Bernard Madoff was sentenced to 150 years in prison in the Manhattan federal court yesterday.
Inflation in the eurozone turned negative in June for the first time since the single currency was set up in 1999, but rising commodity prices are likely to push inflation back up soon across the world, some analysts believe.
In its annual report, released June 29, the Bank for International Settlements (BIS) warned worldwide rescue efforts for the financial industry might be inadequate.
The US Federal Reserve Board has cut back several of the support facilities put in place over the past 18 months, arguing the recovery of the financial markets has made them unnecessary.
Inflation is set to rise in late 2009 and 2010, driven by rising commodity prices and low central bank rates, according to research from Barclays Capital, released on June 25.
Runaway credit growth was at the root of the crisis, and regulatory reform must start by clamping down on it, John Greenwood, chief economist at Invesco in London, told the Risk Derivatives Summit audience yesterday.
Proposed changes to the Basel II Accord’s trading book regime, due in early July, will make correlation trading uneconomical unless a compromise can be found, say dealers.
The Obama administration’s proposals on regulatory reform make it clear that, in future, size will matter to the regulation of US financial firms.
The Swiss National Bank (SNB) may impose size limits on Credit Suisse and UBS due to "unique" systemic risks in the Swiss financial system, it revealed on June 18.
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The Obama administration's much-hyped regulatory reform proposals disappointed over-the-counter derivatives dealers and end users yesterday by again failing to provide new details on how OTC markets with mandatory central clearing would operate.
The International Swaps and Derivatives Association’s collateral committee has revealed a set of goals for improvements to collateral management processes.
The worldwide recession will be far more severe than originally thought, with the global economy set to shrink 3% this year, warned World Bank president Robert Zoellick yesterday.
New research from the US Federal Reserve Bank in St Louis, Missouri, has found US banks did not begin to cut credit significantly until the last few months of last year, more than 12 months after the generally recognised start of the financial crisis.
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Compulsory central clearing is not a one-stop solution to the problems of the derivatives markets, and could end up crippling the industry, warned speakers at an industry event in London on Tuesday.
As the European Central Bank announced a new programme to purchase up to €60 billion of euro-denominated covered bonds, ECB board member Jose Gonzalez-Paramo said central banks should not be taking on credit risk, in a keynote address at the Risk Europe...
The Operations Management Group (OMG) on June 2 outlined its latest targets to improve the operational infrastructure of the over-the-counter derivatives industry.
In an interview this week, former Saudi oil minister Sheikh Yamani told Energy Risk that futures trading on exchanges had turned the global crude oil market into a "casino".
Ambitious plans laid out by the European Commission to revamp the supervisory framework of the European financial markets have raised concerns about the possible implications of creating new supervisory bodies.
A number of presidents of regional Federal Reserve banks and senior staff have recently expressed dissent from the official line taken by the US authorities in managing the banking crisis.
The municipal bond market in the US is still largely in a state of disarray, well over a year after the collapse of the auction rate securities (ARS) sector, though signs of recovery are visible in the fixed-rated debt market, congressmen have heard.
Financial authorities in the US and Europe have advocated the introduction of a central trade repository to gather data on the over-the-counter (OTC) derivatives market, but there is concern that multiple repositories could do more harm than good.