Eqty USD Acc F $ 21.89 - -0.02 0.35
GAM Star Flexible Gbl Port EUR Ac 11.84 - 0.03 0.00
GAM Star GAMCO US Equity Acc F $ 12.57 - -0.03 0.00
GAM Star GEO USD Acc F $ 9.17 - 0.02 0.00
GAM Star Global Conv Bond USD Acc F $ 11.10 - -0.01 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 152.35 - -0.29 0.00
GAM Star Global Rates USD Acc F $ 11.73 - 0.02 0.00
GAM Star Global Selector USD Acc F $ 14.37 - 0.00 0.00
GAM Star Japan Eqty USD Acc F $ 12.39 - -0.12 0.29
GAM Star Keynes Quant Strat USD Acc F $ 10.22 - -0.03 0.00
GAM Star Local EM Rates and FX USD Acc $ 12.04 - 0.00 0.00
GAM Star North of South EM Equity Acc F $ 11.88 - 0.06 0.00
GAM Star Technology USD Acc F $ 14.84 - 0.06 0.00
GAM Star US All Cap Eqty USD Acc F $ 12.01 - -0.01 0.00
GAM Star Worldwide Eqty USD Acc F $ 3215.81 - 6.93 1.11
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 114.11 - 0.03 0.00
GAM Composite Abs Rtn GBP Listed 162.87 - 0.15 0.00
GAM Composite Abs Rtn GBP Open 242.13 - 0.23 0.00
GAM Diversity Inc USD Open $ 733.88 - 2.68 0.00
GAM Multi-Emg Mkts USD Open $ 658.06 - 8.23 0.00
GAM Sterling Special Bond Inc 305.41 - 1.08 5.35
GAM Trading II GBP 1.25 XL 104.50 - -0.82 0.00
GAM Trading II Inc USD Op $ 324.97 - -2.08 0.00
GAMut Investments Inc. T Class $ 122.62 - 0.19 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 199.04 203.11 -11.86 0.00
Generali International Limited
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 4.51 4.86 0.01 0.00
UK Multi-Strategy Managed 4.54 4.89 -0.01 0.00
EU Multi-Strategy Managed 2.58 2.78 0.00 0.00
Global Bond USD $ 3.58 3.86 0.03 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.55 - -0.16 0.00
HPB Assurance Ltd
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343
International Insurances
Holiday Property Bond Ser 1 0.58 - 0.00 0.00
Holiday Property Bond Ser 2 0.65 - 0.01 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FCA Recognised
Intl Sterling Income 0.9576 0.9869 -0.0020 3.24
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 108.05 - -1.98 -
Hamon Investment Group
Other International Funds
Asian Market Leaders - USD $ 25.01 - 0.34 0.00
Asian Market Leaders - GBP 12.05 - 0.13 0.00
Greater China - USD $ 11.65 - 0.15 0.00
Greater China - GBP 4.54 - 0.05 0.00
Oriental Long Short $ 91.58 - -1.61 0.00
Selected Asian P'folio $ 46.49 46.50 0.60 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussmann Holdings NV Cls A $ 2450.50 - 36.81 0.00
Haussmann Holdings NV Cls C 2146.05 - 31.66 0.00
Haussmann Holdings NV Cls D SFr 1157.71 - 17.27 0.00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 133.75 - -0.16 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
OCTOBER 4 2013 Section:Stats Time: 3/10/2013 - 19:02 User: watsonl Page Name: UT4 EUR, Part,Page,Edition: EUR, 19, 1
20

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
Fund Bid Offer D+/- Yield
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Active UK Inflation Fund Class F GBP Accumulating 1.06 1.06 0.00 -
Hermes Emerging Asia Equity Fund Class F GBP Accumulating 1.26 1.26 0.01 -
Hermes Emerging Asia Equity Fund Class R EUR Accumulating 2.42 2.42 0.00 -
Hermes Global Emerging Markets Fund Class F GBP Accumulating 1.09 1.09 0.01 0.00
Hermes Global Emerging Markets Fund Class R EUR Accumulating 2.42 2.42 0.01 0.00
Hermes Global Equity Select Fund Class F GBP Accumulating 1.15 1.15 0.00 0.00
Hermes Global Equity Select Fund Class R EUR Accumulating 2.67 2.67 -0.01 0.00
Hermes Global High Yield Bond Fund Class F GBP Accumulating 1.14 1.14 0.00 0.00
Hermes Global High Yield Bond Fund Class R EUR Accumulating 2.62 2.62 0.00 0.00
Hermes Global Investment Grade Fund Class F GBP Accumulating 1.03 1.03 0.00 0.00
Hermes Global Investment Grade Fund Class R EUR Accumulating 2.19 2.19 0.00 0.00
Hermes Japan Equity Fund Class F GBP Accumulating 1.24 1.24 -0.01 0.00
Hermes Japan Equity Fund Class R EUR Accumulating 2.29 2.29 -0.03 0.00
Hermes Quant Global Equity Fund Class F GBP Accumulating 1.23 1.23 0.00 0.00
Hermes Quant Global Equity Fund Class R EUR Accumulating 2.86 2.86 -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F GBP Accumulating 1.22 1.22 0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F GBP Distributing 1.22 1.22 0.01 1.22
Hermes Sourcecap EU Alpha Fund Class R EUR Accumulating 2.62 2.62 0.00 0.00
Hermes Sourcecap EX UK Fund Class F GBP Accumulating 1.25 1.25 0.01 0.00
Hermes Sourcecap EX UK Fund Class R EUR Accumulating 2.60 2.60 0.00 0.00
Hermes UK Small & Mid Cap Fund Class F GBP Accumulating 1.27 1.27 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R EUR Accumulating 3.36 3.36 -0.01 0.00
Hermes US SMID Equity Fund Class F GBP Accumulating 1.31 1.31 0.00 0.00
Hermes US SMID Equity Fund Class R EUR Accumulating 2.47 2.47 -0.02 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A 2.04 - 0.00 0.00
Env Mkts (Ire) Stl B 1.95 - 0.00 0.00
Env Mkts (Ire) Euro A 1.67 - -0.01 0.00
Env Mkts (Ire) Euro B 1.30 - -0.01 0.00
Env Mkts (Ire) USD A $ 1.73 - 0.00 0.00
Env Mkts (Ire) USD B $ 1.52 - 0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.41 - 0.00 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR 14.78 - -0.09 0.00
IVI European Fund GBP 17.00 - -0.10 0.00
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 15.79 - 0.09 5.08
Invesco Asia Consumer Demand Fund A income $ 13.16 - 0.16 0.22
Invesco Asia Infrastructure (A) $ 12.95 - 0.10 1.33
Invesco Asia Opportunities Equity A $ 96.93 - 0.85 0.00
Invesco Absolute Return Bond Fund A 2.76 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 14.37 - 0.03 0.00
Invesco Capital Shield 90 (EUR) A 11.69 - 0.02 0.00
Invesco Emerging Europe Equity Fund A $ 11.39 - 0.06 0.00
Invesco Emerging Local Currencies Debt A Inc $ 9.82 - 0.08 6.05
Invesco Emerging Mkt Quant.Eq. A $ 11.51 - 0.12 0.00
Invesco Energy A $ 27.71 - 0.07 0.00
Invesco Euro Corporate Bond Fund (A) 15.71 - -0.01 0.00
Invesco Euro Inflation Linked Bond A 14.81 - -0.01 0.00
Invesco Euro Reserve A 322.71 - 0.00 0.00
Invesco European Bond A 5.92 - -0.01 0.00
Invesco European Growth Equity A 19.42 - 0.00 0.00
Invesco Global Absolute Return Fund A Class 10.50 - 0.02 0.00
Invesco Global Bond A Inc $ 5.68 - 0.01 1.14
Invesco Global Equity Income Fund A $ 55.51 - 0.06 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.94 - 0.01 3.04
Invesco Global Inv Grd Corp Bond A Dist $ 10.97 - 0.00 2.61
Invesco Global Leisure A $ 30.41 - 0.06 0.00
Invesco Global Smaller Comp Eq Fd A $ 51.55 - -0.01 0.00
Invesco Global Structured Equity A $ 37.34 - 0.02 1.01
Invesco Global Total Ret.(EUR) Bond Fund A 12.09 - -0.01 0.00
Invesco Gold & Precious Metals A $ 5.80 - 0.03 0.00
Invesco Greater China Equity A $ 43.34 - 0.49 0.00
Invesco India Equity A $ 34.09 - 1.09 0.00
Invesco Japanese Equity Adv Fd A 2895.00 - -14.00 0.00
Invesco Japanese Value Eq Fd A 930.00 - -3.00 0.00
Invesco Latin American Equity A $ 9.89 - 0.07 0.00
Invesco Nippon Small/Mid Cap Equity A 927.00 - 3.00 0.00
Invesco Pan European Equity A EUR Cap NAV 16.16 - -0.05 0.00
Invesco Pan European High Income Fd A 12.67 - 0.01 3.05
Invesco Pan European Small Cap Equity A 16.69 - -0.03 0.00
Invesco Pan European Structured Equity A 12.55 - 0.01 0.00
Invesco UK Investment Grade Bond A 0.92 - 0.00 2.79
Invesco US Structured Equity A $ 18.55 - 0.01 0.00
Invesco US Value Eq Fd A $ 28.14 - -0.04 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F 2.56 - 0.00 4.37
Invesco Asian Equity A $ 6.29 - 0.02 0.17
Invesco ASEAN Equity A $ 100.69 - 0.88 0.66
Invesco Bond A $ 27.84 - 0.02 1.53
Invesco Continental Eurp Small Cap Eqty A $ 191.36 - 1.49 0.21
Invesco Emerging Markets Equity A $ 38.77 - 0.24 0.00
Invesco Emerging Markets Bond A $ 21.02 - 0.01 4.79
Invesco Continental European Equity A 6.94 - 0.00 0.48
Invesco Gilt A 13.65 - -0.02 1.59
Invesco Global Small Cap Equity A NAV $ 113.50 - 0.03 0.04
Invesco Global High Income A NAV $ 13.04 - 0.01 5.30
Invesco Gbl R/Est Secs A GBP F F 6.77 - 0.00 1.02
Invesco Global Health Care A $ 100.86 - 0.05 0.00
Invesco Global Select Equity A $ 12.94 - 0.02 0.00
Invesco Jap Eqty Core A $ 1.73 - -0.01 0.01
Invesco Japanese Equity A $ 17.39 - -0.11 0.00
Invesco Korean Equity A $ 23.31 - 0.00 0.00
Invesco PRC Equity A $ 53.09 - 0.82 0.00
Invesco Pacific Equity A $ 47.42 - 0.02 0.28
Fund Bid Offer D+/- Yield
Invesco Global Technology A $ 12.88 - -0.01 0.00
Invesco UK Eqty A 7.58 - 0.04 1.57
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 89.99 - -1.48 0.00
Invest AD - Emerging Africa Fund $ 1172.49 - 2.86 0.00
Invest AD - GCC Focus Fund $ 1384.88 - 9.83 0.00
Invest AD - Middle East & Afr Bd Fund $ 1006.14 - 0.16 -
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret Acc 50.29xd - 0.09 0.78
Diversified Real Ret Inc 49.83xd - 0.09 0.78
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FCA Recognised
Equity US
JPM Am Eq A (acc)-EUR Hdg (1) F 9.54 - 0.03 -
JPM Am Eq A (acc)-USD (1) F $ 15.57 - 0.05 -
JPM Am Eq A (dist)-USD (1) $ 118.10 - 0.39 -
JPM Am L Cap A (acc)-EUR (1) F 13.19 - -0.04 -
JPM Am L Cap A (acc)-USD (1) F $ 15.18 - 0.01 -
JPM Am L Cap A (dist)-USD (1) F $ 13.48 - 0.01 -
JPM America Eq A (dist)-USD (1) $ 63.36 - 0.21 -
JPM H US STEEP A (acc)-EUR (1) F 11.27 - -0.04 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 16.39 - 0.00 -
JPM H US STEEP A (acc)-USD (1) F $ 15.30 - 0.00 -
JPM H US STEEP A (dist)-GBP (1) F 14.43 - -0.02 -
JPM H US STEEP A (inc)-EUR (1) F 11.02 - -0.04 -
JPM US Eq Plus A (acc)-EUR Hdg (1) 8.65 - 0.02 -
JPM US Eq Plus A (acc)-USD (1) $ 12.31 - 0.03 -
JPM US Eq Plus A (dist)-GBP (1) 9.55 - 0.00 -
JPM US Eq Plus A (dist)-USD (1) $ 152.51 - 0.30 -
JPM US Growth A (acc)-EUR Hdg (1) F 9.07 - 0.04 -
JPM US Growth A (acc)-USD (1) F $ 15.76 - 0.08 -
JPM US Growth A (dist)-GBP (1) F 7.45 - 0.02 -
JPM US Growth A (dist)-USD (1) F $ 8.43 - 0.04 -
JPM US Select Eq Plus A (acc)-EUR Hdg (1) 9.17 - 0.00 -
JPM US Select Eq Plus A (acc)-USD (1) $ 13.06 - 0.00 -
JPM US Select Eq Plus A (dist)-GBP (1) 8.51 - -0.01 -
JPM US Select Eq Plus A (dist)-USD (1) $ 13.27 - -0.01 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 94.69 - 0.22 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 20.25 - 0.12 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 13.04 - 0.06 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 139.35 - 0.85 -
JPM US Smaller Co.A (acc)-USD (1) F $ 14.41 - 0.03 -
JPM US Smaller Co.A (dist)-USD (1) $ 21.45 - 0.06 -
JPM US Smaller Co.A (dist)-USD (1) $ 146.34 - 0.35 -
JPM US Value A (acc)-EUR Hdg (1) F 9.42 - -0.02 -
JPM US Value A (acc)-USD (1) F $ 15.70 - -0.04 -
JPM US Value A (dist)-GBP (1) F 17.22 - -0.07 -
JPM US Value A (dist)-USD (1) $ 17.07 - -0.04 -
JPM US Value A (dist)-USD (1) F $ 19.55 - -0.05 -
Equity Asia
JPM ASEAN Equity A (acc)-SGD (1) S$ 18.08 - -0.01 -
JPM Asia Eq A (acc)-USD (1) $ 22.92 - 0.24 -
JPM Asia P Strategic Eq A(dist)-GBP(1) 62.44 - 0.11 -
JPM Asia P Strategic Eq A(acc)-SGD(1) S$ 9.94 - 0.01 -
JPM China A (acc)-SGD (1) S$ 11.93 - 0.03 -
JPM China A (acc)-USD (1) $ 28.60 - 0.24 -
JPM China A (dist)-HKD (1) HK$ 10.62 - 0.09 -
JPM China A (dist)-USD (1) $ 45.88 - 0.37 -
JPM Greater China A (acc)-SGD (1) S$ 15.26 - 0.13 -
JPM Greater China A (acc)-USD (1) $ 24.24 - 0.32 -
JPM Greater China A (dist) - HKD (1)HK$ 12.62 - 0.16 -
JPM Greater China A (dist)-USD (1) $ 29.77 - 0.40 -
JPM Hong Kong A (acc)-USD (1) $ 19.53 - 0.08 -
JPM Hong Kong A (dist)-HKD (1) HK$ 11.29 - 0.05 -
JPM Hong Kong A (dist)-USD (1) $ 50.16 - 0.23 -
JPM India A (acc)-SGD (1) S$ 11.48 - 0.14 -
JPM India A (acc)-USD (1) $ 20.72 - 0.30 -
JPM India A (dist)-GBP 61.48 - 0.62 0.02
JPM India A (dist)-USD (1) $ 60.95 - 0.88 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 110.35 - -1.43 -
JPM Japan 50 Eq A (acc)-USD(hdg) (2 $ 102.27 - -1.37 -
JPM Japan Eq A (acc)-EUR (1) 6.25 - -0.07 -
JPM Japan Eq A (acc)-JPY (1) 740.00 - -12.00 -
JPM Japan Eq A (acc)-USD (1) $ 10.16 - -0.07 -
JPM Japan Eq A (dist)-GBP (1) 7.98 - -0.06 -
JPM Japan Eq A (dist)-USD (1) $ 25.50 - -0.17 -
JPM Korea Eq A (acc)-EUR (1) 7.88 - -0.05 -
JPM Korea Eq A (acc)-USD (1) $ 10.71 - -0.02 -
JPM Korea Eq A (dist)-USD (1) $ 11.14 - -0.02 -
JPM Pacific Eq A (acc)-EUR (1) 10.39 - -0.06 -
JPM Pacific Eq A (acc)-USD (1) $ 15.85 - -0.03 -
JPM Pacific Eq A (dist)-GBP (1) F 14.53 - -0.06 -
JPM Pacific Eq A (dist)-USD (1) $ 73.66 - -0.16 -
JPM Singapore A (acc)-SGD (1) S$ 17.41 - -0.12 -
JPM Singapore A (acc)-USD (1) $ 28.39 - -0.12 -
JPM Singapore A (dist)-USD (1) $ 34.77 - -0.16 -
JPM Taiwan A (acc)-EUR (1) 16.35 - 0.03 -
JPM Taiwan A (acc)-USD (1) $ 17.61 - 0.11 -
JPM Taiwan A (dist) HKD (1) HK$ 13.19 - 0.08 -
JPM Taiwan A (dist)-USD (1) $ 14.74 - 0.09 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-EUR (1) F 52.85 - 0.04 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 9.94 - 0.02 -
JPM Brazil Equity A (acc)-USD (1) F $ 8.30 - 0.04 -
JPM Brazil Equity A (dist)-USD (1) F $ 7.76 - 0.03 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 18.14 - -0.09 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 124.40 - -0.19 -
JPM Eastern Europe Eq A (dist)-EUR (1) 42.90 - -0.23 -
JPM Eastern Europe Equity A (dist) - EUR F 28.69 - -0.15 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 16.83 - -0.08 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 21.30 - -0.02 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 58.62 - -0.06 -
JPM Em Mkt Eq A (acc)-EUR (1) F 12.70 - -0.02 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 21.64 - 0.04 -
JPM Em Mkt Eq A (dist)-GBP (1) F 31.05 - 0.00 -
Fund Bid Offer D+/- Yield
JPM Em Mkt Eq A (dist)-USD (1) $ 30.14 - 0.05 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 13.64 - -0.02 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.40 - 0.01 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.95 - -0.02 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 10.79 - 0.01 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 6.04 - 0.00 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 13.49 - -0.01 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.52 - 0.04 -
JPM Latin Am Eq A (acc)-USD (1) F $ 29.39 - 0.17 -
JPM Latin Am Eq A (dist)-USD (1) $ 53.98 - 0.31 -
JPM Latin America Equity A (dist) - USD $ 39.06 - 0.23 -
JPM Russia A (acc)-USD (1) F $ 12.36 - -0.09 -
JPM Russia A (dist)-USD (1) F $ 11.84 - -0.09 -
Equity Europe
JPM Euroland Eq A (acc)-EUR (1) F 11.97 - 0.04 -
JPM Euroland Eq A (dist)-EUR (1) 36.59 - 0.11 -
JPM Euroland Eq A (dist)-USD (1) $ 8.89 - 0.06 -
JPM Euroland Eq A (inc)-EUR (1) F 6.50 - 0.02 -
JPM Europe Dyn A (acc)-EUR (1) F 17.36 - 0.04 -
JPM Europe Dyn A (dist)-EUR (1) F 15.58 - 0.04 -
JPM Europe Dyn A (dist)-GBP (1) F 19.78 - 0.09 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 11.81 - 0.02 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 12.30 - 0.07 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 8.82 - 0.01 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 9.14 - 0.01 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 25.80 - 0.05 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 14.76 - 0.02 -
JPM Europe Dynamic A (dist)-EUR (1) 17.78 - 0.04 -
JPM Europe Eq A (acc)-EUR (1) F 12.67 - -0.02 -
JPM Europe Eq A (cap)-USD (1) F $ 16.49 - 0.03 -
JPM Europe Eq A (dist)-EUR (1) 38.03 - -0.07 -
JPM Europe Eq A (dist)-USD (1) $ 42.20 - 0.08 -
JPM Europe Eq Plus A (acc)-EUR (1) 11.32 - -0.07 -
JPM Europe Eq Plus A (acc)-USD (1) $ 16.79 - -0.05 -
JPM Europe Eq Plus A (dist)-EUR (1) 10.24 - -0.07 -
JPM Europe Eq Plus A (dist)-GBP (1) 8.53 - -0.04 -
JPM Europe Focus A (acc)-EUR (1) F 12.07 - -0.01 -
JPM Europe Focus A (acc)-USD (1) F $ 15.07 - 0.04 -
JPM Europe Focus A (dist)-EUR (1) F 10.02 - -0.01 -
JPM Europe Micro Cap A (acc)-EUR (1) F 14.58 - 0.07 -
JPM Europe Micro Cap A (dist)-EUR (1) F 14.16 - 0.06 -
JPM Europe Sel Eq Plus A (acc)-EUR (1) 9.40 - -0.01 -
JPM Europe Sel Eq Plus A (acc)-USD (1) $ 14.29 - 0.04 -
JPM Europe Sel Eq Plus A (dist)-EUR (1) 12.36 - -0.01 -
JPM Europe Sel Eq Plus A (dist)-GBP (1) 7.04 - 0.01 -
JPM Europe Sm Cap A (acc)-EUR (1) F 17.17 - 0.07 -
JPM Europe Sm Cap A (dist)-EUR (1) 46.71 - 0.19 -
JPM Europe Sm Cap A (dist)-EUR (1) 13.87 - 0.06 -
JPM Europe Sm Cap A (dist)-GBP (1) F 19.30 - 0.12 -
JPM Europe Strat Grth A (acc)-EUR (1) F 16.26 - -0.10 -
JPM Europe Strat Grth A (dist)-EUR (1) F 10.03 - -0.07 -
JPM Europe Strat Grth A (dist)-GBP (1) F 15.32 - -0.07 -
JPM Europe Strat Val A (acc)-EUR (1) F 11.64 - 0.01 -
JPM Europe Strat Val A (dist)-EUR (1) F 12.67 - 0.01 -
JPM Europe Strat Val A (dist)-GBP (1) F 16.18 - 0.05 -
JPM Germany Eq A (acc)-EUR (1) F 19.58 - -0.03 -
JPM Germany Eq A (dist)-EUR (1) F 9.80 - -0.01 -
JPM Germany Eq A (dist)-EUR (1) 24.34 - -0.04 -
JPM High Eur STEEP A (acc)-EUR (1) F 13.65 - -0.01 -
JPM High Eur STEEP A (acc)-USD (1) F $ 18.60 - 0.06 -
JPM High Eur STEEP A (dist)-GBP (1) F 11.65 - 0.02 -
JPM High Eur STEEP A (inc)-EUR (1) F 12.96 - -0.01 -
JPM Turkey Eq A (acc)-EUR (1) 14.37 - -0.04 -
JPM Turkey Eq A (dist)-EUR (1) 19.37 - -0.06 -
Equity Global
JPM Gbl Div A (acc)-EUR (1) F 92.58 - -0.34 -
JPM Gbl Div A (div)-EUR Hdg (1) 86.74 - -0.12 3.70
JPM Gbl Div A (div) - USD (1) $ 121.76 - 0.02 3.41
JPM Gbl Dyn A (acc)-SGD (1) F S$ 16.93 - -0.02 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 140.81 - -0.09 -
JPM Gbl Dyn A (acc)-EUR (1) F 8.06 - -0.02 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 6.37 - -0.01 -
JPM Gbl Dyn A (acc)-USD (1) F $ 14.64 - 0.01 -
JPM Gbl Dyn A (dist)-GBP (1) F 14.96 - -0.01 -
JPM Gbl Dyn A (dist)-USD (1) F $ 17.16 - 0.02 -
JPM Gbl Dyn A (dist)-USD (1) $ 15.79 - 0.02 -
JPM Gbl Dyn A (inc)-EUR (1) F 8.16 - -0.03 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 163.31 - -0.27 -
JPM Gbl Focus A (acc)-EUR (1) F 17.89 - -0.06 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 10.03 - -0.01 -
JPM Gbl Focus A (dist)-EUR (1) 23.81 - -0.09 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 6.70 - -0.01 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 10.01 - -0.01 -
JPM Gbl Real Estate Sec (USD) A (inc)-USD(1) $ 98.43 - -0.04 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.93 - -0.02 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 189.77 - 0.21 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 128.24 - 0.14 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 11.96 - -0.01 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 7.10 - 0.00 -
JPM Gbl Uncstr Eq (USD) A (acc)-EUR (1) 85.93 - -0.35 -
JPM Gbl Uncstr Eq (USD) A (acc)-EUR Hdg (1) 7.19 - -0.01 -
JPM Gbl Uncstr Eq (USD) A (acc)-USD (1) $ 13.17 - -0.01 -
JPM Gbl Uncstr Eq (USD) A (dist)-EUR Hdg (1) 6.75 - -0.01 -
JPM Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 43.84 - -0.02 -
JPM Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 25.35 - 0.00 -
Equity Sector
JPM Europe Tech A (acc)-EUR (1) F 20.43 - 0.06 -
JPM Europe Tech A (dist)-EUR (1) 7.05 - 0.02 -
JPM Europe Tech A (dist)-EUR (1) F 13.11 - 0.04 -
JPM Europe Tech A (dist)-GBP (1) F 10.44 - 0.05 -
JPM Gbl Cap Pres(USD) A (acc)-EUR Hdg(1) 73.97 - -0.28 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 14.91 - -0.02 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 19.87 - 0.05 -
JPM Gbl Nat Resources Fd (1) F S$ 13.53 - 0.01 -
JPM Gbl Natural Res A (acc)-EUR (1) F 13.42 - -0.01 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 11.17 - 0.03 -
JPM Gbl Natural Res A (dist)-EUR (1) F 11.55 - -0.01 -
JPM US Tech A (acc)-EUR (1) F 118.19 - 0.69 -
JPM US Tech A (acc)-SGD (1) S$ 15.92 - 0.12 0.00
JPM US Tech A (acc)-USD (1) F $ 16.98 - 0.17 -
JPM US Tech A (dist)-GBP (1) F 2.12 - 0.02 -
JPM US Tech A (dist)-USD (1) F $ 8.57 - 0.08 -
JPM US Tech A (dist)-USD (1) $ 2.47 - 0.02 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 18.51 - -0.02 -
JPM Africa Eq A (acc)-USD (1) F $ 11.78 - 0.04 -
JPM Africa Eq A (dist)-GBP (1) F 7.80 - 0.01 -
Fund Bid Offer D+/- Yield
JPM Africa Eq A (inc)-EUR (1) F 73.01 - -0.07 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 12.02 - 0.01 -
JPM Em Mkt Ccy Alpha A (acc)-EUR (1) A - R - EUR 9.94 - -0.01 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 98.08 - 0.13 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 125.63 - 0.17 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 16.92 - 0.02 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 89.12 - -0.31 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 74.10 - -0.10 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 88.59 - -0.31 8.58
JPM Euro Agg Bd A (acc)-EUR (1) F 11.92 - 0.01 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.47 - 0.04 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 12.86 - 0.05 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 24.30 - 0.18 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 12.67 - 0.09 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 74.11 - 0.12 4.51
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.72 - 0.03 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 13.71 - 0.10 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 11.18 - 0.08 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 77.35 - 0.02 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FCA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 12.55 - -0.02 1.44
Europe Convertible Bd B (Cap) 14.12 - -0.02 0.00
Global Convertible A (Dis) F $ 19.26 - 0.01 1.20
Global Convertible B (Cap) F $ 22.81 - 0.01 0.00
Global Convertible A Hdg GBP(Dis) F 12.36 - -0.01 1.14
Global Convertible B Hdg GBP (Cap) F 14.50 - -0.02 0.00
Global Convertible Hdg A (Cap) F $ 18.30 - -0.02 1.26
Global Convertible B Hdg (Dis) F $ 21.71 - -0.03 0.00
Global Convertible A Hdg EUR(Dis) F 15.09 - -0.02 1.20
Global Convertible B Hdg EUR (Cap) F 16.33 - -0.02 0.00
Global Convertible A Hdg CHF (Dis) FSFr 21.97 - -0.02 0.96
Global Convertible B Hdg CHF (Cap) FSFr 24.17 - -0.02 0.00
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 76.94 - 0.02 2.86
JB BF Absolute Ret Def-EUR/A 103.68 - -0.05 2.41
JB BF Absolute Ret Def-GBP/A 104.01 - -0.04 2.31
JB BF Absolute Ret EM-CHF SFr 101.08 - -0.03 0.00
JB BF Absolute Ret EM-EUR/A 102.08 - -0.02 2.84
JB BF Absolute Ret EM-USD/A $ 100.63 - -0.02 2.88
JB BF Absolute Ret Pl-EUR/A 103.66 - -0.07 2.99
JB BF Absolute Ret Pl-GBP/A 110.25 - -0.08 2.77
JB BF Absolute Ret Pl-USD/A $ 110.25 - -0.08 2.77
JB BF Absolute Return GBP/A 107.83 - -0.06 2.23
JB BF Absolute Return-GBP/B 125.57 - -0.07 0.00
JB BF Absolute Return-EUR/A 101.95 - -0.06 2.40
JB BF Absolute Return-USD/A $ 104.54 - -0.06 2.30
JB BF Cred Opportunities-EUR/B 157.33 - 0.03 0.00
JB BF Credit Opportunities-USD $ 110.74 - 0.04 0.00
JB BF Dollar-USD/A $ 109.46 - 0.29 3.52
JB BF EM Infl Linked-CHF/A SFr 90.79 - 0.12 7.85
JB BF EM Infl Linked-EUR/A 91.76 - 0.13 7.88
JB BF EM Infl Linked-GBP/A 90.95 - 0.13 7.84
JB BF EM Infl Linked-USD/A $ 92.47 - 0.14 7.82
JB BF Emerging-CHF/A SFr 101.25 - -0.23 0.10
JB BF Emerging-EUR/A 128.68 - -0.10 5.67
JB BF Emerging-USD/A $ 148.60 - -0.33 4.53
JB BF Euro Government-EUR/A 108.91 - -0.04 3.45
JB BF Euro-EUR/A 123.89 - 0.03 3.56
JB BF Global Convert-EUR/A 71.54 - 0.03 1.05
JB BF Global High Yield-EUR/A 111.26 - 0.12 6.35
JB BF Global High Yield GBP/A 105.80 - 0.12 6.34
JB BF Global High Yield-USD/A $ 122.31 - 0.14 5.73
JB BF Inflation Linked-CHF/B SFr 105.46 - 0.05 0.00
JB BF Local Emerging-CHF/A SFr 94.82 - 0.25 4.56
JB BF Local Emerging-EUR/A 95.76 - 0.26 4.52
JB BF Local Emerging-GBP/A 107.93 - 0.30 4.20
JB BF Local Emerging-USD/A $ 129.40 - 0.36 4.16
JB BF Swiss Franc-CHF/B SFr 188.99 - 0.04 0.00
JB BF Total Return-CHF SFr 104.40 - -0.01 0.00
JB BF Total Return-EUR/A 44.90 - -0.01 3.23
JB Commodity-EUR/A 66.26 - 0.46 1.59
JB Commodity-EUR/B 77.53 - 0.54 0.00
JB Commodity-USD/A $ 75.19 - 0.53 2.07
JB Commodity-USD/B $ 88.39 - 0.63 0.00
JB EF Abs Ret Europe-EUR/A 113.54 - -0.20 0.09
JB EF Abs Ret Europe-EUR/B 113.64 - -0.20 0.00
JB EF Asia-USD/A $ 117.83 - 1.25 1.25
JB EF Biotech-USD/A $ 227.83 - -1.11 0.04
JB EF Black Sea-EUR/A 30.04 - -0.08 3.88
JB EF Black Sea-USD/A $ 30.49 - 0.07 3.84
JB EF Central Europe-EUR/A 190.23 - -2.34 2.19
JB EF Chindonesia-USD/A $ 93.68 - 1.58 0.17
JB EF Chindonesia-USD/B $ 93.93 - 1.59 0.00
JB EF Energy Transition-EUR/B 135.06 - -0.53 0.00
JB EF Energy Transition-USD/B $ 144.67 - 0.13 0.00
JB EF Euro Large Cap-EUR 123.73 - -0.61 0.00
JB EF Euroland Value-EUR/A 130.00 - 0.10 2.20
JB EF Europe Sel.Fd-EUR/A 65.72 - -0.46 1.83
JB EF Europe S&Mid Cap-EUR/A 143.26 - -0.50 0.81
JB EF Europe-EUR/A 197.21 - -1.15 1.55
JB EF Global Eq Inc-EUR/A 72.11 - -0.30 1.95
JB EF German Value-EUR/A 191.98 - -0.65 2.12
JB EF Gl Emerging Mkts-EUR/A 68.61 - -0.22 1.76
JB EF Health Opport - USD/A $ 166.59 - -0.71 0.09
JB EF Health Opport-USD/B $ 166.87 - -0.70 0.00
JB EF Japan-JPY/A 11295.00 - -11.00 1.26
JB EF Luxury Brands-EUR/A 194.68 - -1.90 0.23
JB EF Luxury Brands-USD/A $ 179.05 - -0.88 0.20
JB EF Luxury Brands-GBP/B 122.33 - -0.79 0.00
JB EF Swiss S&Mid Cap-CHF/B SFr 478.53 - -2.39 0.00
JB EF US Leading-USD/A $ 315.75 - -0.44 0.22
JB EF US Value-USD/A $ 144.82 - -0.01 0.28
JB Ms Africa Opp.-EUR/B 80.42 - -0.25 0.00
JB Ms EF Special Val. EUR/A 115.09 - -0.69 1.35
JB Ms New World Op EUR/B 104.80 - 0.75 0.00
JB Strategy Balanced-CHF/B SFr 141.32 - -0.60 0.00
JB Strategy Balanced-EUR 139.87 - -0.49 0.00
JB Strategy Balanced-USD/B $ 124.07 - -0.25 0.00
JB Strategy Inc-CHF/B SFr 117.22 - -0.31 0.00
Fund Bid Offer D+/- Yield
JB Strategy Inc-EUR/B 149.16 - -0.38 0.00
JB Strategy Inc-USD/B $ 143.25 - -0.11 0.00
JB Strategy Growth-CHF/B SFr 87.33 - -0.44 0.00
JB Strategy Growth-EUR 102.79 - -0.52 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 141.56 - -0.02 1.77
Ethical Cautious Managed A Inc 121.12 - -0.03 1.79
Ethical Corporate Bond A Acc 175.98 - -0.15 3.61
Ethical Corporate Bond A Inc 105.44 - -0.09 3.61
Ethical Equity A Acc 145.36 - 0.06 1.27
High Yield Bond A Acc 107.92 - 0.11 4.89
High Yield Bond A Inc 53.72 - 0.05 4.89
Inflation Linked A Acc 117.49 - 0.19 -
Investment Grade Bond A Acc 140.90 - -0.10 3.31
Investment Grade Bond A Inc 108.54 - -0.08 3.32
Sterling Corporate Bond A Acc 63.41 - -0.07 3.44
Sterling Corporate Bond A Inc 29.79 - -0.03 3.44
Strategic Assets A Acc 99.05 - 0.10 1.33
Strategic Bond A Acc 170.62 - 0.03 2.66
Strategic Bond A Inc 117.28 - 0.02 2.66
UK Equity Absolute Return A Acc 111.49 - -0.08 0.00
UK Equity A Acc 205.32 - 0.88 1.57
UK Equity Income A Acc 176.26 - 0.76 3.79
UK Equity Income A Inc 149.50 - 0.64 3.88
UK Opportunities A Acc 149.49 - 1.38 1.38
UK Smaller Companies A Acc 222.96 - -0.08 0.37
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1046.29 - -0.10 -
Global Equity Income B ACC GBP 1123.99 - -2.47 -
Global Equity Income B Inc GBP 1131.73 - 2.47 -
High Yield Global Bond A GBP Inc 527.93 - 0.33 4.64
High Yield Global Bond B GBP Inc 1097.30 - 0.70 5.16
Investment Grade Global Bd A GBP Inc 535.04 - 0.72 2.32
Strategic Global Bond A GBP Inc 1061.08 - 0.23 1.91
Strategic Global Bond B GBP Inc 601.57 - 0.14 2.42
Kleinwort Benson (CI) Inv Man Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd
EUR Currency B EUR Acc Non-Rpt 0.99 - 0.00 -
EUR Fixed Income A EUR Income Rpt 1.00 - 0.00 -
EUR Fixed Income B EUR Income Rpt 0.98 - 0.00 -
GBP Currency B GBP Acc Non-Rpt 1.00 - 0.00 -
International Bond B GBP Acc Non-Rpt 0.90 - -0.01 -
International Equity A GBP Reinvest Rpt 0.98 - -0.02 -
International Equity B GBP Acc Non-Rpt 1.20 - -0.02 -
Multi Asset Balanced A EUR Acc Rpt 1.01 - 0.00 -
Multi Asset Balanced A GBP Income Rpt 1.35 - -0.01 0.35
Multi Asset Balanced A GBP Reinvest Rpt 1.35 - -0.01 0.32
Multi Asset Balanced A USD Acc Non-Rpt $ 1.05 - -0.01 -
Multi Asset Balanced A USD Acc Rpt $ 1.05 - -0.01 -
Multi Asset Balanced B EUR Acc Non-Rpt 1.03 - -0.01 -
Multi Asset Balanced B GBP Acc Non-Rpt 1.04 - -0.01 -
Multi Asset Balanced B GBP Income Rpt 1.30 - -0.01 0.04
Multi Asset Balanced B USD Acc Non-Rpt $ 1.03 - -0.01 -
Multi Asset Balanced C GBP Income Rpt 1.37 - -0.01 0.86
Multi Asset Conservative A EUR Accumulating Rpt 0.99 - 0.00 -
Multi Asset Conservative A GBP Income Rpt 1.04 - 0.00 1.74
Multi Asset Conservative A GBP Reinvest Rpt 1.04 - 0.00 1.74
Multi Asset Conservative A USD Accumulating Rpt $ 0.97 - 0.00 -
Multi Asset Conservative B EUR Acc Non-Rpt 0.99 - 0.00 -
Multi Asset Conservative B GBP Acc Non-Rpt 1.00 - 0.00 -
Multi Asset Conservative B GBP Income Rpt 1.01 - 0.00 1.74
Multi Asset Conservative B USD Acc Non-Rpt $ 0.99 - 0.00 -
Multi Asset Conservative C GBP Income Rpt 1.07 - 0.00 0.00
Multi Asset Growth A GBP Income Rpt 1.16 - -0.02 0.00
Multi Asset Growth A EUR Accumulating Rpt 1.03 - -0.02 -
Multi Asset Growth A GBP Reinvest Rpt 1.16 - -0.02 0.00
Multi Asset Growth A USD Acc Rpt $ 1.08 - -0.02 -
Multi Asset Growth B EUR Acc Non-Rpt 1.06 - -0.02 -
Multi Asset Growth B GBP Acc Non-Rpt 1.07 - -0.02 -
Multi Asset Growth B GBP Income Rpt 1.08 - -0.02 0.00
Multi Asset Growth B USD Acc Non-Rpt $ 1.06 - -0.02 -
Sterling Fixed Income A GBP Income Rpt 10.99 - 0.02 3.68
Sterling Fixed Income B GBP Income Rpt 0.95 - 0.00 -
USD Currency B USD Acc Non-Rpt $ 0.99 - 0.00 -
Lloyds Investment Funds Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FCA Recognised
Lloydstrust Gilt 11.6500 - -0.0500 2.78
Lloyds Investment Funds Limited
Euro High Income 1.6220 - -0.0020 4.32
European 7.8630 - 0.0150 0.73
High Income 0.8645 - -0.0019 5.41
International 4.1530 - -0.0050 0.00
North American 13.2600 - -0.0200 0.00
Sterling Bond 1.4180 - -0.0030 3.87
UK 7.0600 - 0.0460 1.18
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share 1.2050 - -0.0050 2.37
Monthly Share 1.1630 - -0.0050 2.37
Lloyds Money Fund Limited
Australian Dollar A$ 169.9560 - 0.0060 1.39
Euro 52.8190 - 0.0000 -0.38
New Zealand Dollar NZ$ 203.9280 - 0.0070 1.37
Sterling Class 52.4680 - 0.0000 0.11
US Dollar Class $ 60.7330 - -0.0010 -0.19
Lloyds Multi Strategy Fund Limited
Conservative Strategy 1.0470 - -0.0020 2.89
Growth Strategy 1.3740 - -0.0040 1.37
Aggressive Strategy 1.6010 - -0.0050 0.38
Global USD Growth Strategy $ 1.2840 - -0.0020 0.00
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FCA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.19 - -0.04 0.00
1798 Europe Eq. L/S EUR C A 10.30 - -0.04 0.00
1798 Europe Eq. L/S USD C A $ 10.27 - -0.04 0.00
All Roads (CHF) PA SFr 16.48 - 0.03 0.00
All Roads (USD) PA $ 10.36 - 0.02 0.00
Fund Bid Offer D+/- Yield
All Roads (GBP) PA 10.52 - 0.02 0.00
All Roads (EUR) PA 10.51 - 0.02 0.00
Alpha Japan (EUR) P A F 9.30 - -0.17 0.00
Alpha Japan (CHF) P A F SFr 11.73 - -0.21 0.00
Alpha Japan (JPY) P A F 1094.00 - -20.00 0.00
Alpha Japan (USD) P A F $ 13.35 - -0.24 0.00
Alternative Beta P A F SFr 116.80 - -0.01 0.00
Alternative Beta P A F 78.02 - 0.00 0.00
Alternative Beta P A F $ 116.41 - 0.00 0.00
Commodities (CHF) P A SFr 7.65 - 0.07 0.00
Commodities (EUR) P A 7.67 - 0.07 0.00
Commodities (USD) P A $ 7.85 - 0.07 0.00
Convertible Bd P A 15.75 - 0.00 0.00
Convertible Bd Asia P A F SFr 13.45 - 0.03 0.00
Convertible Bd Asia P A F 14.22 - 0.03 0.00
Convertible Bd Asia P A F $ 14.27 - 0.03 0.00
Emerging Consumer (CHF) P A SFr 13.21 - -0.01 0.00
Emerging Consumer (EUR) P A 13.26 - -0.01 0.00
Emerging Consumer (USD) P A $ 13.23 - -0.01 0.00
Emerging Eq.Risk Par.(EUR) 7.91 - -0.02 0.00
Emerging Eq. Risk Par.(USD) $ 7.51 - 0.01 0.00
Emerging Loc.Cur.&Bds DH (CHF) P ASFr 8.66 - -0.02 0.00
Emerging Mkt.Bd.Fdt PA $ 22.72 - -0.01 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 9.59 - -0.05 0.00
Emerg.Loc.Cur.Bd.Fdt PA 11.27 - -0.05 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 10.64 - 0.01 0.00
Euro BBB-BB Fdt PA SFr 14.74 - 0.01 0.00
Euro BBB-BB Fdt PA 11.51 - 0.01 0.00
Euro BBB-BB Fdt PA 10.11 - 0.01 0.00
Euro BBB-BB Fdt PA $ 16.36 - 0.01 0.00
Euro Credit Bd PA F 11.98 - 0.00 0.00
Euro Government Fdt P A 11.25 - -0.01 0.00
Euro Inflation-Lk Fdt PA 11.47 - 0.02 0.00
Euro Resp.Corp. Fdt PA 17.13 - 0.00 0.00
Europe High Conviction PA 8.80 - -0.06 0.00
Eurozone Small&Mid Caps F 40.33 - -0.20 0.00
Gbl.BBB-BB Fdmt PA 9.85 - -0.01 0.00
Gbl.Gov.Fdt SH (EUR) P A 9.69 - 0.00 0.00
Gbl.Gvt.Fdmt PA 9.43 - -0.02 0.00
Gbl.5B Fdmt (CHF) P A SFr 9.87 - -0.01 -
Gbl.5B Fdmt SH (USD) P A $ 10.19 - 0.01 -
Generation Global (CHF) P A F SFr 10.36 - -0.08 0.00
Generation Global (EUR) P A F 13.95 - -0.10 0.00
Generation Global (USD) P A F $ 12.90 - -0.03 0.00
Global Energy (USD) P A F $ 10.66 - -0.02 0.00
Golden Age (CHF) P A F SFr 17.91 - -0.08 0.00
Golden Age (EUR) P A 12.12 - -0.06 0.00
Golden Age (USD) P A F $ 16.86 - -0.08 0.00
Government Bd (USD) P A $ 19.81 - 0.03 0.00
Invst.Gde A-BBB (CHF) P A SFr 13.12 - 0.01 0.00
Japan Small & Mid Caps P A 2604.00 - -47.00 0.00
Sh.T- Money Mkt EUR P A 112.32 - 0.00 0.00
Sh.T- Money Mkt GBP P A 10.23 - 0.00 0.00
Sh.T- Money Mkt USD P A $ 10.30 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 12.39 - -0.03 0.00
Sands US Growth (USD) PA $ 14.83 - 0.01 0.00
Selective Gbl P A 148.71 - -0.35 0.00
Tactical Alpha (CHF)P A SFr 10.19 - -0.02 0.00
Tactical Alpha (EUR)P A 10.40 - -0.02 0.00
Tactical Alpha (USD)P A $ 14.89 - -0.02 0.00
Technology P A 12.21 - 0.03 0.00
Technology P A $ 19.13 - 0.06 0.00
Total Return Bond (EUR) P A 12.48 - 0.01 0.00
Total Return Bond (USD) P A $ 18.28 - 0.01 0.00
Vital Food Syst.Hdg PA SFr 10.39 - -0.01 0.00
Vital Food Syst.Hdg PA 10.37 - -0.01 0.00
Vital Food Syst.Hdg PA $ 10.53 - -0.01 0.00
William Blair Gbl Gth P A F $ 11.78 - -0.01 0.00
William Blair Gbl Gth P A F 11.62 - -0.07 0.00
Wld Gold Expertise P A F SFr 15.58 - 0.06 0.00
Wld Gold Expertise P A 12.18 - 0.05 0.00
Wld Gold Expertise P A $ 15.89 - 0.07 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 108.99 - -0.28 0.00
Conservative (EUR) P A F 103.42 - -0.10 0.00
LO Selection
Balanced (CHF) P A F SFr 102.31 - -0.25 0.00
Balanced (EUR) P A F 110.67 - -0.26 0.00
Conservative (CHF) P A F SFr 99.83 - -0.10 0.00
Conservative (EUR) P A F 104.67 - -0.11 0.00
Global Allocation (GBP) P A F 9.23 - -0.01 0.00
Growth (CHF) P A F SFr 105.45 - -0.39 0.00
Growth (EUR) P A F 116.41 - -0.46 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 107.16 112.80 0.01 2.92
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 132.38 137.90 -0.15 0.00
Corporate Bond 1247.99 1286.59 -1.33 3.41
Global Basics 2411.76 2512.25 2.11 0.38
Global Leaders 3220.14 3354.31 2.25 1.31
High Yield Corporate Bond 991.35 1022.01 -6.87 5.41
Episode Macro Fund 9780.78 10188.32 -7.57 0.00
Optimal Income Fund 136.98 142.69 0.01 2.86
Recovery Fund Limited 'A' Participating Shares 11260.09 11729.26 35.15 0.54
Recovery Fund Limited 'I' Participating Shares 11310.18 11781.44 36.24 1.32
Strategic Corporate Bond Fund 127.21 132.51 -0.13 3.56
UK Growth 1429.11 1488.65 7.59 1.36
Other International Funds
M&G Property Fund - Retail 636.90 670.40 0.00 4.60
M&G Property Fund A Inc 636.90 636.90 0.00 5.13
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 16.80 - -0.10 0.00
Asia ex-Japan A1 $ 24.00 - -0.03 0.00
Bond A1 $ 9.77 - -0.01 -
China Equity Fd A1 $ 9.77 - -0.03 0.00
Continental European Eqty A1 14.19 - -0.14 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 13.76 - 0.07 0.00
Emerging Markets Debt A1 $ 31.47 - -0.02 0.00
Emerging Markets Eq.A1 $ 12.70 - 0.02 0.00
European Concentrated A1 14.76 - -0.15 0.00
European Core Eq A1 24.80 - -0.23 0.00
European Res.A1 25.56 - -0.18 0.00
Fund Bid Offer D+/- Yield
European Smaller Companies A1 35.46 - -0.23 0.00
European Value A1 26.74 - -0.22 0.00
Global Bond A1 $ 10.91 - 0.05 0.00
Global Conc.A1 $ 31.62 - -0.17 0.00
Global Energy Fund A1 $ 16.30 - 0.00 0.00
Global Equity A1 $ 41.25 - -0.21 0.00
Global Equity A1 19.25 - -0.21 0.00
Global Multi-Asset A1 $ 15.71 - 0.00 0.00
Global Res.A1 $ 24.19 - -0.05 0.00
Global Total Return A1 13.71 - -0.09 0.00
High Yield A1 $ 23.92 - 0.03 0.00
High Yield Fund A1 12.79 - -0.06 0.00
Inflation-Adjusted Bond A1 $ 14.18 - 0.04 0.00
Japan Equity A1 $ 9.88 - -0.06 0.00
Latin American Equity Fd A1 $ 20.93 - 0.23 0.00
Limited Maturity A1 $ 14.00 - 0.01 0.00
Prudent Wealth Fd A1 $ 13.52 - -0.04 0.00
Research Bond A1 $ 15.69 - 0.02 0.00
UK Equity A1 7.79 - -0.04 0.00
US Conc.Growth A1 $ 13.00 - -0.05 0.00
US Government Bond A1 $ 16.45 - 0.01 0.00
Value A1 $ 18.66 - -0.05 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1891.48 1898.92 -1.01 0.00
Japanese Equity Fd Cl A Initial Ser 246539.00 247737.00 -9419.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1097.30 1100.59 -17.81 0.00
Pacific Basin Fd Cl A Initial Ser $ 2262.72 2292.20 -67.36 0.00
UK Equity Fd Cl A Series 01 1958.05 1978.70 -39.45 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1571.29 - 9.45 0.00
Diversified Absolute Return Stlg Cell AF2 1585.63 - 9.05 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 188.26 - 1.40 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FCA Recognised
American Growth Fund Class A F $ 24.3426 - 0.0601 0.00
American Growth Fund Class AA F $ 1.3889 - 0.0035 0.00
Asian Equity Fund Class A F $ 3.0532 - 0.0296 0.34
Asian Equity Fund Class AA F $ 0.9799 - 0.0095 0.35
Asian Small Cap Equity Fund Class AA F $ 2.1429 - 0.0127 0.48
China Value Fund Class A F $ 7.5720 - 0.0968 0.70
China Value Fund Class AA F $ 2.3709 - 0.0303 0.46
Dragon Growth Fund Class A F $ 1.7734 - 0.0207 1.24
Dragon Growth Fund Class AA F HK$ 8.5954 - 0.1001 0.92
Emerging Eastern Europe Fund Class AA F $ 2.1256 - 0.0124 1.34
Emerging Eastern Europe Fund Class A F $ 4.9498 - 0.0289 1.62
European Growth Fund Class A F $ 11.0338 - -0.0154 0.76
European Growth Fund Class AA F $ 0.7898 - -0.0011 0.47
Global Contrarian Fund Class AA F $ 0.9069 - -0.0005 0.00
Global Property Fund Class AA F $ 0.9521 - -0.0040 0.59
Global Resources Fund Class AA F $ 0.9474 - 0.0015 0.00
Healthcare Fund Class AA F $ 1.4422 - -0.0001 0.00
India Equity Fund Class AA F $ 0.9467 - 0.0313 0.00
International Growth Fund Class A F $ 4.0925 - 0.0014 0.03
International Growth Fund Class AA F $ 0.9424 - 0.0003 0.00
Japanese Growth Fund Class A F $ 3.2531 - -0.0228 0.15
Japanese Growth Fund Class AA F $ 0.8345 - -0.0058 0.00
Latin America Equity Fund Class AA F $ 1.1150 - -0.0005 1.07
Russia Equity Fund Class AA F $ 0.6570 - 0.0039 0.58
Taiwan Equity Fund Class AA F $ 1.4392 - 0.0347 0.32
Turkey Equity Fund Class AA F $ 0.9706 - 0.0075 0.00
US Bond Fund Class AA F $ 1.2497 - -0.0002 2.42
U.S. Special Opportunities Fund Class AA F $ 0.9943 - 0.0013 4.42
US Small Cap Equity Fund Class AA F $ 1.0307 - -0.0026 0.00
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2908 - 0.0000 0.85
Manulife Global Fund
Other International Funds
Asia Total Return Fund Class AA F $ 0.9684 - 0.0024 2.94
Asia Value Dividend Equity Fund Class AA F $ 1.5524 - 0.0065 0.92
Strategic Income Fund Class AA F $ 1.1275 - 0.0009 3.45
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised
Marlborough North American Fund Ltd 25.71 25.97 -0.41 0.00
Marlborough Tiger Fund Ltd F 26.24 26.50 0.05 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 394.97 - 13.43 0.00
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) $ 590.25 - -3.89 0.00
European Hedge Fd (C) $ 299.39 - -1.74 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 139.44 - -0.80 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 274.05 - 12.86 -
Global Energy & Resources Fund $ 77.00 - 3.10 -
Metage Capital
Other International Funds
MGS -Master Series $ 212.47 - 0.00 -
MEMO - Master Series (Est) $ 515.41 - -6.01 0.00
MEMO - MEMV Series (Est) $ 122.11 - -1.23 0.00
Emerging Markets Managed Accounts PLC (IRL)
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
Regulated
Milltrust ASEAN A $ 95.94 - -2.58 -
Milltrust Brazil A $ 107.20 - -1.04 0.00
Milltrust India A $ 87.03 - -2.11 -
Milltrust Latin America A $ 112.50 - -1.80 0.00
Milltrust Value Partners Greater China A $ 113.25 - -0.90 0.00
Mirabaud & Cie (LUX)
www.mirabaud.com, marketing@mirabaud.com
Regulated
Mirabaud Fund
Mir. Ac. All. Bal A EUR 102.13 - 0.17 0.00
Mir. Ac. All. Cons A EUR 103.00 - 0.10 0.00
Mir. - Conv. Bonds A EUR 122.54 - -0.18 0.00
Mir. - Dynam.Alloc. A EUR 96.11 - -0.17 -
Mir. - Eq Asia ex Jap A $ 172.56 - 2.06 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 106.99 - 1.23 0.00
Mir. - Eq Eur exUK A Cap 96.95 - -0.22 0.00
Mir. - Eq Global A USD $ 117.87 - -0.11 0.00
Mir. -Eq Spain A 22.37 - 0.08 0.00
Mir. - Eq Swiss Sm/Mid A SFr 248.45 - -0.85 0.00
Mir. - Eq UK 1.96 - -0.01 0.00
Fund Bid Offer D+/- Yield
Mir. - Eq US A USD $ 148.04 - -0.20 0.00
Mir. - Glb High Yield Bds A $ 103.50 - 0.05 -
Mir. - Glb High Yield Bds AH CHFSFr 103.18 - 0.05 -
Mir. - Glb High Yield Bds AH EUR 103.28 - 0.05 -
Mir. - Glb High Yield Bds AH GBP 103.62 - 0.05 -
Miton Group (IRL)
Regulated
Miton Global Diversified Income A 105.18 - -0.15 4.23
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Growth + USD 105.21 - -0.28 -
Core Diversified USD $ 117.67 - 1.62 0.00
Core Diversified EUR 97.53 - 1.30 0.00
Core Diversified USD E $ 104.59 - -0.22 0.00
Core Diversified SGD E S$ 103.18 - -0.26 0.00
Core Diversified GBP 103.77 - 0.43 0.00
Core Diversified GBP E 99.69 - -1.12 0.00
Core Cautious USD E $ 94.68 - -0.29 0.00
Core Cautious GBP E 91.39 - -0.28 0.00
Core Cautious AUD E A$ 96.23 - -0.24 0.00
Core Cautious SGD E S$ 89.18 - -0.29 0.00
Core Cautious THB E THB 906.27 - -3.05 0.00
Special Situations GBP 138.30 - -0.27 0.00
Special Situations USD $ 125.30 - -0.27 0.00
Special Situations EUR 103.70 - -0.99 0.00
Special Situations YEN 10650.82 - -104.28 0.00
Special Situations USD E $ 99.49 - -0.92 0.00
Special Situations GBP E 101.83 - -0.87 0.00
Special Situations SGD E S$ 99.03 - -0.92 0.00
Offshore Worldwide Opportunities 103.77 - -0.75 0.00
Global Real Estate US$ $ 104.59 - -0.15 0.00
International Equity US$ $ 117.43 - -0.29 0.00
International Diversified $ 99.56 - -0.80 0.00
International Beta Equity $ 120.60 - -0.74 0.00
International Managed Flexible US$ $ 110.57 - 0.04 0.00
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 22.68 - 0.37 0.00
MW Japan Fd Ltd B $ 23.11 - 0.38 0.00
Morant Wright Funds (Ireland) PLC (IRL)
FCA Recognised
Morant Wright Sakura Fund Sterling Acc Hedged 9.90 - -0.04 -
Morant Wright Sakura Fund Euro Acc Hedged 9.88 - -0.03 -
Morant Wright Sakura Fund Yen Acc Unhedged 994.45 - -3.71 -
Morant Wright Sakura Fund Dollar Acc Hedged $ 9.88 - -0.04 -
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 9.89 - -0.03 -
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F $ 44.51 - 0.07 0.00
Asian Equity A F $ 43.21 - 0.37 0.00
Asian Property A F $ 19.93 - -0.06 0.00
Asian Property AX F 11.50 - -0.05 0.89
Diversified Alpha Plus A F 32.55 - -0.04 0.00
Emerg Europ, Mid-East & Africa Eq A F 64.18 - 0.05 0.00
Emerging Markets Debt A F $ 74.68 - 0.05 0.00
Emerging Markets Domestic Debt AX F 13.75 - -0.02 4.99
Emerging Markets Equity A F $ 38.26 - 0.26 0.00
Euro Bond A F 14.13 - 0.02 0.00
Euro Corporate Bond AX F 23.82 - 0.07 3.02
Euro Liquidity A F 12.89 - 0.00 0.00
Euro Strategic Bond A F 38.82 - 0.06 0.00
European Currencies High Yield Bd A F 19.63 - -0.07 0.00
European Equity Alpha A F 37.08 - -0.12 0.00
European Property A F 23.76 - 0.13 0.00
Eurozone Equity Alpha A F 9.56 - 0.01 0.00
Global Bond A F $ 39.41 - 0.17 0.00
Global Brands A F $ 83.79 - -0.35 0.00
Global Convertible Bond A F $ 39.90 - 0.11 0.00
Global Property A F $ 25.59 - 0.05 0.00
Indian Equity A F $ 22.19 - 0.01 0.00
Latin American Equity A F $ 62.96 - 0.44 0.00
Short Maturity Euro Bond A F 20.21 - 0.01 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 53.72 - 0.44 0.00
US Growth AH F 37.21 - 0.31 0.00
US Growth AX F 33.07 - 0.22 0.00
US Property A F $ 54.57 - 0.08 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 439.68 - 4.11 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 93.96 93.96 0.60 0.00
ASG Laser Fund I/A (USD) H $ 1168.62 1168.62 1.26 0.00
Harris Associates Global Value Fund H 208.23 208.23 -1.12 0.00
Harris Associates US Large Cap Value Fund $ 197.68 197.68 -0.23 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 152.80 152.80 0.40 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 142.67 142.67 0.40 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 252.93 252.93 -0.67 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.10 10.10 0.00 7.73
Loomis Sayles Multisector Inc Fd I USD $ 13.41 13.41 0.01 6.10
Loomis Sayles Inst High Inc Fd I USD $ 8.48 8.48 0.02 8.87
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.55 13.55 0.03 3.14
Nevsky Capital LLP (IRL)
10 Old Burlington Street W1S 3AG +44(0)20 7360 8888
FCA Recognised
Traditional Funds Plc
Eastern European $ 84.27 - -0.39 0.00
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
OCTOBER 4 2013 Section:Stats Time: 3/10/2013 - 19:02 User: watsonl Page Name: UT5 EUR, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

21
Fund Bid Offer D+/- Yield
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1230.44 - 14.07 0.00
Nevsky Fund Plc GBP Acc 1243.46 - 14.71 0.00
Nevsky Fund Plc USD Acc $ 1251.95 - 14.28 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc $ 95.67 - 0.17 -
Asia Pac Bd USD Ord Inc $ 97.61 - 0.18 0.90
Asia Pac Eq EUR Ord Inc 106.84 - 0.16 3.02
Asia Pac Eq GBP Ord Inc 109.11 - 0.16 3.18
Asia Pac Eq USD Ord Inc $ 110.16 - 0.17 3.07
Asia Pac Eq USD Inst Acc $ 109.41 - 0.17 -
Asia Pac Eq USD Inst Inc $ 123.08 - 0.19 3.65
Dyn Europ Eq EUR Ord Inc 133.71 - -0.56 1.42
Dyn Europ Eq GBP Ord Inc 142.95 - -0.59 1.49
Dyn Europ Eq USD Ord Inc $ 134.42 - -0.56 1.31
China Equity EUR Ord Acc 115.18 - 0.28 0.00
China Equity GBP Ord Acc 116.48 - 0.28 0.00
China Equity USD Ord Acc $ 116.88 - 0.28 0.00
China Equity USD Inst Acc $ 117.97 - 0.29 0.00
Total Ret Bd USD Ord Acc $ 158.50 - 0.14 0.00
Total Ret Bd EUR Ord Acc 148.99 - 0.12 0.00
Total Ret Bd GBP Ord Acc 167.67 - 0.14 0.00
Total Ret Bd USD Inst Acc $ 116.13 - 0.10 0.00
Total Ret Bd GBP Ord Inc 113.12 - 0.10 3.74
US Growth USD Ord Acc $ 159.54 - -0.21 0.00
US Growth EUR Ord Acc 153.65 - -0.21 0.00
US Growth GBP Ord Acc 158.49 - -0.21 0.00
US Growth USD Inst Acc $ 144.98 - -0.19 0.00
Wealthy Nat Bd EUR Inst Inc 107.74 - 0.19 3.93
Wealthy Nat Bd GBP Inst Inc 110.44 - 0.19 4.32
Wealthy Nat Bd EUR Ord Inc 107.08 - 0.18 2.86
Wealthy Nat Bd GBP Ord Inc 111.07 - 0.19 4.02
Wealthy Nat Bd USD Ord Inc $ 108.73 - 0.20 3.04
New Capital Alternative Strategies
All Weather Fd USD Cls $ 117.21 - -0.74 0.00
All Weather Fd EUR Cls 106.28 - -0.68 0.00
All Weather Fd GBP Cls 114.12 - -0.78 0.00
Tactical Opps USD Cls $ 137.94 - -0.04 0.00
Tactical Opps EUR Cls 113.59 - -0.04 0.00
Tactical Opps GBP Cls 128.05 - -0.05 0.00
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FCA Recognised
Emerging Consumer Fund F 17.31 - -0.05 0.00
Emerging Stars BP USD $ 97.71 - 1.17 0.00
European Value Fund 45.39 - -0.04 0.00
European High Yield Bond Fund F 25.93 - 0.04 0.00
Global Stable Equity Fund F 12.08 - 0.03 0.00
Heracles Long/Short MI Fund - AP - EUR F 54.62 - 0.30 0.00
Nordic Equity Fund 63.66 - 0.53 0.00
North American All Cap Fund BP Usd $ 143.70 - 0.07 0.00
Stable Return Fund BP EUR 13.76 - 0.01 0.00
US Corporate Bond Fund BP Usd $ 12.44 - 0.02 0.00
US High Yield Bond Fund BP USD $ 16.68 - 0.02 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 2102.04 - -24.57 0.00
Northwest China Opps $ class $ 2261.27 - 3.20 0.00
Northwest China Opps class 2218.91 - 1.51 0.00
Northwest Warrant $ class $ 1544.36 - -202.16 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 8.78 - 0.04 0.35
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 24.56 - 0.02 0.59
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 24.95 - 0.01 0.38
OasisCresGl Income Class A $ 10.90 - -0.01 2.38
OasisCresGl LowBal D ($) Dist $ 11.25 - 0.01 2.91
OasisCresGl Med Eq Bal A ($) Dist $ 11.21 - 0.01 2.44
Oasis Crescent Gbl Property Eqty $ 8.77 - -0.02 1.94
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 400.86 - 2.49 0.00
OEI Mac Inc B 217.59 - -2.31 0.00
OEI MAC Inc USD $ 2191.05 - 14.28 0.00
Odey European Inc EUR 855.74 - 32.35 0.00
Odey European Inc A GBP 326.85 - 12.21 0.00
Odey European Inc B GBP 185.51 - 6.92 0.00
Odey European Inc USD $ 399.64 - 15.20 0.00
Giano Capital EUR Inc 4261.05 - -5.98 0.00
Odey Asset Management LLP (IRL)
FCA Recognised
Odey Pan European 288.53 - -1.61 0.00
Odey Pan European GBP D 194.00 - -0.45 0.00
Odey Allegra European EUR 220.34 - -0.75 0.00
Odey Allegra European EUR A 133.59 - -0.54 0.00
Odey Allegra European GBP 264.57 - -0.04 0.00
Odey Allegra European USD $ 230.25 - 0.32 0.00
Odey Allegra European EUR I 212.40 - -0.84 0.00
Odey Allegra European EUR A I 137.09 - -0.49 0.00
Odey Allegra European GBP D 160.66 - -0.08 0.00
Odey Allegra International Euro Class 137.46 - -0.61 0.00
Odey Allegra International GBP Class 179.87 - -0.20 0.00
Odey Allegra International USD $ 146.98 - 0.07 0.00
Odey Allegra International Euro I Class 126.28 - -0.55 0.00
Fund Bid Offer D+/- Yield
Odey Allegra International GBP D inc 162.95 - -0.18 0.00
Odey Allegra International GBP A D 120.67 - -0.13 0.00
Odey Allegra Developed Markets Fund USD I $ 113.78 - -0.15 -
Odey Allegra Developed Markets Fund GBP I 108.80 - -0.32 -
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 110.58 - 0.39 0.00
Odey Giano European Fund GBP 110.67 - 0.40 0.00
Odey Giano European Fund USD $ 111.52 - 0.41 0.00
Odey Naver Fund Euro I Class 114.22 - -0.06 -
Odey Naver Fund GBP I Class 114.65 - -0.05 -
Odey Odyssey Fund USD $ 133.88 - -0.76 0.00
Odey Odyssey Fund GBP I 133.46 - -0.76 0.00
Odey Odyssey Fund GBP R 132.39 - -0.74 0.00
Odey Odyssey Fund EUR 119.78 - -0.68 0.00
Odey Odyssey Fund EUR R 100.75 - -0.57 -
Odey Odyssey Fund USD R $ 104.76 - -0.59 -
Odey Orion Fund Euro I Class 110.10 - 0.32 -
Odey Orion Fund USD I Class $ 110.24 - 0.35 -
Odey Swan Fund Euro I Class 100.07 - -0.07 -
Odey Swan Fund Euro R Class 98.85 - -0.09 -
Odey Swan Fund GBP I Class 100.20 - -0.09 -
Odey Swan Fund GBP R Class 104.33 - -0.08 -
Odey Swan Fund USD I Class $ 99.69 - -0.08 -
Odey Swan Fund USD IR Class $ 99.01 - -0.08 -
Odey Swan Fund USD R Class $ 99.21 - -0.08 -
Odey Wealth Management (CI) Ltd (IRL)
FCA Recognised
ODEY OPPORTUNITY CHF SFr 112.92 - 0.14 0.00
ODEY OPPORTUNITY CHF I SFr 113.74 - 0.14 0.00
ODEY OPPORTUNITY EUR 132.36 - 0.16 0.00
ODEY OPPORTUNITY EUR I 199.03 - 0.25 0.00
ODEY OPPORTUNITY GBP I R 220.37 - 0.28 0.00
ODEY OPPORTUNITY GBP R 141.16 - 0.18 0.00
ODEY OPPORTUNITY NOK NKr 121.19 - 0.21 0.00
ODEY OPPORTUNITY NOK I NKr 124.54 - 0.15 0.00
ODEY OPPORTUNITY USD $ 140.16 - 0.17 0.00
ODEY OPPORTUNITY USD I $ 209.57 - 0.28 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 618.23 - -13.83 0.00
Optima Fund Management
Other International Funds
JENOP Global Healthcare Fund Ltd $ 12.40 - 0.37 -
Optima Fd NAV $ 84.83 - 0.61 0.00
Optima Discretionary Macro Fund Limited $ 87.14 - -0.17 0.00
The Dorset Energy Fd Ltd NAV $ 55.03 - 0.51 0.00
Platinum Fd Ltd $ 85.50 - 1.11 0.00
Platinum Fd Ltd EUR 16.90 - 0.20 0.00
Platinum Japan Fd Ltd $ 46.97 - 1.73 0.00
Optima Partners Global Fd $ 13.47 - 0.07 0.00
Optima Partners Focus Fund A $ 15.27 - 0.10 0.00
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 171.34 - -0.86 0.00
Orbis Optimal (US$) $ 81.16 - 0.48 0.00
Orbis Optimal (Euro) 27.03 - 0.15 0.00
Orbis Optimal (Yen) 1123.00 - 5.00 0.00
Orbis Leveraged (US$) $ 146.06 - 1.52 0.00
Orbis Leveraged (Euro) 47.55 - 0.49 0.00
Orbis Leveraged (Yen) 1146.00 - 12.00 0.00
Orbis Japan Equity (US$) $ 37.40 - -0.50 0.00
*Orbis Prices as of September 30th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 3639.00 - -48.00 0.00
Orbis Japan Equity (Euro) 24.20 - -0.33 0.00
Orbis Asia ex-Japan - Investor Shares $ 21.43 - 0.08 0.00
Orbis Global Equity - Investor Shares 124.94 - -0.96 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 4.13 - 0.12 0.00
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 5224.93 - 97.52 -
Macro Holdings Ltd $ 4184.66 - 21.27 -
Fixed Income Holdings N.V. $ 428.69 - 4.74 -
LUX Advantage Multi-Strategy Fund $ 1520.69 - 14.22 -
LUX Natural Resources $ 1269.33 - -13.22 -
Strategic Allocation A $ 1356.12 - 17.32 -
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 103.17 - -0.08 0.00
Pictet-Absl Rtn Glo Div-I EUR F 116.73 - 0.66 0.00
Pictet-Agriculture-I EUR F 151.59 - -0.10 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 193.50 - 2.21 0.00
Pictet-Asian Local Currency Debt-I USD F $ 151.86 - 0.35 0.00
Pictet-Biotech-I USD F $ 593.37 - -1.62 0.00
Pictet-Brazil Index I USD $ 74.42 - 0.02 0.00
Pictet-CHF Bonds I CHF SFr 475.96 - 0.06 0.00
Pictet-China Index I USD $ 102.35 - 0.46 0.00
Pictet-Clean Energy-I USD F $ 83.30 - -0.03 0.00
Pictet-Digital Communication-I USD F $ 211.94 - 0.53 0.00
Pictet-Eastern Europe-I EUR F 365.36 - -4.38 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 192.29 - 0.45 0.00
Pictet-Emerging Markets-I USD F $ 550.92 - 4.19 0.00
Pictet-Emerging Markets Index-I USD F $ 249.40 - 0.37 0.00
Pictet-Emerging Corporate Bonds I USD $ 98.62 - 0.12 -
Pictet-Emerging Markets High Dividend I USD $ 115.47 - 0.87 0.00
Pictet-Emerging Markets Sust Eq I USD $ 100.38 - 0.15 0.00
Pictet-Environmental Megatrend Sel I EUR 117.72 - -0.62 0.00
Pictet-EUR Bonds-I F 482.86 - 0.11 0.00
Pictet-EUR Corporate Bonds Ex Fin i EUR 132.66 - 0.03 0.00
Pictet-EUR Corporate Bonds-I F 183.45 - 0.07 0.00
Pictet-EUR Government Bonds I EUR 137.01 - 0.06 0.00
Fund Bid Offer D+/- Yield
Pictet-EUR High Yield-I F 223.55 - 0.15 0.00
Pictet-EUR Inflation Linked Bonds I EUR 118.88 - 0.01 0.00
Pictet-EUR Short Mid-Term Bonds-I F 133.20 - 0.03 0.00
Pictet-EUR Short Term HY I EUR 113.53 - 0.12 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.27 - -0.01 0.00
Pictet-Euroland Index I EUR 107.41 - -0.56 0.00
Pictet-Europe Index-I EUR F 138.69 - -0.94 0.00
Pictet-European Equity Selection-I EUR F 558.91 - -3.91 0.00
Pictet-European Sust Eq-I EUR F 182.03 - -1.76 0.00
Pictet-Generics-I USD F $ 190.32 - 1.14 0.00
Pictet-Global Emerging Currencies-I USD F $ 107.95 - 0.46 0.00
Pictet-Global Emerging Debt-I USD F $ 323.07 - 0.16 0.00
Pictet-Global Megatrend Selection-I USD F $ 200.52 - 0.12 0.00
Pictet-Global Bds Fundamental I USD $ 131.00 - 0.23 0.00
Pictet-Greater China-I USD F $ 419.38 - 4.79 0.00
Pictet-High Dividend Sel I EUR F 127.85 - -0.49 0.00
Pictet-India Index I USD $ 76.45 - -0.01 0.00
Pictet-Indian Equities-I USD F $ 299.96 - 9.29 0.00
Pictet-Japan Index-I JPY F 12252.17 - 1.56 0.00
Pictet-Japanese Equities Opp-I JPY F 7109.91 - -9.89 0.00
Pictet-Japanese Equity Selection-I JPY F 11027.19 - 5.59 0.00
Pictet-LATAM Index I USD $ 82.50 - -0.08 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 145.95 - 0.28 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 366.92 - 2.19 0.00
Pictet-Premium Brands-I EUR F 134.44 - -1.16 0.00
Pictet-Quality Global Equities I USD $ 100.00 - - -
Pictet-Russia Index I USD $ 82.63 - -0.87 0.00
Pictet-Russian Equities-I USD F $ 68.95 - -0.49 0.00
Pictet-Security-I USD F $ 165.78 - -0.57 0.00
Pictet-Select-Callisto I EUR 99.23 - 0.03 0.00
Pictet-Small Cap Europe-I EUR F 825.82 - -1.46 0.00
Pictet-ST.MoneyMkt-I 140.26 - 0.00 0.00
Pictet-ST.MoneyMkt JPY I USD 101582.96 - -0.50 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.25 - 0.00 0.00
Pictet-ST.MoneyMkt-IUSD $ 134.45 - -0.01 0.00
Pictet-Timber-I USD F $ 151.78 - -0.18 0.00
Pictet Total Ret-Banyan I USD $ 102.28 - 0.18 0.00
Pictet Total Ret-Corto Europe I EUR 118.19 - 0.21 0.00
Pictet Total Ret-Kosmos I EUR 106.70 - 0.08 0.00
Pictet Total Ret-Mandarin I USD $ 103.82 - 0.77 0.00
Pictet-US Equity Growth Selection-I USD F $ 159.80 - -0.31 0.00
Pictet-US Equity Value Selection I USD $ 177.12 - -0.43 0.00
Pictet-US High Yield-I USD F $ 142.27 - 0.12 0.00
Pictet-USA Index-I USD F $ 145.67 - -0.08 0.00
Pictet-USD Government Bonds-I F $ 598.90 - 0.80 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 127.90 - 0.05 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.43 - 0.00 0.00
Pictet-Water-I EUR F 204.41 - -1.02 0.00
Pictet-World Government Bonds-I EUR F 137.68 - -0.02 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised
Asia Local Bond Fund - Inst Acc $ 9.73 - 0.01 -
CommoditiesPLUS111sp Strategy - Inst Acc $ 9.31 - 0.07 0.00
Credit Absolute Return Fund Inst Acc $ 11.06 - 0.01 0.00
Diversified Income - Inst Acc $ 18.14 - 0.02 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.35 - 0.00 0.00
Emerging Asia Bond Fund Inst Acc $ 10.25 - 0.02 0.00
Emerging Multi-Asset Fund Inst Acc $ 9.02 - 0.02 0.00
Emerging Local Bond - Inst Acc $ 13.72 - 0.05 0.00
Emerging Markets Bond - Inst Acc $ 37.42 - -0.06 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.92 - 0.02 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.59 - 0.03 0.00
EuriborPLUS - Inv. Acc 11.70 - 0.00 0.00
Euro Bond - Inst Acc 19.77 - 0.02 0.00
Euro Credit - Inst Acc 13.32 - 0.01 0.00
Euro Income Bond - Inst Acc F 11.94 - 0.00 0.00
Euro Long Average Duration - Inst Acc 16.45 - -0.02 0.00
Euro Low Duration Fund Inst Acc 10.85 - 0.00 0.00
Euro Real Return - Inst Acc 12.46 - 0.02 0.00
Euro Short-Term Inst Acc 12.01 - 0.00 0.00
Euro Ultra Long Duration - Inst Acc 20.62 - -0.11 0.00
Global Advantage - Inst Acc $ 12.88 - 0.05 0.00
Global Advantage Real Return Fund Inst Acc $ 9.86 - 0.04 0.00
Global Bond - Inst Acc $ 25.08 - 0.02 0.00
Global Bond Ex-US - Inst Acc $ 17.21 - 0.02 0.00
Global High Yield Bond - Inst Acc $ 18.61 - 0.01 0.00
Global Investment Grade Credit - Inst Income $ 11.89 - 0.02 3.61
Global Investment Grade Credit Fund Inst Acc 9.76 - 0.05 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 15.18 - 0.02 0.00
Global Multi-Asset - Inst Acc $ 13.50 - 0.02 0.00
Global Real Return - Inst Acc $ 16.93 - 0.03 0.00
High Yield Bond - Inst Acc $ 25.78 - 0.03 0.00
Income Fund Inst Acc $ 10.98 - 0.01 -
Inflation Strategy Fund Inst Acc $ 9.40 - 0.05 -
Low Average Duration - Inst Acc $ 14.43 - 0.02 0.00
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.68 - 0.01 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 12.73 - -0.02 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 12.89 - 0.02 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.28 - 0.01 0.00
StocksPLUS{TM} - Inst Acc $ 18.43 - -0.05 0.00
Total Return Bond - Inst Acc $ 25.88 - 0.05 0.00
UK Corporate Bond - Inst Acc 15.04 - 0.02 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 16.01 - 0.02 0.00
UK Sterling Inflation-Linked - Inst Acc 19.02 - 0.02 0.00
UK Sterling Long Average Duration - Inst Acc 17.64 - -0.01 0.00
UK Sterling Low Average Duration - Inst Acc 13.72 - 0.01 0.00
Unconstrained Bond - Inst Acc $ 12.01 - 0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.02
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 123.37 - -0.63 0.00
Pioneer AssetMaster $ 877.11 - -7.48 0.00
Pioneer Div Fund I EUR 107.36 - -0.54 0.00
Pioneer Div Fund I USD $ 108.15 - -0.54 0.00
The Meteor Opps I $ 143.43 - -1.08 0.00
The Meteor Opps I 143.44 - -1.05 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A $ 62.66 - - -
Platinum All Star Fund - A $ 106.23 - - -
Platinum Dynasty $ 95.49 - - -
Platinum Essential Resources $ 8.89 - 0.11 0.00
Fund Bid Offer D+/- Yield
Platinum Low Volatility Fund SICAV (Est) $ 8.98 - - -
Platinum Nordic SKr 519.60 - - -
Platinum Precious Metals 7.16 - -0.78 -
Platinum Maverick Enhanced $ 80.07 - - -
Platinum Gold Advantage 9.08 - - -
Platinum Global Dividend UCITS Fund $ 78.44 78.44 -1.34 1.38
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 245.25 245.25 0.60 0.00
European Market Neutral Fund Cls I Euro 9.60 9.60 0.02 0.00
Financials Income Fund Cls B2 GBP Acc 1.46 1.46 0.00 0.00
Financial Opps I USD $ 11.16 - 0.03 0.00
GEM Growth I USD $ 9.92 - 0.03 0.00
GEM Income I USD $ 11.21 - 0.03 0.00
Global Alpha I USD $ 12.26 12.26 -0.03 -
Global Convertible I USD $ 10.53 10.53 0.01 -
Global Insurance I GBP 3.06 - 0.00 0.00
Global Technology I USD $ 18.79 - 0.02 0.00
Healthcare Opps I USD $ 25.71 - -0.04 0.00
Japan Alpha I JPY 165.80 165.80 -0.48 -
Japan I JPY 1657.22 - -5.75 0.00
North American I USD $ 14.32 14.32 -0.01 0.00
UK ARF I GBP 10.28 - 0.03 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 122.08 - 0.00 0.00
European Market Neutral Fund A EUR 97.42 - -0.42 0.00
European Conviction A EUR 156.00 - 1.58 0.00
European Forager A EUR 162.64 - 2.80 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 119.45 - -0.43 0.00
Assured USD B $ 104.27 - -0.50 0.00
Assured USD C $ 113.03 - -0.50 0.00
Assured USD D $ 106.15 - -0.51 0.00
Assured F USD $ 70.88 - -0.58 0.00
Assured GBP B 96.75 - -2.38 0.00
Assured GBP C 92.18 - -2.24 0.00
Assured EUR D 77.24 - -1.75 0.00
Assured EUR B 70.81 - -1.61 0.00
Assured CHF E SFr 54.43 - -1.20 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 38.29 - 0.63 0.00
Emerging Markets Active $ 35.08 - -1.03 -
Luxcellence Em Mkts Tech $ 877.18 - 21.81 0.00
Polunin Developing Countries $ 793.65 800.40 5.62 0.00
Polunin Discovery - Frontier Markets $ 1157.74 - -14.24 -
Polunin Small Cap $ 1220.05 1235.30 -7.90 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 24/09/2013 416.77 421.50 -6.86 0.99
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 220.49 - - 0.00
RPF D $ 13.79 - 0.47 0.00
PQF B Shares $ 461.83 - 9.83 0.00
PCF $ 420.08 426.05 8.65 0.00
CAPF $ 7.76 - -0.31 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 140.45 - 0.97 3.83
Prusik Asia A $ 189.89 - 1.61 0.00
Prusik Asian Smaller Cos A $ 165.71 - 1.03 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 141.06 - 0.63 0.00
PCG C 139.41 - 0.62 0.00
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 1037.86 - 1.35 6.12
Putnam New Flag Euro High Yield Plc - M 943.36 - 1.21 5.46
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 13.77 - -0.18 0.00
Rhenman & Partners Asset Management
info@rhepa.com www.rhepa.com +46 8 459 88 83
Other International Funds
Rhenman Healthcare Equity L/S IC1 (EUR) 233.45 - 9.79 0.00
Renasset Select Funds Plc (IRL)
Regulated
European Opportunities Fund A 135.60 - -0.06 0.00
European Opportunities Fund B 101.97 - -0.03 0.00
Renaissance Eastern European Allocation Fund 405.04 - 0.10 0.00
Renaissance Eastern European Fund A 485.46 - -3.39 0.00
Renaissance Eastern European Fund B 104.35 - -0.73 0.00
Renaissance Ottoman Fund 136.02 - -0.47 0.00
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
www.robeco.com/contact
FCA Recognised
Asia-Pacific Equities (EUR) 104.02 - -0.24 0.00
Chinese Equities (EUR) 57.46 - 0.29 0.00
Em Stars Equities (EUR) 152.82 - -0.56 0.00
Emerging Markets Equities (EUR) 132.44 - -0.20 0.00
Flex-o-Rente (EUR) 107.28 - 0.02 0.00
Glob.Consumer Trends Equities (EUR) 113.63 - -0.54 0.00
High Yield Bonds (EUR) 116.07 - 0.09 0.00
Lux -O- Rente (EUR) 126.42 - 0.17 0.00
Natural Ress Equities (EUR) 77.37 - 0.03 0.00
New World Financials (EUR) 41.78 - -0.21 0.00
RobecoSAM Sust.Agrib.Eq.D 118.90 - 0.05 0.00
US Premium Equities (EUR) 151.54 - -0.11 0.00
US Premium Equities (USD) $ 169.60 - -0.12 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FCA Recognised
RBSG Investment Programmes
RBSG Global Investment Grade Bond GBP Series 6 123.55 - 0.26 2.57
RBSG UK Sovereign Bond Index Programme Series 6 10.89 - 0.00 3.11
Fund Bid Offer D+/- Yield
S W Mitchell Capital LLP (CYM)
Regulated
S W Mitchell European Fund Class A EUR 281.78 - 15.35 -
S W Mitchell Small Cap European Fund Class A EUR 187.18 - 1.09 -
The Charlemagne Fund EUR 289.35 - 10.97 -
S W Mitchell Capital LLP (IRL)
Regulated
SWMC European Fund B EUR 14240.07 - -47.36 0.00
SWMC Small Cap European Fund B EUR 11617.15 - 5.30 0.00
SWMC Emerging European Fund B EUR 10112.03 - -47.86 -
RobecoSAM (LUX)
Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A 13.34 - 0.00 1.06
RobecoSAM Sm.Materials/A 120.73 - -0.02 0.04
RobecoSAM S.Climate/A 72.00 - -0.04 0.14
RobecoSAM S.Global Eq/B 137.55 - -0.79 0.00
RobecoSAM S.HealthyLiv/B 133.34 - -0.95 0.00
RobecoSAM S.Water/A 148.67 - -0.24 0.80
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 103.26 107.54 -0.24 3.45
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Asset Selection Fund EUR 13.52 13.52 0.04 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 147.77 - -1.14 0.00
LTIF Classic 272.90 - -2.11 0.00
LTIF Em.Mkt Value 77.32 - -0.63 0.00
LTIF Natural Resources 82.33 - -0.17 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 207.00 - 1.30 0.68
LTIF Stability Inc Plus SFr 199.70 - 1.20 4.03
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FCA Recognised
SKAGEN Global 124.20 - 0.01 0.00
SKAGEN Kon-Tiki 71.90 - 0.03 0.00
SKAGEN Vekst 183.56 - 0.88 0.00
SKAGEN Tellus 14.83 - -0.01 0.00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 333.25 - 2.85 0.00
Mid Ocean World Inv $ 496.12 - 3.72 0.00
Pancurri Investment Ltd (Est) $ 1052.59 - 2.51 0.00
SMT Fund Services (Ireland) Limited
Regulated
Monthly Dividend High Yield $ 7.02 - 0.01 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.18 - 0.00 0.00
Monthly Dividend EUR Bd 10.07 - 0.00 0.00
Monthly Dividend CAD Bd C$ 9.94 - 0.00 0.00
Mthly Div US Preferred Secs $ 7.54 - 0.00 0.00
Daiwa Equity Fund Series
New Major Economies $ 10.30 - 0.13 0.00
Standard Life Wealth (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Standard Life Offshore Strategy Fund Limited
Standard Life Wealth (Offshore) Bridge Fund 1.4878 - 0.0032 1.85
Standard Life Wealth (Offshore) Diversified Assets Fund 1.1359 - 0.0015 2.91
Standard Life Wealth (Offshore) Global Equity Fund 1.6293 - 0.0013 1.63
Standard Life Wealth (Offshore) Global Balanced Fund 1.2464 - 0.0000 2.05
Standard Life Wealth (Offshore) Global Balanced Fund 1.3954 - 0.0000 2.01
Standard Life Wealth (Offshore) Global Fixed Interest Fund 1.0309 - 0.0019 2.12
Standard Life Wealth (Offshore) Sterling Fixed Interest Fund 0.8294 - -0.0012 3.04
Standard Life Wealth (Offshore) UK Equity Fund 1.8491 - 0.0036 2.22
Stenham Asset Management Inc
www.stenhamassetmanagement.com
Other International Funds
Stenham Asia USD $ 121.50 - -1.24 -
Stenham Credit Opportunities A Class USD $ 104.75 - 0.34 -
Stenham Emerging Markets USD B1 $ 102.96 - -4.07 -
Stenham Gold USD $ 213.92 - 15.94 -
Stenham Growth USD $ 186.26 - -2.55 -
Stenham Healthcare USD (Est) $ 125.60 - -0.44 -
Stenham Helix USD $ 102.86 - -0.86 0.00
Stenham Managed Fund USD $ 102.22 - -0.84 -
Stenham Multi Strategy USD $ 110.97 - -1.14 -
Stenham Quadrant USD A $ 376.41 - -3.20 -
Stenham Trading Inc USD $ 109.26 - -0.93 -
Stenham Universal USD $ 409.09 - -3.92 -
Stenham Universal II USD $ 153.26 - -1.53 0.00
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 98.48 - -5.27 0.00
Fine Wine PCC Limited - Bordeaux Fund 0.44 - 0.00 0.00
Japanese Synthetic Warrant 741.10 - 7.80 0.00
Japan Synthetic Warrant Fund USD Class $ 9.77 - 0.18 0.00
Renminbi Bond Fund AUD Cls A A$ 111.77 - 2.72 1.79
Renminbi Bond Fund AUD Cls B A$ 113.42 - 2.75 0.00
Renminbi Bond Fund CHF Cls A SFr 114.99 - 2.68 3.36
Renminbi Bond Fund CHF Cls B SFr 114.76 - 2.66 3.15
Renminbi Bond Fund CNH Cls A CNH 115.46 - 2.87 3.39
Renminbi Bond Fund CNH Cls B CNH 115.23 - 2.86 3.17
Fund Bid Offer D+/- Yield
Renminbi Bond Fund Euro Cls B 115.15 - 2.70 3.13
Renminbi Bond Fund GBP Cls B 115.78 - 2.76 3.13
Renminbi Bond Fund SGD Cls B S$ 115.45 - 2.75 3.13
Renminbi Bond Fund USD Cls B $ 115.75 - 2.76 3.22
Renminbi Bond Fund YEN Cls B 11950.32 - 284.18 0.00
Renminbi Bond Fund USD Class $ 159.62 - 3.82 3.79
Renminbi Bond Fund GBP Class 154.32 - 3.68 3.73
Renminbi Bond Fund SGD Class S$ 152.96 - 3.65 3.69
Renminbi Bond Fund YEN Class 17668.00 - 422.00 0.00
Renminbi Bond Fund EUR Class 105.92 - 2.49 3.77
Poland Geared Growth 0.62 - -0.03 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 91896.00 - 136.06 0.00
Strat Evarich Japan Fd Ltd JPY 97762.00 - -1503.00 0.00
Strat Evarich Japan Fd Ltd USD $ 984.98 - -15.84 0.00
Strat Global Innovation fd Ltd EUR 1332.55 - 14.25 0.00
Strat Global Innovation fd Ltd USD $ 1375.95 - 14.80 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 2245.52 - 31.53 0.00
Strategic China Panda Fund Hedged EURO 2196.37 - 30.78 0.00
Strategic China Panda Fund Hedged Sterling 2142.49 - 30.24 0.00
Strategic US Momentum and Value Fund $ 679.57 - -0.42 0.00
Nippon Growth (UCITS) Fund JPY Class A shares 89743.00 - -1234.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 73121.00 - -1005.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 75333.00 - -1036.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1036.54 - -0.61 0.32
Strategic Euro Bond Fund Accumulating Class Shares 1116.24 - -0.66 0.00
Strategic Emerging Europe Fund Hedged Euro Class 1001.36 - 3.41 0.00
Strategic Emerging Europe Fund USD Class $ 1020.05 - 3.49 0.00
Strategic Europe Value Euro Class 140.92 - -0.71 0.00
Strategic Global Bond USD Acc $ 1003.14 - 1.78 0.00
Strategic Global Bond RMB Acc $ 1029.69 - 1.95 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1528.52 - 1.97 0.00
UK Corporate Bond 1397.65 - -2.91 0.00
Gilt 1405.93 - -4.48 0.00
Global Eq (Ex Japan) Index Fund 1.14 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 1.19 - 0.00 0.00
Global Eq (ex Japan) Class JP5 1.10 - -0.01 0.00
Global Eq Ex Japan Index Fund (Hedge) 1.01 - -0.01 0.00
Gbl Govt Bond (Ex Japan) Index 1.09 - -0.01 0.00
Gbl Govt Bond (ex Japan) Class JP4 1.07 - -0.01 0.00
Japan Equity Index Fund 0.78 - 0.00 0.00
Japan Equity Class JP3 0.95 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 8.05 - 0.06 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1092.24 - -12.80 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1213.21 - 2.73 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 26.90 - 0.48 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 1.14 - 0.26 0.00
Toscafund (CYM)
Regulated
Tosca $ 249.08 - -4.81 0.00
Tosca Mid Cap GBP 188.92 - 8.59 0.00
Tosca Opportunity B USD $ 244.98 - 26.10 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 249.36 - -0.32 0.00
International B $ 323.30 - -0.28 0.00
International C 111.45 - -0.11 0.00
Pacific A 267.35 - 1.19 0.00
Pacific B $ 339.39 - 1.53 0.00
TreeTop Global Sicav
Global Opp.A 134.58 - -0.12 0.00
Global Opp.B $ 141.91 - 0.18 0.00
Global Opp.C 171.38 - 0.02 0.00
Sequoia Equity A 112.12 - -0.03 0.00
Sequoia Equity B $ 122.86 - 0.14 0.00
Sequoia Equity C 136.96 - -0.04 0.00
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FCA Recognised
UBS (CH) Equity Fund - Energy (USD) P $ 328.74 - 0.36 0.19
UBS (Lux) Bond Fund - Convert Europe P-acc 145.47 - 0.62 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 166.20 - 0.10 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 11.92 - 0.05 0.00
UBS (Lux) Bond SICAV - USD Corporates (USD) P-acc $ 15.59 - 0.03 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 110.68 - 0.03 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 235.92 - 0.25 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1722.75 - 1.12 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2910.96 - 4.77 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 108.56 - 1.60 0.00
UBS (Lux) Equity Fund - Asia Opportunity (USD) P-acc $ 681.87 - 6.46 0.00
UBS (Lux) Equity Fund - China Opportunity (USD) P-acc $ 683.24 - 2.44 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 172.98 - -0.68 0.00
UBS (Lux) Equity SICAV - Emerging Markets High Dividend (USD) P-acc $ 98.61 - 0.31 0.00
UBS (Lux) Equity SICAV - European Opportunity Unconstrained (EUR) P-acc 133.26 - -0.64 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 21.22 - -0.01 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 10.73 - -0.02 0.00
UBS (Lux) Key Selection SICAV - Global Allocation (USD) P-acc $ 13.47 - -0.01 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 142.39 - 0.07 0.00
Pls contact your adviser for funds in other currencies or for add.
Fund Bid Offer D+/- Yield
Unicapital Investments (LUX)
Regulated
Investments III 122.04 - -1.49 0.00
Investments IV - European Private Eq. 447.83 470.22 2.96 -
Investments IV - Global Private Eq. 544.54 571.77 -27.50 -
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
Value Partners Classic Equity USD Hedged $ 11.51 - 0.11 0.00
Veritas Asset Management LLP (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional
Veritas Asian Fund A USD H $ 272.09 - 3.92 1.03
Veritas Asian Fund A GBP H 312.53 - 4.26 1.04
Veritas Asian Fund A EUR H 233.01 - 2.09 1.01
Veritas China Fund A USD $ 126.58 - 1.04 0.00
Veritas China Fund A GBP 127.99 - 1.05 0.00
Veritas China Fund A EUR 124.79 - 1.02 0.00
Veritas Global Equity Income Fund D USD $ 133.56 - 0.44 4.36
Veritas Global Equity Income Fund D EUR 190.21 - -0.50 4.44
Veritas Global Equity Income Fund D GBP 160.25 - 0.40 4.48
Veritas Global Focus Fund D USD $ 22.92 - 0.03 1.94
Veritas Global Focus Fund D EUR 16.96 - -0.08 1.94
Veritas Global Focus Fund D GBP 23.97 - 0.01 1.24
Veritas Global Focus Fund A GBP 23.15 - 0.01 1.01
Veritas Global Focus Fund A EUR 9.89 - -0.04 1.02
Veritas Global Focus Fund A USD $ 22.11 - 0.03 1.00
Veritas Global Focus Fund C GBP 24.32 - 0.01 0.00
Veritas Global Focus Fund C EUR 17.29 - -0.08 0.00
Veritas Global Focus Fund C USD $ 23.29 - 0.02 0.00
Veritas Global Equity Income Fund A GBP 154.44 - 0.38 4.48
Veritas Global Equity Income Fund A EUR 185.85 - -0.49 4.45
Veritas Global Equity Income Fund A USD $ 129.25 - 0.42 4.37
Veritas Global Equity Income Fund C GBP 169.35 - 0.42 -
Veritas Global Equity Income Fund C EUR 204.08 - -0.53 -
Veritas Global Equity Income Fund C USD $ 141.06 - 0.47 -
Veritas Global Real Return Fund A USD $ 18.70 - 0.01 0.22
Veritas Global Real Return Fund A GBP 10.33 - 0.01 0.00
Veritas Global Real Return Fund A EUR 10.68 - 0.01 -
Retail
Veritas Asian Fund B USD $ 192.01 - 2.77 0.54
Veritas Asian Fund B GBP 230.69 - 3.15 0.47
Veritas Asian Fund B EUR 171.60 - 1.54 0.09
Veritas China Fund B GBP 124.40 - 1.02 0.00
Veritas China Fund B EUR 132.53 - 1.06 0.00
Veritas Global Focus Fund B USD $ 16.01 - 0.02 0.55
Veritas Global Focus Fund B GBP 17.73 - 0.00 0.55
Veritas Global Focus Fund B EUR 11.80 - -0.06 0.55
Veritas Global Equity Income Fund B GBP 143.69 - 0.35 4.50
Veritas Global Equity Income Fund B EUR 172.46 - -0.45 4.46
Veritas Global Equity Income Fund B USD $ 129.58 - 0.42 4.38
Veritas Global Real Return Fund B USD $ 18.17 - 0.01 0.00
Veritas Global Real Return Fund B GBP 10.18 - 0.00 0.00
Veritas Global Real Return Fund B EUR 11.90 - 0.01 0.00
Veritas Asset Management LLP
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 260.82 - -0.62 0.00
Real Return Asian Fund GBP (Est) 277.16 - -0.70 0.00
Real Return Asian Fund EUR (Est) $ 272.01 - -5.85 0.00
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FCA Recognised
Absolute Fund A GBP 10.90 - 0.00 0.56
Asia Pacific A USD $ 19.38 - 0.14 0.82
European Fund A Eur 13.48 - 0.01 1.20
Global Bond Fund Cls A $ 9.66 - 0.01 4.46
Global Equity Fund A GBP 12.50 - 0.02 0.09
JOHIM Equity Fund A GBP 13.03 - 0.02 0.11
JOHIM Sterling Bond Fund A GBP 10.12 - 0.00 5.07
UK Fund A GBP 12.36 - 0.06 2.41
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 108.38 - 0.17 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FCA Recognised
Assetmaster Growth Fund 1.82 - 0.00 0.00
Assetmaster Cautious Fund 1.44 - 0.00 0.00
Assetmaster Balanced Fund 1.55 - 0.00 0.00
Assetmaster Intl Growth Fund 1.69 - 0.00 0.00
Multi Strategy Fund H 2.04 - -0.01 0.00
Chameleon Capital H 1.19 - -0.03 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 819.71 - 0.00 0.00
Winton Futures EUR Cls C 229.94 - 0.00 0.00
Winton Futures GBP Cls D 250.25 - 0.00 0.00
Winton Futures GBP Cls F 96.54 - 0.00 0.00
Winton Evolution USD Cls F $ 1321.18 - -75.51 0.00
Winton Evolution EUR Cls H 1038.76 - -59.45 0.00
Winton Evolution GBP Cls G 1051.17 - -58.61 0.00
Winton Futures JPY Cls E 16070.94 - 0.00 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.47 - -0.01 0.00
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth 5354.00 - 6.00 0.00
Yuki Mizuho Japan Income 9080.00 - -4.00 0.00
Yuki Mizuho Japan Large Cap 5968.00 - 1.00 0.00
Yuki Mizuho Japan Low Price 17360.00 - -33.00 0.85
Yuki Mizuho Japan Value Select 8745.00 - 35.00 0.00
YMR Umbrella Fund
YMR N Growth 12491.00 - 13.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 9653.00 - -47.00 0.00
Fund Bid Offer D+/- Yield
Yuki Chugoku Japan Low Price 8661.00 - 34.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 8455.00 - 46.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 15565.00 - 49.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised
Memnon European Fund I GBP 125.24 - 0.71 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78 - -0.96 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Data Provided by Morningstar
www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Full fund performance data at
www.ft.com/funds
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OCTOBER 4 2013 Section:Stats Time: 3/10/2013 - 19:03 User: watsonl Page Name: UT6 EUR, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Oct 3/Pence)
3i 358.20 -3 391.30 204.60 2.3 18.4 2227
AberAsM 378 +4 492.20 309.90 3.5 16.5 5543
ABG 154.40 -4.5 499.48 93.50 6.3 11.9 394
Admiral 1.22kxd -3 1.4k 978.25 7.7 12.5 231
Aegis 239.85# - 240 231.70 1.3 25.9
Aggreko 1.48kxd -29 2.37k 1.44k 1.7 14.8 717
Alent 341.10xd -12.4 413.50 300 0.8 26.2 106
Alliance 425.40 -1.5 466.52 363.01 2 48.1 556
AMEC 1.07k +1 1.16k 961 3.6 14.2 822
Amlin 412.50 +8.2 444.80 361.20 5.9 9.4 1065
AngloAmer@ 1.47k -30 2.09k 1.2k 3.8 - 3311
Antofagsta 815xd -9 1.32k 783 7.8 8.8 2730
ARM 982xd -14.5 1.11k 570 0.5 - 4669
AscBrFd 1.88k +15 2.04k 1.29k 1.6 19.7 851
Ashmore 385 -.9 436 319.30 4.2 12.2 820
AstraZen @ 3.2k +8.5 3.54k 2.79k 6 13.2 1709
Aviva 413.10 +5.6 422.60 292.50 3.5 - 19782
Babcock 1.21k -2 1.23k 919 2.2 22.9 778
BAE SYS 451.40 +3.1 471 300.80 4.4 15.3 5203
BalfourB 281.60 -1.3 321.45 206.70 5 - 1275
Barclays @ 273xr +.45 312.41 198.14 2.2 - 56574
Berkeley 2.13k +12 2.37k 1.38k 3.5 13.5 301
BG @ 1.18k -7 1.36k 991 1.5 14.5 6891
BHP Bltn 1.8k -24 2.25k 1.64k 4.4 0.2 7267
BlckRckWld 465 -6 623.50 420.80 4.5 20.4 186
Booker Grp 133.10 +1.7 141 93 2 26.9 1744
BP @ 437.15 +4.85 485.43 407.95 5.6 22.6 55423
BrAmTob @ 3.19k +12 3.81k 3.06k 4.3 15.4 5086
BritLand 576xd -1 659.50 506 3.9 18.2 3046
BSkyB 881.50 +8 905.50 703.75 3.4 14.5 1852
BT @ 347.70 +.7 350.60 212.50 2.7 13.3 28816
Bumi 212.50 +2.5 456.71 144.10 - - 55
Bunzl 1.33k -5 1.42k 994.15 2.2 22 591
Burberry 1.63k -7 1.69k 998 1.8 26.8 609
bwin.party 121.20xd +.7 159.50 100.80 2.9 10.5 1860
CairnEng 261.80 -2.3 309.60 250.70 - 10.6 1897
Cap&Count 336.70 +1.6 366.50 215.50 0.4 6.6 392
Capita 1.01kxd -6 1.06k 704 2.4 25.2 1365
Carillion 310.50xd -5.2 334 240 5.6 8 2428
Carnival 2.05k +8 2.64k 2.02k 5.2 23 1320
CatlinGrp 486.90 +12.7 597 448.90 5.5 4.8 866
Centrica @ 366.30xd -3.7 403.20 308.80 4.6 14.4 17184
Cobham 286.70 -1.9 312.60 186.50 3.2 21.8 2067
Compass @ 848 +3.5 917 670.50 2.6 24.7 3640
CRH 1.47kxd -30 1.88k 1.09k 3.6 32.3 1444
Croda 2.68k +9 2.85k 2k 2.3 19.9 624
Daily Mail 749 -3 842.50 443.75 2.4 22.9 348
Diageo @ 1.95k +7.5 2.15k 1.74k 2.4 18.6 3510
Drax Group 678.50xd -7.5 722 500 2.9 13.2 1038
DrwntLdn 2.4kxd +11 2.55k 1.93k 1.2 7.2 278
easyJet 1.31k -6 1.47k 578 1.6 24.9 1775
ENRC 212.70 -1 423.20 199.40 - 31 714
EssarEngy 129.70 +.8 155.10 114.58 - - 287
EVRAZ 124.10 -1.5 329.67 89.60 - - 1222
Experian 1.16k -13 1.29k 975 1.9 67.2 3750
Ferrexpo 173 -2.6 289.66 130.10 4.9 8.3 944
FirstGrp 123.70xR +3 200.65 90.30 - 8.1 6360
For & Col 362.30xd +1.2 383.70 303.70 2.4 48.5 376
Fresnillo 910 -25 2.03k 846 3.3 20.8 1762
G4S 253.10xd -1.5 315.80 203.60 3.5 - 7407
GKN 344.50 +.6 364.90 200.84 2.1 15.7 12269
GlaxoSmh @ 1.57k +24.5 1.82k 1.31k 4.8 18.9 10789
GlencoreXst @ 330 -4.15 399256.05 3 24.7
17740
Halma 561.50 -2 586.50 408.90 1.9 24.3 293
Hammersn 501.50 +2 556.50 450.40 3.2 22.9 2791
Hargr Lans 978.50 -3 1.04k 622.12 2.5 30.8 255
HikmaPhm 1.05kxd +3 1.13k 713.18 1.3 23.7 312
Hiscox 662.50 -5.5 669 456.28 2.7 13.2 461
Hochschild 154.20 -.8 526.50 135 1.3 5.9 1454
HSBC @ 669.50xd +2.1 772.50 574 4.2 18.4 24556
Hunting 804 -4.5 947.14 716 2.3 16.6 233
IAG 342.40 -3.6350.10 149.80 - - 6264
ICAP 362.60 -.4 426.30 272.80 6.1 16.1 1798
IG Group 574xd +2.5 615 413.80 4.1 14.7 1993
ImgnTech 306.30 -18.7 559.50 234.50 - 66.3 817
IMI 1.46kxd -13 1.53k 897.50 2.3 19.3 847
ImpTob @ 2.24k +16 2.55k 2.11k 4.9 12.8 2940
Inchcape 610.50 +3.5 655.50 351.20 2.7 15.6 1213
Informa 519 +.5 550 377.70 3.6 15.7 874
Inmarsat 705xd - 749 534.50 4.4 18.8 431
InterC Htls 1.8kxa -9 1.96k 1.43k 13.3 17.2 673
Intertek 3.2kxd -65 3.51k 2.69k 1.3 28.3 1019
INTU 320.30 +.6 369.80 297.40 3.7 10.3 1395
Invensys 495.60 -1.4 517.50 214.72 1.2 - 3441
Investec 399.20 -.1 515 356.40 4.5 10.3 1687
ITV 175.50 +.8 186.20 81.33 3.9 23.3 14482
JardineL 943 -4 960 716.50 2.8 19.1 64
JohnsoM 2.81k +19 3.02k 2.15k 2 20.6 323
Kazakhmys 254.10 -7.9 839.50 230 2.2 - 1223
Kenmr 28.29 -.21 42.95 23.33 - - 1664
Kingfshr 380 +3.1 421.60 260.90 2.5 12.2 5171
Ladbrokes 171.20xd +3.8 245 165.40 5.2 11.6 8968
LandSecs 919xd -2 1.01k 746 2.6 21.3 1495
Leg&Gen 195 -.8 205.40 130 4.1 13.2 18476
LlydsBkg @ 75 +.54 78.78 36.74 - 10.7 150719
Lonmin 308.60 -5.3 386 226.96 - 8.7 1182
LSE 1.55k -9 1.67k 913.50 1.9 19.5 461
Man 80.30 -.8 136 70.60 13.5 - 11989
Marks&Sp 499.20 - 520.50 340 3.4 17.1 3550
Meggitt 539xd -1 575 363.56 2.3 18.6 1470
MelroseInd 296.10xa -2.1 312.70 198.20 2.6 46 3023
Mlnm&Cth 562xd +4 590 456 2.4 16 87
Mondi 1.05k +2 1.12k 615 2.5 - 1470
Morrison 276.10xd +1.3 320.29 247.50 4.4 10.5 13137
Natl Grid @ 739.50 -3.5 849.50 678 5.5 11.8 7449
NewWldRes 93.25 -6.75 339.40 51.50 - - 200
Next 5.14k - 5.26k 3.44k 2.1 14.9 373
Old Mutl 186.70xd +.7 223.90 165 3.9 9.2 10501
Pearson 1.23k +1 1.37k 1.09k 3.8 26 3393
Pennon 690.50xd -4.5 740 589 4.1 24.3 1107
Persimn 1.09k -13 1.32k 93.88 - 16.3 1332
Petrofac 1.4kxd -12 1.75k 1.16k 3 12.4 797
Petropvlsk 74.50 -4.25 464.30 63 2.7 4.3 3282
PolymtIntl 626 -22 1.23k 439.50 8.1 9.2 947
PremOil 331.30 -.8 405 314.30 1.5 8.8 2672
Providnt 1.65k -13 1.8k 1.27k 4.8 14.7 205
Prudential @ 1.18k -2 1.27k 801.50 2.6 17.5 5387
PZ Cusns 410.20 -1.7 439.50 298.50 1.8 27.2 123
RBS @ 366.70 -.2 380.60 69.83 - 9.9 10091
ReckittB @ 4.39k -14 4.99k 3.56k 3.1 18.4 1412
Reed Els @ 825.50 -2 860 590.25 2.9 13 2788
Rentokil 108.40 -.3 111.60 81.25 2 43.4 3704
Resolution 321.70xd +1.4 342.40 204.78 6.6 - 1604
REXAM 481 +2.9 550.50 429 3.3 14.8 2585
Rightmove 2.34k - 2.51k 1.43k 1.1 34.7 123
RioTinto @ 3k -28 3.87k 2.58k 3.8 10.8 4547
RIT Cap 1.23kxd -8 1.29k 1.05k 1.1 - 128
RndgldRs 4.33k -63 7.89k 3.93k 0.7 16.3 596
RollsRoyce@ 1.11k -15 1.25k 115.72 1.4 29.2 5565
Rotork 2.74k -7 3.1k 2.2k 1.6 25.6 101
RSA Ins 119.90xd +1.7 137.30 107.30 5.2 11.2 23276
RylDShlA @ 2.03k +17 2.68k 1.99k 5.1 7.7 3269
RylDShlB 2.12k +10 2.37k 2.09k 5 9.7 3458
SABMiller @ 2.99k -45 3.68k 2.59k 2.3 - 6311
Sage 333.90 +.7 371.90 289.07 8.4 17.8 3665
Sainsbry 388.70 +3.4 403.30 315.83 4.3 11.9 4045
SchrdrsNV 2.17k +13 2.19k 1.17k 2.1 20.4 325
Schroders 2.57k -13 2.64k 1.49k 1.8 23.3 366
ScottMort 928.50 -.5 943 667.50 1.5 59.6 118
SEGRO 312.90xd -.8 321 221 4.1 - 1876
Serco 532.50xd -5.5 689 507.50 2 10.2 1375
SevernTr 1.78k -5 2.2k 1.5k 4.3 18.6 785
Shaftbry 597 -1 670 520 1.6 11.2 602
Shire 2.44k -6 2.6k 1.68k 0.5 24.1 2606
SmithNph 765 +5.5 805.50 636 2.4 13.9 1015
Smiths 1.36k -26 1.46k 1.02k 5.1 15.6 1844
Spectris 2.2k -17 2.51k 1.54k 1.8 18.3 176
Spirax-S 2.96kxa -37 3.1k 1.9k 1.7 22.6 185
SportsDirect 698 -10.5 732.50 338.46 - 25.5 1114
SSE @ 1.47k -16 1.69k 1.36k 5.7 17.9 1619
St Jms Pl 618 +.5 643 362 2.1 18.5 710
Stagech 329.30 -.1 338.70 264.30 2.6 11.8 500
StandardLf 345.40xd +1 437.40 261.54 4.3 13.7 5526
StandCh @ 1.47kxd -.5 1.86k 1.38k 4 10.9 7186
TalkTalk 251.20 +3.1 277.50 174.40 4.1 22.2 1362
Tate&Lyl 739 -.5 889.50 662.50 3.5 13.7 2105
Taylor Wmpy 100.20 -.4 115.50 54.40 0.6 14.9 7268
TelecityG 820 -17.5 1.03k 764.50 1 27.3 868
TemptnEm 548 +5 681.93 514 1.1 64.9 518
Tesco @ 365 +7 388.05 306.40 4 13.6 42551
TravisPkn 1.67k +7 1.73k 1.04k 1.6 18.4 787
TUI Travel 369.80xd +5 401.50 229.08 3.3 14.9 2705
Tullow 1k -9 1.49k 931 1.2 18.3 2251
UBM 719xd +2 795 627 3.7 15.8 673
Unilever 2.37k +48 2.91k 2.24k 3.6 - 5473
UtdUtils 694.50 -10.5 795 617 4.9 16.2 2307
Vedanta 1.06k -31 1.35k 966 3.8 45.1 1014
Vesuvius 445xd +.2 530 250 3.2 - 581
Vodafone @ 222 +3.05223.20 154.20 4.1 14.1 118374
Weir 2.26kxd -45 2.49k 1.65k 1.7 16.7 1171
Whitbrd 2.98k +24 3.31k 2.24k 1.9 18 686
WillimH 413 +1.7 494.60 292.26 2.6 13.9 21278
Wolseley 3.2k -54 3.48k 2.6k 2.1 20.1 1368
Wood (J) 793 -.5 927 632 1.6 16.3 1518
WPP 1.26k -1 1.31k 766 2.4 20.2 2940
NYSE
(Oct 3 / 1:00 pm/US$)
3M @ 118.23 -.97 122.27 86.97 2.1 18.5 255
AbbottLb @ 33.45 -.45 38.77 29.98 1.7 63.6 718
Accenture @ 73.17 -.34 84.22 64.30 2.4 14.9 206
ACE @ 92.39xd -1.74 95.90 75.82 2.1 9.8 98
AdvMicroD 3.87 -.03 4.65 1.81 - - 1722
AEP @ 43.36 -.52 51.59 40.57 4.4 17.4 278
AES Corp 13.18 -.17 14 9.53 1.2 - 169
Aetna @ 64.33 -.43 69.19 39.52 1.2 12.8 94
AFLAC @ 62.27 -.94 63.62 47.25 2.2 8.6 118
AgilentTec 51.09xd -.48 53.20 35.39 0.9 19 121
AGL Res 45.12 -.65 47 36.90 4.1 17.2 37
Airgas 108.51 -.81 109.36 78.74 1.6 25 61
AirProd 105.29xd -1.87 114.74 76.78 2.6 22.5 103
Alcoa 7.90 -.12 9.37 7.64 1.5 - 2020
Allergan @ 90.11 -.29 116.44 81.34 0.2 22.9 187
Allstate @ 50.31 -.88 52.98 37.92 1.9 10.8 182
Altria @ 34.56xd -.19 37.60 30.01 5.2 15.8 505
Amer Intl @ 48.51 -.71 50.99 30.64 0.2 10.9 810
Ameren Cp 34.48 -.46 36.73 28.44 4.6 - 92
AmerExpr @ 73.52xd -1.06 78.62 53.02 1.2 18.1 384
Amerip Fin 90.25 -1.91 94.45 55.67 2.1 15.8 97
Amertitrad 25.97 -.32 28.12 15.21 3.3 23.2 112
AmerTwrA @ 73.30xd -.69 85.25 68.04 1.4 45.8 233
AmsrceBrgn 61.29 -.91 62.50 38.69 1.4 24.2 66
Anadarko @ 93.03 -1.65 96.75 0.01 0.5 27.5 163
AOL 34.94 -.85 42.12 29.16 14.7 27 47
Aon Cp @ 72.52 -1.11 76.30 51.78 0.9 23.2 115
Apache @ 85.38 -.69 89.16 67.91 0.9 13.6 169
ArcherDan @ 36.63 -.55 38.80 24.38 2 20.4 269
AT&T @ 33.69 -.25 39 32.71 5.3 25.4 2141
AutoZone 419.42 -3.58 452.02 342.04 - 15.5 10
AvalnbyCom 126.17xd -2.71 141.85 121.40 3.3 79.8 46
AvonProds 20.46 -.45 24.71 13.71 1.2 - 158
BakerHu @ 48.83 -.8 50.87 39.44 1.2 21.9 348
Ball 44.74 -.75 48.48 41.13 1.1 20 82
BankAm @ 13.88 -.18 15.03 8.85 0.3 31.6 5736
Bard (C R) 113.90 -2.62 121.13 94.11 0.7 54.1 63
Baxter @ 64.52 +.63 74.59 59.84 2.9 16 435
BB &T @ 33.34 -.48 36.58 26.86 2.7 13.7 297
Beam 66.05 -.76 69.78 52.83 1.4 26.2 48
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
BectonDick 99.31 -1.34 104.98 74.18 2 17.8 48
BerkHatA @ 169.3k -2200 178.9k 126.05k - 15.6
BerkHB 112.99 -1.42 119.29 83.85 - 17 366
Best Buy 37 -.66 39.28 11.20 1.8 - 196
BkNYMeln @ 29.76 -.7 32.36 22.63 1.9 18.5 635
BlackRock @ 267.07 -4.14 297.91 175.49 2.4 17.3 40
Blackstone 25.27 -.08 25.60 13.31 4.2 23.5 349
Block 27.67 -.27 32.08 16.53 2.9 17 217
Boeing @ 115.04 -2.8 120.38 69.20 1.6 21 352
BorgWrnr 100.61 -1.7 103.13 61.08 0.5 21.9 36
BostonPrp 105.37xd -2.19 115.84 98.21 2.5 26.6 40
BostonSci 11.57 -.18 12.16 5.04 - - 482
BrisMySq @ 46.40xd -.53 49.57 30.64 3 56.5 562
Brwn-FmnB 67.64 -.71 74.26 59.11 7.4 24.9 73
Cameron 59.81 -.66 67.41 47.65 - 20.3 101
Campbell 40.84 -.12 48.51 34.30 3.6 18.8 168
CapOne @ 68.56 -.99 70 50.28 1 9.2 194
CardinalH 52.85xd -.36 53.92 38.76 2.2 - 226
Carefsn 37.22 -.31 39.38 26.04 - 21.4 107
Carmax 47.98 -.87 52.45 28.29 - 22.5 48
Carnival @ 32.23 -.1 39.95 32.07 4.7 22.7 438
Caterpillar @ 83.84 -.23 99.70 79.50 2.6 13.2 381
CBRE Gp 22.55 -.69 25.69 16.86 - 25.2 151
CBS @ 55.01 -.46 57.47 32.29 0.9 19.8 149
Centrpnt 24 -.41 25.60 18.79 3.4 54.1 270
CenturyLk @ 31.17 -.44 42.01 31.09 7.5 18 454
CharlesSch 20.97 -.32 22.83 12.47 1.1 31.3 470
ChesapEgy 25.91 -.26 27.46 16.23 1.4 - 312
Chevron @ 118.26 -2.57 127.82 100.66 3.2 9.6 911
ChipMexG 422.75 -4.39 430.05 234 - 44.6 33
Chubb @ 88.23xd -1.06 90.70 73.30 2 - 50
Cigna @ 78.03 -.39 84.68 47.31 0.1 15.7 148
Citigroup @ 48.26 -.45 53.56 32.70 0.1 15.4 2147
ClisNat 20.95 -.5 46.50 15.41 5.1 - 325
Clorox 82.20 -.48 90.09 71.17 3.3 19.1 89
CMS Egy 25.95 -.5 29.94 22.56 3.9 16 306
CNAFin 37.32 -.24 39.93 26.80 2 15.4 16
CnstelBdA 59.17 +.91 60.58 28.52 - 31.3 357
Coach 54.32 +.02 61.93 45.88 2.3 15 270
Coca Cola @ 37.25xc -.18 43.43 35.58 2.9 19.7 1555
CocaCoEnt 40.09 -.63 41.48 29.29 1.9 19.1 100
ColgPalm @ 59.08xc -.35 62.69 51.42 2.3 24.7 289
Comerica 39.01 -.29 43.49 27.72 1.7 14.2 99
CompSci 51.45xd -.7 54.80 30.15 1.6 12.6 47
ConagraFds 30.45 -.17 37.28 27.48 3.3 19.3 573
ConocPhil @ 69.71 -.65 71.09 53.96 3.8 11.3 414
ConsEdsn 34.71 +.18 37.39 26.25 1.4 64.2 207
ConsolEd 54.54 -.66 64.02 53.63 4.5 15.9 138
Corning @ 14.29 -.24 16.43 10.71 2.7 11 1059
Covidien @ 60.46 -.31 64.09 48.54 1.8 16 189
CSX @ 25.58 -.49 26.89 18.88 2.3 13.9 410
Cummins @ 131.64 -3 136.50 85.88 1.6 17.5 74
CVS @ 56.62 -.48 62.22 44.34 1.6 16.8 763
Danaher @ 67.69xd -1.44 70.94 50.75 0.1 19.3 203
DardenR 45.55 -1.02 56.15 44.12 4.6 16.2 95
Davita 57.40xc -.54 65.67 51.45 - 20.8 62
Deere @ 82.29xd -.01 95.60 79.50 2.4 9.4 322
DenburyRs 18.50 -.42 19.64 14.24 - 16.9 488
DevonEngy @ 57.90 -.39 63 50.82 1.5 - 111
DiamOfsh 62.08 -.63 76.84 61.79 5.6 12.4 46
DiscvrFin 49.76 -.94 53.35 37.24 1.3 11.2 135
Disney @ 64.03 -.85 67.89 46.55 1.2 19.4 773
DominRes @ 61.84 -.5 64.04 48.94 3.6 - 271
Dover 88.23 -1.98 92.76 54.90 1.6 16.6 35
DowChem @ 38.37xd -.33 41.08 27.45 3.3 18.5 492
DrPepper 43.60xd -.4 50.37 42.11 3.4 14.9 73
DTE Engy 65.09xd -1.23 73.32 58.20 3.9 16 79
DukeEner @ 66.50xa -.75 75.46 59.63 4.6 23.8 230
DuPont @ 57.96 -1.03 60.86 41.68 3 22.8 203
Eaton 68.27 -.99 71.35 44.36 2.4 20.6 150
Ecolab @ 97.08xd -2.43 99.56 63.42 0.9 34.8 75
EdsnInt 45.63xd -.48 54.19 43.13 3 11.2 213
EdwLifesc 71.93 +.1 110.79 62.35 - 21.1 67
EMC @ 25.20xd -.52 27.89 21.45 0.8 20 2728
Emerson @ 63.58 -.85 66.77 47.12 2.6 31 373
Entergy 63.40 -.63 72.98 61.09 5.2 12 95
EntPrdPrt 60.42 -1.08 65.59 48.54 4.4 21.8 47
EOG Res @ 170.33 -2.03 173.89 107.80 0.4 46.4 93
EqResPrp @ 52.95xd -1.13 60.97 50.27 3.7 - 97
EQT 86.15 -.84 94.35 56.57 0.4 48.7 138
EsteeLdrA 69.40 -1.01 72.70 56.05 0.8 26.9 61
Exelon @ 29.22 -.49 37.80 28.40 5.7 21.6 334
ExxonMob @ 85.37 -.71 95.49 84.70 2.8 10.7 839
Fedex @ 112.49 -2.79 118.29 84.22 0.5 22.4 142
FidltyNFn 26.23 -.23 27.16 20.91 2.4 9.7 76
FirstEgy 36.74 -.33 46.76 35.46 6 50 160
Flowsrve 61.08xa -.76 63.64 42.32 0.9 19.7 86
Fluor 71.34 -1.86 74.72 51.11 0.9 25.1 100
FMC Tech 56 -.99 59.26 39.31 - 33.4 111
Ford @ 16.89 -.32 17.77 9.71 2.1 11.1 3162
ForestLabs 42.96 -.15 44.95 31.72 - - 125
Franklin @ 50.34xa -.58 56.52 40.68 2.8 15.1 112
Freeport @ 32.92 -.59 41.48 26.34 3.8 11.7 667
GAP @ 40.39 -.47 46.56 29.84 1.5 14.9 459
GenDyn @ 85.37 -2.14 89.94 61.71 2.6 - 172
GenElectr @ 23.91xd -.42 24.95 19.88 3.2 17 3709
GenMills @ 47.49 -.52 53.07 39.07 3 17.8 293
GenMot @ 35.37 -.57 37.97 22.69 2.1 12.7 1309
GenuineP 79.52 -1.71 85.41 59.53 2.7 17.9 100
GoldmSchs@ 156.05 -2.62 169.75 113.84 1.3 9.5 211
Grainger 261.98 -2.67 276.37 184.78 1.3 25.4 29
Halliburton @ 48.22 -.87 50.50 29.84 1 24.5 533
HarleyDavid 64.47 -.89 65.85 40.59 1.2 20.8 76
Harris 58.40 -.53 59.78 41.10 2.6 14.1 62
Hartford 30.53 -.53 32.57 19.38 1.5 - 359
HCP @ 39.85 -1.92 56.04 38.93 5.2 20.5 614
Helm&Pyn 71.51 -.4 72.15 44.96 1.8 10.9 103
Hershey 90.83 -1.19 98 68.09 1.9 28.5 31
Hess @ 79.76 -.2 81.09 48.22 0.7 8.1 239
Hew-Pack @ 20.89 -.51 27.77 11.35 2.7 - 1120
Hillshire 30.56xd -.27 37.28 24.97 1.8 20.5 56
HlthCare 61.51 -1.27 80.05 56.89 4.9 - 178
HomeDep @ 75.78 -.54 81.56 58.75 1.9 22.4 435
Honywell @ 81.22 -1.62 87.54 58.29 2 20.3 137
HormelFd 41.52 -.69 44.22 28.47 1.6 22.3 41
HortonDR 19.12 -.42 27.74 17.53 1.4 15.6 698
Hospira 38.31 -1.11 42.60 28.63 - - 54
Host H&R 17.66xd -.45 19.02 13.61 2.4 - 279
Humana 94.37xd -.5 99.83 63.99 1.1 10 51
IBM @ 183.67 -1.29 215.90 181.10 2 13.1 400
IllinoisTool @ 74.72xd -.82 78.56 58.20 2.1 14.2 125
IngersollR 64.29 -.89 66.61 43.85 1.3 20.2 97
Int.Paper 43.91 -.69 50.32 32.95 2.8 13 461
Intercont 186.80 +2.69 188.78 122.77 - 25 103
Interpubl. 16.80 -.31 17.55 9.38 1.7 21.5 223
IntlFl&Fr 80.97xd -1.15 84.87 60.03 1.7 24.1 16
IntlGmeT 18.87xd -.28 21.20 12.37 1.8 16.8 221
INVESCO 31.70 -.66 35.01 22.95 2.5 18.9 247
IronMount 26.10xd -.49 39.70 25.53 8.1 39.9 85
JacobsE 57.20 -1.42 62.33 38.28 - 17.8 30
JMSmckr 104.42 -.53 114.71 81.60 2 20.2 27
John&John@ 86.75 -.54 94.41 67.80 2.9 19.3 616
JohnsonCn @ 40.94 -.53 43.49 24.75 1.9 26.5 334
JPMrgnCh @ 51.58xd -.51 56.93 38.83 2.6 8.6 1235
JuniperNtw 20 -.18 22.97 15.62 - 33.6 357
Kellogg @ 58.78 -.11 67.98 51.27 3 22.2 164
Keycorp 11.34 -.08 12.63 7.81 1.9 13.3 1034
Kimb-Clark @ 94.31 +.05 106.54 82.15 3.4 20.1 134
Kimco Real 19.68xd -.5 25.09 18.11 4.3 57.8 287
KindMnE 79.45 -.94 92.97 74.76 6.5 24.2 44
KohlsCp 52.15 -.39 55.24 41.36 2.6 12.3 139
Kroger 40.08 -.5 41.42 23.10 1.5 13.4 292
L3 Comms 91.92 -2.01 96.70 71.74 2.3 10.9 62
LabCpAmer 99.09 -.74 101.88 82.15 - 16.6 27
LasVegasSd@ 65.82 -.79 67.35 37.84 6.2 28.8 466
Lennar 35.58 -.52 44.40 30.90 0.4 18 337
Leucadia 27.29 -.44 32.43 19.45 0.7 7.8 197
Lilly (E) @ 48.81 -1.73 58.40 44.90 4 10.9 1215
Lim.Brands 61.22 -.41 61.98 42.49 6.8 22.4 77
LincolnNat 41.48 -.83 45.46 23.09 1.2 9 165
Lockheed @ 122.21 -2.87 131.59 85.88 3.9 13.7 200
Loews 46.38 -.67 47.92 39.57 0.5 27.7 117
Lorilliard 45.21xa +.06 46.79 36.70 4.8 14.1 265
Lowes @ 47.74 -.67 49.17 30.05 1.4 24 442
LSI 7.86 -.12 8.08 5.99 0.4 42.7 1902
M&TBkCp 110.51 -.92 119.54 95.03 2.5 12.5 45
Macys 43.77 -.2 50.77 36.30 2.1 12.8 406
MarathonOil@ 34.13 -.47 37.87 28.63 2.1 15.3 345
Marriott 41.95 -.52 44.44 33.93 1.4 21 162
MarshMcL @ 42.97 -.74 44.63 33.10 2.2 18.5 161
MarthnPet @ 64.75 -.59 92.70 52.36 2.3 6.6 337
Masco Cp 20.75 -.47 22.94 14.07 1.4 - 226
Mastercard@ 665.18 -11.13 693.50 447.42 0.3 27.5 35
McDonalds @ 94.80 -.48 103.70 83.32 3.3 17.4 458
McGrawH 65.72 -.93 67.22 42.08 5.5 20.5 44
McKesson @ 129.10 -1.45 133.33 85.57 0.7 22.2 73
Mdwstvco 37.45 -.66 39.38 27.94 2.7 41.4 83
MeadJohnN 74.02 -.23 86.87 61.28 1.8 24.8 102
Medtronic @ 52.72xd -.8 55.98 40.29 2 15.2 277
Merck @ 48.44xd +.07 50.16 40.10 3.6 28.8 1454
MetLife @ 46.34 -.76 51.64 30.55 1.6 - 223
MGMRsts 20.35 -.35 20.90 9.15 - - 570
Mohawk 130.92 -2.87 134.74 77.72 0 33.8 43
MolsonB 49.53 -.66 53.70 39.46 2.6 15.9 44
Monsanto @ 104.25xd +.21 109.33 82.70 1.5 22.7 390
Moodys 69.75 -1.25 71.74 40.70 1.2 20.9 95
MorganStly@ 26.73 -.39 29.49 15.95 0.7 41.5 969
Mosaic 45 -.6 64.64 39.75 2.2 10.2 342
MotorolaSol 60.51xd -.19 64.72 49.49 1.8 17.2 112
MurphyOil 61.69 -.32 63.23 44.61 2 12.7 122
Nabors 16.72 -.11 18.23 12.75 0.7 15.7 314
NewelRbm 27.16 -.5 28.47 18.80 2.2 20.5 145
NewmontM 27.14 -.39 56.83 26.43 5.1 - 761
NextEraE @ 79.05 -1.36 88.39 66.06 3.3 21.8 274
Nike @ 71.33xa -.56 75.22 44.83 1.2 23.1 321
NiSource 30.42 -.49 31.48 23.15 3.2 21.6 191
NobleCp 37.63 -.56 42.33 33.02 1.7 17 309
NobleEgy @ 65.73xa -2.1 68.43 45 0.8 23 212
Nordstrom 56.45 -.35 63.33 50.95 2.1 15 69
NorfolkS @ 76.84 -1.68 80.99 56.05 2.6 14.2 298
Northrop @ 92.88 -2.3 99.09 62.80 2.5 11.5 100
NtlOilVarc @ 78.52 -.87 82.40 63.09 1 14.5 286
Nucor 48.35xd -.48 51.25 37.70 3 37.1 209
NYSE Eurnxt 42.90 +.4 43.24 22.25 2.8 23.9 197
OccidPet @ 93.96xd -.85 95.56 72.43 2.6 17.1 365
Omnicom 63.13xd -.04 70.50 45.12 2.4 16.9 199
ONEOK 53.09 -.46 55.49 39.39 2.7 38.3 125
ParkHn 106.68 -2.16 110.21 75.81 1.6 17.1 61
PeabdyEngy 17.18 -.4 29.84 14.34 2 - 324
Penney 8.53 -.19 26.97 8.42 7 - 3417
Pepsico @ 79.36 -.2 87.06 67.39 2.8 18.7 403
Pzer @ 28.73 -.28 31.14 23.55 3.3 19.5 2876
PG&E @ 40.36xd -.65 48.50 39.40 4.5 19.2 197
Phillips66 59.11 +.79 70.51 42.45 2.2 8 267
PhilMorris @ 87.29xd -.43 96.72 82.11 4 16.9 503
PinnWstCp 54.50 -.56 61.89 48.73 4 14.1 74
PionrNat @ 193.06xd -2.41195.97 99.75 0 - 211
PlumCreek 46.34 -1.11 54.62 40.60 3.7 31.4 58
PNCFin @ 72.16 -.52 77.92 53.36 2.3 10.8 125
PP&L 30.26 -.43 33.54 27.74 4.8 12.2 315
PPG Inds @ 165.40 -1.24 169.31 113.40 1.5 22.1 41
Praxair @ 119.87 -1.56 124.41 102.84 2 21.4 107
PrecParts @ 228.19 -1.96 238.33 161 0.1 22.2 50
PrinFinGp 42.23 -.79 44.93 25.83 2.2 15.6 90
ProctGmbl @ 75.59 -.34 82.54 65.84 3.1 19.6 940
ProgreOh 27.05 -.23 27.54 19.79 4.7 14.1 482
Prologis 37.71 -1.04 45.52 32.32 3 - 197
Prudential @ 75.83 -2.46 83.21 48.18 1.6 - 279
PublicSVC 32.74 -.63 37 29.06 4.4 13.6 232
PublStor @ 160.49 -3.22 168.66 135.64 3 35.9 53
QEP Res 27.75 -.42 32.92 25.99 0.3 33.7 64
QuestDg 62.29xd -.28 64.85 55.16 1.9 18.5 83
RalphLrn 164.02xd +.01 192.03 144.20 1 20.7 106
RangeRes 75.24 -.47 85.16 61.03 0.2 - 84
Raytheon @ 74.73xd -1.35 81.25 52.24 2.9 12.7 212
Red Hat 44.52 -.75 57.30 44.34 - 54.1 172
Reg.Financ. 9.24 -.09 10.51 6.19 0.9 11.2 1236
RepSrv 32.62xd -.66 35.61 26.26 3 21.6 134
ReynoldsAm@ 48.93 -.21 52.92 39.70 5 17.8 134
Rockwell 105.36 -1.6 109.68 68.31 1.9 20.2 42
RockwlColl 66.24 -1.48 75.23 52.26 1.8 15.2 61
RoperInd 130.07 -1.99 135.54 105.46 0.5 26.2 31
Safeway 31.58xd -.53 32.71 15 2.4 13 201
SAIC 33.29xc +.14 44.14 27.38 4.4 - 33
Salesforce @ 51.88xc -1.27 54.23 34.78 - - 191
Schlmbrg @ 89.12xd -.73 89.98 66.86 1.4 19.2 519
ScrippsNtwk 76.95 -1.08 79.12 55.88 0.7 29.6 30
Sempra @ 85.33xd -.29 89.42 64.47 2.9 21.4 99
SherWil 182.62 -2.07 194.53 138.36 1 28.2 48
SimonProp @ 148.33 -3.26 182.45 142.48 3.1 38.4 90
SouthCpr @ 27.05 -.17 42.02 25.77 12.2 14.1 105
Southern @ 40.64 -.69 48.74 40.56 4.9 20.6 449
SpectraEn @ 34.24 -.57 37.10 26.55 3.6 24.4 135
SprintNext 6.29 -.06 7.49 4.79 - - 1120
Starwood 66.02 -.93 70.16 50.22 1.9 26.1 97
StateSt @ 65.52xd -.42 71.23 41.09 1.6 14.3 302
StJudeMed 54.30xd -.53 55 30.25 1.8 25.6 139
Stryker @ 66.95xd -.79 71.94 51.60 1.6 22.5 76
Suntrust 32.36 -.29 35.80 25.31 0.9 8.2 162
SWAirl. 14.59 -.08 14.83 8.68 0.7 28.1 809
SwestEgy 35.56 -.5 40.33 31.62 - - 210
Sysco @ 31.46xd -.21 36.05 29.75 3.6 18.8 242
TargetCp @ 63.25 -.4 73.50 58.01 2.5 15.2 418
TE Conn 51.37 -.68 54.01 31.74 1.8 17 122
Teradata 53.50 -1.87 77 48.11 - 23.7 149
Teva 37.73 +.12 42.82 36.64 3 78.4 290
Textron 26.80 -.83 31.30 22.84 0.3 15.1 121
TheTrvelers@ 83.92 -.56 88.57 67.77 2.3 10.8 117
ThrmoFshr @ 90.75xd -1.75 94.74 57.21 0.7 25.3 111
Tiany 76.19xd -.15 83.28 55.83 1.7 22.6 63
TimeWrnr @ 65.08 -1.28 66.68 42.61 1.7 17.8 221
TimeWrnrC@ 111.54 -1.18 120.78 84.58 2.3 15.4 79
TJX @ 56.01 -.7 57.14 40.12 1 20.7 226
Torchmrk 70.90xd -.81 73.11 49.10 0.9 12.6 32
TotalSys 29.06 -.63 30 21.10 1.4 23.3 87
TrnsOcean 44.66 -.37 59.50 43.65 4.3 22.6 171
TycoInt @ 34.70 -.21 35.95 26.18 1.8 - 285
UnionPac @ 154.87 -1.26 165.18 116.08 1.8 17.6 154
UNUMGrp 29.88 -.56 32.94 19.04 1.8 9.1 93
UPS B @ 90.18 -1.1 92.10 69.56 2.7 - 222
USBancorp@ 36.30xd -.09 38.22 30.96 2.3 12.3 835
UtdHlthcre @ 72.62 +.05 75.88 51.09 1.4 13.8 296
UtdTech @ 103.06 -1.92 112.42 74.45 2.1 15.3 281
ValeroE 33.91 -.47 44.64 25.48 2.4 6.7 332
VarianMedS 73.76 -1.21 76.69 57 - 18.4 66
Ventas @ 61.91 -1.57 84.10 58.53 4.2 39.4 139
Verizon @ 46.78 -.01 54.30 40.51 4.4 - 1331
VF Cp @ 194.03 -1.77 204.83 142.80 1.8 19.3 42
Visa @ 188.10 -3.72 200.83 135 0.7 22.9 284
Vornado 83.15 -1.11 89.31 71.69 3.5 78 101
VulcanMat. 52.08 -1.6 59.48 44.56 0.1 - 38
Walgreen @ 56.22 -.31 57.39 31.88 2 22 471
WalMart @ 73.17 -.55 79.96 67.37 2.6 14.3 696
WasteMng 40.42 -.8 43.58 30.83 3.6 22.2 159
WatersCp 104.40 -1.25 108.10 78.33 - 18.8 40
Weatherfd 15.74 -.24 16.09 8.84 - - 347
Wellpoint @ 86.15 -.45 90 54.15 1.6 9.4 157
WellsFargo @ 40.76 -.5 44.78 31.25 2.6 11 1617
WestUnion 18.50 -.19 19.10 11.94 2.7 11.7 377
Weyerhsr 28.42 -.65 33.24 24.75 2.7 26 220
Whirlpool 139.38 -2.24 151.83 82.38 1.6 17.4 184
WilliamsCp @ 35.79 -.79 38.54 30.56 3.9 38.7 344
WiscnsnE 40.06 -.55 45 36.02 3.4 16.9 146
XcelEngy 27.31xd -.45 31.79 25.84 4 13.8 235
Xerox Cp 10.33xd -.18 10.57 6.10 2.1 11.2 659
XL Grp 30.81 -.45 33.12 23.15 1.7 10.5 105
Xylem 27.92 -.06 29.78 23.41 1.6 22.4 88
Yum!Brands@ 70.47 -.23 75.12 59.77 2 24 185
ZimmerHld 82.25xd -.77 85.06 61.97 0.9 20.3 148
NASDAQ
(Oct 3 / 1:00 pm/US$)
ActivBlz 16.66 -.13 18.44 10.45 1.1 14 2074
Adobe 50.71 -.81 52.96 31.33 - 57.3 1750
Amazon @ 314.24 -6.27322.92 218.18 - - 1575
Amgen @ 110.58 -2.48 117.91 81.56 1.6 18.6 1057
AnalogDev 46.15 -.65 50 37.82 2.9 22.1 881
ApolloGp 20.34 -.49 29.47 15.98 - 8.3 405
AppldMat 17.30 -.21 17.94 9.95 2.3 - 6413
Apple @ 483.18 -6.38 676.75 385.10 2.4 12.1 6459
Autodesk 41.37 -1.18 42.82 30.20 - 43.2 4148
BedBathB 77.26 -.8 78.88 54.33 - 16.2 451
Biogen @ 235.95 -10.28 248.95 134 - 35 607
Broadcom 25.94 -.46 37.85 23.25 1.7 36.8 2786
CAInc 29.16 -.59 31.43 21.48 3.4 12.7 1137
Celgene @ 151.47 -4.46 157.50 71.23 - 42.3 1240
CH Rob 57.81 -1.31 67.93 53.74 2.4 15.8 702
CheckPnt 56.24 -1.1 59.49 40.60 - 18.3 439
Cisco @ 23.02xd -.3 26.49 16.68 2.8 12.4 17651
Citrix 68.76 -2.02 77.82 56.57 - 41 853
CmcstASp 43.21xd -.49 46 34 1.7 - 641
CME Group @ 73.23xa -.74 79.45 49.79 4.2 26.2 701
Cognizant 83.22 -.54 84.17 60.92 - 22.2 831
ComcastA @ 44.83xd -.62 46.33 34.94 1.7 17.7 4572
Costco @ 114 -.83 120.20 87.33 7.2 24.7 777
Dell @ 13.84xd +.01 14.64 8.69 2.3 18.1 2852
DirectTV @ 59.10 -.69 67.85 47.71 - 12.3 895
EBay @ 54.63 -1 58.04 45.66 - 27 2941
ElectArt 25.23 -.39 28.13 11.80 - 62.2 1569
Expedia 52.54 -.93 68.09 45.69 2 53.2 724
ExpIntWsh 42.96 -1.1 45.48 34.20 1.4 26 627
ExpScripts @ 61.86 -.55 67.66 49.79 - 27.7 1746
Facebook 49.16 -1.12 51.60 18.80 - - 49089
Fifth 3rd 17.86xd -.2 19.79 13.75 2.5 9.3 2739
First Solar 41.97 -1.01 59 19.68 - 11 3503
Fiserv 100.39 -1.4 103.21 72.19 - 23.8 154
Fossil 117.82 -.01 129.25 78.75 - 19.2 262
Garmin 46.32 -.89 47.27 32.52 3.9 17.1 641
GileadSci @ 61.62xa -.78 64.74 32.07 - 43.8 2908
Google @ 875.63 -12.36 928 636 - 26.9 1172
Hasbro 46.89 -.45 49.75 34.91 3.3 19 405
Intel @ 22.55 -.34 25.98 19.23 4 12.2 16284
Intuit @ 65.60 -.85 68.41 55.54 1.1 25.1 1096
IntuitSrg @ 362.86 -6.74 585.67 357.02 - 21.1 479
KLATenc. 59.94 -1.01 62.45 43.21 2.8 18.7 338
LibIntCpA 24.02 -.27 25.25 18.26 - - 1396
LifeTch 74.87 +.01 75.08 45.67 - 31.1 778
LinearTec 39.28 -.33 42.82 30.79 2.6 22.9 798
Marvell 11.18 -.11 13.51 6.98 2.1 25.2 1704
Mattel 42.01 -.4 48.48 34.85 3.3 18.8 540
MaximInt 29.68 -.06 33.67 26.13 3.3 19.6 1152
MicronT 17.48 -.18 18.13 5.16 - - 31249
Microsoft @ 33.60 -.32 36.43 26.26 2.9 13 18072
MondelezInt@ 30.44xd -.21 33.08 24.50 1.7 26.8 3718
Netapp 42.21 -.63 44.65 26.26 0.7 29.6 2020
NewsCorpA@ 15.87xa -.27 17.26 10.74 1.1 17.3 5959
NewsCorpB 16.31xa -.18 17.46 10.95 1 - 1280
NII Hldgs 6.41 -.06 9.82 4.11 - - 1322
NorthnTst 53.20 -.48 62.02 45.93 2.3 18.5 1523
Nvidia 15.36 -.18 16.10 11.15 2 17 4222
Oracle @ 33.19 -.49 36.43 29.52 1.4 14.3 6886
PACCAR 55.34 -.38 60 39.52 2.9 19.3 788
Paychex 39.58 -.37 41.24 30.55 4.2 24.9 843
Prclne.cm @ 1.05k -19.67 1.07k 553.97 - 34.5 412
Qualcomm @ 66.88 -.8 70.37 57.29 1.8 17.8 2929
RschMt 7.71 -.25 18.32 7.27 - - 14163
SeagateT 45.60 -.35 47.82 24.90 3.2 9.5 1899
Sears Hld 64.22 -.34 68.77 38.40 - - 521
SiriusXM @ 3.91 -.07 3.99 2.55 1.3 52.5 33758
SLMCp 24.50 -.31 26.17 15.75 2.3 8.2 946
Staples 14.89xd -.25 17.30 10.94 3.2 - 3921
Starbucks @ 76.60 -.59 77.85 44.27 1.1 36.6 1676
Symantec 24.26 -.27 27.10 17.02 1.2 23 1669
T.RowePr 71.45 -.53 80.26 62.35 3.5 19.6 339
TexasInstr @ 39.91 -.35 40.94 27 2.7 22.1 2883
VertexPhm 76.43 -.32 89.96 38.44 - - 643
ViacomB @ 82.06 -.77 85.22 47.61 1.4 18.5 1005
WestDigtl 63.77xd -.78 70.61 32.25 1.6 16.3 756
WynnRes 159.71 -1.64162.33 103.34 6.9 29.1 494
Xilinx 46.22 -.49 48.12 32.12 2 24.7 779
Yahoo @ 33.35 -.8 34.70 15.65 - 9.5 13102
Other International Stocks
AUSTRALIA
(Oct 3/Aust$)
AMP 4.63xd +.02 5.79 4.16 6.7 18.7 4264
ANZ @ 30.96 +.06 32.09 23.42 7.1 14.7 3955
BHP Biltn @ 35.60 +.29 39 30.43 4.8 16.2 3998
Brambles 9.16xd -.11 9.60 6.83 3.3 20.6 3314
CCAmatil 12.40 +.07 15.21 11.71 6.5 22.1 2259
CmwBkAu @ 71.70 +.03 75 55.71 7.3 15 2132
CSL @ 64.73xd +.13 69.37 44.97 1.6 24.6 927
FortescMet 4.77xd -.01 5.47 2.87 3 7.9 9368
Fox Cl A 35.75 -.57 36.45 19.71 0.4 - 7
Fox Cl B 35.96 -.34 36.46 20.14 0.4 11 813
Leighton 17.54 -2.04 24.05 14.40 7.3 8.4 8066
MacQuarie 49.06 +.83 50.33 28.36 4.5 18.1 1223
NatAusBk @ 34.89 +.37 35.45 22.97 7.5 18.1 5662
NewcrestM@ 11.30 +.35 29.49 9.07 1.1 - 3883
Orica 19.90 -.02 27.56 17.47 5.5 17.3 1215
OriginEgy 14.16 -.32 14.54 9.84 4.3 40.9 2293
QBE InsGrp 14.69 +.11 17.53 10.02 2.9 39.5 2422
RioTinto 60.78 +.49 72.30 49.81 4.4 - 1594
Santos 15.10 -.04 15.80 10.37 2.9 27.5 1733
Stockland 3.88 -.02 4.02 3.29 6.2 - 4514
Suncorp 13.14 +.1 13.42 8.92 8.2 34.2 2715
Telstra @ 4.97 +.03 5.15 3.87 8.1 16.2 14073
Wesfarm @ 41.29 +.04 44.25 33.63 7.5 21.1 1071
Westeld @ 11.19 -.03 12.55 10.11 4.5 17.4 5399
WestdRT 3.02 +.01 3.45 2.87 6.5 11.3 4117
Westpac @ 32.64 +.21 34.68 24.16 7.5 15.9 3245
WoodsdPt @ 37.99 +.04 39.49 32.16 8.2 10.3 1570
Woolworth @ 35.04xd +.1 36.84 27.76 5.5 19.2 1516
AUSTRIA
(Oct 3/Euro)
Andritz 44.91 +.8 55.23 37.70 2.7 25.5 176
ErsteGrBnk 23.57xr -.25 26.85 16.90 1.7 50.1 379
Immon 3.20 -.03 3.43 2.81 12.5 29.1 2130
OMV 36.20 +.03 39.69 26.50 3.3 4.4 150
Raieisen 24.11 +.15 33.95 19.87 4.9 23.4 215
Strabag 18.10 -.08 22 15.30 1.1 27 14
TelekAust 6.26 -.01 6.38 4.51 0.8 25 643
Verbund 16.98 -.05 20.09 13.97 5.9 10.1 125
Vienna Ins 38.10 +.11 42.81 32.58 3.1 5 26
Voestalp 35.50 +.33 36 22.11 2.5 13.9 130
BELGIUM/LUX
(Oct 3/Euro)
Ackermans 75.91 -.09 76.89 60.38 2.2 13 36
Ageas 30.73xa -.03 32.12 18.40 7.2 6.1 325
AnBshInBv@ 71.99 -.07 79.60 63.44 2.4 11.4 907
Belgacom 19.82 -.03 23.56 15.93 11 9.3 630
Colruyt 40.92 +.12 44.73 32.75 2.4 18.1 78
Dlhaiz 46.23 -.4 53.37 26.09 3 22.4 398
GBL 62.96 -.15 64 56.43 4.2 - 85
KBC 37.01 -.59 37.99 17.58 2.7 - 577
SES 21.10 +.03 25.89 20.05 4.6 13 1
Solvay 107.60 -2.55 121.05 87.93 3 18 233
Telenet 36.60 -.25 38.42 27.94 30.5 35.1 49
UCB 44.30 -.34 50.24 38.01 2.3 41.4 150
Umicore 35.37 -.25 42.85 31.25 2.8 20.3 418
BRAZIL
(Oct 3 / 12:00 am/Real)
Ambev @ 83.76 -1.39 94.29 75.31 3 26 305
BcoBrad 34.90xd -.36 38.16 25.41 5.3 12.3 485
BcoSantdr 0.15xd - 0.16 0.11 13.5 - 555
BM&FBovsp 12.30 -.22 14.63 11.13 4.1 21.3 2217
BncBrasil @ 25.93 -.21 28.58 20.03 10.8 4.4 2153
Bradesco @ 30.62xd -.23 38.47 25.50 6.6 11.1 1739
BRF S.A. 53.58 -1.5 59.32 34.80 0.1 38.2 1224
Cielo @ 61.06 -.43 61.89 37.13 3.5 19.4 620
Eletrobras 6.56 +.07 12.30 4.30 154.7 - 852
GerdauPf 16.51 -.09 19.77 11.58 1.6 - 2901
ItauHldFin @ 31.55xd -.07 37.03 25.84 3.4 11.7 2954
ItuasaPf @ 8.95 -.07 9.85 7.50 4.8 10.2 5085
JBS 7.64 -.06 8.04 5.16 0.8 22 1032
OGX Petro 0.22 - 6.28 0.19 - - 51887
PetrobasPf 18.52 -.26 23.10 14.94 13.8 8.9 10241
Petrobras @ 17.15 -.13 23.97 13.50 13.4 - 2878
SiderNacO 9.46 +.07 12.89 5.28 1.5 13.5 6229
SouzaCruz 25.35xd -.19 33.33 24.30 10 22.9 390
UsinasMin 11.03 -.11 13.64 6.50 0.7 - 4583
ValRio @ 34.12 -.39 44.76 27.89 5 - 1942
ValRioPrf 31.71 -.11 43.09 25.52 7.8 35.5 6470
CANADA
(Oct 3 / 1:00 pm/Can $)
Agnico-E 26.68 -.16 56.99 26.18 3.3 23.1 306
Barrick 18.76 -.26 41.73 14.22 3.6 - 1381
BCE @ 43.27xd -.65 48.90 40.58 5.4 13.8 641
BkMontrl @ 68.40 -.61 69.40 56.74 4.3 11 481
BkNvaS @ 58.86xd -.3 61.84 52.30 4.1 11.7 883
Blckbry Ltd. 7.95 -.32 18.49 7.15 - - 1653
Brookeld @ 38.53 -.64 39.37 31.23 1.6 18.2 163
Cameco 18.61xd -.28 23.49 16.50 2.1 43.5 385
CanadPcR @ 126.67xd -3.09 144.43 81.29 1.1 31.3 218
CanImp @ 81.98xd -.35 84.99 73.89 4.6 10 360
CanNatRs @ 31.78 -.45 34.64 26.88 1.5 24.8 1118
CanNatRy @ 104.70 -2.31 107.57 83.45 1.6 17.7 272
CanOilSd 19.60 -.24 21.93 18.62 7.1 10 575
CenovusE @ 30.02 -.29 35.69 28.32 3.2 43.6 898
Enbridge @ 42.18 -.37 49.17 37.74 2.9 53.7 568
Encana 17.62 -.2 23.86 17.40 4.7 - 1404
Goldcorp @ 26.15 -.16 45.97 23.26 2.3 - 1468
GtWesLif @ 29.48 -.2 31.33 22.05 4.2 14.7 123
HuskyE @ 28.87 -.52 32.34 26.08 4.2 13.5 311
ImpOil @ 44.07 -.53 46.25 38.58 1.1 11.6 115
KinrossG 5.04 - 10.98 4.74 1.6 - 1061
Loblaw 44.88 -.79 52.06 32.77 2 17.7 331
Manulife @ 16.92 -.22 18.74 11.65 3.1 20.8 1028
NatBkCan 85.50xd -.14 86.05 71.77 4 9.6 241
Potash @ 33.41 -.51 45.13 29.67 3.7 12.3 1043
Power Cp 28.48 -.28 30.45 23.50 4.1 17.4 225
PowerFn @ 31.52xd -.28 33.25 24.81 4.4 14 115
RogCmB @ 43.53 -.38 52.75 39.42 3.9 12 1050
RylBkC @ 65.97 -.38 67 54.51 3.8 12.2 994
Suncor En @ 36.08 -.74 37.63 27.50 1.8 20 1435
SunLfFin 32.62 -.23 34.05 22.85 4.4 13.5 495
TalismEnrgy 12.45 -.37 13.44 10.62 2.2 - 4294
TeckResB 27.15 -.73 38.13 21.11 3.3 20.1 829
TelusCorp 33.81xc -.09 37.94 29.52 3.9 17 871
ThmReut @ 35.66 +.02 36.98 26.65 3.7 27.1 621
TntoDom @ 90.93xd -1.11 93.20 78.05 3.6 13.2 786
TransCan @ 44.47xd -.72 51.21 43.16 4.1 21.1 521
Weston Ltd 80.72 -.93 89.97 61.76 2 23.7 26
CHINA
(Oct 3/Renminbi)
AgricBkCh 2.50 - 3.28 2.38 6.3 5.2 -
Air China 4.04 - 6.19 3.74 1.5 10.5 -
AluCorpCh 2.83 -.01 4.21 2.20 - - 6382
AlumCpCh 4.40 - 5.38 3.01 - - -
AnhuiCC 25.55 +.4 31.70 19.22 1.2 16.6 5143
BaoshanStl 4.20 - 5.21 3.85 3.3 15.5 -
Bk China 2.78 - 3.26 2.48 6.3 5.4 -
BkofComms 4.30 - 5.68 3.68 5.6 5.1 -
ChCiticBk 3.75 - 5.48 3.39 4 5.5 -
ChCoalEgy 5.36 - 8.47 4.69 3.9 9.9 -
ChConstBk 4.30 - 5.19 3.90 6.3 5.2 -
China Life 13.81 - 22.70 12.88 1 22.1 -
ChinaUncm 3.28 - 3.87 2.97 1.2 23.5 -
ChMinsheng 9.56 - 11.91 5.51 3.2 6.7 -
ChMrchBk 10.92 - 15.01 9.79 5.7 4.9 -
ChPacIns 17.57 - 23.88 15.01 2 19.9 -
ChShBldIn 6.10 - 6.96 3.91 1.1 28 150941
ChShenEgy 16.67 - 25.70 15.51 5.8 7.1 -
ChStCnsEng 3.22 - 4.18 2.90 3.3 5.6 -
ChYgtzPwr 6.65 - 7.87 6.24 5 10.6 -
Citic Sec 12.29 - 15.97 9.29 2.4 33 -
Daqin Rail 7.28 - 8.26 5.41 5.4 9.1 -
InCBkChina 3.86 - 4.53 3.40 6.2 5.4 -
IndstrlBk @ 11.17 - 21.48 8.76 3.4 5 -
Moutai @ 135.94 - 254.96 133.02 4.7 10.4 -
Ping An 35.70 - 53.27 31.69 1.4 11.8 -
Saic Motor @ 13.53 - 19 11.83 4.5 7 -
ShangPort 5.62 - 7.50 2.33 2.4 24.3 -
ShngPdgBk@ 10.09 - 12.40 7.18 5.5 5.2 -
ShznVanke 9.13 - 12.75 8.06 2 7.5 -
Sinopec 4.44xa - 6.44 4.05 5.5 7.5 -
WulianYnb @ 18 - 35.84 17.82 4.5 6.5 -
CZECH REP
(Oct 3/Koruna)
Cez 485 -10.8 740.10 421 8.2 5.8 698
KomercBnk 4.26k -64 4.34k 3.4k 5.4 11.9 14
TelCzRep 320.50 +2.8 397.42 251.20 13.4 17.5 776
DENMARK
(Oct 3/Kr)
Carlsberg B 565.50 +.5 606.50 487.50 1.1 15 192
DanskeBk 123 +1.1 126 89.55 - 19.5 4304
MoellerMA 48.8k -40 49.52k 37.62k 2.5 -
MoellerMB@ 51.7k -100 52.75k 39.72k 2.3 11.6 3
NovoB @ 915.50 -.5 1.1k 848 2 20.5 573
Novozym 211 +4.4 215.20 149.90 0.6 31.1 392
TDC 46.96 +.16 49.48 37.06 8.1 10.9 1637
VestaWind 148.80 +3.3 151.30 23.25 - - 2314
WilDemant 513 +6.5 542 444 - 24.6 76
DUBAI
(Oct 3/US$)
DPWorld 16.30 +.2 16.60 11.25 1.5 15.1 66
FINLAND
(Oct 3/Euro)
Fortum @ 16.70 -.04 16.93 13.10 6 10.3 828
Kone Corp 66.35 +.55 72.70 52.30 2.6 27.5 356
Metso 28.42 -.92 34.93 25.64 6.5 14.1 801
Neste Oil 16.44 -.21 17.94 8.92 2.3 14.7 585
Nokia 4.91 -.01 5.10 1.92 - 54.6 13071
OtkmpA 0.50 0.88 0.42 - - 1843
SampoA @ 32.42 +.1 34.10 23.41 4.2 12.7 458
StorEnsR 6.21 -.12 6.95 4.59 4.8 14.4 3372
UPMKym 10.32 -.08 11 7.30 5.8 - 1305
Wartsila 33.50 -.09 39 25.35 3 19.1 441
FRANCE
(Oct 3/Euro)
Accor 31.35 -.24 32.01 23.13 2.4 - 629
ADP 77.57 +.06 79.27 56.29 2.7 23.9 25
AirFrn-KLM 7.41 -.15 8.95 5.05 - - 4041
AirLiquide @ 100.60 -.45 105.65 88.55 2.5 19.9 419
Alcatel 2.87 +.03 2.95 0.71 - - 46521
Alstom 24.92 -1.3 35.78 24.11 3.4 9.4 5657
AXA @ 17.19 +.08 18.30 11.36 4.2 10.2 5044
BNP Parib @ 50.58 -.54 51.56 36.57 3 12.8 2158
Bouygues 26.65 -.27 28.10 17.54 6 15.5 856
CapGemini 44.35 -.22 45.62 30.48 2.3 17.4 429
Carrefour @ 25.80 +.15 26.11 15.68 2.2 8.2 1576
Casino 76.23 +.53 86.80 66.05 3.9 5.6 158
ChristianD@ 146.50 +2.65 148.10 104.20 2 18.3 81
CNP 13.31 -.16 14.60 10.04 5.8 9.3 260
CredAgric 8.32 -.13 8.50 5.27 - - 4194
Danone @ 54.81 -.17 60.45 45.61 2.6 18.5 1037
DassaultSy 98.30 -.27 103 78.24 0.8 36.6 175
EADS @ 48.59 +.02 49.06 24.26 1.2 28.3 1820
EDF @ 23.34 -.28 24 13.39 4.9 12.6 1170
Eiage 40.60 +.24 44.99 25.20 3 15.3 178
Eramet 74.37 -.18 116 64.01 1.7 - 8
Essilr @ 77.97 +.17 89.99 67.94 1.1 27.8 709
GDF Suez @ 18.65 -.3 19.06 14.05 8 46.1 3589
Gecina 92.26 -.82 99.96 75.87 4.8 16.8 21
Hermes @ 265.20 -.5 283.20 207.70 0.9 35.1 6
JC Decaux 26.95 -.71 27.97 15.75 1.6 35.6 115
Klepierre 31.66 -.27 35.07 27.28 4.7 45.1 120
Lafarge 51.60 -.27 56.48 41.94 1.9 29.5 455
Lagardere 24.03 -.12 24.39 13.95 42.9 2 201
Legrand 40.03 -.57 42.40 28.49 2.5 20.5 617
LOreal @ 124.70 -1 137.85 94.55 1.8 25.3 331
LVMH @ 145.75 +1 150.05 117 2.1 21.9 615
Michelin 78.59 -2.16 84.71 57.23 3.1 12.4 1491
Natlxis 3.70 -.02 3.77 1.90 20.3 15.3 2673
Orange @ 9.29 -.01 9.75 7.09 5.4 - 9278
PernodRic @ 88.50 +.23 101.15 82.31 1.9 19.6 519
Peugeot 12.34 -.04 13.08 4.32 - - 1333
PPR @ 163.40 -1.45 185.15 119.15 2.3 27.7 218
Publicis 58 -.45 63.27 39.45 1.6 15.9 666
Renault @ 59.50 +.3 63.67 33.07 2.9 15.2 623
Safran @ 45.51 -.72 46.69 27.82 2.1 13 490
Sano @ 74.40 -.34 87.03 65.63 3.7 28.8 1797
Schneider @ 60.46 -1.98 66.99 45.85 3.1 18.6 1737
SocGen @ 38.21 -.59 39.18 22.02 1.2 46.3 3094
Sodexo 68.79 -.25 74.91 58.50 2.3 22.4 102
StGobn @ 37.01 -.29 38.25 25.95 3.4 33 917
STMicro 6.74 -.04 7.69 4.17 4.4 - 1438
SuezEnvir 12.09 -.17 12.69 7.81 5.4 19 497
Technip 88.52 +1.32 92.49 74.74 1.9 17.2 433
Thales 41.87 +.5 42.56 25.75 2.1 14.2 465
Total @ 42.42 -.48 43.79 35.18 5.6 10.1 3054
UnibailR @ 182.95 -.2 209 154.50 2.9 11.6 228
Vallourec 44.05 -.31 51.01 31.10 1.6 23.7 507
VeoliaEnv 12.95 +.02 13.31 7.38 5.4 26.9 1539
Vinci @ 43.61 -.01 44.02 31.84 4.1 12.5 1383
Vivendi @ 16.88 -.28 17.62 14 5.9 - 3133
GERMANY
(Oct 3/Euro)
Adidas 81.47 +1.06 88.50 62.60 1.7 30.9 686
Allianz @ 116.55 -.75 122.10 90.36 3.9 9 915
AxelSprg 41.87 +.12 43.25 30.90 4.1 17.9 123
BASF @ 70.95 -.59 76.39 62.05 3.7 14.4 1335
Bayer @ 86.26 -.22 91.03 64.65 2.2 24.6 930
Beiersdorf @ 67.64 -.31 73.45 55.62 1 31.9 363
BMW @ 79.56 +.26 82.44 56.51 3.1 10.1 689
Celesio 16.99 +.06 18 12.81 1.8 27 191
Commerzbk 8.74xr -.19 12.96 5.56 - - 6440
Continental@ 124.40 -.45 128.60 74.02 1.8 12.3 155
Daimler @ 57.85 +.42 59.56 35.15 3.8 9.2 2083
Deut Bank @ 34.44 -.08 38.73 29.41 2.2 - 2498
Deut Brse 56.47 -.58 57.55 40.93 3.7 17 469
Deut Tlkm @ 10.80 +.06 10.89 7.98 6.5 - 6969
DeutPstbk 34.85 -.01 35.30 29.84 4.8 21.1
DeutsPost @ 24.27 -.12 24.82 14.40 2.9 16 2570
E.ON @ 13.10 - 18.85 11.82 8.4 10.5 4766
Fielmann 78.83 -.17 82.99 69.51 3.4 25.8 13
FraPort 53.06 +.37 53.32 41.51 2.4 21 64
Fresenius @ 91.78 +.3 100.10 81.83 1.2 17.2 219
FresMedC @ 48.19 +.01 59.58 46.52 1.6 18.8 362
GEAGrp 30.75 +.05 32.64 22.94 1.8 16.6 254
Hann.Rck 54.74 +.24 64.85 49.89 4.7 7.7 80
HeidCmnt 56.63 -.49 60.89 38.41 0.8 34.1 343
Henkel 73.97 -.53 78.77 57.85 1.3 20.5 348
Hochtief 61.60 +1.4 66.20 35.94 1.6 13.6 576
Inneon 7.39 -.07 7.72 4.93 1.6 29.6 3455
K & S 19.15 +.53 39.80 15.02 7.3 6 3349
LANXESS 47.36 -.85 69.99 42.45 2.1 21.9 635
Linde @ 147.40 +.65 154.80 125 1.8 20.6 269
Lufthansa 14.12 -.15 17.28 10.54 - 6.8 2953
MAN 88.09 -.01 90 71.09 1.1 - 55
Merck KG 114.30 -1 128.50 96.24 1.5 24 139
Metro 29.67 +.05 30.46 20.13 3.4 - 449
MTUAero 69.04 +.22 79.61 61.23 2 26.5 102
MuenchRkv@ 144.55 -.1 158.65 121.20 4.8 8.3 216
Porsche 64.32 -.68 69.75 45.59 3.1 2.4 177
Puma 222 -1.9 249.40 205.35 0.2 47.6 11
RWE @ 25.04 +.04 36.07 20.48 4 22 1325
Salzgitter 31.09 +.18 41.56 24.54 0.8 - 114
SAP @ 54.52 -.27 65 52.62 1.6 21.9 1417
Siemens @ 90.07 -1.44 92.78 75.42 3.3 17.1 1475
SMASolar 27.93 +.48 28.87 15.61 2.1 8 128
Suedzucker 21.50 -.15 34.34 20.54 4.2 8.3 266
ThyssenKr 18.15 +.06 19.25 13.11 - 51.9 1286
Volkswgn @ 163.10 -3.85 181.55 128.70 2.1 4.3 68
WackerChm 75.96 +.86 79 40.48 0.8 -
GREECE
(Oct 3/Euro)
Alpha Bk 0.58 +.03 1.34 0.25 - 0.5 6483
BkPiraeus 1.24xa - 54.97 0.83 - 0 4888
Coca Cola 21 -.1 23.80 14.68 1.6 - 86
EFGEbk 0.52xa +.01 13.70 0.50 - - 365
HelPetro 8.05 +.26 9.30 5.80 1.9 - 96
HelTel 7.94 +.21 8.25 2.89 - 12.4 899
NatBkG 3.11xa +.1 6.35 0.92 - 1.1 799
OPAP 8.85 +.44 8.94 3.97 6.4 8.9 1005
PublPwrC 8.49 +.24 8.59 3.50 0.3 14.1 332
TitanCem 18.47 +.17 19 11.31 - - 36
HONG KONG
(Oct 3/H.K.$)
AgricBkCh @ 3.64 +.07 4.44 2.94 5.5 6 49967
AIA @ 37.15 - 37.80 28.45 1 16.3 42178
Bk China @ 3.60 +.06 4 2.89 6.2 5.3 259122
Bk of EAsia 32.90 -.1 33.90 26.50 3.2 11.7 3266
BkofComm@ 5.78 +.08 6.70 4.71 5.3 5.3 11280
BOC HK @ 24.75 -.05 28 22.85 5 12.5 6533
CathayPcA 15.38 -.02 15.78 12 0.9 32.3 3267
ChConstBk @ 6.06 +.08 6.75 5 5.6 5.8 158334
ChinaLife @ 20.60 +.55 27.35 17 0.9 26.1 21370
ChinaMob @ 86.50 -.6 91.80 74.90 4 10.6 20649
ChinaRes 25.05xd +.05 29.15 21.55 1.1 22.1 1588
ChinaTele 4.12 +.29 4.90 3.48 2.1 16.2 247119
ChMerch 29.35 +.9 29.40 20.50 1.4 18.4 3789
ChngKong @ 125 +2.4 131.80 98 2.6 9.6 7093
ChOvLnd&In 23.10 +.25 25.60 17.70 1.8 8.8 15624
ChResLand 22.20 +.1 24.70 16.22 1.6 11.5 5106
ChResPwr 18.48xd -.02 26.05 15.62 2.9 8.9 5730
ChRongshng 0.94 +.03 1.75 0.74 - - 12011
ChShenEgy@ 23.80 +.4 35.45 18.10 5.1 8 18392
ChUncHK @ 13.12 +1.02 13.80 9.46 1.2 27.3 95067
Citic Pac 10.20 +.18 14.12 7.90 3.9 6.2 7940
CKI Hld 54.90 - 58.35 45.10 3.2 13.5 1392
CLP @ 63.15 -.15 69.90 61 4.1 17.8 2178
CNOOC @ 15.98xd +.34 17.38 12.04 3.6 8.5 29162
EspritAsia 12.30 -.04 14.08 9.09 - - 5631
HangLung 26.10 +.05 31.65 23.90 2.8 15.5 4489
HangSeng @ 127.30 -.1 132.80 110.60 4.2 8.5 923
HendersLd 48.45xd -.15 59.90 42 2.1 6.3 1661
HKChGas @ 18.66 -.06 23.90 17.90 1.8 24.7 8750
HKExch 126.10 +2.2 150.70 112.20 2.6 33.9 2772
HSBC 84.35xd +.2 90.70 72.30 4.8 13.1 8934
Hutchison @ 96.85 +.9 97.50 74 2.2 14.6 10440
In&CmBkCh@ 5.50 +.04 6 4.39 5.5 6 162272
NETHERLANDS
(Oct 3/Euro)
Aegon 5.69 +.04 6.03 4 - 11.2 6402
Ahold 12.95 +.08 13.10 9.18 3.4 5.5 1979
Akzo N 48.92 -.58 53.82 39.95 3 - 558
ArcelorMit 10.38 -.05 13.76 8.35 1.4 - 5816
ASML Hld @ 74.30 +.6 75.05 39.45 16.8 18.2 1018
Boskalis 33 -.1 34.84 26.92 3.6 13.5 147
Corio 31.98 -.12 37.45 28.65 8.6 - 154
DSM 55.79 -.47 58.69 37.81 2.7 29.5 356
Fugro 45.06 +.28 53.32 34.73 3.3 16.1 277
Heineken @ 50.53 -.43 60.20 46.16 1.8 10.4 738
ING @ 8.69 -.12 9.20 5.52 - 9.5 12397
KPN 2.35xr 3.78 1.38 - 15 13365
Philips @ 23.38 -.59 25.48 18.05 3 73.1 2995
PostNL 3.21 -.07 3.29 1.46 8 - 3940
Randstad 41.56 -.26 42.20 23.71 3 - 515
ReedElsvr 14.64 -.22 15.15 10.15 3.2 17.6 2121
Robeco 26.24 -.18 27.16 23.20 3 64 40
RylDShlA 24.05 +.06 27.32 23.71 5.6 8.3 3243
Unilever @ 27.78 +.28 33.09 27.34 3.4 19.3 5370
WoltKluw 19.10 -.17 19.53 13.92 3.6 15.5 484
NEW ZEALAND
(Oct 3/NZ $)
AucklndAir 3.36xd -.02 3.40 2.58 5.6 25
ContactE 5.35xc +.01 5.81 4.95 7.4 19.6
FletchrBld 9.52xd -.07 9.80 6.94 4.6 20
Telc.of NZ 2.32xd +.02 2.69 2.16 10.2 18
NORWAY
(Oct 3/Kroner)
AkerSol 84.30 +1.45 124.60 79.20 4.7 15.8 376
DNB @ 93.55 +.45 102.80 67.40 2.2 10.6 1568
NorskHyd 25.02 +.07 29.09 23.78 3 - 2334
Orkla 44.05 -.03 52.75 43.52 5.7 - 1240
Roy.Carib. 230xd -1.1 241.80 169.70 1.6 - 106
Seadrill @ 277 - 289.40 201.10 9.3 9.6 686
Statoil @ 135.10 +.1 149 122.90 5 11.2 2041
Subsea 7 129 +1.6 139.21 96.77 2.8 16 1142
Telenor @ 140.20 +1.5 140.20 104.30 4.3 15.2 1414
YaraIntl 243.50 +1 300.90 236.50 5.3 7.7 452
POLAND
(Oct 3/Zloty)
BkPekao 184.50 +4.5 185.90 139 4.5 16.4 1103
BRE Bank 484 -8.8 498 291 2.1 17.7 12
ING Bank 90.95 - 93.50 82.30 - 13.8
KGHM 120xd +.5 194.80 106.90 8.2 6.1 789
PGNIG 6.03 -.04 6.76 3.86 2.2 13.8 2587
PKN Orlen 44.80 +.48 57.40 40.37 3.3 18.6 351
PKO Bank 37.70xd +.26 39.60 32.15 4.8 14.2 5315
PZU 430.50 +2.5 469.95 358.60 4.6 11.6 76
Telek.Pol 8.64 +.04 16.52 6.23 5.8 22.1 1619
PORTUGAL
(Oct 3/Euro)
B.EspSanto 0.84 + 1.19 0.52 - - 17169
BCPort 0.10 0.12 0.07 - - 14145
BncoBPI 0.96xr +.01 1.38 0.75 - 5.8 459
Cimpor 3.07 -.05 3.56 3 0.5 - 43
EDP 2.69 -.01 2.74 1.90 6.9 9.4 4555
GalpEnerg 12.28 -.23 13.40 10.76 2.2 43.6 1011
JeronimoM 14.44 +.14 18.56 12.80 6.5 24.3 823
PortTlcm 3.48 -.14 4.46 2.57 9.3 7.7 17751
Sonae 0.94 0.95 0.52 3.5 44.1 1373
RUSSIA
(Oct 3/Rouble)
Bank VTB @ 0.04 0.06 0.04 3.3 5.5 40711690
GazProm 142.26 -1.09 161 106.50 4.2 2.7 37261
GMK Noril @ 4.75k +2 6.13k 4.06k 8.4 18.8 222
Gzprmneft @ 142.84xd -.31 173.58 110.22 2.9 3.8 656
Lukoil @ 2.04kxd +8.6 2.09k 1.78k 4.9 4.3 885
MTS 324.24xd +.24 329.21 222.78 1.6 21 1247
Novatek @ 376xd +2.8 398 274.79 1.9 15.6 648
NovoSteel 51.67 -.98 68.91 40.22 1.2 - 2833
Rosneft @ 260.05 -.2 275.50 178.92 3.1 - 5700
RusHydro 0.54 +.01 0.88 0.45 1.8 - 544595
SbankR @ 98.24 +.5 111.50 83.75 2.6 - 77836
Severstal 276.30xd -3.9 405.30 203.20 2.7 38 1190
Surgnfgz @ 28.08 +.21 32.15 23.47 1.8 4.7 22537
SINGAPORE
(Oct 3/S$)
Capitalnd 3.08 -.04 4.03 2.92 2.3 13.3 11608
DBS @ 16.23 +.09 17.90 13.66 3.5 10.1 3556
Jard Math @ 53.50xd -.11 70 51.02 2.6 11.6 638
Jard Str @ 33.60xd -.3 41.51 31.41 0.7 11.2 196
Keppel 10.43 +.06 11.52 9.63 3.6 11.2 4534
OCBC @ 10.22 - 11.20 8.84 3.3 9.5 2067
SIALtd 10.26 +.07 11.45 9.41 2.3 28.5 484
Sing Tech 4.15 -.03 4.56 3.40 4.1 22 5447
SingTel @ 3.77 - 4.09 3.10 4.5 16.8 8759
UOB @ 20.40 -.18 22.10 17.75 3.4 11.5 2895
WilmarInt 3.21 - 3.92 3.02 1.7 11.5 2426
SOUTH AFRICA
(Oct 3/Rand)
AngGold 128.65 -1.35 304.95 114.01 1.2 - 659
Anglo 239.25 -3.96 291.45 185.19 4.2 - 1342
AngloPlat 410 -1.22 508.99 273.18 - - 137
ArclrMttal 34.85 -.3 41.92 22.60 - - 138
Barclays Africa Gr. 147.86 +1.24 173.15 134.01 4.9 12.6
760
Firstrand 34.25 +.31 34.70 25.85 4 12.9 8214
GoldFields 45.40 -.11 94.81 44.49 1.7 73.2 1963
Harmony 33.60 +.11 75.98 32.21 1.5 - 1168
Implats 120.18 +1.11 176 83.25 0.8 71.3 696
Kumba Iron 469 +11.21 619.55 405 108721 0 167
MTN @ 198.90 +1.57202.34 149.44 4.4 16.1 5700
Naspers N @ 937.44 -1.12 956.50 513.03 0.4 59.7 1101
NedbankGrp 206.83 +3.22 208.25 163.46 3.9 12 594
OldMut 30.47xd +.12 32.40 22.73 4.4 14 5658
SAB Mllr 488 -11.3 524.96 360.11 2.3 25.7 3338
Sanlam 48.49 +.92 50.24 35.22 4.4 13.9 2615
Sasol @ 487.04 +4.82 493.96 354.34 3.6 13.5 1245
Stanbank 121.21 +2.41 123.43 100.85 3.9 10.9 3196
Telkom 25.34 +.79 26.14 11.34 - - 3426
Vodacom @ 127.98 +1.81 129.88 98.85 39259 0 1932
SOUTH KOREA prices in 000s
(Oct 2/Won)
HyundaiHvy 264 - 271.50 175 1 18.9 -
HyundaiMot@ 247.50 - 258.50 176.50 0.8 8.2 -
HyundEng 61.80 - 74.40 53 0.8 12.7 -
HyundMobis@ 281 - 319 245 0.7 7.9 -
HyundStl 80.70 - 90.60 60.10 0.6 11.9 -
IndBkKor 12 - 13.35 10.65 3.3 9.4 -
KB Financial 38.20 - 40.95 31.10 1.6 13.1 -
Kia Motors @ 62.80 - 73 47.85 1 11 -
Korea T&G 77.10 - 92.30 71.40 4.2 13.3 -
KoreaEP 29.35 - 35.40 24.50 - - -
KoreaExch 7.01# - 8.70 6.68 0.7 7.1 -
KT Corp 36.10 - 41.25 33.80 5.6 11.9 -
LG Chem 303.50 - 345 230 1.3 15.1 -
LG Corp 64.80 - 71.40 58.90 1.5 9.2 -
LG Display 25.20 - 36.95 25 - 15.5 -
LG Elect 68.40 - 90.80 66.80 0.3 - -
LotteShop 389.50 - 416 311.50 0.4 11.3 -
Naver 554 - 564 215 0.2 29.1 -
Posco @ 313 - 374.50 286 2.6 13.1 -
ShinhanFin 43.80 - 45.10 33.35 1.6 11.5 -
Shinsegae 228 - 243 188 0.4 14.8 -
SK Hynix @ 31.15 - 32.95 22.10 - 16.8 -
SK Innov 144.50 - 183.50 127 2.2 10.5 -
SKTelecom 226 - 234 144 4.2 10.4 -
SmsungCT 65.20 - 70.20 51.20 0.8 42.4 -
SmsungEl @ 1.42k - 1.58k 1.21k 0.6 7.7 -
SmsungEM 86.80 - 110 76.60 1.2 13.6 -
SmsungEPf 901 - 1k 730 0.9 - -
SmsungFre 251.50 - 257 204.50 1.5 15.1 -
SmsungSDI 190 - 199 120.50 0.8 5.6 -
WooriFin 12.30 - 13.25 9.70 2 10.2 -
SPAIN
(Oct 3/Euro)
Abertis 14.79 -.09 14.96 10 4.3 22.4 1940
Acciona 42.35 -.36 65 33.80 6.3 15.5 200
Acerinox 8.74 -.08 9.24 6.87 6.1 - 1015
ACS 23.91 +.21 24.75 15.38 - - 1091
Bankinter 4.07xc -.03 4.17 1.85 2 15.9 3994
BanPoplr 3.97xa -.02 8.15 2.32 10.2 - 12088
BBVArg @ 8.43 -.08 8.53 5.82 4.6 16 20839
BcoSabdll 1.87 -.04 2.23 1.26 0.5 48.1 13596
BcoSantdr @ 6.14 -.05 6.68 4.79 9.7 24.1 33067
CaixaBnk 3.33 +.02 3.35 2.32 6.5 32.5 5200
CorFinAlba 41.41 +.18 41.46 27.37 2.4 - 4
DIA 6.49 +.09 6.79 4.21 2 26.8 2406
EbroFood 16.88 +.01 17.42 13.12 2.8 15.8 356
Enagas 18.30 -.3 20.64 14.71 6.1 11 1079
Endesa 19.56 -.19 19.87 14.85 - 10.3 167
FCC 14.85 -.36 15.40 6.62 - - 371
GAMESA 6.74 +.02 7 1.45 - - 1742
GasNatur @ 15.67 -.13 16.60 11.05 5.7 10.8 1429
Grifols 30 -.16 33.28 23.11 - 34.4 395
GrpFerrov 13.54 -.12 13.75 9.78 9.2 13.6 1588
IAG 4.08 -.05 4.18 1.88 - - 4489
Iberdrola @ 4.29 -.05 4.36 3.50 0.7 9.5 16575
Inditex @ 113 - 116.10 90.13 1.9 29.8 545
IndraSis 11.73 +.21 12.16 7.51 2.9 16.3 673
Mapfre 2.68 + 2.94 1.96 4.1 12 8817
MedsetEsp 8.56 -.04 8.73 3.84 - 77 763
OHL 28.78 -.28 30.24 17.95 2.3 2.9 298
RedElectCp 43 -.28 44 34.61 5.5 11.5 675
Repsol @ 18.20 -.25 18.69 14.43 5.7 12.4 6150
TechReun 34.44 -.14 39.61 31.65 4.1 13.5 227
Telefonica @ 11.80 -.01 11.89 9.47 3 13.6 12431
ZardoyaO 12.32 +.06 12.34 8.38 3.9 28.7 192
SWEDEN
(Oct 3/Kroner)
AlfaLaval 157.50 -.9 160.40 113 2.2 21.4 1285
AssaAbloy 294.50 -3.5 308.90 210.50 1.7 21 501
AstraZen 328.20 -1.4 356 283.30 6 12.5 581
AtlasCpcoA@ 188.10 -.9 194.10 147.40 2.9 16.9 2598
ElctxB 166.50 -.7 193.60 152.50 3.9 20.9 2316
EricssonB @ 85.80 -.25 90.95 56.60 3.2 - 6910
H & M @ 272.10 -2.7 285 209.70 3.5 28.1 2518
IndVardenA 125 -.3 131.40 94.40 4 4.6 55
InvestorB 196.10 +3 203.50 141 3.6 4.5 1683
Kinnevik 225.80 +1.4 236 120.30 2.9 - 788
NordeaBk @ 77.20 -.55 85 57.50 3.8 11.5 12951
Sandvik 88.55 +.5 109 78.10 4 18 4255
ScaniaA 130.90 -.9 145 115 3.6 16.4 2
ScaniaB 138 +.7 150 117.40 3.4 - 958
SEB @ 69.70 +.85 74.15 51 3.9 11.9 8367
SkanskaB 123.40 -.4 128.60 100.20 4.9 14.3 1047
SKF B 177.90 -2.4 185.50 140 3.1 20 1768
SSABA 43.10 +.12 59.35 38.76 2.3 - 2341
SvenCellB 161.70 -1.2 179.30 115.70 2.8 23.4 1046
SvenskaHn@ 276.40 +.2 308.80 224.30 3.9 12 845
Swedbank @ 155.50 +1.3 169.70 115.80 6.4 15.3 4110
SwedMatch 223.80 +2.8 273.50 198.90 3.3 15.6 458
Tele2B 81.20 -1.25 89.70 75.19 8.7 13.2 2275
TeliaSonra @ 48.42 -.23 49.67 41.80 5.9 10.5 9725
VolvoA 95.25 -.65 103.80 82.55 3.1 - 38
VolvoB @ 95.35 -.65 104 82.55 3.1 49.9 5093
SWITZERLAND
(Oct 3/Frs)
ABB Ltd @ 21.14 -.08 22.10 16.64 3.2 18.4 3192
Actelion 63.10 +.35 66.25 42.85 1.6 21.8 276
Adecco 64 -.55 65.85 43.30 2.8 27.7 477
Baloise 100.30 +.4 104.50 73.95 4.5 11 85
CredSuisse@ 28.05xc -.34 29.32 19.47 0.4 16.5 3256
GAMHldgs 16.10 -.2 17.95 11.05 3.1 15.8 521
Givaudan 1.28k -1 1.37k 894 2.8 24.5 17
Holcim @ 66.10 -.25 79.10 59.80 1.7 26.5 542
JulBaerGp 42.22xr -.41 45.14 30.85 1.4 36.7 308
Kuhn&Nag 118.10 -.2 123.20 98.50 3 - 112
Logitech 8.15 +.12 8.92 5.73 2.6 - 962
Lonza Grp 73.45 -.05 77.90 41.59 2.9 29.5 168
Nestle @ 62.25 - 70 58.30 3.3 18.7 3557
NobelBiocr 13.60 - 14.80 7.09 1.5 34.9 151
Novartis @ 68.30 -.25 73.75 55.20 3.4 19.1 2528
Pargesa 67.55 -.65 70.40 60.25 3.8 50.4 38
Richemont@ 91.95 +.4 96.15 56.55 1.1 21 720
Roche @ 241.20 -.4 258.60 174.20 3 18.5 670
Roche Br 240.80 +.2 258.50 177 3.1 - 20
Schindler 130.30 - 142 115.90 1.7 - 16
SchndlerPC 133.70 -.4 146.90 115.90 1.6 22.1 67
SGS SA 2.11k -16 2.42k 1.92k 2.7 28.2 11
Sonova 110.30 +1.8 117.50 91.25 1.5 66.4 137
SwatchGpI @ 580.50 +2 602 367.50 1.2 19.1 68
SwatchGpN 101.10 +.3 104.40 63.95 1.3 16.6 67
Swiss Re @ 75 -.25 76.50 57.05 10 5.7 638
Swisscom @ 428.10 -1.7 446.30 370.50 5.1 13.3 75
SwissLife 173.30 +.3 187 111.50 2.6 27.4 78
Syngent @ 361.60 +.6 416 341 2.6 19.8 137
Transocean 40.27 -.11 54.70 40.09 4.3 21.7 338
UBS @ 18.46 -.2 19.60 11.39 0.8 - 6342
ZurichFin @ 231.90 -1 270.90 220 7.3 10.4 375
TAIWAN
(Oct 3/T$)
Acer 20.40 +.15 29.30 19.15 - - 10
Au Optrncs 10.80 +.15 14.45 10.10 - - 91
CathayFin 43.75xr +1.45 44.63 28.41 1.6 17.6 38
ChinaSteel 25.90xa +.25 28.40 23 1.5 31.2 18
ChnghwTl @ 93.80 +.3 101.26 89.95 5.8 18.7 11
CompalElc 23.60 -.2 26.35 16.05 4.3 18 64
CTBC Fin 19.85 +.3 19.90 14.24 3.2 12 39
DeltaElc 148.50 +5 150 96.60 3.6 20.3 9
FormoC&F 83.40xa +1 84 56.99 0.8 22.1 11
FormPlastic 79.60xa +2 81.06 64.71 1.5 25.8 18
FubonFnH 42 +1.3 44.20 29.40 2.4 11.1 27
HonHaiPrc @ 76xd +1 87.82 62.55 1.8 10 30
HTC 133 +.5 307.50 122 1.5 17.7 8
Innolux 13.35xr +.05 20.95 10 - - 65
MediaTek 376 +8 382 288 2.4 24.6 14
Mega Fin 24.70xc +.75 25.90 20.50 4.5 13.6 30
NanYaPlast 65.90 +2 67 46 0.5 30.8 13
Quanta Cmp 65.40 +2 78.50 56.40 6.2 12.3 10
TaiwanMob 103.50 - 121.40 98.22 5.4 18.3 6
TaiwanPet @ 79.40 +1.9 89.50 69 0.3 34.8 2
TaiwanSem@ 105 +2 116.50 84.50 2.9 14.9 51
Utd Micro 13.05 +.6 15.40 10 3.1 13.9 121
THAILAND
(Oct 3/Baht)
Adv Info @ 263 +5 311 184 4.4 21.5 4644500
Bangkk Bk 204 +5 237 172.50 3.2 11.32560600
PTT @ 320xd +1 368 305 4.1 8.5 3156600
PTT Exp 170 +1.5 174.50 141 3.5 103433400
SiamCem 432 -4 502 346 2.8 16.2 1537100
SiamComBk 156 +4.5 199.50 134 3.2 11.8 9002500
TURKEY
(Oct 3/Tk Lira)
Akbank 7.70 +.16 10.50 6.40 1.9 8.3 24612
KOC Hold. 9.82 +.18 11.85 7.10 1.9 11.2 5322
Sabanci 10.30 +.2 13.15 7.66 1 9.4 3038
TGaBan 8.02 +.1 11.35 6.58 1.8 8.6 72786
Trk.Isbank 5.46 +.1 7.80 4.59 2.7 6.7 23256
TrkHalkBk 15.50 +.45 21.80 12.40 143 6.9 19212
Turkcell 12.55 +.15 12.65 10.15 - 12.9 6129
TurkTelek 7 +.1 9.02 6.04 9.9 12.1 1107
YapiKred 4.69 +.11 6.28 3.80 88.4 7.9 14788
Li & Fung 11.40 +.12 14.78 9.85 2.7 30.6 13066
MTR @ 31.10 +.35 32.90 27.05 2.5 13 1924
NewWorld 11.86 +.04 15.12 9.98 0.2 5.2 8133
PetroChina @ 8.64xd +.12 11.32 7.73 4.3 10.5 46221
PowerAst 68.05 -.35 80.40 63.60 3.7 14.3 1907
SHK Props @ 105.70 -.1 130.80 93.05 3.2 6.9 4761
Sino Land 11.56 +.04 15.60 10.02 4.3 5.9 5346
Sinopec @ 6.22 +.08 9.57 5.02 5 9.3 59647
Swire Pacic@ 92.80xd +.45 103.80 87.50 3.8 8.9 1100
SwirePac B 18.26xd +.14 19.70 17.20 3.8 8.8 104
Tencent @ 419.80 +4.8 422.40 237 0.2 42.3 2289
WharfHld @ 67.90 +.45 79.20 50.55 2.5 5 3564
Wheelock 40.50 -.3 47.25 33.07 3 3.4 509
INDIA
(Oct 3/Rupee)
BharatHvy 143.75xd +2.35 272.45 100.35 3.8 5.3 1198
BhrtiAirtel @ 324.25xd +2.3 370.40 256.65 0.3 56 469
CairnInd 326.50 +9.65 349.90 267.90 3.5 5.5 408
CoalIndia 302.55xd +5.3 374.05 238.35 4.6 11.4 221
GAIL 332.95xd +7.95 396 273 2.9 11.4 33
HDFC Bk @ 636.15 +24.45 727 528 0.9 21 170
HsngDevFin@ 802.35 +17.95 931 632.20 1.6 17.5 104
ICICI Bk @ 937.90 +26.9 1.24k 758.80 2.1 10.5 470
IndianOil 207.95 +3.05 375 186.20 3 11.3 86
Infosys @ 3.04k +24.1 3.17k 2.19k 1.4 18.3 206
ITC @ 338.45 -4.45 380 267.70 0.7 34.5 420
JindalS&P 240.70xd +8.3 473.90 181.55 0.7 7.5 162
Larsen&T @ 828.10xa +28.1 1.15k 678.10 1.5 14.6 276
MMT C 49.10xd +.85 776.75 37.15 0.2 59.5 138
NatlThmPr 143.95 - 173.70 122.65 4 9.4 3907
NMDC 124.15xd +5 199 92.65 4 8.2 557
OilNatGas @ 266.50xd +4.35 354.10 234.40 3.6 12.1 234
RelianceIn @ 846.10 +23.8 954.80 761 0.7 12.5 335
SBI NewA @ 1.66k +15.95 2.55k 1.45k 2.5 6.5 385
SteelAuthr 54.75xd +3.3 101.60 37.65 3.7 9.7 1321
Sterlite 90.30xd - 123.35 70 2.5 5.2
TAMO 344.80 +9.3 354.90 245.35 0.6 11.4 951
TataCnslty @ 2.02k +78.25 2.08k 1.2k 1.1 28.5 183
TataSteel 285.80 +10.15 448.10 195.40 2.8 - 1201
Wipro 484.50 +13.85 501 294.48 1.4 18.9 345
INDONESIA prices in 000s
(Oct 3/Rupiah)
AdaroEgy 0.94 +.04 1.77 0.64 9.8 10.2 56710
Astra Int @ 6.45 +.1 8.30 5.10 3.3 14.1 20864
Bk Negara 4.30 +.03 5.60 3.38 2.6 10 12374
BkCentAsia@ 10.45 +.15 12.50 7.80 1.1 20.1 9998
BkMandiri @ 8.40 +.05 10.75 6.25 2.4 11.8 12986
BkRakyat 7.55 +.05 9.95 6.20 3 9 25247
Gudang Grm 35.65 -.25 60.45 32 2.3 16.7 440
Telkom @ 2.23xa +.03 2.59 1.73 3.9 15.7 51036
Unilever @ 30.90 -.1 34.60 20.10 2.1 44.2 1028
IRELAND
(Oct 3/Euro)
Aer Lingus 1.46 - 1.76 1 4.8 24.3 890
BkofIrelnd 0.22 +.01 0.24 0.09 - 10.9 33780
CRH 17.41xd -.45 18.37 13.43 3.6 32.8 1051
Elan Crp 11.50 -.04 12.58 6.83 - - 135
GraftonGrp 6.99xd -.02 7.10 3.16 1.3 - 207
Ind News 0.05 + 0.44 0.01 - - 1096
Kerry Gp 45 +.1 48.59 37.23 0.8 28.5 117
PermTSB 0.04 0.06 0.02 - - 21
Ryanair 6.30 -.04 7.62 4.09 5.4 14.7 11283
ITALY
(Oct 3/Euro)
A2A 0.79 +.01 0.80 0.36 3.3 8.8 16100
Acea 7.19 +.01 7.57 3.81 4.2 13.4 62
Atlantia 15.30 -.08 15.68 11.82 4.9 15.8 1410
Autogrill 6.01xc -.02 6.64 3.59 4.7 17 2364
BcaCarige 0.48 0.90 0.39 - - 1708
BcaMilano 0.46 +.02 0.62 0.30 7 - 99806
BcaPEmilR 5.64 +.01 6.78 4.04 0.5 - 1462
BcoPoplre 1.20 + 1.60 0.86 - - 28666
BcPSondrio 4.10 -.06 5.50 3.66 0.8 - 219
BuzziUnicm 12.20 +.04 13.47 8.45 0.4 - 357
Campari 6.51 +.02 6.68 5.42 1.1 27.5 987
CNH Ind 9.30 -.31 10.04 7.57 2.4 - 4942
CredEmil 4.61 +.07 4.64 3.20 2.6 12.1 390
ENEL @ 2.94 -.02 3.30 2.28 5.1 38.1 31843
ENI @ 17.10 -.12 19.59 15.16 6.4 10.8 10363
ERG 7.73 +.23 8.25 4.84 5.2 5.4 268
Exor 28.34xa -.37 29.58 18.09 1.2 3.4 347
Fiat 6.02 -.09 6.53 3.28 - 36.8 9097
Finmecnca 5.20 +.15 5.47 3.49 - - 23448
Generali @ 15.23 -.03 15.74 11.17 1.3 70.8 3948
Gtech 21 +.1 22.82 15.87 3.5 14.3 298
IntSanPSvg 1.39 -.01 1.41 0.96 4.4 - 4826
IntSPaolo @ 1.67 -.01 1.72 1.09 3 36.2 153706
Italcementi 5.86 +.05 5.94 3.41 1 - 220
Luxottca 38.50 +.06 42.97 27.34 1.5 31.5 541
Meddiolan. 5.68 +.13 5.97 3.34 3.2 12.5 2628
Mediaset 3.16 +.03 3.60 1.16 3.2 - 8147
Mediobnca 5.66 -.04 5.86 3.78 - - 7842
MontePsS 0.21 + 0.31 0.16 - - 87197
Parmalat 2.46 2.69 1.66 0.5 43.7 1013
Pirelli&C 9.63 -.03 10.23 7.09 3.3 16.1 1181
Prysmian 18.67 -.29 19.25 13.47 2.2 33.2 1438
Saipem 16.51 +.09 38.32 12.13 4.1 - 1130
Saras 0.93 +.01 1.19 0.84 - - 1275
Snam 3.68 -.03 3.86 3.28 6.8 16.9 8200
TelcmItalR 0.52 +.01 0.70 0.37 6 - 24243
TelecmItal @ 0.64 +.01 0.81 0.47 3.1 - 230495
TERNA 3.37 -.04 3.60 2.78 5.9 13.4 6609
TODS 138.10 -.3 145.50 84.05 2 28.8 31
UBI Banca 4.13 +.05 4.14 2.64 1.2 - 6870
UniCred @ 5.06 -.04 5.18 3.16 1.8 49 58067
JAPAN prices in 000s
(Oct 3/Yen)
Aeon 1.32xa -.02 1.43 0.77 1.8 14.6 3517
Ajinomoto 1.29 -.01 1.52 1.08 1.4 16.6 2743
AozoraBk 0.29 +.01 0.34 0.22 5.8 11.7 10710
Asahi Glass 0.59 -.01 0.83 0.50 4.4 70 8936
AstellasPh @ 4.88 -.1 6.01 3.77 2.7 20.3 2611
Bridgestne @ 3.47 -.04 3.85 1.71 1.2 11.5 2916
Canon @ 3.12 +.06 4.12 2.32 4.3 16 6725
ChubuElec 1.38 +.01 1.55 0.81 3.6 - 2733
Chugai Ph 1.96 -.01 2.55 1.55 2.2 21.9 933
CntJpRwy @ 12.50xa +.21 13.57 6.35 0.8 11.3 492
DaikinInd 5.27 +.24 5.56 1.86 0.7 22.7 2556
DaiNpPrnt 1 -.01 1.06 0.50 3.2 29.8 1528
DaiSankyo 1.72 -.02 2.01 1.17 3.5 18.8 2314
DaiwaSec 0.86 -.01 1.03 0.29 1.8 11.6 7283
Denso @ 4.62 -.01 5 2.31 1.4 16.3 1931
EastJpRwy @ 8.43 +.13 8.99 5.04 1.4 17.2 748
Eisai 3.90 -.01 4.68 3.33 3.9 21.7 1462
Fanuc @ 15.73 -.16 17.46 12.02 1.2 40.1 1095
FastRetail @ 35.25 -.3 44.40 15.81 0.8 39.8 1048
FujiFilmH 2.27 -.04 2.63 1.25 1.8 16.2 2745
Fujtsu 0.37 - 0.50 0.27 1.4 17 9687
Hitachi @ 0.64 +.01 0.80 0.40 1.6 14 20328
Honda Mt @ 3.74 +.02 4.41 2.29 2.1 11.1 5096
Hoya 2.26 +.01 2.37 1.52 2.9 18.5 1076
Inpex 1.14xc -.01 1.36 1 1.5 11.8 3186
Itochu 1.16 -.03 1.57 0.76 3.5 6.1 7053
JapanTob @ 3.48xa -.01 3.84 2.12 2 16.8 2921
JFE 2.48 +.02 2.80 0.97 0.8 12.1 3611
JX Hldgs 0.49 -.01 0.59 0.40 3.3 7.2 18347
KansaiEP 1.25 +.02 1.53 0.55 - - 2622
Kao Corp 2.98 3.55 2.14 2.1 22.9 2002
KDDI Cp @ 5.21xa +.13 5.66 2.86 1.7 13.9 4861
Keyence 35 -.9 38 18.95 0.2 29.4 211
KirinHldgs 1.41 +.02 1.87 0.94 2.4 15.1 4056
Komatsu @ 2.35 -.01 3.10 1.44 2 12.6 5994
Kubota 1.41 -.02 1.79 0.77 1.2 17.1 6122
Kyocera 4.84xc -.14 5.88 3.20 1.2 19.3 3327
Kyushu EP 1.46 +.04 1.66 0.56 - - 2296
Marubeni 0.75 0.87 0.49 3.2 6.2 7319
MitsubElec @ 1.03 +.01 1.24 0.56 1.1 19.3 6224
MitsubEst @ 2.81 -.02 3.35 1.44 0.4 67.5 4570
MitsubHvy @ 0.56 +.01 0.77 0.32 1.4 16.5 13568
Mitsubishi @ 1.95 + 2.11 1.33 2.8 8 5092
MitsubTk @ 0.62 - 0.75 0.35 2.1 10.9 37751
Mitsui @ 1.39 1.63 1.06 3.1 6.7 7123
MitsuiFud @ 3.23 -.02 3.61 1.51 0.7 43.8 3002
MitsuiSmIns 2.47 -.05 3.17 1.28 2.2 11.6 1413
Mizuho @ 0.21 - 0.23 0.12 2.9 9.5 92059
Murata Mfg 7.29 -.07 8.86 3.82 1.4 22.3 551
NEC 0.22 0.30 0.12 1.8 28.6 10701
Nintendo @ 10.89 +.02 14.43 8.34 0.9 17.1 549
NipStlSuMet 0.33 +.01 0.36 0.15 0.3 15.1 42587
Nissan Mt @ 0.98 1.25 0.64 2.6 10.2 12271
Nitto Denko 6.13 +.05 7.54 3.31 1.6 15.9 2640
NKSJ 2.46 -.06 2.78 1.40 2.4 30.1 2075
Nomura 0.75 + 0.98 0.26 1.1 16.9 25735
NTT @ 5.04 -.06 5.65 3.56 3.2 11.4 2722
NTT Data 3.18xc -.02 4.13 2.28 1.9 19.8 1037
NTTDCMo @ 1.56xc +.01 1.67 1.12 3.9 13.3 7039
Orix 1.53xc 1.70 0.77 0.9 13.2 4830
Panasonic @ 0.95 +.01 0.99 0.38 - 40.1 18559
Resona 0.49 -.01 0.57 0.32 2.5 7.5 9053
Ricoh 1.09 -.02 1.42 0.64 2.7 10.1 4369
Rohm 3.98 +.03 4.58 2.16 0.8 20.5 423
Secom 5.83 - 6.31 3.86 1.8 20 952
SekisuiHse 1.28 -.03 1.53 0.76 2.8 11.2 4278
Seven & I @ 3.52 +.03 4.12 2.24 1.8 18 2335
Sharp 0.33 -.02 0.63 0.14 - - 32258
ShnEtsuCh @ 5.70 -.15 7.31 4.30 1.8 20.9 2594
SMC Cp 23.20 +.07 24.62 11.68 0.6 22.8 152
Softbank @ 7.53 +.29 7.54 2.20 0.5 16.4 26725
Sony @ 2.05 -.01 2.41 0.77 1.2 29.7 8303
SonyFinH 1.81 +.02 1.89 1.10 1.4 21.2 1258
SumitChm 0.37 + 0.42 0.19 1.6 18.6 6967
SumitoEle 1.39 +.01 1.53 0.78 1.4 18.3 3169
Sumitomo 1.30 -.02 1.62 0.98 3.5 6.8 4694
SumitomoF@ 4.66 -.03 5 2.33 2.6 10.3 4460
Suzuki Mt 2.36 2.92 1.50 0.8 13.2 2058
T&D Hld 1.19 -.02 1.56 0.79 1.9 12.3 1865
Takeda Ph @ 4.58 +.02 5.52 3.49 3.9 38 2674
TDK 3.66 -.08 4.70 2.75 1.9 29.6 1843
Terumo 4.80 +.04 5.83 3.16 0.9 21.4 1192
Tohoku EP 1.24 +.02 1.45 0.55 - 31.1 2799
TokioElPw 0.55 -.03 0.84 0.12 - 3 57127
TokioMrne @ 3.13 -.06 3.59 1.95 1.8 13.4 2064
Tokyo Elcn 5.24 +.07 6.03 3.15 1 63.1 1741
TokyoGas 0.53 +.01 0.64 0.39 1.9 13.2 7589
Toshiba @ 0.43 +.01 0.57 0.24 1.9 15.9 29422
Toyota @ 6.25 +.04 6.76 2.87 1.4 - 6528
Toyota Ind 4.18 - 4.53 2.11 1.3 18.9 335
WstJpnRwy 4.21 +.03 4.84 3.26 2.6 14.5 456
Yahoo Jpn @ 0.56xc + 0.59 0.27 0.7 26.1 8283
YokohaBk 0.54 0.63 0.36 2 12.8 6061
MALAYSIA
(Oct 3/Ringgit)
AxiataGp 6.91xd +.01 7.27 5.51 5.1 23.1 7561
CIMB Grp @ 7.48xd - 8.70 6.95 4.2 12 10693
Digi.com 4.89 -.01 5.48 4.38 4.8 29.9 7425
Genting 10.40 -.02 11 8.59 5.7 21.6 1101
Genting Mly 4.29xd +.02 4.50 3.36 2.2 16 555
IOI Corp. 5.37 -.02 5.64 4.58 2.9 27.4 3799
KL Kpng 22.70 -.2 24 19.88 2.9 20 112
MalayBnkng@ 9.82xd +.01 10.80 8.70 4.2 13.5 4555
Maxis 7.04 +.04 7.30 6.21 4.6 29 1949
MISC 5.18 +.08 5.84 3.94 - 16 338
PetChem 6.82 -.01 6.97 5.63 3.3 14.8 1670
PetGas 22 - 25 13.36 2.3 22.7 841
PPB Grp 14.38 - 15.32 11.16 1.5 17.3 74
Public Bk 17.78 +.06 18.28 14.36 3 15.7 1418
Public BkF 17.84 +.1 18.06 14.38 3 - 1175
SimeDarby @ 9.54 +.03 9.95 8.93 3.6 17.1 3185
TelekmMala 5.23 -.02 6.40 5.14 4.3 17.1 4310
Tenaga Nsl 9.01 - 9.41 6.72 2.8 9.2 2145
YTL Power 1.79 +.01 1.81 1.41 2.1 12.1 23865
MEXICO
(Oct 3 / 12:00 am/Peso)
AmerMvl @ 13.30 -.13 17.05 11.53 1.7 11.5 14382
CemxCPO 14.88 -.17 16.16 10.30 6.3 - 10618
FEMSAUBD@ 126.05 -3.25 153.21 115.40 1.6 24.9 692
GrpElektra 422 -10.31 618 408 0.5 49.7 108
GrpMexico @ 39.91 -.73 51.99 34.60 2.6 - 2752
Inbursa 31.92 -.81 42.98 26 1.1 20.4 1135
TlvCPO 74.15 -.73 75.94 58.50 0.5 25.4 637
Walmex @ 33.68 -.38 43.21 31.29 2.2 25.1 7122
Thursday stock close Days
traded ms price change
Facebook 49.1 49.16 -1.12
Microsoft 18.1 33.60 -0.32
Cisco Systems 17.7 23.02 -0.30
Intel 16.3 22.55 -0.34
RschMt 14.2 7.71 -0.25
Yahoo 13.1 33.35 -0.80
Oracle Corp 6.9 33.19 -0.49
Apple 6.5 483.18 -6.38
AppliedMat 6.4 17.30 -0.21
News Corp 6.0 15.87 -0.27
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Tenet Healthcare 46.93 3.03 +6.90
Constellation 59.17 0.91 +1.56
ICE 186.80 2.69 +1.46
Baxter 64.52 0.63 +0.99
Downs
HCP 39.85 -1.92 -4.60
Radioshack 3.24 -0.15 -4.42
Biogen Idec 235.95 -10.28 -4.18
Dynegy 18.56 -0.72 -3.73
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
Vodafone 118.4 222.00 +3.05
LlydsBkg 94.0 75.00 +0.54
Barclays 36.2 273.00 +0.45
BP 35.6 437.15 +4.85
Tesco 23.3 365.00 +7.00
BT 21.1 347.70 +0.70
GlencoreXst 17.7 330.00 -4.15
WillimH 15.3 413.00 +1.70
HSBC 15.0 669.50 +2.10
Aviva 13.2 413.10 +5.60
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
SuperGroup 1,182.00 41 +3.59
Mitch&But 400.10 10.80 +2.77
CatlinGp 486.90 12.70 +2.68
Fenner 400.90 10.40 +2.66
Downs
ImgnTech 306.30 -18.70 -5.75
Diploma 632.50 -25 -3.80
Chemring 284.80 -10.70 -3.62
TedBaker 1,851.00 -69 -3.59
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
Unicredit 293.8 5.06 -0.04
IntSanPaolo 257.3 1.67 -0.01
Volkswagen Pfd 204.4 168.10 -2.90
BcoSantdr 202.9 6.14 -0.05
Eni 177.2 17.10 -0.12
BBVA 175.6 8.43 -0.08
Unilever 149.2 27.78 +0.28
TelecomItalia 148.4 0.64 +0.01
Telefonica 146.7 11.80 -0.01
Alstom 141.0 24.92 -1.30
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
K+S 19.15 +0.53 +2.85
TelcmItalR 0.52 +0.01 +2.17
Christian Dior 146.50 +2.65 +1.84
TelecomItalia 0.64 +0.01 +1.66
Downs
Alstom 24.92 -1.30 -4.94
PortTlcm 3.48 -0.14 -3.78
CNH Ind 9.30 -0.31 -3.18
SchndrElec 60.46 -1.98 -3.17
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Mizuho Fin 92.1 209 -
TEPCO 57.1 552 -28
ALL NIPPON AW 51.8 221 +5
Mazda Motor 42.9 420 +1
Nippon Steel 42.6 334 +5
MUFG 37.8 616 -
Kobe Steel 34.1 175 -
Sharp Corporat 32.3 329 -15
Toshiba 29.4 430 +5
Showa Denko 28.0 132 +1
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
DAIKIN IND 5270 240 +4.77
Softbank 7530 290 +4.01
Shinsei Bank 233 8 +3.56
Fuji HI 2790 87 +3.22
Downs
TEPCO 552 -28 -4.83
Toho Zinc 288 -14 -4.64
Sharp Corporat 329 -15 -4.36
HOKUETSU KISHU 435 -18 -3.97
Based on the constituents of the Nikkei 225 index
Oct 3
3004
373
2563
68
85
40
Tenet Healthcare
Share Price
Sep 3 2013/2013 Oct 3
ImgnTech
Share Price
Sep 3 2013/2013 Oct 3
Alstom
Share Price
Sep 3 2013/2013 Oct 3
TEPCO
Share Price
Sep 3 2013/2013 Oct 3
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Oct 2
3078
1303
1647
128
113
30
Oct 1
3087
2152
825
110
209
29
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
3.03
Change
on day
-18.70
Change
on day
-1.30
Market data provided by
Market data provided by
Change
on day
-28.00
n MAJOR MARKET VOLUMES
5 day
Oct 3 Oct 2 average
NYSE 256 691 637
NASDAQ 913 1778 1618
UK 2490 2352 2684
France 157 172 163
Germany 93 136 119
Japan 1899 2267 2207
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Oct 3 Days Days
Open Close high low
DJ Ind 15127.23 14969.54 15127.23 14947.03
Nasdaq Cmp 3809.90 3760.06 3816.96 3753.17
S&P 500 1692.35 1672.96 1692.35 1670.36
FTSE E300 1246.64 1242.18 1250.94 1241.52
FTSE 100 6437.50 6449.04 6472.43 6436.21
FTSE All Sh 3432.23 3435.72 3448.02 3431.60
CAC 40 4158.93 4127.98 4166.92 4124.83
XETRADAX 8647.86 8597.91 8654.79 8590.46
Topix 1174.59 1173.99 1180.26 1171.45
Nikkei 14140.11 14157.25 14219.89 14082.31
Hang Seng 23167.20 23214.40 23241.50 23126.99
SMI 8002.24 7942.50 8005.26 7930.84
AEX 376.80 374.83 377.40 374.31
n NYSE RISES AND FALLS
Visit www.ft.com/ir
Search, view and download
annual reports on over
1600 companies with
FT.coms Investor Relations
Service free of charge.
OCTOBER 4 2013 Section:Stats Time: 3/10/2013 - 18:26 User: watsonl Page Name: WSM1 USA, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

23
MARKET DATA
Argentina Merval 4823.55 4869.80
Australia ALL ORDINARIES 5232.00 5214.89
S&P/ASX200 Res 4076.60 4057.56
S&P/ASX200 5234.89 5215.56
Austria ATX 2541.56 2541.95
Belgium BEL 20 2796.37 2819.67
BEL Mid 4261.90 4276.24
Brazil Bovespa 52468.07 53100.18
Canada S&P/TSXMet & Min 775.10 790.93
S&P/TSX60 728.16 736.05
S&P/TSXComp 12701.87 12839.00
Chile IGPAGen 18777.90 18811.35
China Shanghai A (c) (c)
Shanghai B (c) (c)
Shanghai Comp (c) (c)
Shenzhen A (c) (c)
Shenzhen B (c) (c)
FTSE A200 (c) (c)
FTSE B35 (c) (c)
Colombia CSE Index 14041.71 14091.48
Croatia CROBEX 1818.77 1816.21
Cyprus CSE M&P Gen 92.34 92.39
Czech Republic PX 961.35 969.37
Denmark OMXC Copenhagen 20 566.59 564.82
Egypt EGX30 5726.22 5694.01
Estonia OMXTallinn 836.73 835.68
Finland OMXHelsinki General 6897.42 6913.27
France CAC 40 4127.98 4158.16
SBF 120 3197.89 3219.71
Germany M-DAX 15112.84 15126.03
XETRADax 8597.91 8629.42
TecDAX 1093.58 1095.16
Greece Athens Gen 1033.25 1011.67
FTSE/ASE 20 346.90 340.67
Hong Kong Hang Seng 23214.40 22984.48
HS China Enterprise 10514.55 10333.59
HSCC Red Chip 4479.83 4402.32
Hungary Bux 18575.80 18645.35
India BSE Sens 19902.07 (c)
S&P CNX500 4512.65 (c)
Indonesia Jakarta Comp 4418.64 4387.60
Ireland ISEQ Overall 4260.76 4275.65
Oct Oct
3 2
Israel Tel Aviv 100 1146.94 1148.07
Italy FTSE MIB 18018.22 18098.44
FTSE Italia Mid Cap 22814.90 22756.67
FTSE Italia All-Sh 19042.52 19114.56
Japan Nikkei 225 14157.25 14170.49
Topix 1173.99 1175.16
S&PTopix 150 994.97 994.49
2nd Section 3376.87 3376.94
Jordan Amman SE 4107.60 3989.00
Kenya NSE 20 4838.07 4830.38
Latvia OMXRiga 447.58 453.74
Lithuania OMXVilnius 419.49 419.85
Luxenbourg Luxembourg General 786.25 791.56
Malaysia FTSE Bursa KLCI 1771.37 1770.35
Mexico IPC 40693.48 41300.66
Morocco MASI 8635.68 8627.71
Netherlands AEX 374.83 376.17
AEXAll Share 569.91 571.37
New Zealand NZX50 4770.22 4768.87
Nigeria SE All Share (u) (u)
Norway Oslo All Share 557.29 553.71
Pakistan KSE 100 22152.35 22189.67
Philippines Manila Comp 6387.65 6362.26
Poland Wig 50982.03 50803.40
Portugal PSI General 2546.31 2560.83
PSI 20 5994.56 6038.50
Romania BET Index 6047.36 6029.94
Russia RTS 1429.12 1421.94
Micex Index 1457.06 1456.97
Singapore FTSE Straits Times 3144.79 3152.58
Slovakia SAX 197.78 197.61
Slovenia SBI TOP 606.38 607.72
South Africa FTSE/JSE All Share 44006.86 43967.84
FTSE/JSE Top 40 39370.63 39362.08
FTSE/JSE Res 20 49318.85 49694.91
South Korea Kospi (c) 1999.47
Kospi 200 (c) 261.87
Spain Madrid SE 946.87 951.28
IBEX35 9295.70 9350.00
Sri Lanka CSE All Share 5814.80 5805.62
Sweden OMXStockholm30 1256.27 1260.24
OMXStockholmAS 397.63 398.64
Switzerland SMI Index 7942.50 7964.44
Taiwan Weighted Pr 8359.02 8216.52
Thailand Bangkok SET 1429.18 1408.99
Turkey ISE 100 76269.85 75162.81
UK FTSE 100 6449.04 6437.50
FT30 2668.20 2665.30
FTSE All Share 3435.72 3432.23
FTSE techMARK 100 2947.81 2958.59
FTSE4Good UK (u) 5618.41
USA S&P 500 1672.96 1693.87
FTSE Nasdaq 5000 9865.09 10011.52
Nasdaq Cmp 3760.06 3815.02
Nasdaq 100 3204.64 3253.26
Russell 2000 1066.70 1082.55
NYSE Comp. 9587.32 9689.29
Wilshire 5000 (u) 18127.60
DJ Industrial 14969.54 15133.14
DJ composite 5122.32 5185.22
DJ Transport 6537.27 6643.89
DJ Utilities 478.14 484.80
Venezuela IBC 1739552.271785064.85
Vietnam VNI 492.30 494.39
Cross-Border Stoxx 50 2762.13 2771.34
Euro Stoxx 50 2902.12 2918.31
DJ Global Titans $ 214.87 216.14
Euronext 100 ID 772.51 776.80
FTSE Multinatls $ (u) 1396.02
FTSE Global 100 $ 1191.40 1200.34
FTSE4Good Glob $ (u) 5095.37
FTSE E300 1242.18 1247.14
FTSEurofrst 80 3818.43 3837.79
FTSEurofrst 100 3668.77 3683.97
FTSE Latibex Top 3950.40 3972.10
FTSE Eurotop 100 2524.56 2534.50
FTSE Gold Min $ (u) 1513.90
FTSE All World (u) 253.02
FTSE World $ (u) 446.52
MSCI All World $ (u) 1551.02
MSCI ACWI Fr$ (u) 384.13
MSCI Europe (u) 1284.20
MSCI Pacifc $ (u) 2393.68
S&P Global 1200 $ 1715.74 1726.29
S&P Europe 350 1263.03 1267.79
S&P Euro 1246.60 1253.03
Country Index Oct Oct
3 2
Oct Oct
3 2
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7276 433.56 -0.1 5.1 13.7 562.74 16.1 2.5 Oil & Gas 165 453.59 0.0 3.1 5.9 644.31 8.5 3.0
Oil & Gas Producers 120 411.07 -0.1 2.8 4.7 592.63 7.5 3.2
Oil Equipment & Services 40 483.65 0.5 4.2 11.5 632.79 13.5 2.2
Basic Materials 295 467.94 0.1 4.0 -7.2 646.12 -5.0 2.8
Chemicals 116 599.11 -0.1 5.5 8.2 836.58 10.5 2.5
Forestry & Paper 15 192.93 -0.3 3.3 10.2 290.36 13.1 3.0
Mining 75 748.15 0.4 0.1 -25.4 1013.30 -23.3 3.5
Industrials 505 292.04 -0.4 6.8 17.2 387.08 19.5 2.2
Construction & Materials 114 430.73 -0.2 8.7 9.8 599.06 12.1 2.4
Aerospace & Defense 27 435.16 -1.0 6.5 34.5 572.97 36.7 1.9
General Industrial 51 202.58 0.1 6.3 16.2 285.74 18.8 2.5
Electronic & Electrical Equipment 67 297.60 -1.0 7.5 17.6 366.97 19.6 1.8
Industrial Engineering 100 623.34 -0.4 6.8 11.0 812.81 13.1 2.1
Industrial Transportation 86 492.67 -0.1 7.0 19.4 651.88 21.6 2.2
Support Services 60 257.70 -0.6 5.6 18.2 328.95 20.4 2.1
Consumer Goods 374 382.94 -0.4 3.9 13.1 516.24 15.4 2.3
Automobiles & Parts 90 392.26 -0.7 6.8 26.3 508.94 28.6 1.8
Beverages 46 500.67 -0.7 1.5 7.7 682.39 9.7 2.4
Food Producers 92 500.35 -0.5 2.2 9.8 696.77 12.0 2.5
Leisure Goods 23 125.19 0.9 6.1 7.1 155.74 8.1 1.0
Personal Goods 68 581.78 -0.4 4.8 14.5 757.58 16.2 1.8
Tobacco 13 998.30 -0.2 4.1 5.5 1775.80 9.2 4.3
Health Care 144 345.61 -0.4 3.3 23.0 461.39 25.6 2.2
Health Care Equipment & Services 54 450.08 -0.3 2.3 20.7 503.57 21.8 1.2
Pharmaceuticals & Biotechnology 90 269.13 -0.4 3.6 23.8 371.35 26.7 2.5
Consumer Services 358 330.10 -0.2 6.2 21.9 412.83 23.8 1.8
Food & Drug Retailers 54 267.66 -0.2 5.3 19.3 346.36 21.8 2.3
General Retailers 113 429.40 -0.2 6.0 18.6 525.34 20.3 1.7
Media 82 251.66 -0.4 6.9 28.9 315.49 30.6 1.6
Travel & Leisure 109 328.76 0.0 6.2 21.1 414.96 23.0 1.8
Telecommunication 94 167.01 0.3 5.8 13.2 268.55 17.1 4.4
Fixed Line Telecommuniations 44 133.50 -0.1 3.8 6.6 231.57 10.4 5.3
Mobile Telecommunications 50 186.78 0.7 7.7 20.3 276.53 24.3 3.6
Utilities 158 243.67 0.4 5.1 6.2 410.08 9.9 4.3
Electricity 110 250.92 0.3 4.3 4.5 419.06 8.1 4.1
Gas Water & Multiutilities 48 283.69 0.4 6.2 8.6 487.23 12.7 4.6
Financials 623 200.33 0.0 5.6 13.6 292.62 16.4 2.8
Banks 232 197.59 0.1 5.5 11.6 305.28 14.7 3.2
Nonlife Insurance 67 186.93 0.2 5.3 21.2 247.81 23.9 2.2
Life Insurance 47 183.92 0.2 5.2 20.0 264.11 22.7 2.4
Technology 172 134.38 0.1 4.8 13.6 154.38 15.3 1.8
Software & Computer Services 70 226.58 0.1 5.2 19.4 253.53 20.5 1.1
Technology Hardware & Equipment 102 103.25 0.2 4.4 9.1 120.68 11.2 2.3
Oct 2
Countries & regions
FTSE Global Large Cap 1256 383.33 -0.1 4.8 12.1 506.91 14.6 2.7
FTSE Global Mid Cap 1632 571.81 -0.2 5.4 17.5 715.40 19.6 2.0
FTSE Global Small Cap 4388 612.69 -0.1 6.7 18.7 746.10 20.6 1.9
FTSE All-World (Large/Mid Cap) 2888 253.02 -0.1 4.9 13.0 345.92 15.5 2.5
FTSE World (Large/Mid Cap) 2441 446.52 -0.1 4.9 14.1 819.80 16.5 2.5
FTSE Global All Cap ex UK 6948 440.70 -0.1 5.3 13.9 565.11 16.3 2.4
FTSE Global All Cap ex USA 5354 457.02 -0.2 5.9 8.1 623.63 11.0 2.9
FTSE Japan Large Cap 172 315.49 -0.6 7.0 21.0 378.08 23.1 1.8
FTSE Japan Mid Cap 286 420.74 -1.0 7.6 23.3 491.50 25.1 1.5
FTSE Japan Small Cap 733 476.17 -0.7 9.0 19.5 572.43 21.6 4.1
FTSE Japan (Large/Mid Cap) 458 128.17 -0.7 7.1 21.4 172.90 23.5 1.7
FTSE North America Large Cap 297 368.94 -0.1 3.6 16.8 462.57 18.9 2.2
FTSE North America Mid Cap 400 584.60 0.0 4.8 22.2 695.81 23.8 1.6
FTSE North America Small Cap 1473 618.98 -0.3 6.6 23.0 717.96 24.3 1.4
FTSE All-World North America 697 249.56 -0.1 3.9 17.8 321.34 19.8 2.1
FTSE All-World Dev ex North Am 1341 240.21 -0.2 5.9 12.7 351.29 15.8 3.0
FTSE Asia Pacifc Large Cap ex Japan 433 608.09 0.3 5.0 -1.3 850.53 1.4 3.0
FTSE Asia Pacifc Mid Cap ex Japan 445 771.72 0.1 5.8 0.2 1051.82 2.7 2.6
FTSE Asia Pacifc Small Cap ex Japan 1238 548.50 0.3 5.5 -1.0 737.33 1.3 2.6
FTSE Latin Americas All-Cap 241 1130.20 -0.1 9.3 -11.6 1558.13 -9.7 3.0
FTSE Middle East Africa All-Cap 197 711.52 0.3 6.7 -4.5 997.56 -2.1 2.9
FTSE UKAll Cap 328 364.31 -0.2 3.3 10.6 533.84 13.9 3.5
FTSE USAAll Cap 1922 424.36 -0.1 4.3 20.3 520.55 22.1 1.9
FTSE Europe All Cap 1361 411.28 -0.2 5.9 13.8 588.11 17.3 3.3
FTSE Eurobloc All Cap 637 381.64 0.0 8.1 17.0 554.39 20.6 3.3
FTSE RAFI All-World 3000 Index 3023 5558.17 -0.1 5.7 15.7 6576.29 18.5 2.8
FTSE RAFI US 1000 Index 1015 7739.92 0.0 3.7 21.7 9287.66 23.8 2.2
FTSE EDHEC-Risk Efcient All-W 2888 287.20 -0.1 5.2 15.4 367.84 17.7 2.3
FTSE EDHEC-Risk Efcient Dev Eur 501 276.18 -0.2 4.9 15.2 381.01 18.3 2.9
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index
Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of
Research Afliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-
0063942-A1, WO 2005/076812, WO 2007/078399A2, WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is
basing its sector indices on the Industrial Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7276 433.56 -0.1 5.1 13.7 562.74 16.1 2.5
FTSE Global All Cap ex Eurobloc 6639 440.84 -0.1 4.8 13.3 562.80 15.6 2.4
FTSE All-World Developed 2038 399.66 -0.2 4.8 15.5 522.23 18.0 2.5
FTSE Developed All-Cap 5472 420.36 -0.2 5.0 16.2 544.26 18.5 2.4
FTSE Developed Large Cap 838 370.33 -0.1 4.6 14.6 489.25 17.1 2.6
FTSE Developed Europe Large Cap 189 363.47 -0.2 5.6 12.9 533.30 16.5 3.5
FTSE Developed Europe Mid Cap 312 500.26 -0.2 5.5 18.6 680.60 21.8 2.8
FTSE Developed Europe Small Cap 718 682.55 0.1 6.6 23.9 906.09 26.9 2.5
FTSE All-World Asia Pacifc ex Japan 878 477.31 0.3 5.1 -1.1 710.54 1.6 2.9
FTSE All Emerging All-Cap 1804 697.53 0.2 6.5 -6.0 935.22 -3.5 2.9
FTSE All Emerging Large-Cap 418 663.65 0.1 6.5 -6.9 893.69 -4.3 3.0
FTSE All Emerging Mid-Cap 432 868.20 0.3 6.6 -4.1 1164.13 -1.7 2.7
FTSE All Emerging Small-Cap 954 706.06 0.5 6.3 -1.5 918.00 0.8 2.4
FTSE All-World All Emerging Europe 81 469.59 -0.8 9.3 -6.1 633.61 -2.7 3.6
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 189306.79263682 -0.4 -1.2 3.5 10.72 450.14
FTSE Dev Eur M Cap 312421.89468554 -0.5 -2.0 2.8 12.14 573.98
FTSE Dev Eur S Cap 718576.83534920 -0.3 -1.5 2.5 14.26 765.76
FTSE Dev Europe 501202.56227549 -0.4 -0.8 3.4 6.80 311.04
FTSEurofrst 80 803818.42902891 -0.5 -19.4 3.6 119.75 5755.66
FTSEurofrst 100 1003668.77194966-0.4 -15.2 3.8 116.34 5532.58
FTSEurofrst 300 3101242.18289570-0.4 -5.0 3.4 37.20 2025.31
FTSEurofrst 300 Ezone 1661193.35845696-0.5 -6.0 3.5 35.57 1946.35
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2013. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 308.80602186 -0.3 -0.8 4.7 11.33 453.44
Chemicals 13 874.35658659 -0.4 -3.3 2.7 23.85 1135.28
Basic Resources 11 471.43875885 -1.8 -8.5 3.5 15.34 589.41
Construction & Materials 13 424.94715303 -0.7 -3.0 3.5 11.65 573.33
IndustrialGoods&Services 48 581.24101955 -1.1 -6.5 2.6 14.52 738.19
Automobiles & Parts 10 692.75128579 -0.4 -2.6 2.9 20.61 864.21
Food & Beverage 17 664.72224715 0.0 -0.3 2.8 16.74 859.19
Personal&HouseholdGds 20 731.62406377 0.0 -0.3 2.6 17.66 934.37
Health Care 19 467.74211441 -0.1 -0.3 3.3 14.11 627.65
Retail 15 388.79495824 0.1 0.4 3.0 9.68 509.16
Media 10 331.32165985 -0.8 -2.5 3.3 9.57 469.31
Travel & Leisure 10 439.67801623 -0.5 -2.4 2.0 8.27 579.93
Telecommunications 12 311.60606434 0.4 1.2 5.1 9.73 518.87
Utilities 19 311.93380131 -1.0 -3.0 6.2 16.24 498.10
Banks 31 175.46137583 -0.5 -1.0 3.4 5.22 245.90
Insurance 21 331.70286150 -0.3 -1.1 3.8 12.14 476.28
Financial Services 7 374.58775948 0.0 0.0 3.2 12.24 524.73
Technology 11 289.59372318 -0.4 -1.2 1.5 4.34 348.87
Oct 3
EQUITY INDICES - FTSE EUROPEAN
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 1.4 3.4 1.3 3.4 1.4 3.3
Australia 4.1 18.6 4.2 18.6 4.1 18.9
Austria 3.0 15.0 3.0 15.4 3.1 15.3
Belgium 2.5 13.2 2.5 13.3 2.5 13.3
Brazil 3.8 15.9 3.8 15.9 3.8 15.9
Bulgaria 2.5 11.5 2.5 11.5 2.5 11.7
Canada 3.1 17.4 3.1 17.4 3.1 17.4
S&P/TSX 3.4 15.7 3.4 15.6 3.4 15.6
Chile 3.0 18.3 2.9 18.5 3.1 17.7
China 4.5 7.1 4.5 7.1 4.4 7.3
Colombia 4.2 16.3 4.2 16.3 4.2 16.8
Cyprys 2.1 15.8 2.1 15.4 2.1 15.6
Czech Rep. 6.4 9.6 6.5 9.6 6.5 9.5
Denmark 1.7 17.3 1.7 17.4 1.7 17.4
Finland 3.7 18.4 3.6 18.5 3.7 18.3
France 3.1 17.7 3.1 17.9 3.1 17.9
Germany 2.9 13.7 2.9 13.8 2.9 13.7
DAX30 3.1 14.0 3.0 14.1 3.0 14.1
Greece 0.6 4.3 0.6 4.4 0.6 4.4
Hong Kong 2.9 11.7 2.9 11.7 2.9 11.8
Hang Seng 3.4 10.6 3.4 10.6 3.3 10.9
Hungary 3.7 10.3 3.7 10.3 3.7 10.2
India 1.8 14.0 1.8 14.0 1.8 14.2
Indonesia 2.7 16.5 2.7 16.3 2.6 16.6
Ireland 1.0 12.0 1.0 12.0 1.0 12.1
Israel 3.6 14.2 3.6 14.2 3.6 14.0
Italy 3.4 19.7 3.4 19.6 3.3 19.7
Japan 1.7 16.7 1.7 17.0 1.6 17.1
Topix 1.7 14.9 1.7 15.1 1.6 15.5
Luxemburg 5.1 14.7 5.1 14.7 5.1 14.8
Malaysia 2.9 15.8 2.9 15.7 2.9 15.9
Week ago
Yield P/E Yield P/E Yield P/E
Malta 5.3 14.5 5.3 14.4 5.5 13.4
Mexico 1.3 20.2 1.3 20.3 1.3 20.5
Netherland 2.4 16.8 2.4 16.9 2.4 17.0
AEX 2.9 12.6 2.9 12.7 2.9 12.9
New Zealand 4.0 14.4 4.0 14.4 4.0 14.4
Norway 4.4 12.8 4.4 12.8 4.3 13.0
Pakistan 4.8 11.1 4.8 11.0 4.6 11.4
Peru 4.0 12.1 4.0 12.1 3.9 12.2
Philippines 1.8 18.8 1.8 18.4 1.8 18.9
Poland 3.8 12.9 3.8 12.8 3.9 12.7
Portugal 3.9 17.3 4.0 17.1 3.9 17.4
Romania 4.5 11.3 4.5 11.3 4.5 12.2
Russia 3.5 5.9 3.4 5.9 3.4 6.0
Singapore 2.9 12.7 2.8 12.8 2.8 12.9
Slovenia 3.6 10.9 3.6 11.0 3.6 10.9
South Africa 3.2 16.8 3.2 16.8 3.1 17.1
South Korea 1.2 15.9 1.2 15.9 1.2 16.3
Spain 4.3 18.0 4.3 18.0 4.0 17.7
Ibex 35 4.9 16.5 4.9 16.4 4.5 16.1
Sri Lanka 2.9 12.5 2.9 12.5 2.9 12.5
Sweden 3.5 15.0 3.5 15.1 3.5 15.1
Switzerland 2.8 18.8 2.8 18.9 2.8 18.9
Taiwan 2.7 16.9 2.7 16.8 2.7 17.1
Thailand 3.2 14.3 3.2 14.3 3.1 14.6
Turkey 2.6 9.7 2.6 9.9 2.5 9.8
UK 3.3 14.2 3.3 14.4 3.3 14.6
USA 2.1 18.6 2.1 18.7 2.1 18.6
Dow Jones 2.3 15.5 2.3 15.4 2.3 15.8
S&P 500 2.4 17.4 2.4 17.3 2.4 17.5
Venezuela 3.4 20.5 3.4 21.3 3.4 21.6
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Oct 2 Oct 1 Oct 2 Oct 1
STOCK MARKET - RATIOS
Global
HFRXGlobal Hedge Fund Index 1200.84 0.2690 0.27 4.57
HFRXEqual Weighted Strategies Index 1177.78 0.1947 0.19 4.58
HFRXAbsolute Return Index 973.93 0.1649 0.16 2.00
HFRXMarket Directional Index 1130.28 0.4278 0.43 6.87
Equity Hedge
HFRXEquity Hedge Index 1124.46 0.5272 0.53 7.23
HFRXEH: Equity Market Neutral Index 932.98 0.1868 0.19 -0.29
HFRXEH: Fundamental Growth Index 1516.81 0.5116 0.51 1.26
HFRXEH: Fundamental Value Index 1088.37 0.5762 0.58 11.33
Event Driven
HFRXEvent Driven Index 1539.96 0.2748 0.27 11.18
HFRXED: Distressed Restructuring Index 999.40 0.2259 0.23 4.92
HFRXED: Merger Arbitrage Index 1552.26 0.0913 0.09 2.94
HFRXED: Special Situations Index 1295.62 0.3004 0.30 14.54
Macro
HFRXMacro/CTAIndex 1127.27 0.3491 0.35 -2.35
HFRXMacro: Systematic Diversifed CTAIndex 1467.95 0.6259 0.63 -3.43
Relative Value
HFRXRelative Value Arbitrage Index 1188.67 -0.0541 -0.05 1.68
HFRXRV: FI-Convertible Arbitrage Index 769.43 -0.0836 -0.08 9.55
HFRXRV: Multi-Strategy Index 1833.08 -0.0261 -0.03 0.15
HFRI Monthly Strategy Indices - USD (Aug 2013)
HFRI Fund Weighted Composite Index 11483.50 - -0.70 3.91
HFRI Fund of Funds Composite Index 5222.06 - -0.76 3.58
HFR INDICES
Index Value Dtd % Mtd % Ytd % October 1
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 18.42 1.82 16.60 23.23 11.05
VXD 17.60 1.26 16.34 32.98 8.31
VXN 19.03 2.31 16.72 23.81 11.34
VDAX 15.89 0.42 15.47 22.07 12.29
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Oct 3
Open Sett Change High Low Est. vol. Open int. Oct 2
North American Latest. Contracts shown are among the 25 most traded based on estimates of
average volumes in 2004. CBOT volume, high & low for pit & electronic trading at settlement.
Previous days Open Interest. Osaka contract. Eurex contract.
Hang Seng OCT3 22984.00 22975.00 +92.00 23025.00 22940.00 2,782 115,553
Nikkei 225 DEC3 14090.00 14190.00 -320.00 14170.00 14030.00 28,176 366,045
Topix DEC3 1171.50 1178.00 -16.00 1178.00 1166.50 4,343 525,078
KOSPI 200 DEC3 265.20 263.80 +0.30 265.50 263.50 133,052 111,985
DJIA DEC3 15045.00 15025.00 -95.00 15055.00 14970.00 310 7,224
DJ Euro Stoxx DEC3 2915.00 2908.00 -9.00 2922.00 2891.00 968,727 2,654,230
S&P 500 DEC3 1691.20 1683.10 -6.30 1691.50 1673.50 4,468 151,784
Mini S&P 500 DEC3 1691.50 1683.00 -6.50 1691.75 1673.25 1,644,104 2,617,101
Nasdaq 100 DEC3 3246.50 3237.50 -8.00 3250.50 3221.50 98 5,951
Mini Nasdaq DEC3 3251.00 3237.50 -8.00 3251.00 3221.00 240,970 401,635
CAC 40 OCT3 4182.50 4157.50 -38.00 4184.50 4137.00 121,147 354,227
DAX DEC3 8682.50 8633.50 -47.50 8686.00 8583.50 102,025 148,617
AEX OCT3 377.15 376.20 -1.55 377.35 374.00 23,286 64,916
MIB 30 DEC3 17930.00 18068.00 +115.00 18300.00 17890.00 35,730 53,779
IBEX 35 OCT3 9278.00 9313.30 +41.90 9341.00 9235.00 13,843 72,345
SMI DEC3 8045.00 7954.00 -106.00 8055.00 7923.00 30,323 109,402
FTSE 100 DEC3 6431.00 6403.00 -18.00 6438.50 6355.00 89,313 598,648
EQUITY INDEX FUTURES
INTEREST RATES www.ft.com/bonds&rates
INTEREST RATES www.ft.com/bonds&rates
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.10320 -0.002 -0.008 -0.013 0.17430 0.24285 0.36550 0.62265
Euro Libor* 0.04571 - 0.004 0.001 0.08429 0.15929 0.26071 0.46714
Libor* 0.47125 0.001 -0.004 -0.007 0.49000 0.51750 0.58875 0.87625
Swiss Fr Libor* -0.00500 - - 0.001 -0.00300 0.02400 0.07940 0.23640
Yen Libor* 0.07071 -0.001 -0.006 -0.014 0.11357 0.15143 0.22071 0.40643
Canada Libor* - - - - - - - -
Euro Euribor - - - - 0.13 0.22 0.34 0.54
Sterling CDs - - - - 0.46 0.48 0.54 0.83
US$ CDs - - - - 0.11 0.17 0.26 0.39
Euro CDs - - - - 0.02 0.05 0.16 0.36
US onight repo 0.10 0.010 0.030 0.010
Fed Funds ef 0.07 0.010 -0.020 -0.010
US 3mBills 0.03 0.005 0.005 -
SDR int rate 0.07 - 0.010 -
EONIA 0.079 -0.001 0.002 -
EURONIA 0.0473 0.009 0.018 0.028
RONIA 0.4436 0.045 0.033 -0.008
SONIA 0.4362 0.002 0.006 0.002
LA7 Day Notice 0.35-0.30
Interbank We are no longer able to provide these fgures.
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Oct 3
INTEREST RATES - MARKET
Euro 0.16 - 0.08 0.10 - 0.05 0.13 - 0.07 0.25 - 0.09 0.37 - 0.25 0.65 - 0.49
Danish Krone -0.10 - -0.30 -0.22 - -0.25 0.05 - -0.15 -0.13 - -0.15 0.13 - -0.07 0.26 - 0.22
Sterling 0.50 - 0.38 0.50 - 0.38 0.51 - 0.39 0.60 - 0.40 0.71 - 0.51 0.89 - 0.69
Swiss Franc 0.10 - -0.15 0.10 - -0.15 0.10 - -0.15 0.10 - -0.15 0.15 - -0.05 0.32 - 0.12
Canadian Dollar 1.10 - 0.90 1.10 - 0.95 1.11 - 0.96 1.20 - 1.05 1.33 - 1.18 1.56 - 1.41
US Dollar 0.18 - 0.08 0.18 - 0.15 0.21 - 0.11 0.31 - 0.21 0.42 - 0.32 0.66 - 0.48
Japanese Yen 0.30 - 0.01 0.13 - 0.01 0.13 - 0.01 0.14 - 0.02 0.21 - 0.09 0.37 - 0.26
Singapore $ 0.18 - 0.03 0.21 - 0.06 0.31 - 0.21 0.37 - 0.27 0.65 - 0.45 0.69 - 0.51
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Oct 3
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.50 02-05-2013 0.75 0.50 0.75
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Oct 3
INTEREST RATES - OFFICIAL
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 102.6 102.4 101.6
Canada 110.1 109.8 108.3
Denmark 107.7 107.7 107.5
Japan 143.9 144.1 142.6
NewZealand 119.3 118.9 115.1
Norway 101.4 100.5 102.5
Sweden 88.3 88.2 87.3
Switzerland 145.2 145.2 143.8
UK 83.1 83.6 82
USA 84.6 84.7 87.1
Euro 95.97 95.70 95.22
Mth ago Oct 3 Oct 2 Mth ago Oct 3 Oct 2
FX - EFFECTIVE INDICES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 5.8113 0.0098 7.9170 0.0325 9.3971 -0.0178
Australia (A$) 1.0658 -0.0018 1.4520 0.0011 1.7234 -0.0091
Bahrain (Dinar) 0.3770 - 0.5136 0.0013 0.6096 -0.0022
Bolivia (Boliviano) 6.9100 - 9.4139 0.0228 11.1738 -0.0401
Brazil (R$) 2.2093 0.0027 3.0099 0.0109 3.5726 -0.0085
Canada (C$) 1.0314 -0.0025 1.4052 0.0001 1.6678 -0.0100
Chile (Peso) 500.220 -1.6450 681.475 -0.5849 808.881 -5.5709
China (Yuan) 6.1220 - 8.3403 0.0202 9.8996 -0.0355
Colombia (Peso) 1891.10 4.9700 2576.34 12.9952 3058.00 -2.9027
Costa Rica (Colon) 499.775 0.1950 680.869 1.9143 808.163 -2.5822
Czech Rep. (Koruna) 18.7335 -0.1040 25.5215 -0.0795 30.2929 -0.2774
Denmark (DKr) 5.4757 -0.0130 7.4598 0.0004 8.8545 -0.0529
Egypt (Egypt ) 6.8909 -0.0004 9.3878 0.0221 11.1429 -0.0407
Hong Kong (HK$) 7.7545 -0.0002 10.5643 0.0253 12.5394 -0.0453
Hungary (Forint) 217.540 -0.4326 296.365 0.1300 351.772 -1.9637
India (Rs) 61.7650 -0.6700 84.1456 -0.7067 99.8771 -1.4456
Indonesia (Rupiah) 11527.5 -2.5000 15704.5 34.6435 18640.5 -70.9160
Iran (Rial) 12395.5 - 16887.0 40.9052 20044.1 -71.8939
Israel (Shk) 3.5494 0.0091 4.8355 0.0240 5.7395 -0.0058
Japan (Y) 97.2900 0.0200 132.543 0.3482 157.323 -0.5318
One Month 97.2757 0.0010 132.533 0.0008 157.260 0.0010
Three Month 97.2293 0.0012 132.486 0.0000 157.116 0.0055
One Year 96.9650 0.0005 132.247 -0.0067 156.372 -0.0013
Kenya (Shilling) 86.4500 -0.3000 117.775 -0.1224 139.794 -0.9883
Kuwait (Dinar) 0.2826 0.0001 0.3850 0.0011 0.4570 -0.0015
Malaysia (M$) 3.1955 -0.0315 4.3534 -0.0323 5.1673 -0.0697
Mexico (New Peso) 13.2638 0.1143 18.0699 0.1991 21.4481 0.1084
New Zealand (NZ$) 1.2060 -0.0047 1.6430 -0.0025 1.9502 -0.0146
Nigeria (Naira) 161.500 -0.4500 220.020 -0.0786 261.154 -1.6669
Norway (NKr) 5.9543 -0.0586 8.1118 -0.0601 9.6283 -0.1297
Pakistan (Rupee) 105.860 0.0200 144.218 0.3765 171.181 -0.5815
Peru (New Sol) 2.7790 0.0020 3.7860 0.0120 4.4938 -0.0129
Philippines (Peso) 43.0800 -0.3150 58.6901 -0.2859 69.6626 -0.7610
Poland (Zloty) 3.0853 -0.0133 4.2033 -0.0079 4.9891 -0.0395
Romania (New Leu) 3.2536 -0.0142 4.4325 -0.0084 5.2612 -0.0417
Russia (Rouble) 32.0765 -0.1382 43.6995 -0.0820 51.8693 -0.4104
Saudi Arabia (SR) 3.7502 -0.0001 5.1090 0.0122 6.0642 -0.0219
Singapore (S$) 1.2493 -0.0003 1.7020 0.0038 2.0202 -0.0076
South Africa ( R) 10.0778 0.0363 13.7294 0.0825 16.2962 0.0003
South Korea (Won) 1074.00 - 1463.16 3.5442 1736.71 -6.2292
Sweden (SKr) 6.3460 -0.0201 8.6455 -0.0064 10.2618 -0.0695
Switzerland (SFr) 0.9000 -0.0014 1.2262 0.0011 1.4554 -0.0075
Taiwan (T$) 29.3575 -0.1395 39.9952 -0.0927 47.4726 -0.3966
Thailand (Bt) 31.2750 -0.0450 42.6076 0.0421 50.5733 -0.2544
Tunisia (Dinar) 1.6413 -0.0011 2.2360 0.0040 2.6540 -0.0113
Turkey (Lira) 2.0053 0.0031 2.7319 0.0108 3.2426 -0.0066
UAE (Dirham) 3.6731 -0.0001 5.0040 0.0121 5.9395 -0.0214
UK (0.6184)* () 1.6171 -0.0058 0.8425 0.0051 - -
One Month 1.6166 - 0.8428 - - -
Three Month 1.6159 0.0000 0.8433 0.0000 - -
One Year 1.6127 0.0000 0.8457 - - -
Ukraine (Hrywnja) 8.1925 -0.0035 11.1611 0.0223 13.2477 -0.0532
Uruguay (Peso) 21.5250 -0.4000 29.3246 -0.4726 34.8070 -0.7741
USA ($) - - 1.3624 0.0033 1.6171 -0.0058
One Month - - 1.3625 - 1.6166 -
Three Month - - 1.3626 0.0000 1.6159 0.0000
One Year - - 1.3639 -0.0001 1.6127 0.0000
Venezuela (Bolivar Fuerte) 6.2921 - 8.5721 0.0208 10.1747 -0.0364
Vietnam (Dong) 21125.0 - 28779.6 69.7125 34160.2 -122.525
Euro (0.734)* (Euro) 1.3624 0.0033 - - 1.1870 -0.0071
One Month 1.3625 - - - 1.1866 -
Three Month 1.3626 0.0000 - - 1.1859 0.0000
One Year 1.3639 -0.0001 - - 1.1824 0.0000
SDR - 0.6493 -0.0004 0.8846 0.0017 1.0500 -0.0043
Oct 3
CURRENCIES www.ft.com/currencies
C$ DKr Euro Y NKr SKr SFr $
Danish Kroner, Norwegian Kroner And Swedish Kroner per 10; Yen per 100Source: FT derived from
WM Reuters.
Canada C$ 1 5.309 0.712 94.33 5.773 6.153 0.873 0.600 0.970
Denmark DKr 1.884 10 1.341 177.7 10.87 11.59 1.644 1.129 1.826
Euro Euro 1.405 7.460 1 132.5 8.112 8.646 1.226 0.842 1.362
Japan Y 1.060 5.628 0.754 100 6.120 6.523 0.925 0.636 1.028
Norway NKr 1.732 9.196 1.233 163.4 10 10.66 1.512 1.039 1.679
Sweden SKr 1.625 8.629 1.157 153.3 9.383 10 1.418 0.974 1.576
Switzerland SFr 1.146 6.084 0.816 108.1 6.616 7.051 1 0.687 1.111
UK 1.668 8.854 1.187 157.3 9.628 10.26 1.455 1 1.617
USA $ 1.031 5.476 0.734 97.29 5.954 6.346 0.900 0.618 1
Oct 3
EXCHANGE CROSS RATES
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Oct 3
US$
Hutchison 03/33 01/14 6.25 A- A3 A- 101.24 1.98 -0.01 0.19 1.96
Misc Capital 07/14 6.13 BBB Baa2 - 102.92 2.08 0.39 -0.15 1.98
BNP Paribas 06/15 4.80 A- Baa3 A 103.88 2.47 -0.01 0.46 2.14
GE Capital 01/16 5.00 AA+ A1 - 108.53 1.15 -0.03 -0.31 0.83
Erste Euro Lux 02/16 5.00 A+ - - 103.07 3.61 -0.02 -0.26 3.25
Credit Suisse USA 03/16 5.38 A A1 A 109.94 1.16 0.03 -0.15 0.47
SPI E&G Aust 09/16 5.75 BBB+ A1 A 110.25 2.13 0.01 -0.20 1.52
Abu Dhabi Nt En 10/17 6.17 A- A3 - 112.84 2.79 0.09 -0.09 1.71
Swire Pacifc 04/18 6.25 A- A3 A 114.29 2.86 0.02 -0.22 1.49
ASNA 11/18 6.95 A- Baa2 A 118.76 2.94 -0.05 -0.41 1.56
Codelco 01/19 7.50 AA- A1 A+ 120.70 3.20 -0.02 -0.40 1.83
Bell South 10/31 6.88 A- WR A 112.27 5.77 -0.08 -0.08 3.16
GE Capital 01/39 6.88 AA+ A1 - 123.40 5.20 -0.06 -0.11 1.50
Goldman Sachs 02/33 6.13 A- A3 A 110.15 5.28 -0.07 -0.17 2.67
Euro
SNS Bank 02/14 4.63 BBB Baa3 BBB+ 100.98 1.88 0.49 0.48 1.81
JPMorgan Chase 01/15 5.25 A A2 A+ 105.76 0.67 -0.01 -0.01 0.58
Hutchison Fin 06 09/16 4.63 A- A3 A- 109.39 1.36 -0.08 -0.14 1.07
Hypo Alpe Bk 10/16 4.25 - A1 - 103.58 3.01 - 0.03 2.75
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 115.85 1.52 -0.03 -0.17 0.99
Unicredit 01/20 4.38 BBB Baa2 BBB+ 105.35 3.42 -0.10 -0.35 2.41
ENEL 05/24 5.25 BBB Baa2 BBB+ 107.50 4.35 -0.01 -0.31 2.57
Yen
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 101.48 0.36 -0.06 -0.08 0.27
Nomura Sec S 3 03/18 2.28 - - - 102.69 1.63 -0.01 -0.12 1.45
Sterling
Slough Estates 09/15 6.25 - - A- 108.26 1.94 0.01 -0.04 1.51
ASIF III 12/18 5.00 A+ A2 A 111.71 2.55 -0.01 -0.16 0.99
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Oct 3
High Yield US$
Kazkommerts Int 04/14 7.88 B Caa1 B 100.64 6.56 -1.32 -2.19 6.34
Bertin 10/16 10.25 BB Ba3 - 109.14 6.82 -0.13 -0.77 6.12
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 100.95 2.37 -0.41 -0.59 2.34
Kazkommerts Int 02/17 6.88 B Caa1 B 95.75 8.36 -0.09 -0.23 8.04
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 108.95 1.13 -0.06 -0.33 1.04
Peru 02/15 9.88 BBB+Baa2 BBB 110.68 1.70 -0.02 -0.16 1.61
Brazil 03/15 7.88 BBB Baa2 BBB 108.97 1.44 -0.13 0.01 1.35
Mexico 09/16 11.38 BBB Baa1 BBB+ 128.86 1.32 -0.24 -0.16 0.70
Philippines 01/19 9.88 BBB- Baa3 BBB- 132.72 3.10 -0.06 -0.34 1.73
Brazil 01/20 12.75 BBB Baa2 BBB 151.70 3.49 -0.11 -0.15 1.50
Colombia 02/20 11.75 BBB Baa3 BBB- 142.97 4.04 -0.01 -0.09 2.05
Russia 03/30 7.50 BBB Baa1 BBB 118.35 3.97 -0.02 -0.46 2.60
Mexico 08/31 8.30 BBB Baa1 BBB+ 136.56 5.14 0.00 -0.10 2.50
Indonesia 02/37 6.63 BB+ Baa3 BBB- 102.00 6.46 -0.08 -0.72 2.74
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 107.87 1.33 -0.08 -0.16 1.22
Poland 02/16 3.63 A- A2 A- 105.95 1.01 -0.04 0.14 0.84
Turkey 03/16 5.00 NR Baa3 BBB- 106.08 2.35 -0.07 -0.32 2.18
Mexico 02/20 5.50 BBB Baa1 BBB+ 115.68 2.77 -0.05 -0.08 1.61
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and Ask rates as of close of London business. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.06 0.12
0.13 0.21
0.27 0.35
0.46 0.54
0.66 0.74
0.87 0.95
1.06 1.14
1.23 1.31
1.37 1.45
1.48 1.56
1.65 1.75
1.81 1.91
1.91 2.01
1.95 2.05
1.97 2.07
0.30 0.33
0.43 0.46
0.72 0.75
1.11 1.14
1.49 1.52
1.83 1.86
2.11 2.14
2.35 2.38
2.55 2.58
2.73 2.76
2.99 3.02
3.25 3.28
3.47 3.50
3.58 3.61
3.64 3.67
0.19 0.25
0.21 0.27
0.24 0.30
0.29 0.35
0.35 0.41
0.43 0.49
0.51 0.57
0.59 0.65
0.68 0.74
0.77 0.83
0.94 1.02
1.20 1.28
1.50 1.58
1.64 1.72
1.70 1.78
0.57 0.60
0.81 0.85
1.11 1.15
1.43 1.48
1.73 1.78
1.98 2.03
2.19 2.24
2.38 2.43
2.53 2.58
2.66 2.71
2.85 2.92
3.02 3.11
3.15 3.28
3.21 3.34
3.23 3.36
0.39 0.43
0.54 0.58
0.75 0.79
1.00 1.04
1.25 1.29
1.46 1.50
1.65 1.69
1.82 1.86
1.97 2.01
2.10 2.14
2.32 2.36
2.53 2.57
2.66 2.70
2.68 2.72
2.68 2.72
Oct 3
INTEREST RATES - SWAPS
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Oct 3
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 10/15 4.75 104.04 2.69 0.01 0.10 0.04 0.28
04/24 2.75 89.48 3.98 0.01 0.05 0.00 1.00
Austria 07/15 3.50 105.76 0.23 -0.02 -0.02 -0.09 0.08
10/23 1.75 95.76 2.22 0.03 0.00 -0.12 0.26
Belgium 03/15 3.50 104.65 0.32 0.04 0.03 -0.01 -0.01
06/23 2.25 96.95 2.61 0.04 0.00 -0.17 0.05
Canada 11/15 1.00 99.63 1.18 -0.01 -0.02 -0.01 0.13
06/23 1.50 91.07 2.55 0.00 -0.01 -0.07 0.84
Denmark 11/16 2.50 106.34 0.44 0.00 -0.03 -0.14 0.47
11/23 1.50 95.54 1.99 0.02 0.01 -0.11 0.47
Finland 07/15 4.25 107.05 0.18 0.00 -0.01 -0.06 0.10
04/23 1.50 95.35 2.04 0.02 -0.02 -0.14 0.29
France 11/15 0.25 99.73 0.38 - -0.02 0.05 0.18
11/18 1.00 98.76 1.25 0.04 0.01 0.01 0.23
10/23 4.25 116.00 2.44 0.11 0.08 -0.07 0.23
05/45 3.25 95.11 3.51 0.13 0.09 0.03 0.32
Germany 09/15 0.25 100.16 0.17 -0.01 -0.02 -0.10 0.13
10/18 1.00 100.84 0.83 0.00 -0.01 -0.05 0.30
08/23 2.00 101.64 1.82 0.01 0.00 -0.09 0.37
07/44 2.50 96.55 2.67 0.03 0.02 -0.03 0.38
Greece 02/24 2.00 58.50 9.61 0.11 -0.45 -0.72 -9.42
02/34 2.00 47.88 9.21 0.16 -0.33 -1.10 -8.65
Ireland 10/18 4.50 108.03 2.77 -0.03 0.23 -0.03 -1.01
03/23 3.90 100.93 3.78 -0.05 -0.10 -0.38 -1.26
Italy 11/15 3.00 102.49 1.77 -0.04 -0.02 -0.08 -0.71
12/18 3.50 101.07 3.30 -0.01 0.03 0.06 -0.54
03/24 4.50 101.30 4.39 -0.02 0.01 0.03 -0.71
09/44 4.75 95.90 5.08 0.01 0.00 0.01 -0.72
Japan 10/15 0.10 100.00 0.10 -0.01 0.01 -0.02 -0.01
09/18 0.30 100.39 0.22 -0.03 -0.02 -0.05 0.03
09/23 0.80 101.50 0.64 -0.03 -0.04 -0.11 -0.12
09/33 1.70 103.06 1.50 -0.06 -0.06 -0.17 -0.15
Netherlands 07/15 3.25 105.29 0.24 -0.01 -0.03 -0.09 0.14
07/23 1.75 96.08 2.20 0.02 -0.01 -0.12 0.47
New Zealand 04/15 6.00 104.29 3.09 0.02 0.04 0.08 0.61
04/23 5.50 106.76 4.62 0.03 -0.04 0.01 1.18
Norway 05/17 4.25 107.47 2.08 0.11 -0.05 -0.07 0.58
05/23 2.00 91.80 2.99 0.15 0.00 -0.08 0.84
Portugal 10/15 3.35 96.17 5.40 0.22 -0.09 0.31 0.75
10/23 4.95 87.05 6.77 0.19 -0.23 0.10 -2.30
Spain 03/15 2.75 101.92 1.42 0.05 -0.11 -0.34 -1.93
10/23 4.40 101.08 4.27 0.10 -0.03 -0.18 -1.54
Sweden 08/15 4.50 106.04 1.17 0.00 0.02 -0.12 0.52
11/23 1.50 91.00 2.52 0.03 0.06 0.00 1.02
Switzerland 06/15 3.75 106.34 -0.04 -0.05 -0.06 -0.06 0.06
02/23 4.00 126.25 1.04 0.01 -0.03 -0.06 0.52
UK 09/14 5.00 104.25 0.40 -0.01 0.01 -0.01 0.21
07/18 1.25 98.63 1.55 0.02 -0.01 -0.07 0.84
09/23 2.25 96.07 2.70 -0.01 -0.05 -0.16 0.99
01/44 3.25 95.14 3.51 0.00 -0.10 -0.12 0.45
US 09/15 0.25 99.85 0.32 -0.01 -0.02 -0.08 0.09
09/18 1.38 100.01 1.37 -0.05 -0.01 -0.27 0.76
08/23 2.50 99.03 2.61 -0.03 0.00 -0.18 1.00
08/43 3.63 98.72 3.70 -0.02 0.05 -0.02 0.89
BONDS - BENCHMARK GOVERNMENT
Overall () 1093 253.40 0.02 0.14 -1.45 1.32 -1.01
Overall ($) 3262 211.47 -0.09 -0.09 -2.50 -0.09 -2.50
Overall () 2276 194.98 0.04 0.12 1.27 0.93 4.05
Global Infation-Lkd 97 242.24 0.18 0.18 -3.13 3.01 -0.44
Gilts () 33 253.12 -0.01 0.12 -2.65 1.27 -2.96
Corporates () 703 261.38 0.09 0.21 1.89 1.47 4.50
Corporates ($) 2111 231.45 - - -2.55 - -2.55
Corporates () 1196 194.78 0.05 - 1.33 0.83 4.26
Treasuries ($) 156 204.43 -0.16 -0.16 -2.53 -0.16 -2.53
Eurozone Sov () 261 194.33 0.06 0.22 1.30 0.99 4.17
ABF Pan-Asia unhedged 541 173.02 0.02 0.36 -3.13 1.62 -1.29
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 72 108.05 0.03 1.07 -3.27 1.49 1.91
Euro Corporate () 317 105.77 -0.05 0.66 -0.45 0.97 3.27
Euro Emerging Mkts () 10 93.03 -0.02 0.75 -1.67 1.20 3.61
Eurozone Govt Bond 248 103.72 -0.13 0.76 0.55 1.05 4.15
Emerging Markets 5Y 292.53 4.58 17.41 - 293.72 262.14
Nth Amer Inv Grade 5Y 79.69 -0.18 -0.06 - 81.95 78.85
Nth Amer HiVol 5Y 176.13 -1.41 1.85 - 179.00 172.51
Europe 5Y 99.20 0.59 -0.32 - 106.41 97.50
Crossover 5Y 399.61 1.96 4.55 - 415.95 387.47
HiVol 5Y 155.46 -1.22 3.61 - 160.72 149.93
Japan 5Y 92.06 -0.94 0.06 - 97.60 88.95
SovXCEEMEA5Y 205.11 - - - 240.00 178.29
SovXWestern Europe 5Y 85.07 -0.40 -1.92 -4.56 150.83 76.41
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Oct 2
Oct 3
Oct 3
Oct 2
Oct 2
BOND INDICES
Days Weeks Months Series Series
Index change change change high lowa
Spread Spread
Bid vs vs
Yield Bund T-Bonds Oct 3
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.98 +2.17 +1.37
Austria 2.22 +0.41 -0.39
Belgium 2.61 +0.79 0.00
Canada 2.55 +0.73 -0.06
Denmark 1.99 +0.18 -0.62
Finland 2.04 +0.23 -0.57
France 2.44 +0.62 -0.18
Germany 1.82 - -0.79
Greece 9.61 +7.79 +6.99
Ireland 3.78 +1.96 +1.17
Italy 4.39 +2.57 +1.78
Japan 0.64 -1.18 -1.97
Netherlands 2.20 +0.38 -0.41
New Zealand 4.62 +2.80 +2.00
Norway 2.99 +1.18 +0.38
Portugal 6.77 +4.95 +4.16
Spain 4.27 +2.45 +1.65
Sweden 2.52 +0.70 -0.09
Switzerland 1.04 -0.78 -1.57
UK 2.70 +0.89 +0.09
US 2.61 +0.79 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 129.04 0.60 0.59 -0.06 1.89 5.2 59.8 6
Fr 2.25%20 114.98 0.05 0.05 0.28 1.36 20.0 190.2 14
Swe 0.25%22 95.51 0.88 0.88 -0.01 1.50 22.3 227.8 5
UK 2.5%16 342.60 -2.06 -2.04 0.08 2.78 7.9 374.7 23
UK 2.5%24 329.06 -0.25 -0.24 0.11 3.04 6.8 374.7 23
UK 2%35 202.23 0.02 0.02 0.48 3.34 9.1 374.7 23
US 0.625%21 104.12 0.09 0.13 0.05 2.05 35.8 948.3 34
US 3.625%31 138.45 0.82 0.84 0.18 2.35 16.8 948.3 34
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Oct 2 Oct 2 Oct 1
BONDS - INDEX-LINKED
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Nov 104.10 nc
Brent Crude Oil Nov 109.19 nc
RBOB Gasoline Nov 2.6287 nc
Heating Oil Nov 2.9927 nc
Natural Gas Nov 3.542 nc
Ethanol u Oct 1.787 nc
Uranium 35.00 nc
Carbon Emissions Oct 5.19 -0.08
Diesel (French) 944.00 nc
Unleaded (95R) 953.00 nc
Aluminium 1832.00 +12.00
AluminiumAlloy 1815.00 -5.00
Copper 7244.50 +63.00
Lead 2072.00 +8.50
Nickel 13695.00 -5.00
Tin 22865.00 +140.00
Zinc 1877.00 +11.00
Gold 1316.00 +9.75
Silver (US Cents) 2157.00 +43.00
Platinum 1373.00 -16.00
Palladium 706.00 -9.00
Corn u Dec 439.00 nc
Wheat u Dec 686.00 nc
Soyabeans u Nov 1273.75 nc
Soyabeans Meal u Oct 417.60 nc
Cocoa v Dec 1663 -24
Cocoa Dec 2.585 0
Cofee (Robusta) v Nov 1703 +34
Cofee (Arabica) Dec 114.45 nc
White Sugar v Dec 492.20 nc
Sugar 11 MAR4 18.51 nc
Cotton Oct 85.22 nc
Orange Juice Nov 127.45 nc
PalmOil Dec 815.00 +10.00
Live Cattle Oct 127.300 nc
Feeder Cattle Oct 164.575 nc
Lean Hogs Oct 90.950 nc
Bulk Commodities
Iron Ore (Platts) Nov 125.50 nc
Iron Ore (TSI) 131.40 nc
globalCOAL RB Index 77.66 +0.17
Baltic Dry Index 2047 +39
% Chg % Chg
Mnth Year
S&P GSCI Spt 637.18 -4.0 -4.5
DJ UBS Spt 127.23 -3.3 -14.8
R/J CRB TR 287.01 -1.6 -7.9
Rogers RICIX TR3589.15 -2.2 -6.4
M Lynch MLCX Spt 507.73 -3.3 -10.5
UBS Bberg CMCI TR1227.68 -1.3 -9.6
LEBA EUA Carbon 5.15 12.0 -35.9
LEBA CER Carbon 0.62 3.3 -71.2
LEBA UK Power 46.03 0.2 8.6
Oct 2
COMMODITIES
COMMODITIES www.ft.com/commodities
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising fromthe reliance on or use of the
information.
OCTOBER 4 2013 Section:Stats Time: 3/10/2013 - 18:42 User: watsonl Page Name: CURRTAB USA, Part,Page,Edition: EUR, 23, 1
24

FINANCIAL TIMES FRIDAY OCTOBER 4 2013
MARKETS & INVESTING
US shutdown stymies pig trading
By Gregory Meyer
in New York
The partial US government
shutdown has left the $97bn
domestic pig market grop-
ing in the dark after crucial
price information stopped
flowing from Washington.
The disappearance of offi-
cial prices removed a refer-
ence point for farmers to
negotiate sales with meat-
packers in an industry that
slaughters 110m animals
annually.
Volume in lean hogs
futures fell 47 per cent on
Wednesday on the Chicago
Mercantile Exchange as
traders stepped back.
The US Department of
Agriculture is closed as part
of the federal funding stale-
mate in Congress.
The departments Agricul-
tural Marketing Service,
which compiles submis-
sions from meatpackers
into publicly available price
data, last published daily
quotes on Monday.
With each progressing
day, its becoming foggier
and foggier what is happen-
ing in the market, said
Neil Dierks, chief executive
of the National Pork Pro-
ducers Council.
The situation underscores
the commodity trades reli-
ance on the US government
for supply, demand and
other fundamental data.
The shutdown threatened
to delay forthcoming USDA
reports on crop production
and, if it persists beyond
next week, oil and natural
gas inventory reports from
the Department of Energy.
The pig industry is even
more vulnerable as it lacks
private price reporting
agencies similar to Platts in
energy and DTN in grain
markets.
Pig futures are based on
Agricultural Marketing
Service price reports. CME
this week stopped calculat-
ing its pig and feeder cattle
indices due to the unavail-
ability of relevant data
reported by the USDA-
AMS.
Smithfield Foods, the
largest US pork producer,
said in a letter to suppliers
that Mondays official mar-
ket price would continue to
be used all week until
reporting resumed. We
realise this closure creates
challenges for price discov-
ery for the hogs [pigs] you
deliver, said Smithfield,
which last month was
taken over by Chinas
Shuanghui International.
Cargill, with two US pork
plants, said that, for both
pigs and live cattle, it was
now feeding Cargill infor-
mation into an USDA pro-
tocol to formulate prices.
USDA normally provides
prices, but none of that is
being aggregated because
theyre not at work,
Cargill said. The absence of
official prices is making
deals more opaque.
We are going to dicker
over a number and have no
idea how it compares to
what the market is, said
Steve Meyer of consultancy
Paragon Economics.
It may also empower
meatpackers as they deal
with farmers.
Fewer than 28,000 hogs
futures contracts changed
hands on Wednesday, down
from more than 50,000 at
the start of the week. CME
October hogs were 91.175
cents per pound yesterday,
up 0.3 per cent.
Its halting the interest
in the market, definitely,
said a pig trader on the
CME floor. If youre not
tied to the industry, what
are you trading on now?
COMMODITIES
Prices void removes
reference point
Farmers unable
to negotiate sales
UN food body warns on
wheat prices as stocks fall
warned Abdolreza Abbas-
sian, senior grains econo-
mist at the FAO in Rome.
Consumption of wheat
rose sharply last year as the
worst US drought in half a
century damaged corn and
soyabean crops. The rally in
corn and soyabean prices to
record highs meant farmers
had more incentive to plant
those crops rather than
wheat, said analysts.
As a result, both corn and
soyabean prices have
slumped this year as trad-
ers are looking ahead to
large harvests this autumn,
By Emiko Terazono
in London
Falling wheat inventories of
leading producers are mak-
ing the price of grain sus-
ceptible to adverse weather
and sharp rises in demand,
the UN Food and Agricul-
ture Organisation has said.
The FAO this week cut its
forecasts of the stocks to
disappearance ratio the
level of inventories relative
to domestic consumption
and exports for eight lead-
ing wheat exporters for the
2013-14 crop year to 12.6 per
cent from the June forecast
of 15.5 per cent.
The ratio, for the EU,
Australia, Argentina, Can-
ada, US, Kazakhstan,
Ukraine and Russia, com-
pares with 13.5 per cent for
2012-13 and a 17.5 per cent
five-year average during
2006-11. This comes as
wheat inventories for all
the largest exporters are
forecast to fall, with the
exception of the EU.
Should there be a
weather shock or a sudden
increase in demand, you
could get a sudden sharp
reaction in wheat prices,
Wheat price
Source: Thomson Reuters Datastream
Cents per bushel
Jun 2013 Oct
620
640
660
680
700
COMMODITIES particularly record US corn
production of 13.8bn bush-
els. Corn for December
delivery on the CBOT was
trading near a three-year
low of $4.41 a bushel, while
November soyabeans were
at $12.87, close to a 20-
month low.
Wheat prices have
remained firm, hitting a
three-month high yesterday
of $6.97 a bushel. The
grain has risen almost 12
per cent in the past month.
The sharp falls in corn
prices have pushed down
the FAOs food price index
to the lowest level in three
years, according to the UN
agency.
The agency reduced its
global wheat production
forecast because of cuts in
expectations for the Argen-
tine crop, with South Amer-
ican wheat output expected
to be below the five-year
average for the second con-
secutive year.
High rainfall could delay
the harvest and hamper
plantings for winter wheat
in Russia if conditions
failed to improve soon, said
the agency.
www.ft.com/commodities
Twitter: @ftcommodities
US corporate debt sales drop
sharply on shutdown worries
its borrowing authority will
be exhausted by October 17,
leaving it with about $30bn
to pay its bills.
Failure to raise the debt
ceiling by then may affect
the Treasurys ability to
keep paying interest on out-
standing debt.
Unless you are the CFO
of a company that abso-
lutely needs to raise funds
right now, you are probably
going to stand still and
watch on the sidelines for a
bit, said Adrian Miller,
director of fixed income
strategy at GMP Securities.
If the government shut-
down lasts too long it may
undermine markets ability
to have some semblance of
clarity on the path of inter-
est rates, which is crucial
when you are about to bor-
row billions in dollars, he
said. Add to that worries
about the debt ceiling, and
By Vivianne Rodrigues
in New York
Corporate debt issuance is
running at less than half
the expected pace for Octo-
ber as the US government
shutdown and looming debt
ceiling deadline is pushing
companies to the sidelines.
Corporate borrowers ini-
tially shrugged off the grid-
lock impasse and sold $6bn
worth of investment-grade
bonds in the US through
Wednesday, according to
RBS data. However, the
number of expected new
offerings has fallen sharply
since then, with analysts
saying expectations of
$20bn issuance this week
were far too optimistic.
Market participants are
now pondering how long
the government shutdown
is likely to last, and what
implications it may have for
the US economy and debt
capital markets if it extends
for a longer period of time.
The stand-off has also
raised concerns about nego-
tiations to increase the
countrys $16.7tn debt ceil-
ing later this month. The
US Treasury has stated that
suddenly the backdrop for
new debt sales is not that
good.
A few issuers, including
US utility Interstate Power
and Light, Honda Financial
and Magellan Midstream
Partners, were still sched-
uled to test investors appe-
tite for new securities this
week. The forthcoming cal-
endar is also expected to be
thin in the high-yield cor-
ner of debt markets, with
no new deals announced
yesterday and today.
The decline in new offer-
ings follows a rush of corpo-
rate bond sales in the US in
the past couple of weeks.
A drop in US Treasury
yields since the Federal
Reserve announced last
month that it would not
taper bond-buying provided
an opportunity for compa-
nies to pull forward their
planned debt issuance.
Septembers tally hit the
$140bn mark, eclipsing the
previous record $136.6bn set
in November 2012, accord-
ing to Dealogic. Septem-
bers calendar was domi-
nated by the record $49bn of
bonds sold by Verizon, but
companies also tried to
anticipate deals ahead of
the so-called quiet period.
Investors
fear loss of
Chinas gold
appetite
Where would we be without
China? It is a question
many people in commodi-
ties have asked in recent
years. But it has particular
resonance for gold.
An explosion in physical
demand from the second-
biggest economy has pre-
vented a sharp sell-off from
becoming a rout and pro-
vided nervous investors
with a reason to stay posi-
tive on gold as its 13-year
bull run comes to an end.
And 2013 looks set to be
the first year in modern
times when China will over-
take India as the precious
metals number one con-
sumer according to Thom-
son Reuters GFMS. It will
also mark the first time the
biggest producer of gold is
also the largest importer
and consumer, says HSBC.
In the year to date Chi-
nese imports of gold are
estimated to have nearly
doubled to 864 tonnes,
according to Natixis figures,
and are on course to exceed
1,000 tonnes for the first
time.
I dont think we fully
understand the size and the
appetite of the Chinese mar-
ket and its implications for
the global price, Jeremy
East, global head of metals
trading at Standard Char-
tered told the London Bul-
lion Market Associations
conference in Rome this
week. However, there are
indications that demand is
beginning to slow premi-
ums on the Shanghai Gold
Exchange have started to
ease and analysts are not
sure another price fall
would trigger rapacious
buying from China.
This year has seen a
rebalancing of the gold mar-
ket. In the west, institu-
tional investors have cut
their positions in gold-
backed exchange traded
funds on expectations of a
shift in US monetary policy,
a key driver of the price.
Gold holdings in ETF
funds have fallen from a
record 2,700 tonnes at the
start of the year to about
2,000, pressuring the bullion
price, which has fallen 20
per cent to $1,316 a troy
ounce in the year to date.
The selling has been
countered, but not fully off-
set, by an explosion in
physical demand from con-
sumers in Asia, and in par-
ticular China. India also
saw record imports before
demand was hit hard by
regulations. This buying
helped gold rally from April
and June lows of $1,360 and
$1,199 respectively.
Where would the gold
price be if China hadnt
come in and mopped up?
Mr East mused at the con-
ference. I wouldnt have
been surprised to have seen
gold testing its big support
level at $1,050.
ETF sales have now
slowed but many analysts
believe it is a temporary
respite and sales will
resume once the timing of
the US Federal Reserves
tapering becomes clearer.
If we look at where ETF
holdings stood when Leh-
man Brothers went under it
was around 1,000 tonnes,
Philip Klapwijk, of Precious
Metals Insight said at the
LBMA event. I dont think
we are going to see any-
thing like that; but could
we see another 200, 300, 400
tonnes of liquidation? I
think thats quite feasible.
The extent to which the
falls in April and June have
flushed out weak holders
is hotly debated among
market participants. So too
is the outlook for Chinese
demand. Citi, for example,
argues China is now very
well stocked with gold and
demand will slide over the
remainder of the year.
Also unclear is how much
of Chinas buying came
from the official sector and
could provide a continuing
demand. There is a suspi-
cion among analysts that
the central bank has pur-
chased about a couple of
hundred tonnes this year to
diversify its holdings.
While China has been a
stabilising influence, few
market participants believe
it will be able to drive the
price higher on a sustained
basis. The problem is
much of the demand is
related to the fall in the
price. Like central bank
purchases it has helped
establish a higher floor but
it wont on its own drive
gold back up on a sustained
basis, says Mr Klapwijk.
Indeed, not even mount-
ing fears of the first default
by the US of its debt obliga-
tions has been able to drive
up the gold price, which hit
a near two-month low this
week. In similar circum-
stances in 2011 gold
breached $1,900. This,
according to analysts, is
striking and shows how
sentiment towards gold, at
least in the west, has
shifted as tapering has
come into focus.
News analysis
Import growth to
the secondbiggest
economy has given
investors a reason
to remain positive,
writes Neil Hume
Unless you need
to raise funds now,
you are probably
going to watch on
the sidelines
Adrian Miller, GMP
XXXX
Gold imports
China
India
SPDR gold shares ETF
Source: Bloomberg FT graphic
Total return
2011 2012 2013
110
120
130
140
150
160
170
180
190
Total holdings of gold in physically backed ETPs
Tonnes
2005 07 09 11 13
0
500
1000
1500
2000
2500
864
Tonnes
603
Tonnes
88%
Year-on-year
% change from 2012
-7%
47%
Fall in volume in lean hogs
futures on CME
CAPITAL MARKETS
There are a lot of smart
hedge fund managers out
there, as well as a lot that
are mediocre, lucky or
winging it, writes Dan
McCrum.
But it turns out they are
outnumbered by the ranks
of the discontinued, the
dead and the disappeared
by almost two to one.
Those numbers come to
us via the Imperial College
Centre for Hedge Funds
Research paper. The
academics at Imperial
College put together data
from the five major hedge
fund databases, in order
to avoid biases in
individual data sets and to
account for the fact that
70 per cent of hedge
funds only report to one
data provider.
What they find is that,
excluding hedge funds that
survive for less than a
year and so never really
get going, on average a
hedge fund reports its
performance to a database
for 62 months, a shade
over five years.
So the life of a typical
hedge fund is fleeting,
which fits with the idea of
violent competition
between the smartest
people in finance.
A true investment edge
erodes as others notice
and money piles in. Or
market conditions simply
change.
Some funds blow up.
Some lose key people or
see their founders retire
rich. Others do not quite
make it to a size where
they are profitable, or
performance just trails off
and assets are pulled.
What that turnover
means, however, is that it
is incredibly difficult to
pick a portfolio of hedge
funds that will consistently
perform at least as well as
the average over a
sustained period.
Aside from weeding out
fraudsters and the foolish
in advance, funds must be
monitored all the time to
watch for signs of death
or disaster and replaced
when they do wind up.
Here lies the central
problem with building a
portfolio of hedge funds in
the institutional sense, as
opposed to an individual
handing a chunk of money
to one or two highly
trusted expert money
managers to look after.
There is an inherent
economic return to stocks
and bonds that forms the
basis of the capital
allocation models
underpinning modern
investment theory. Put 60
per cent of your cash into
the S&P 500 and 40 per
cent into the US bond
market, then occasionally
rebalance back to that
ratio to automatically sell
high (say when stocks
have gone up more than
bonds) and buy low.
Owning Vanguards S&P
500 tracker and its total
bond fund since 1990,
rebalancing every new
year, an investor would
have made 8.3 per cent a
year, after fees. The equal
weighted HFRI, by
comparison, was a better
bet in theory. The annual
net return was 10.9 per
cent, after fees.
We would love to hear
about an investor who
matched or beat the HFRI
over more than a decade
with their hedge fund
investments, because a
further complication comes
from the paper, which
finds that small is beautiful
when it comes to returns.
And by small, they mean
really small: sub$10m, on
average.
Large is $50mplus.
That may also help to
explain why performance
for the hedge fund
industry was better when
it, as a whole, was smaller.
In 2000, hedge funds
managed less than
$500bn and it was not
until 2005 that assets
passed the $1tn mark.
So you just need to spot
tiny, nimble funds and
then bail out of them as
soon as they start to
become successful and
attract assets. Easy.
Oh, you asre a slow
moving pension fund with
hundreds of millions of
dollars to invest. Well, the
paper does hold out some
hope if investors can just
choose the top performing
funds without persistent
good performance as a
guide.
www.ft.com/alphaville
Hedge funds in the major commercial databases
Source: Imperial College Centre for Hedge Funds Research
Number
Alive
8,512
34.4%
65.6%
Dead
16,237
FT Alphaville
The life of a typical
hedge fund is fleeting
Who says sewage
treatment cant be a
sweet smelling business?
Certainly not Singapores
GIC, writes Pan Kwan
Yuk.
The city states
sovereign wealth fund has
just struck a deal to invest
R$300m ($135m) in
Aegea Saneamento e
Participaes, the water
and sewage treatment arm
of Grupo Equipav, the
Brazilian conglomerate.
Aegea manages an
attractive portfolio of
water and sewage
concessions in Brazil. We
are delighted to have
Equipav and IFC as our
partners and look forward
to working with the
shareholders and
management to help grow
the company, said Tay
Lim Hock, president of
GIC Special Investments.
Aegea could be the first
of many Brazilian deals to
come for GIC, which
manages more than
$100bn of Singapores
reserves.
The fund is reportedly
planning to open a So
Paulo office next year as it
looks to ramp up its
investment in Brazil.
As Bloomberg reported
in June: The fund is close
to a deal to buy a 20 per
cent stake in BR Towers,
a Brazilian operator of
cellular towers, two people
with direct knowledge of
the transaction said in
March, and it teamed up
with its affiliate Global
Logistic Properties and
two other state funds in
November to buy assets in
Brazil for R$2.9bn ($1.4bn).
Despite the recent
currency volatility and
slowing GDP growth, Brazil
remains Latin Americas
premier fundraising and
dealmaking hub. Private
equity and venture capital
groups invested nearly
$2bn in a range of deals
in Brazil during the first
six months of this year,
according to data from the
Latin American Private
Equity and Venture Capital
Association (Lavca). The
country accounted for 70
per cent of total deals
(value and volume wise)
struck in Latin America
during the period.
With Brazil looking to
spend billions of dollars in
the coming years to
upgrade the countrys
infrastructure including
building new highways,
bridges and sewage and
drains GIC is betting
that Aegea will benefit
from this spending spree.
Aegea recorded net
revenues of R$390m last
year, a 19.3 per cent
increase from the year
before. Under the terms of
the deal, GIC will
subscribe to a capital
increase in Aegea. Upon
the closing of the deal,
Aegeas shareholders will
be Equipav, GIC and
International Financial
Corp, the World Banks
financing arm.
www.ft.com.beyondbrics
beyondbrics
Singapore wealth fund
invests in Brazil sewage
Pulling ahead
GOLDEN FUTURE
Singapore bolsters efforts
to become gold trading hub
www.ft.com/commodities
OCTOBER 4 2013 Section:Markets Time: 3/10/2013 - 19:50 User: higtona Page Name: LSE USA, Part,Page,Edition: EUR, 24, 1
FINANCIAL TIMES FRIDAY OCTOBER 4 2013

25
MARKETS & INVESTING
Source: Thomson Reuters Datastream
Markets update
000
S&P 500 index
FTSE 100 index
Eurorst 300 index
Nikkei 225 Average
Latest
Sep 2013 Oct
1640
1660
1680
1700
1720
Sep 2013 Oct
6400
6500
6600
6700
Sep 2013 Oct
1200
1220
1240
1260
Sep 2013 Oct
13.5
14.0
14.5
15.0
Change
on day
-1.34%
Change
on day
+0.18%
Change
on day
-0.40%
Change
on day
-0.09%
US equities
Wall Street suffered further
losses as investors watched
for signs of progress in
resolving the US budget
stalemate. Utilities big
debt issuers were among
the hardest hit amid worries
about their vulnerability
to rising interest rates
UK equities
A 1.1 per cent rise for BP
shares helped the FTSE 100
outperform its continental
European peers after the oil
group won a legal battle
related to the 2010
Deepwater Horizon oil spill.
Tesco rallied 2 per cent
after Wednesdays drop
European equities
The Eurofirst 300 reversed
an early gain as the mood
was hit by early losses for
Wall Street as the US
government shutdown
continued. Schneider
Electric fell 3.2 per cent
following negative broker
comment on the stock
Asian equities
The Nikkei briefly tested the
14,000 level, with insurance
and mining stocks leading
the way lower before
bargain hunting kicked in.
The broader Topix index fell
for a fifth successive session
its longest run of losses
since November
First Friday of the month,
and no US jobs report?
What is a trader to do if
government shutdown
denies a favourite data fix?
Worry about the debt
ceiling, perhaps, as another
day is ticked off before
the Treasury is unable to
pay its debts. A spike in 1
month Tbill yields over the
last few days says the bond
market is nervous.
But action in other parts
of the market suggests
investors remain relatively
relaxed, unconvinced
Washington will be so daft.
Sure, the S&P 500 has
been soft of late, but
opened yesterday just 2.5
per cent off its record high.
Arguably, that reflects
the pricing in of the
shutdowns economic impact,
ameliorated by the
consequent expected
extension of Fed assistance.
The Russell 2000 index,
a gauge of US small
capitalisation stocks, which
is usually more
economically sensitive than
larger cap benchmarks, sits
pretty much at its best ever
level. Little fear there.
The CBOE Vix index, which
is supposed to measure
investors expectations of
equity market volatility over
the next 30 days, is well
above recent lows but at
about 17 is still shy of the
10year average of 20.1.
Finally, US twoyear swap
spreads, a proxy for bank
counterparty risk, are
showing no sign of financial
sector stress.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
US two-year swap spread
Source: Bloomberg
Basis points
2007 09 11 13
0
50
100
150
US budget stalemate continues
to weigh on equities and dollar
By Dave Shellock
Washingtons lack of
progress in resolving the
US budget stalemate kept
global equities and the dol-
lar under pressure as wor-
ries about the countrys
debt ceiling began to bite.
With the Treasury set to
run out of funds by the mid-
dle of this month poten-
tially triggering a technical
debt default the one-
month US government bond
yield hit its highest level for
nearly a year.
The prospect of a default
in the worlds richest econ-
omy may sound preposter-
ous but investors are start-
ing to price in the unex-
pected, said Kathleen
Brooks at Forex.com.
There were other signs of
mounting nervousness in
the markets. The US five-
year credit default swap
spread, a gauge of the cost
of protecting Treasuries,
widened sharply.
The CBOE Vix index of
implied equity volatility
Wall Streets fear gauge
rose more than 10 per cent.
However, analysts
pointed out that the CDS
spread was still far beneath
levels seen in the summer
of 2011 when the US was
close to defaulting, while
the Vix had some way to go
before even reaching its
long-term average.
And the overwhelming
view in the markets was
that a deal would be
reached well before the
October 17 debt limit dead-
line.
It is one thing for the US
to undertake a government
shutdown, it is quite
another for it to renege on
its debt obligations, said
Gary Jenkins at Swordfish
Research.
Would politicians really
be so stupid as to go
through a process in which
the potential unintended
consequences could be so
harmful, where there is no
precedent for their actions
and where there is no clear
plan of what exactly they
are trying to achieve?
Steven Ricchiuto, chief
economist at Mizuho Securi-
ties USA, argued that there
were far more important
matters to focus on.
The stalemate in Wash-
ington will eventually be
resolved without a default,
he said. This assures that
the shutdown is, and will
remain, a sideshow to
whether or not the Federal
Reserve tapers monetary
policy before year-end.
The US central banks
decision not to begin scal-
ing down, or tapering, its
quantitative easing pro-
gramme last month came as
a surprise to the markets
but has subsequently come
to be viewed as a smart
move given the current
disruptions.
The impact on markets
of the continued stalemate
in Washington has been
limited by the assumption
that the Federal Reserve
will continue on its aggres-
sive QE policy for longer to
limit the negative fallout on
economic growth, said
Jane Foley, senior currency
strategist at Rabobank.
Indeed, such expectations
appear to have benefited
most of the Treasury curve.
Even as the one-month
bill yield shot to as high as
17 basis points before eas-
ing back to 13bp, up 6bp on
the day the 10-year US
government bond yield was
down 2bp at 2.60 per cent.
Jessica Hinds at Capital
Economics noted that the
10-year yield fell sharply
during the debt ceiling cri-
sis of July and August 2011.
It also fell less sharply
during the two government
shutdowns in late 1995 and
early 1996, she said.
But there was no denying
that world equity markets
were being unsettled by the
budget crisis.
By midday in New York,
the S&P 500 was down 1.3
per cent and on track for its
ninth decline in 11 sessions.
The FTSE Eurofirst 300
index reversed an early rise
to close 0.4 per cent lower,
although the Nikkei 225 in
Tokyo edged back just 0.1
per cent.
The dollar continued to
suffer from expectations
that Fed tapering was being
pushed further and further
back.
The dollar index, a meas-
ure of the currencys value
against a weighted basket
of counterparts, fell to a
fresh eight-month low as
the euro held above $1.36 in
the wake of Wednesdays
European Central Bank pol-
icy meeting.
Gold, however, failed to
take much cheer from the
weakness of the dollar. The
metal was up a meagre $4 at
$1,318 an ounce, still well
below levels seen at the end
of last week. Industrial com-
modities were also weak.
Copper fell 1.2 per cent in
London to $7,189 while
Brent oil was 22 cents lower
at $108.97 a barrel.
The US fiscal drama over-
shadowed the release of
data from the US Institute
of Supply Management
showing a slowdown in
service sector activity in
September although it
remained at encouraging
levels.
Neither did initial jobless
claims figures have much
impact as investors paid
more heed to confirmation
that the September non-
farm payrolls report would
not be released today.
GLOBAL OVERVIEW
Wall Street looks
set for further falls
US credit default
swap spread widens
Trading post Jamie Chisholm
The Statue of Liberty was closed as the US government shutdown continued, with the
Treasury set to run out of funds by the middle of this month AFP
No progress
Utilities and industrials lead
sharp selloff after weak data
By Jason Abbruzzese
in New York
A combination of weak US
economic data and little
indication of progress in
Washington sent US equi-
ties lower, led by a sharp
sell-off in utilities.
Industrials were also
weaker with General Elec-
tric, down 1.9 per cent to
$23.87, and Boeing, 2.5 per
cent lower to $114.90,
among the worst-perform-
ing stocks on the S&P 500
and the Dow Jones Indus-
trial Average, which broke
below the 15,000 level.
Companies that are
dependent on government
revenue were also sharply
lower with United Technol-
ogies off 1.8 per cent to
$103.06 and Honeywell
International 2 per cent
lower to $81.20.
All 10 main sectors in the
S&P 500 were lower with
utilities 1.4 per cent lower.
Nearly all of the largest
US utilities companies
joined the sell-off with the
Southern Company off 1.9
per cent to $40.58, Duke
Energy down 1.3 per cent to
$66.35 and Exelon Corpora-
tion 1.9 per cent lower to
$29.15.
The benchmark index as
a whole fell 1.2 per cent to
1,673.64 while the Dow
retreated 1.1 per cent to
14,968.73. The Nasdaq Com-
posite Index was also off 0.7
per cent to 3,787.03.
The sell-off also hit the
Russell 2000 small-cap
index, which fell 1.2 per
cent to 1,069.22.
Apple, the heaviest
weighted stock on the Nas-
daq, was off 1.5 per cent to
$482.46. Investors erased
much of the gains realised
in the past couple days that
coincided with public state-
ments from activist inves-
tor Carl Icahn who has
acquired a $2bn stake in the
company about a push for
further stock buybacks.
Earlier in the day, data
from the Institute for Sup-
ply Management showed
that growth in the services
sector came in well below
expectations.
That news came after
Wednesdays weak ADP
payroll report, which also
missed forecasts.
Growing concerns that
the impasse in Washington
that had partially shutdown
the government for a third
day exacerbated the lack-
lustre economic news and
forced investors to begin
asking if the forthcoming
debt ceiling could trigger a
default on US debt.
Tesla Motors, the electric
car manufacturer, was off
5.1 per cent to $171.64 and is
now down 11 per cent in the
past two days. Reports that
one of its flagship Model S
cars had caught fire trig-
gered a sell-off on Wednes-
day. Despite the dip, shares
in the auto company are up
407 per cent in 2013.
JC Penney shares
declined 2.3 per cent to
$8.52. The retailers credit
rating was downgraded to
junk status by Fitch Rat-
ings, which slashed its
grade to CCC from B-.
BP shares trading in New
York were one of the few
stocks in positive territory
after reports that an
appeals court in New Orle-
ans approved an injunction
to stop settlement pay-
ments from the Deepwater
Horizon accident. BP shares
were up 0.6 per cent to
$42.37.
Construction materials
supplier Texas Industries
was among the days weak-
est stocks after the com-
pany reported first-quarter
earnings. Shares in the
company were 10.3 per cent
lower to $60.09.
With 464 of the 500 stocks
on the S&P trading lower,
the CBOE S&P 500 volatility
index commonly known
as the Vix added 1.2
points to 17.82. The 7.4 per
cent rise put Wall Streets
fear gauge back to levels
last seen in June.
Construction materials
supplier Texas Industries
was among the days weak-
est stocks after the com-
pany reported first-quarter
earnings. Shares fell 10.3
per cent lower to $60.09.
After starting the first
half of September with a
rally, the S&P 500 has
declined in nine of the past
11 sessions. The index is
now down 0.4 per cent in
early October.
WALL STREET
Key indicators
Source: Bloomberg
S&P 500 index
US utilities
Jul 2013 Oct
185
190
195
200
Days
Indices Close change
S & P 500 1672.96 -20.91
DJ Industrials 14969.54 -163.60
Nasdaq Comp 3760.06 -54.96
Russell 2000 1066.70 -15.85
VIX 18.62 +2.02
US 10 yr Treas Bd 2.61 -0.01
US 2 yr Treas Bd 0.32 +0.01
Tesco shares regain poise after earnings report
An hour after reporting a
collapse in European
earnings on Wednesday,
Tesco shares had lost
nearly 5 per cent. From
then to the close of play
yesterday, they had climbed
nearly 7 percentage points,
writes Bryce Elder.
Two lines of thought had
powered the recovery, said
analysts. First, the weak
headline figures had
disguised signs of
stabilisation, particularly in
the UK. Second, with Tesco
valued at 20 per cent below
the longterm average at
only 13 times 2014
earnings, investors were
already pricing in further
disappointments.
For a diverse company
like Tesco, all rarely goes
well at the same time, said
Credit Suisse. We think
Tesco is doing the right
things in key areas to secure
sustained improvement.
Tesco ended the session
up 2 per cent at 365p,
outperforming a slow wider
market. The FTSE 100 edged
up 11.54 points at 6,449.04,
a 0.2 per cent gain.
A profit warning from
William Hill suggested that
investors were anticipating
bad news more accurately
than analysts. The
bookmakers alert of a 20m
hit to quarterly earnings,
largely from unfavourable
football results, lifted its
stock 0.4 per cent to 413p.
BP was up 1.1 per cent to
437.2p after successfully
appealing to overturn a US
claims process that would
have forced it to pay out
bogus compensation claims
for the 2010 Deepwater
Horizon disaster.
Aviva rose 1.4 per cent
to 413.1p after completing
the disposal of its US life
operations for 1.7bn,
500m more than agreed
in December.
Talk of potential
acquisitions by Reckitt
Benckiser, down 0.3 per
cent to 43.90, were given
another airing. Morgan
Stanley forecast Reckitt
could spend between 4bn
and 5bn to expand its
consumer health division.
WPP drifted 0.1 per cent
to 12.57. The group is
reported to have told Citi
that growth has not been
quite as strong as the 5 per
cent flagged in August. It
played down fears that
emerging markets had
deteriorated further, and
dismissed the idea that
WPP might react to the
PublicisOmnicom merger
with its own mega deal.
Aggreko, the power
generator specialist,
remained out of favour,
down 1.9 per cent to
14.79.
LONDON
Trading Directory
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OCTOBER 4 2013 Section:Markets Time: 3/10/2013 - 19:28 User: higtona Page Name: ICNCOMMS ASI, Part,Page,Edition: EUR, 25, 1
26

MARKETS & INVESTING
Friday October 4 2013
Estimated transaction volume
Bitcoin
$m
Oct 2012 2013 Oct
0
50
100
150
Market capitalisation
$bn
Source: blockchain.info
Oct 2012 2013 Oct
0
1.0
0.5
1.5
2.0
2.5
Shocked
Bitcoin
backers reel
after raid
Sit him down at his com-
puter and make him do
it . . . Give him the note, let
him use his computer to
send the coins back, and
then kill him . . . Consider-
ing his arrest, I have to
assume he will sing.
For the libertarians who
championed Silk Road as a
free market for drugs and
other goods that govern-
ments have no business
banning, and who back Bit-
coin, its currency of choice,
the indictment of the
websites founder has been
a shock.
Not shock at the fact
Dread Pirate Roberts has
been unmasked and caught,
per se, but by the lurid
nature of the charges
against Ross Ulbricht.
As well as conspiracy in
narcotics trafficking, com-
puter hacking and money
laundering, these include
allegations he tried to hire
hitmen to murder a former
associate, supported by evi-
dence from internet mes-
sage traffic.
The discovery that an
ultra-free market experi-
ment, in its conception
designed to evade drugs
laws and other rules, may
have descended into vio-
lence has put the libertar-
ian supporters of Bitcoin on
the back foot. By contrast,
it has raised a cheer among
the businessmen and entre-
preneurs who are hoping to
bring the virtual currency
into the mainstream.
on customers. Still, efforts
to make Bitcoin a main-
stream investment face an
uphill battle without fur-
ther regulatory clarity,
including from US states,
where many authorities are
investigating the potential
for illegal uses of the cur-
rency.
A recent proposal by the
Winklevoss twins to create
an exchange-traded fund
(ETF) that would replicate
the price performance of
Bitcoin, for instance, was
met with intense scepti-
cism. It is unclear what
stance the US Securities
and Exchange Commission
will take on the currency,
though another regulator,
the Commodity Futures
Trading Commission, has
already been eyeing
whether Bitcoin might fall
under its own supervisory
remit.
Last week, SecondMarket,
an exchange which came to
prominence as a venue for
trading shares in private
companies such as Twitter,
said it would offer a Bitcoin
fund to wealthy investors.
Barry Silbert, SecondMar-
ket chief executive,
described the closure of Silk
Road as the end of one
chapter and the start of
another for the virtual cur-
rency.
Bitcoins acceptance by
legitimate merchants is
growing very fast and my
view is the closure of Silk
Road will not have a signifi-
cant effect on the near-term
or long-term future of Bit-
coin. A tumble in the price
of the currency on Wednes-
day from above $141 to as
low as $109.7 at one point
after news of the
indictment of Mr Ulbricht,
had ended by midday yes-
terday.
But it will take some time
to discover how much of
the currencys value has
been related to its use in
illegitimate trading.
And not all the libertar-
ian supporters of Bitcoin
believe the new wave of
entrepreneurs, or even the
FBI for that matter, should
be crowing.
Roger Ver, founder of Bit-
coinstore.com and an angel
investor in Bitcoin start-
ups, responded to a ques-
tion about the closure of
Silk Road by emailing an
image: a screenshot of
BlackMarket Reloaded, one
of numerous other websites
that have sprung up to take
its place.
News analysis
Lurid charges for
Dread Pirate have
dealt a blow to
currency supporters,
write Stephen Foley
and Tracy Alloway
My view is the
closure of Silk Road
will not have a
significant effect on
Bitcoins future
From libertarian economics to alleged assassination requests
Heroin? No problem.
Cocaine? Easy. Forged
documents? Sure thing.
Assassination? Lets discuss
it, writes John Aglionby.
The goods and services
traded on Silk Road, the
semisecretive website,
since February 2011 with
virtual currency Bitcoins
were so varied the Federal
Bureau of Investigation
described it as the most
sophisticated and extensive
criminal marketplace on the
internet today.
Yet, its philosophical
underpinnings were not
solely a desire to get rich
quick, but, according to the
FBI complaint published on
Wednesday, the Austrian
economic theory and the
works of Ludwig von Mises
and Murray Rothbard,
economists associated with
the Mises Institute.
Based in the US state of
Alabama, the libertarian
institutes website says it
seeks to advance the
Misesian tradition of thought
through the defence of the
market economy . . . while
opposing government
intervention as economically
and socially destructive.
Ross Ulbricht, Silk Roads
alleged founder who was
arrested on Wednesday and
allegedly made millions of
dollars running the trading
site, had a user profile on
the Mises Institute site and
linked to the website. He
cited the economists work in
Silk Road forum postings, the
FBI complaint said.
According to the complaint,
the 29yearold physics
graduates page on the
LinkedIn networking site said
that, after finishing graduate
studies in 2010, his goals
shifted to creating an
economic simulation
designed to give people a
firsthand experience of what
it would be like to live in a
world without the systemic
use of force by institutions
and governments.
The Mises Institute
declined to comment on Silk
Road but said Mr Ulbricht
requested information about
the organisation in 2008,
when he was a student.
Christopher Tarbell, the FBI
agent in charge of the case,
said Mr Ulbricht, who
allegedly used the alias
Dread Pirate Roberts a
character in the 1973 novel
The Princess Bride had
gone a long way to achieving
his goals.
The site has sought to
make conducting illegal
transactions on the internet
as easy and frictionless as
shopping online at a
mainstream ecommerce
website, the complaint said.
Silk Road has been used
by several thousand drug
dealers and other unlawful
vendors to distribute
hundreds of kilogrammes of
illegal drugs and other illicit
goods and services to well
over a hundred thousand
buyers and to launder
hundreds of millions of
dollars deriving from these
unlawful transactions.
Maintaining the economic
simulation proved harder as
Silk Road grew. Mr Tarbells
complaint describes Mr
Ulbrichts alleged attempt in
March and April this year to
have FriendlyChemist, a Silk
Road user, murdered after
the latter said he would
publish the identities of a
long list of users if he was
not paid $500,000. The FBI
thinks the murder never
happened. Mr Ulbricht was
allegedly led to believe it
had.
In a case in January
2013, according to a Grand
Jury indictment in Maryland
released on Wednesday, Mr
Ulbricht communicated with
an undercover agent with
whom he had undertaken a
drug deal to arrange for a
Silk Road employee who
had been arrested and
allegedly stolen funds from
other Silk Road users to be
beaten and forced to
return the money.
A day later, Mr Ulbricht
allegedly asked the agent to
execute rather than
torture the employee. The
execution did not happen
but photographs of it being
staged were sent to Mr
Ulbricht, who paid $80,000
as a fee.
Do not ignore risks of a rate surge for the banks
Five long years ago, there was widespread
hand-wringing about the fact that
regulators and bank risk managers like
generals always tend to fight the last
war. Most notably, in the run-up to the
2008 Lehman crisis, there had been endless
debate about the perils of hedge funds and
risky leveraged loans. But when disaster
actually struck, it was not the hedge funds
or risky leveraged loans that created
havoc. Instead, the culprits were
supposedly safe triple A assets and entities
such as conduits that had previously been
ignored partly because of that obsession
with hedge funds.
Could the financial world now repeat the
same mistake, and keep fighting old wars?
It is a question worth pondering,
particularly as debate bubbles about a
possible US technical default in the
Treasuries market.
In the past five years, regulators and
financiers alike have scrambled to improve
their procedures for handling credit risk.
But if any issue is going to cause
surprises in the system in the coming
years, it is not necessarily going to be a
credit risk at all; interest rate risk could
be more dangerous. Think about it.
Cycle will change
For the past few years, interest rates have
been at rock bottom levels, and it is
widely assumed this will continue. Last
week, for example, Citigroup analysts were
predicting: Treasuries drifting higher in
2014, Bunds stable and [Japanese
government bond] yields falling in mid-
2014. Thus banking strategies and
investment trades that rely on low rates
have sprung up in all corners of the
financial system, and many of these seem
unhedged.
But at some point the cycle will change,
either because the central banks
eventually tighten policy (in a good
scenario), or markets panic (say, after a
technical default). This may not happen
for a long time; but the risk cannot be
ignored. And yet oddly the issue of
interest rate risk gets far less focus in the
new regulatory architecture than credit
risk. Hence the strange situation where
even as regulators urge banks to be
careful with mortgage loans, they are
encouraging them to load up with
sovereign bonds. As Jens Weidmann,
Bundesbank president, pointed out in a
Financial Times editorial this week, this
poses all manner of long-ignored dangers.
Worse still, there has been surprisingly
little effort by the official sector to
conduct public analysis of what surging
interest rates might do to banks or asset
managers. One notable exception is the
Federal Deposit Insurance Corporation in
Washington: earlier this year it published
an internal analysis of how a large (say,
300 basis point) rise in 10-year Treasury
yields might affect FDIC-insured US banks.
The message was sobering.
In the past six years, the proportion of
US banks that hold large volumes of long-
term, low-rate assets has grown from 20
per cent to almost 50 per cent, because
bankers are desperate to boost their
returns, the FDIC observed. But banks
have also become more reliant on flighty
funding sources. Thus, while US banks
have historically assumed that higher
rates were a benefit (since they raise net
interest margins), the current asset-liability
mismatch makes some banks vulnerable to
big losses if interest rates rise.
Information vacuum
Unsurprisingly, some bankers dispute this
analysis; after all, they point out, big US
banks hedge their risks (and the banks
own published accounts appear to suggest
the interest rate daily value at risk has
dropped from $160m in 2006 to $100m last
year). In the UK, where floating rather
than fixed-rate mortgages are the norm,
the picture is different again. But the
problem investors face in assessing these
issues is that no other regulator or central
bank has dared to produce anything as
telling as the FDIC report.
The Bank of England, for example,
recently conducted its own modelling
exercises on interest rates risks, which
were unnerving as they implied some
institutions were dangerously complacent.
But thus far, this has only been discussed
in private meetings. The central bank of
Japan, meanwhile, has not even been
willing to share with other international
regulators the results of its own modelling
exercises; instead, BoJ officials simply
insist their banks can cope with higher
JGB yields, without offering any details.
Perhaps this does not matter. After all,
the Fed appears locked into providing
more quantitative easing, the UK and BoJ
have pledged to keep rates low, and this
week the European Central Bank echoed
this line. But, if nothing else, this weeks
events in Washington are a timely
reminder that the political economy is not
always controlled by rational policy
makers. Sometimes the unexpected can
unfold, and not just with credit risk (as in
the case of Lehman) but with interest
rates too doubly so when the markets
are acting as if there is no risk at all.
gillian.tett@ft.com
When we talk to regula-
tors and bankers, the
emphasis on Bitcoin being
used for illegal things has
already lessened recently,
but when they can see the
bad guys can get caught,
then that helps us in our
conversations, says Jaron
Lukasiewicz, founder of a
Bitcoin trading platform
Coinsetter.
New businesses such as
Coinsetter, along with
former Bitcoin trading com-
panies such as Tradehill
and Bitinstant, are strug-
gling to find banks willing
to work with them so that
they can deal with cus-
tomer accounts.
The virtual currency,
which runs on a global
peer-to-peer computer net-
work outside the traditional
banking system, was an
obvious choice as a cur-
rency for trading on Silk
Road because transactions
are anonymous.
Many early users of Bit-
coin were attracted by the
privacy.
I think these people may
have rallied to Mr
Ulbrichts side, said Mr
Lukasiewicz, but when
you read about murders for
hire, thats where you start
to remember, this is why
we have a government and
laws.
A new wave of entrepre-
neurs believe Bitcoin has
the potential to become a
cheaper alternative to
international bank trans-
fers, and they are keen to
make sure that money
going into and out of the
currency can be traced back
to users.
The US Treasury said it
had no problem with virtual
currencies as long as
exchanges and other trad-
ers are regulated and can
properly implement anti-
money laundering checks
Gillian
Tett
INSIGHT
The virtual currency runs on a global peertopeer computer network outside the traditional banking system Getty
OCTOBER 4 2013 Section:Markets Time: 3/10/2013 - 19:27 User: higtona Page Name: WSM2 USA, Part,Page,Edition: EUR, 26, 1

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