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State Street Global Advisors has filed for two international exchange-traded funds that are also choose stocks by market capitalization. The SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF will be just the third and fourth such funds from SSgA. The firm already has a SPDR S&P International Small Cap ETF, which has $157 million in assets according to Citigroup, and a SPDR Russell/Nomura Small Cap Japan ETF, which has $108 million in assets.

The European Commission demands a comprehensive action plan to right the wrongs by the end of January.

They were extendible

With capital markets fragile and expensive, sovereign wealth funds are playing an important role in recapitalizing banks.

In order to facilitate contact-building, journalists are frequently invited to lunch at banks’ in-house dining facilities because of time constraints. Such invitations are often disappointing on the culinary front. However, a few banks’ invitations to dine in-house are met with eagerness rather than a sinking heart.

The second half of 2007 was the most challenging period bank treasurers have ever faced. They will all be hoping that liquidity is back to normal by the middle of 2008. But many bank issuers face a looming, unexpected and until now unnoticed drain on their funding which will happen, an unlucky 13 months after the credit crunch hit. Alex Chambers reports on the $245 billion funding hole that the extendible note market has created.

Banks in Kazakhstan continue to be the subject of concern in the wake of the global credit crunch, with Standard & Poor’s the latest organization to turn its spotlight on the sector. In mid-December, the ratings agency revised from stable to negative the outlook on its ratings on eight banks – including the leading quartet of Kazkommertsbank, Bank TuranAlem, Halyk Savings Bank of Kazakhstan and Alliance Bank.

HSBC Saudi Arabia launched two new funds in December: the HSBC Saudi Equity Index Fund, and the HSBC Petrochemical Equity Opportunities Fund. HSBC is also offering participatory notes and swaps over these funds. HSBC’s Saudi Petrochemical Equity Index comprises 11 shares, including Sabic, which is the dominant company in the Saudi equity market. The broader equity index tracks 36 stocks across a broad range of sectors. Both funds are passively managed and aimed at institutional investors and third-party distributors. HSBC Saudi Arabia already offers participatory notes and swaps to its existing funds: Amanah Saudi Equity, Amanah Saudi Industrial Companies, Financial Institutions, Saudi Equity and the Saudi Equity Trading fund.

Private banking 2008: When the ultra-wealthy bump into the sub-prime

Euromoney targeted equity analysts covering Asian companies that were constituents as of July 26 2007 of the following indices, the biggest exchanges for domestic shares in the respective countries: Shanghai Composite (People’s Republic of China);

The European Securitization Forum has elected Robert Palache, head of European securitization and asset monetization at Morgan Stanley International, as chairman for 2008. Palache succeeds Philip Tromp, managing director at Financial Security Assurance, who held the post for two years.

The US mutual fund industry might be gaining the upper hand in its fight against the country’s nascent exchange-traded notes market following a pair of rulings in December.