Good morning New York,
FT ALPHAVILLE
David notes the rise of the euro as "an island of stability in global asset markets".
NEWS
Switzerland's financial regulator announced it is probing banks over possible FX market manipulation. Finma said it was "currently conducting investigations into several Swiss financial institutions in connection with possible manipulation of foreign exchange markets" (Finma press release).
Barclays secured about 95 per cent take-up in the biggest rights issue by a UK bank since 2009. The remainder of the bank's £5.8bn issue -- which was priced at 185bp per share in July --will be sold in the market (Financial Times).
Senior Republicans signalled that they might accept a broader budget deal to fund the US government instead of their current focus on delaying healthcare law. A deal could involve ending the government shutdown and raising the debt ceiling at the same time (Wall Street Journal).
SAC Capital is trying to sell the reinsurance unit it launched in 2012. SAC Re was launched to capitalise on investor interest in the Bermuda-based sector, but US government allegations of insider trading directed at SAC itself could make it difficult to attract clients (Wall Street Journal).
Hedge funds have found an unusual trade to profit from the General Motors bankruptcy: buying debt issued by a GM unit in Nova Scotia and governed under the Canadian province's governing law. A settlement last week gave holders of the GM notes a $1.55bn bankruptcy claim on $1bn of debt (Bloomberg).
More than 5,000 brokers are still licensed to sell securities in the US after working for one or more firms expelled by regulators between 2005 and 2012 (Wall Street Journal).
