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HKMA and SFC meet with Minibond investors / MAS in contact with FIs
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) met yesterday with Lehman Minibond investors and representatives of the distributors who sold the first-to-default notes. The meeting followed street protests by HK…
Singapore distributors appoint independent parties to oversee investigations into product misselling
Structured products distributors in Singapore, which sold DBS High Notes 5, Lehman Minibonds and Merrill Lynch Jubilee Series 3 LinkEarner Notes, in consultation with the Monetary Authority of Singapore (Mas) have appointed independent parties to oversee…
Update: HK SFC commences formal investigation into Minibond misselling
The Hong Kong Securities and Futures Commission (SFC) has commenced a formal investigation into allegations that Lehman Brothers-related retail structured notes, Minibonds, may have been misrepresented and mis-sold to Hong Kong investors.
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The value of your Lehman structured products
If you own a Lehman Brothers structured product issued in Europe, on a basic level, it works like this. The basic components you are ultimately invested in are a bond and an option. The bond is a zero coupon, which means it is issued at a price well…
HK SFC & MAS warn investors on Minibond redemption
The Hong Kong Securities and Futures Commission (SFC), in a statement issued at the end of Asian trading today, told investors owning Lehman Minibond paper that they could receive substantially less than their initial investment and that the separately…
SPA ETF distributes ETF in Portugal
SPA ETF, a provider of exchange-traded funds (ETFs) has partnered with NYSE Euronext and the Portuguese bank Caixa–Banco de Investimento (CaixaBI) to list and distribute the first ETF in Portugal. The SPA ETF PSI-20 is listed on the NYSE Euronext in…
BNP releases first funds in UK
BNP Paribas has launched its first two structured OEIC (open-ended investment companies) funds, the Stabiliser and Stabiliser Plus, as the first in its Privalto range for UK independent financial advisors (IFA).
Markit offer exposure to vintage mortgage-backed securities
Markit, the financial information services company, plans to launch an ABX.HE 05-2 index on October 2, 2008. The ABX.HE is a tradable synthetic index of U.S. sub-prime asset-backed securities.
RBS adds in Italy and Germany
Luca Vari and Oliver Dietz have joined Royal Bank of Scotland Global Banking & Markets structured product and solutions sales team in Italy and Germany respectively. Both appointments are subject to the completion of FSA registration.
HK SFC suspends unlisted Lehman Brothers structured products
Lehman Brothers Asia has suspended the provision of secondary market quotes or liquidity for Lehman Brothers unlisted structured products “pending further announcement”, said the Hong Kong Securities & Futures Commission in a statement released after the…
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Merrill offers weather boost
Merrill Lynch in Singapore has launched the Citrine All Weather Booster Notes, which are designed to offer exposure to the stock of five Singapore-based companies.
Deutsche hire Ye as head of rates trading in China
Deutsche Bank has appointed Charlie Ye as a managing director and head of global rates trading in China. Ye who is based in Shanghai is responsible for growing the German bank’s renminbi-denominated interest rate products suite, expanding the local…
US banks launch inflation-linked products
SunTrust has launched a new certificate of deposit (CD) linked to the consumer price index for US investors seeking shelter from rising inflation, which hit 5.6% in July 2008.
SuperDerivatives recruits derivatives systems implementation expert
SuperDerivatives, a derivatives solution provider, has appointed Zohar Hod as vice-president, Strategic Sales. Based in New York, Hod will be responsible for implementing the company’s multi-asset solutions to a range of clients in the global banking and…
Macquarie strengthens retail distribution in Australia
Macquarie Funds Group has appointed Irene Deutsch as Australian head of retail distribution in the retail structured products division. Deutsch, who has rejoined the Australian bank after two years, will be responsible for the distribution of structured…
Zurich launches latest Guaranteed Account
Zurich, the insurance-based financial services provider, has released the latest Guaranteed Capital Account in its series. The Zurich Guaranteed Account 20 offers 120% of any growth in the FTSE 100 index over the five and a half-year term and returns 100…
JP Morgan launches Confidence notes in Singapore
JP Morgan in Singapore has launched the JP Morgan AsiaConfidence Notes Series 3, which is designed to give exposure to the performance of four Asian equity markets comprising China, Hong Kong, Singapore and Taiwan.
Lyxor offers China volatility play
Lyxor Asset Management in Hong Kong has launched the China All Weather Guaranteed Fund, which is designed to provide exposure to the absolute performance of the Hang Seng China Enterprises Index (HSCEI).
SG Excels with ETFs
Société Générale Acceptance has launched the SG Excel Notes Series 37, which is designed to provide exposure to the economic development of China and Hong Kong through three ETFs.
Abbey launches Guaranteed Capital Plus and Guaranteed Growth
Abbey has launched its Guaranteed Capital Plus Plan issue 4 along with its latest Guaranteed Growth plan issue 17.