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As Mr. Dodd presented it, the bill would impose regulation on the sprawling over-the-counter derivatives market, which has exploded in size since 2000, with new requirements for clearing, exchange trading, capital, margins and reporting.
Even in a bad year, a bunch of Bangladeshis equivalent to the population of Bruges, the medieval trading capital of Belgium, would take wing for Saudi Arabia, to start a job and remit money home.No longer.
Overseeing billions in trading capital, while also surviving the byzantine, often ruthless executive suite jockeying for the top job, can be a challenge for the most steeled and experienced executives.
It also increases the scope for risk that is disguised, accidentally or otherwise, and hence the danger that investors will be taken by surprise.And trading capital across borders usually involves an additional financial market that is especially susceptible to all of the above: the market for foreign exchange.
But it soon discovered that trading capital was a better way to get the attention of kings and emperors than shearing sheep.Today Wall Street banks are once again investing large quantities of their own and their clients' capital in businesses, enjoying the same easy credit as their private-equity clients.
In the 1870s, when Chonburi was the trading capital of the eastern seaboard, farmers would use the beasts of burden to transport their goods to market, arguments ensued about who had the best buffalo, and the annual race stemmed from that.
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The immediate outlook for trading, capital-raising, merger deals and for the fees they yield to City firms is the worst it has arguably been for decades.Finance grew fat during the rich world's long credit expansion, and it is inevitably shrinking now that boom has turned to bust.
Stuart Brister, head of Wells Fargo's trade capital division, sees the factoring market growing by 6-8% a year.
Between the two world wars, the flows of trade, capital and people collapsed to a trickle.
A Hartsko competitor, Edward P. King, who founded the Dallas-based King Trade Capital 17 years ago, said his business grew about 10 percent in 2009.
Fort Pierre, across the river, was the fur-trade capital of the Northwest from 1832 to 1855; a monument there marks the place where Louis-Joseph and François Vérendrye buried a lead plate in 1743 (found in 1913) claiming the region for France.
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