Investment Banking ?

From Wikipedia,

Investment Banks help companies and governments raise money by issuing and selling securities in the capital markets (both equity and debt), as well as providing advice on transactions such as mergers and acquisitions. Until the late 1980s, the United States and Canada maintained a separation between investment banking and commercial banks.

A majority of investment banks offer strategic advisory services for mergers, acquisitions, divestiture or other financial services for clients, such as the trading of derivatives, fixed income, foreign exchange, commodity, and equity securities.

Trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e., underwriting, research, etc.) is referred to as the "sell side."

Dealing with the pension funds, mutual funds, hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment constitutes the "buy side". Many firms have buy and sell side components.

An investment bank is split into the so-called Front Office, Middle Office, and Back Office.

The leading investment banks including

Merrill Lynch,

Salomon Smith Barney,

Morgan Stanley Dean Witter and

Goldman Sachs are said to be in the bulge bracket.

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FOREX-Dollar rebounds after Fed liquidity move

NEW YORK, March 7 (Reuters) - The dollar rebounded from record lows on Friday as a Federal Reserve liquidity injection fueled some speculation the central bank might hold off on cutting interest rates aggressively even after a sharp contraction in U.S. payrolls.

Profit-taking and short-covering also helped support the dollar, traders said, after three days of successive sharp gains in the euro, which brought the European currency to historic peaks.

The Fed announced a series of term repurchase operations totaling $100 billion to ease liquidity pressures in stressed financial markets, overshadowing a Labor Department report showing U.S. employers cut payrolls for a second month in February.

"The liquidity injections are key here," Firas Askari, head currency trader at BMO Capital Markets in Toronto, said of the dollar's climb. "Some people are thinking that the Fed may not be as aggressive (in cutting rates) and that they are going to inject liquidity in other ways."

Interest rate futures reflected reduced views of the chances of a 75-basis-points cut in the Fed's benchmark overnight lending rate at the March 18 meeting, to about 96 percent from about 130 percent earlier.

The fed funds rate target is currently at 3.0 percent after being lowered by 2.25 percentage points since mid-September.

After the February payrolls report the euro initially surged to as high as $1.5459 , according to Reuters data. The 63,000 jobs decline was the biggest monthly drop in nearly five years, the Labor Department said. Economists surveyed by Reuters had forecast 25,000 jobs would be added to payrolls last month.

Courtesy :http://www.reuters.com/article/usDollarRpt/idUSN0763095320080307