What the Status Quo Budget Deal Means for Markets

Republicans and Democrats put down their political weapons yesterday and found a sliver of common ground big enough to hold the first bi-partisan budget in more than two years.

House Budget Committee Chairman Paul Ryan (R-WI) and Senate Budget Committee Chair Patty Murray (D-WA) announced the compromise that would avoid cuts to defense and domestic discretionary programs that were on the chopping block under the sequester plan. It does not, however, tackle hot button issues like entitlements and taxes.

“We spent the last two years bemoaning the fact that there’s no conchord in congress for any kind of budget compromise,” says Zach Karabell, head of global strategy at Envestnet. “The market reaction which had been hysterical in the face of the absence of [compromise] is placid and...not very interested in the face of it actually happening.”

Karabell says the real win here for markets, the economy, and America at large, is the fact that someone in Washington was able to find a compromise and end the dysfunction. “To the degree that that may be off the table going into 2014... you have to at least look at that as the absence of what had been rather destructive noise.”

Still, the Envestnet strategy chief acknowledges the deal is far from perfect. “They essentially said ‘we are really not able to make bigger decisions about medicare or medicaid or about taxes, so we’re just not gonna do that.’”


As for the plan's many critics Karabell notes, “the sticking points are it essentially locks in present tense reality,” something that leaders on both side of the aisle have said simply can’t last.

“If you think we’re going down the path of escalating deficits... this particular deal doesn’t change that at all,” Karabell continues. “If you think that the economy will begin to expand... and tax revenues will go up and the deficit will then shrink by virtue of growth, then this deal doesn’t change that either.” 

When asked whether the current framework will pass through Congress and become law, Karabell says it’s a toss up. If it does, he says, there is one more silver lining to the deal. “I find it hard to believe that Congress, if it does pass this bill, will then go ‘Oh we’re not gonna raise the debt ceiling on spending that we actually passed.’”

Finally, Karabell notes that should the deal, or one like it, take budget battles off the table in 2014 the focus for the upcoming midterm elections will then shift to other big money hot button issues like health care spending.

the SWIFT codes ksa

SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.

These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.

The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.

• First 4 characters - bank code (only letters)
• Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
• Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
• Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)

Currently, there are over 7,500 “live” SWIFT codes. The "live" codes are for the partners who are actively connected to the SWIFT network. On top of that, there are more than 10,000 additional codes, which are used for manual transactions. These additional codes are for the passive participants.

The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium.

SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

Below are the SWIFT codes for all banks in Saudi Arabia. These SWIFT codes are only the active participants who are connected to SWIFT network. The passive participant’s codes are excluded from the list.

No	Bank or Institution	City	Branch Name	Swift Code
1	AL INMA BANK	RIYADH		INMASARI
2	AL RAJHI BANK	RIYADH	(HEAD OFFICE)	RJHISARI
3	ALAMOUDI EXCHANGE COMPANY	JEDDAH		AMDISAJE
4	ARAB NATIONAL BANK	RIYADH	(HEAD OFFICE)	ARNBSARI
5	ARAB PETROLEM INVESTMENTS CORPORATION	DAMMAM		APICSADM
6	BANK AL BILAD	JEDDAH	(JEDDAH)	ALBISARIJED
7	BANK AL BILAD	RIYADH	(TRADE FINANCE CENTER)	ALBISARITFC
8	BANK AL BILAD	RIYADH		ALBISARI
9	BANK AL JAZIRA	ALKHOBAR	(ALKHOBAR BRANCH)	BJAZSAJE013
10	BANK AL JAZIRA	BURAIDAH	(BURAIDAH BRANCH)	BJAZSAJE026
11	BANK AL JAZIRA	DAMMAM	(DAMMAM BRANCH)	BJAZSAJE009
12	BANK AL JAZIRA	HOFUF	(HOFUF BRANCH)	BJAZSAJE025
13	BANK AL JAZIRA	JEDDAH	(HEAD OFFICE)	BJAZSAJE002
14	BANK AL JAZIRA	JEDDAH	(KHALID BIN WALEED STREET BRANCH)	BJAZSAJE007
15	BANK AL JAZIRA	JEDDAH	(KING ABDUL AZIZ STREET BR.)	BJAZSAJE006
16	BANK AL JAZIRA	JEDDAH	(MADINA ROAD BRANCH)	BJAZSAJE021
17	BANK AL JAZIRA	JEDDAH		BJAZSAJE
18	BANK AL JAZIRA	JUBAIL	(JUBAIL BRANCH)	BJAZSAJE019
19	BANK AL JAZIRA	MADINA MUNAWWARA	(MADINA MUNAWWARA BRANCH)	BJAZSAJE011
20	BANK AL JAZIRA	MAKKAH AL-MUKARRAMA	(MAKKAH MUKARRAMA BRANCH)	BJAZSAJE010
21	BANK AL JAZIRA	RIYADH	(OLAYYAH BRANCH)	BJAZSAJE016
22	BANK AL JAZIRA	RIYADH	(SITTEEN STREET BRANCH)	BJAZSAJE027
23	BANKMUSCAT	RIYADH		BMUSSARI
24	BANQUE SAUDI FRANSI	ALKHOBAR	(EASTERN REGION)	BSFRSARIEST
25	BANQUE SAUDI FRANSI	JEDDAH	(WESTERN REGION)	BSFRSARIWST
26	BANQUE SAUDI FRANSI	RIYADH	(CENTRAL REGION)	BSFRSARIRYD
27	BANQUE SAUDI FRANSI	RIYADH	(HEAD OFFICE)	BSFRSARIGEM
28	BANQUE SAUDI FRANSI	RIYADH		BSFRSARI
29	BNP PARIBAS INVESTMENT COMPANY KSA	RIYADH		BNPASARB
30	BNP PARIBAS INVESTMENT COMPANY KSA	RIYADH		BNPASARBWMI
31	BNP PARIBAS SAUDI ARABIA	RIYADH		BNPASARI
32	DEUTSCHE BANK AG RIYADH BRANCH	RIYADH	(DOMESTIC CUSTODY SERVICES)	DEUTSARICUS
33	DEUTSCHE BANK AG RIYADH BRANCH	RIYADH		DEUTSARI
34	DEUTSCHE BANK AG RIYADH BRANCH	RIYADH		DEUTSARIGES
35	EMIRATES NBD PJSC	RIYADH		EBILSARI
36	GPT SPECIAL PROJECTS MANAGEMENT LTD	RIYADH		GPTLSARI
37	GULF INTERNATIONAL BANK B.S.C. RIYADH	RIYADH		GULFSARI
38	HOSHANCO HOLDING	RIYADH		HOSHSARI
39	ISLAMIC DEVELOPMENT BANK	JEDDAH	(INTERNATIONAL TRADE FINANCE)	ISLDSAJEITF
40	ISLAMIC DEVELOPMENT BANK	JEDDAH		ISLDSAJE
41	ISLAMIC DEVELOPMENT BANK	JEDDAH		ISLDSAJEICD
42	J.P. MORGAN SAUDI ARABIA LIMITED	RIYADH		JPMGSARY
43	JPMORGAN CHASE BANK N.A. RIYADH	RIYADH		CHASSARI
44	KING ABDULLAH PETROLEUM STUDIES AND RESEARCH CENTER	DHAHRAN		KPSRSADD
45	MERRILL LYNCH KINGDOM OF SAUDI ARABIA	RIYADH		MLSASARI
46	MOHAMMED HASSAN YELLA AND SONS EXCHANGE COMPANY	JEDDAH		MHYCSAJE
47	NATIONAL BANK OF BAHRAIN	RIYADH		NBOBSARI
48	NATIONAL BANK OF KUWAIT	JEDDAH		NBOKSAJE
49	NATIONAL BANK OF PAKISTAN	RIYADH		NBPASARI
50	NATIONAL BISCUITS AND CONFECTIONERY COMPANY	JEDDAH		NBCCSAJE
51	NATIONAL COMMERCIAL BANK THE	DAMMAM	(TRADE SERVICES-EAST)	NCBKSAJE615
52	NATIONAL COMMERCIAL BANK THE	JEDDAH	(HEAD OFFICE)	NCBKSAJE
53	NATIONAL COMMERCIAL BANK THE	JEDDAH	(JEDDAH, MAIN BRANCH)	NCBKSAJE101
54	NATIONAL COMMERCIAL BANK THE	JEDDAH	(TRADE SERVICES-WEST)	NCBKSAJE613
55	NATIONAL COMMERCIAL BANK THE	JEDDAH	(TREASURY DIVISION)	NCBKSAJE555
56	NATIONAL COMMERCIAL BANK THE	RIYADH	(TRADE SERVICES-CENTRAL)	NCBKSAJE614
57	NATIONAL FOOD INDUSTRIES CO. LTD	JEDDAH		NAFDSAJE
58	NCB CAPITAL COMPANY	JEDDAH		NCCOSAJE
59	NOMURA SAUDI ARABIA	RIYADH		NSAUSARI
60	RIYAD BANK	RIYADH		RIBLSARI
61	SADARA CHEMICAL COMPANY	DHAHRAN		SDCCSADA
62	SAHARA PETROCHEMICALS COMPANY SAUDI JOINT STOCK COMPANY	JUBAIL		SPCUSAJB
63	SAMBA FINANCIAL GROUP	ALKHOBAR	(EASTERN REGION BRANCH)	SAMBSARIACS
64	SAMBA FINANCIAL GROUP	JEDDAH	(WESTERN REGION BRANCH)	SAMBSARIJCS
65	SAMBA FINANCIAL GROUP	RIYADH	(CENTRAL REGION BRANCH)	SAMBSARIRCS
66	SAMBA FINANCIAL GROUP	RIYADH	(CONSUMERS BRANCH)	SAMBSARIRCP
67	SAMBA FINANCIAL GROUP	RIYADH	(RIYADH BRANCH)	SAMBSARIRFX
68	SAMBA FINANCIAL GROUP	RIYADH		SAMBSARI
69	SAUDI ARABIAN MONETARY AGENCY	RIYADH		SAMASARI
70	SAUDI ARAMCO	DHAHRAN		ARAMSADH
71	SAUDI ARAMCO LUBRICATING OIL REFINING COMPANY (LUBEREF)	JEDDAH		LBRFSAJD
72	SAUDI ARAMCO PRODUCT TRADING CO.	DHAHRAN		SAPCSADH
73	SAUDI BASIC INDUSTRIES CORPORATION (SABIC)	RIYADH		SBHQSARR
74	SAUDI BRITISH BANK THE	RIYADH	(HEAD OFFICE)	SABBSARI
75	SAUDI CHEVRON PHILLIPS CO.	JUBAIL		SCHMSADE
76	SAUDI HOLLANDI BANK	ALKHOBAR	(EASTERN AREA ALKHOBAR)	AAALSARIALK
77	SAUDI HOLLANDI BANK	JEDDAH	(WESTERN AREA JEDDAH)	AAALSARIJED
78	SAUDI HOLLANDI BANK	RIYADH	(CENTRAL AREA RIYADH)	AAALSARIRYD
79	SAUDI HOLLANDI BANK	RIYADH	(CENTRAL TREASURY DEPT.)	AAALSARICTD
80	SAUDI HOLLANDI BANK	RIYADH		AAALSARI
81	SAUDI HOLLANDI CAPITAL	RIYADH		SAHCSARI
82	SAUDI INTERNATIONAL PETROCHEMICAL CO. (SIPCHEM)	JUBAIL		SIPHSADB
83	SAUDI INVESTMENT BANK THE	RIYADH		SIBCSARI
84	STANDARD CHARTERED CAPITAL (SAUDI ARABIA)	RIYADH		SCBLSARI
85	STATE BANK OF INDIA	JEDDAH		SBINSAJE
86	T.C. ZIRAAT BANKASI A.S.	JEDDAH		TCZBSAJE
87	THE SAUDI FUND FOR DEVELOPMENT	RIYADH		SFFDSARI