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Asymmetric information, price discovery and macroeconomic announcements in FX market: do top trading banks know more?
This study investigates information asymmetry in the foreign exchange market by testing the hypothesis that top trading banks possess superior information on the macroeconomy because they process greater order flow, which, according to the micro-structure literature, helps them aggregate the dispersed information and feel the general movements of the economy. Examining the information share of the banks in the Reuters EFX system using indicative GBP-$US data over 5 years, we find that the top 10 banks, out of 100 quoting banks in the market, have a monthly average share of over 70% of total market information, and around 80% during some US macroannouncements. These results suggest the possibility of private information over public news in the foreign exchange market. Copyright © 2009 John Wiley & Sons, Ltd.
Wiley InterScience

Yahoo shares rise on fresh Microsoft talk
Speculation has two tech companies teaming up in advertising partnership to challenge Google
The Globe and Mail

FTSE has best full week of year
Leading UK shares have had their best week of the year so far, boosted by good corporate results in the US.
BBC

CIT shares jump as lender seeks rescue financing
NEW YORK (AP) -- CIT Group Inc.'s shares nearly doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing....
The Arizona Republic

Tiger misses cut; Tom grabs share of lead
The best player on the planet, Tiger Woods, missed the British Open cut for the second time in 49 professional majors. And as Woods departed, the coleader was the oldest man ever to sit atop a major, 59-year-old Tom Watson.
New York Daily News

Limp Bizkit`s Fred Durst Weds!
Rocker Fred Durst got married! The Limp Bizkit frontman took to his Twitter page Friday to share the good news. Check out unforgettable celeb wedding pics. 'Cheers to the universe from me and my lovely wife Esther Durst!' he posted. 'We are now one and complete. :o)' Twenty minutes after his announcement, Durst, 38, posted a photo of himself and his wife (formerly Esther Nazarov) by the... Join Us on Facebook and Twitter for even more up to the minute celebrity news and photos!
US Magazine

Raven-Symone`s Disney Costar Calls Her a ``Heifer``
Raven-Symone -- who has received her share of criticism from online 'haters' for her body -- has found a new critic: Her Disney costar. At a So You Think You Can Dance elimination taping Thursday in los angeles, Usmagazine.com caught up with That's So Raven star Debbie Allen and asked her about the upcoming Fame movie, out Sept. 25. (Allen played Lydia Grant in the 1980s series.) 'It's going... Join Us on Facebook and Twitter for even more up to the minute celebrity news and photos!
Female First

CIT in talks with JPMorgan, Goldman: source
NEW YORK (Reuters) - CIT Group Inc is in talks with JPMorgan Chase & Co and Goldman Sachs Group Inc about short-term financing as it looks for ways to avoid bankruptcy, a source close to the company said on Friday, sending the lender's shares and bonds up.
Reuters

Tiger Woods could miss cut at British Open
Tiger Woods was heading out of the British Open as 59-year-old Tom Watson shared the joint lead after a dream finish to his second round at Turnberry.
CNN

In Concert: Three Big Bands, One Small Stage
On Tuesday night, NPR Music will boldly attempt what few have done before: Deep soul, indie funk and polyglot jazz will share a stage and a bill. In Lee Fields and The Expressions, The Phenomenal Handclap Band and Fight the Big Bull with Steven Bernstein, we're bringing you three very different, very large bands live from Joe's Pub in New York City.
NPR

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