Interbank market news scan: JP Morgan, Goldman Sachs, BNP Paribas expand in the Middle East …

Federal Reserve Bank of New York. “The Federal Reserve Bank of New York today announced that Richard Ostrander has been named General Counsel and Head of the Legal Group. In this role, he will also be a member of the Bank’s Executive Committee and will serve as Deputy General Counsel of the Federal Open Market Committee.” — Federal Reserve Bank of New York.

Primary dealers. JP Morgan. Goldman Sachs. BNP Paribas. “Saudi Arabia appointed BNP Paribas SA, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Standard Chartered Plc as primary dealers in the government’s local debt instruments.” — Bloomberg.

Market makers. Otis Worldwide Corporation. “Often called “market makers”, institutions wield significant power in influencing the price dynamics of any stock. As a result, if the downtrend continues, institutions may face pressures to sell Otis Worldwide, which might have negative implications on individual investors.” — Nasdaq.

Central bank. Reserve Bank of Australia. “December S&P 500 futures (ESZ22) this morning are up sharply by +1.61% at a 1-week high.  Stock index futures are soaring this morning as global stock and bond markets rallied after the Reserve Bank of Australia raised interest rates less than expected, which bolstered speculation that aggressive interest rate hikes by the world’s central banks may be nearing the end.  The 10-year T-note yield fell to a 1-week low today at 3.558%.” — The Globe and Mail.

Primary dealers. UBS. “SMEs in Switzerland can now purchase insurance solutions from Zurich directly and easily in UBS’s E-Banking. This offering expands UBS and Zurich’s cooperation in the field of Bancassurance.” — UBS.

Primary dealers. Morgan Stanley. E-Trade. “E*TRADE Securities LLC today released the data from its monthly sector rotation study, based on the E*TRADE customer notional net percentage buy/sell behavior for stocks that comprise the S&P 500 sectors.” — E-Trade.

Primary dealers. JP Morgan Chase. “As previously announced, JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) will host a conference call to review third-quarter 2022 financial results on Friday, October 14, 2022 at 8:30 a.m. (EDT). The results are scheduled to be released at approximately 7:00 a.m. (EDT). The live audio webcast and presentation slides will be available on www.jpmorganchase.com under Investor Relations, Events & Presentations.” — JP Morgan Chase.

Primary dealers. Barclays. “Tim Main will succeed Reid Marsh as Head of Investment Banking EMEA. Reid Marsh is appointed Global Chairman of Investment Banking and will join the Global Chairman’s Group. Arif Vohra will succeed Tim Main as Global Co-Head of Financial Institutions Group (FIG) Investment Banking.” — Barclays.

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