Barclays Plc, the U.K.’s second-largest bank by assets, said third-quarter pretax profit at its investment bank dropped 39%, trailing European peers, as fees for managing securities sales and trading stocks plummeted.
Tyson Foods Inc., the largest U.S. meat company, raised its offer for Hillshire Brands Co. to about $7.7 billion, outbidding Pilgrim’s Pride Corp. for the maker of Jimmy Dean sausages and Ball Park hot dogs.
Deutsche Bank AG will withdraw from participating in setting gold and silver benchmarks in London after Europe’s top investment bank joined JPMorgan Chase & Co. and Morgan Stanley in cutting back on commodities.
The odd thing is that a regulatory overhaul that began as a way to rein in the lawless world of over-the-counter trading and apply futures industry style regulation will, in the end, arguably have a greater impact on the already regulated futures world than the OTC space.
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.