Crisis marked by regulatory, supervisory failures in advanced economies. National plans should include recapitalization of financial institutions. Cooperation across countries key to effective resolution of crisis. Problems in the financial markets and in the global economy can be solved "if we act quickly, forcefully, and cooperatively," IMF Managing Director Dominique Strauss-Kahn said.

The Committee of European Banking Supervisors (CEBS) has published yesterday the findings of an analysis following up on the application of its recommendations in the �Report on banks� transparency on activities and products affected by the recent market turmoil� published on 18 June 2008.

The September Bond Market Watch (BMW) has a different format this month due to the tremendous amount of historic events that occurred all month long. To say that the markets are at a cross-road, is putting it lightly. This was a September to remember, so that we don't ever repeat it again.

The International Swaps and Derivatives Association, Inc. yesterday announced that, after consultation with industry participants, it will launch a protocol to facilitate settlement of credit derivative trades involving Kaup�ing Banki hf, for which a �receivership committee� was appointed on Thursday, October 9, 2008.

The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA), which regulates financial services in the Dubai International Financial Centre.

Here are some interesting facts about the DJIA for Oct 9th 2008.

Freddie Mac yesterday released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.94 percent with an average 0.6 point for the week ending October 9, 2008, down from last week when it averaged 6.10 percent. Last year at this time, the 30-year FRM averaged 6.40 percent.