Financial Services Industry
Industry: Email Alert RSS FeedThis Month: News.(Morgan Stanley acquires Saxon Capital)(Credit Agricole acquires Emporiki Bank)(Raiffeisen International acquires Czech eBanka)
Banker, The, September, 2006
New York-based Morgan Stanley has agreed to buy residential mortgage specialist Saxon Capital for $706m as the investment bank increases its mortgage origination and securitisation business in the US. Morgan Stanley recently expanded this line of business in Europe with the acquisition last December of Advantage Home Loans in the UK and Credito Fondiario e Industriale, an Italian mortgage bank, in June.
ELECTRONIC FX EXCHANGE
Chicago Mercantile Ex-change and Reuters have developed the world's first centrally cleared electronic foreign exchange market, aimed at both smaller hedge funds being ignored by prime brokers as well as bigger funds. FXMarketSpace will open in the first quarter of next year.
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