Credit crisis puts a dent in Moody’s profits

Rating agency Moody’s has reported a decline in third-quarter income of around 13% year-on-year. This is despite an increase in revenue of 6% for the quarter.

A poor performance in the structured credit business, in particular a 52% decrease in RMBS revenue, was mainly to blame.

Moody’s chairman and CEO Raymond McDaniel said: “Based on expectations of continued weakness in the debt markets, we are revising our 2007 earnings guidance downward. We now expect full-year revenue to grow in the high

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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