First, there is no need for the Fed to mark to market since its assets are not held for trading and can easily be held to maturity or recovery if necessary.

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The global equity derivatives division had already lost heavily last July (as, to be fair, had other investment banks), when the British government unexpectedly changed tax rules so that investment banks could no longer claim tax relief on dividends if shares are held for trading rather than investment.

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The closely held company recently stopped trading shares for the general public as one means to save costs amid the downturn.

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Kerner's ambitions rest on his goal to vastly expand the market for trading in privately held shares--from a few well-known names like Facebook, Twitter and Zynga to hundreds of smaller, earlier-stage names.

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This narrow definition of trading account, with a focus on intent to sell the assets in the next 60 days, would allow JP Morgan to argue that the chief investment office portfolio, classified as held for sale, was not a trading account.

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Whilst Mr Gore, conscious of his union supporters, held back a little in his support for permanent trading relations with China, Mr Bush, who comes from the free-trading, pro-immigration side of his party, was more effusive about globalisation.

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The shares held their value for around 18 days - just 12 trading days - before beginning to sink on Tuesday, November 22.

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Another 777 million shares held by employees, insiders and early investors will become available for trading on 14 November.

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Capital is going to be more expensive and it might not be utilized for lending and for other purposes that are beneficial to the economy if it has to be held by the parties trading these instruments.

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