Exchanges
Exchange proliferation
Regional commodity exchanges are expanding to secure more corporate hedging business and flows from speculators keen to exploit pricing anomalies at a time when volatility is high and bilateral counterparty risk is a major worry. Georgina Lee reports
Safe haven
Gold has been a favourite with investors looking for a safe haven since last year’s turbulence began. But will this persist in 2009, or will the precious metal start to lose its shine as a hedging option? Pauline McCallion finds out
Ex-SemGroup CEO denies trading strategy caused bankruptcy
Former SemGroup chief Tom Kivisto has criticized a court report that stated his speculative oil trading drove the company to bankruptcy.
Morgan Stanley named in FCStone saga
Morgan Stanley has revealed its role in the disposal of a loss-making energy trading account by FCStone in March 2009.
Credit Suisse has FX Factor
Swiss dealer Credit Suisse has launched its FX Factor index, which is designed to provide exposure to a portfolio of macroeconomic and market-driven FX strategies comprising carry, momentum, valuation, growth, terms of trade and emerging markets. The…
ICE launches 20 OTC cleared oil contracts
IntercontinentalExchange (ICE) has introduced 20 new cleared OTC oil contracts, which will be available for clearing from May 18, 2009.
LME steel trading hits 1.5 million tonnes
The London Metal Exchange (LME) has traded more than 1.5 million tonnes of steel in its first year, outperforming the first year of aluminium trade in 1978 by 49%, according to figures from the exchange.
Proposed replacement for IAS 39 to be released in October
The International Accounting Standards Board (IASB) will release proposals to replace IAS 39 - the accounting standard for financial instruments - in October this year.
European CDS dealers to follow US to fixed coupons
An agreement between the major dealers to move to standardised fixed coupons for trading European credit default swaps (CDSs), following a similar move in North America, could speed global moves towards central clearing, say market participants.
Isda AGM: US regulator identifies six weaknesses in OTC market
Theo Lubke, senior vice-president at the Federal Reserve Bank of New York, identified six main problem areas in the over-the-counter derivatives market during a panel discussion on public policy at the International Swaps and Derivatives Association's…
S&P offers interest rate arbitrage indexes
Index provider Standard & Poor's has launched the S&P Forward Interest Rate Arbitrage Index series, which is designed to provide exposure to interest-rate based investment strategies. The index series, which will comprise indexes for seven countries…
iShares continues fixed income ETF run
iShares has launched four new fixed income ETFs, adding to the four launched by the fund provider last month as it continues to build its business in the asset class. The new funds, which are listed on the London Stock Exchange (LSE), offer exposure to…
US Treasury failing on Tarp oversight, report finds
The US Treasury's $700 billion Troubled Asset Relief Program (Tarp) is vulnerable to fraud, abuse and profiteering, due to a lack of proper supervision, according to a highly critical report from the programme's inspector-general published today.
First cleared iron ore swap on Singapore Exchange
Singapore Exchange (SGX) will launch the world's first cleared iron ore OTC swap contract on April 27 th .
Ice clears $71 billion of CDSs
Atlanta-based derivatives exchange IntercontinentalExchange (Ice) has cleared $71 billion notional in credit default swaps (CDS) in the four weeks since the launch of its central clearing platform. The exchange cleared 613 transactions and reported open…
Lifting the lid on tax havens and bank secrecy
Daily news headlines
On the crest of a wave
Corporate bond volumes have been soaring as companies scramble to meet their funding requirements in the wake of the loan market's demise. Simon Boughey looks at whether this wave of issuance is a temporary phenomenon or whether it heralds a permanent…
SEC aims to close the Gaap by prolonging consultation period on accounting rules
The extra 60 days for public comment on the amalgamation of US and international accounting standards does not signify a stalling of the process, says a financial accounting chief
Robert Stheeman
The head of the UK's Debt Management Office, the body responsible for administering the wave of recent government issuance, tells Sarfraz Thind that the recent failed auction doesn't spell a death of demand for gilts
Heineken
Our regular look at groundbreaking and innovative deals in the primary markets takes in the £400 million unrated Heineken deal, and BP's monster $3.25 billion offering