The FTSE 100 suffered its sharpest one-day drop in over a year yesterday, closing down 2.1% at 6,696.79, as equity traders around the world reacted to news that the US Federal Reserve could apply brakes to its stimulus programme - India has appointed Goldman Sachs Asset Management to create and launch an exchange-traded fund designed to raise money from investors and invest in state-run companies - Derivatives marketplace Eurex Exchange will start a new initiative to increase the attractiveness of its short-term interest rate derivatives segment - Legal & General has completed the acquisition of fund platform company Cofunds by purchasing the remaining 75% of its share capital, according to an update issued by the group today - Citi has won a new mandate to provide hedge fund administration services to NWI Management (“NWI”), a New York-based investment adviser - Singapore state investor Tamasek has bought a stake in data provider Markit. The deal, which had been speculated on for the last two weeks, is reported to be worth $500m, securing Tamasek a 10% stake - SunGard has added to its suite of algorithms in a bid to support trading in the Japanese equity market - BlackRock is set to double the amount of money it has invested in real estate after reaching a deal to buy independently managed real-estate advisory business MGPA - US asset manager Vanguard will benchmark four new Irish-domiciled exchange-traded funds (ETFs) to a range of FTSE indices - JPMorgan will end its transition management operations in the US, Europe, Middle East and Africa -