1. BofA ML Forms Global Clearing Services.
2. Jefferies Q3 Results Forebode What's Ahead for the Street.
   
3. SEC Administrative Judge to Retire.
4. Young HF Exec Dies in Crash.
5. Goldman's New Asset Management Chairman.
6. Mr. Nides Heads for Washington.
   

    1.  BofA ML Forms Global Clearing Services.   Bank of America Merrill Lynch has set up a new division to handle customers' futures and derivatives trading, as regulators in the U.S. and Europe prepare to direct more derivatives trades toward e-trading platforms and clearinghouses - part of a broad overhaul of a $615 trillion market that's largely traded away from financial exchanges.  Goldman Sachs had taken similar steps in July.  The division will run as part of the bank's Global Markets Financing and Futures group, which also handles prime brokerage.  Dealer banks already have moved to clear the OTC transactions they do with one another, which represents the majority of the market.  With the passage of new rules for the market in the U.S., and Europe expected to follow suit, dealers now are competing to offer clearing services for customers trading in OTC markets, such as hedge funds and insurance companies.   [WSJournal, 9/23]

    2.  Jefferies Q3 Results Forebode What's Ahead for the Street.   The brokerage firm and investment bank re[prted Q3 revenue of $520 million, down from $700 million for the same period the year before - despite a doubling of its investment banking business, to $246 million.  The numbers may signal an alarming trend for the wider industry, as larger banks are set to report Q3 earnings soon.  Jefferies, one of the few firms hiring recently - adding nearly 350 staff members this year - saw its trading revenues suffer across the board - fixed income was down 26%;  equities was down almost 40%.   [NYT Dealbook, 9/23]

    3.  SEC Administrative Judge to Retire.   Administrative Law Judge James T. Kelly will retire from the federal government at the end of the month after 42 years of public service, 11+ years at the SEC.  With the SEC, Judge Kelly presided over and issued initial decisions in scores of administrative proceedings brought by SEC Enforcement - involving alleged violations of the antifraud provisions of the federal securities laws, improper professional conduct by accountants, price manipulation, disclosure of consulting agreements by the underwriters of municipal securities business, the sale of unregistered securities, the right to financial privacy, and charges of failure to supervise.   [SEC PR 10-171, 9/21]

    4.  Young HF Exec Dies in Crash.   Ronen Katz, 27, a VP with Angelo, Gordon & Company, the hedge fund and private equity firm, died Sunday after a collision on his motorcycle at Canal and West Streets near the Holland Tunnel in Manhattan.  He collided with a Nissan that had made an improper left turn,  from West onto Canal.  The driver, who stopped for a while and then drove off,  later turned herself in and was charged with leaving the scene of an accident and driving without a license.   [NYT Dealbook, 9/21]

    5.  Goldman's New Asset Management Chairman.   Jim O’Neill, 53, the Goldman Sachs economist best known for coining the BRIC acronym, has been named chairman of the firm’s asset management business.  He'll remain in London and will report to Ed Forst and Tim O’Neill, co-heads of the firm’s investment management division - which oversees $802 billion in assets.  Mr. O’Neill has managed the firm’s economics, strategy and commodity research teams. Before joining Goldman Sachs in 1995, he was head of research globally for the Swiss Bank Corporation, and previously held positions with BofA and International Treasury Management, a division of Marine Midland Bank.  [NYT Dealbook, 9/10]

    6.  Mr. Nides Heads for Washington.   Thomas Nides, Morgan Stanley’s COO and one of the firm’s top executives, reportedly is in talks to join the State Department in a senior role - as deputy secretary of state for resources and management, taking over for Jacob Lew.  His résumé is full of stints in political action, including serving as chief of staff for Senator Joe Lieberman during the 2000 pres idential campaign, aide to former House speaker Thomas Foley and chief of staff for Mickey Kantor, the former U.S. trade representative.  Mr. Nides joined M. Stanley in 2005, having worked as Credit Suisse’s CAO under John Mack.  Mr. Nides took up the same role at Morgan Stanley, serving as a sort of chief of staff to Mr. Mack and helping to steer the firm through the financial crisis.  His political connections helped Morgan Stanley persuade regulators to adopt a temporary ban on short-selling during the crisis to give its shares some breathing room.  [NYT Dealbook, 9/16]