Stockbrokers lose clout
By John Schroy, on January 26th, 2007 |

Securities exchanges are being transformed from “stockbrokers’ clubs” into profit-oriented companies selling services to customers. Long the ‘masters of the universe’, stockbrokers are expected to become less influential. Free from the constraints of small broker-dealers, demutualized exchanges are in the midst of rapid modernization and dramatic change. Computerized trading, book-entry settlement, central depositories, and cross-border exchanges are now the norm, not the exception.
Hugo Chavez
By John Schroy, on January 12th, 2007 |

On January 11, 2007, Hugo Chavez Frias was sworn in for a third term as Venezuela’s president, promising to expropriate strategic sectors of the economy, specifically public utilities and oil properties and to generally run rough-shod over property rights and the rule of law. This is unadulterated good news for the US domestic bond markets. Perhaps we should light a candle to Saint Jimmy.
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