Foreign exchange
Fed proposes changes to PSR policy
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LCH.Clearnet launches OTC emissions clearing
Clearing house LCHClearnet has today launched OTC clearing services for Certified Emissions Reduction (CER) and EU Allowance (EUA) emissions contracts.
Credit crisis costs RBS $5.6 billion
Royal Bank of Scotland (RBS) has suffered $5.6 billion (£2.9 billion) in writedowns, due to exposures to US subprime debt exposures and losses in its leveraged finance portfolio.
Oil reaches new record as gas continues to rise
Crude oil futures closed at a record $102.59 on the New York Mercantile Exchange (Nymex) Thursday.
HSH Nordbank alleges fraud by UBS over CDO
HSH Nordbank has filed a suit against UBS, claiming fraud caused it significant losses on a $500 million investment in a subprime mortgage-linked synthetic collateralised debt obligation (CDO) sold to the German bank in 2002.
Rogue trade loses MF Global $141.5 million
Interdealer broker MF Global has lost $141.5 million after it was forced to cover trading losses made by one of its employees.
Sants stands by FSA principles-based approach
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SEC help sought as auction securities crisis deepens
The trade association representing broker-dealers has confirmed it has been in contact with the US Securities and Exchange Commission (SEC) regarding measures to restore confidence in the troubled auction-rate securities (ARSs) market.
FDIC chairman Bair’s warning on Basel II models
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JP Morgan and Munich Re enter mortality bond market
JP Morgan has placed $100 million of extreme mortality bonds for reinsurer Munich Re, in the first foray into the mortality bond market for both firms.
BIS publishes report on liquidity risk
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BGC acquires Radix
Interdealer broker BGC has purchased Singapore-based broker Radix Energy, enabling BGC to offer voice and electronic brokerage services for products such as crude oil, naptha, middle distillates, fuel oil and freight.
Progress made on equity derivatives backlogs
Investment banks have continued to make progress with reducing confirmation backlogs associated with executing over-the-counter equity derivatives trades. The average backlog has been reduced to nine days, down from 19 days in November 2006, according to…
Bank practices undermined liquidity, BIS says
In the approach to the credit crisis, practices such as securitisation, dependence on the money markets and use of collateral increased the danger of a liquidity shortfall, according to a report released by the Bank of International Settlements (BIS).
CPDOs suffer more downgrades
Rating agency Standard & Poor's (S&P) has downgraded 28 of the 29 constant proportion debt obligation (CPDO) transactions it rates.
US equity options trading soared to 2.8 billion contracts in 2007,Tabb
The US equity options markets soared to 2.8 billion contracts in 2007, a 41% increase from 2006, says the Tabb Group in its Equity Options Trading 2008 report.
Middle East should be cautious, urges Bahrain regulator
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UK banks show resilience
London-based Barclays has reported improved earnings for 2007, despite a $3.2 billion (£1.6 billion) net loss due to exposures to US subprime loans.
Crude oil hits new record
Crude oil for March delivery rose 73 cents to finish at a new record closing high of $100.74 a barrel on the New York Mercantile Exchange (Nymex) today.
Treasury launches market abuse review
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Mispricings at Credit Suisse cause $2.85 billion loss
Zurich-based Credit Suisse has suffered an additional $2.85 billion in writedowns due to ‘mismarkings and pricing errors’ in structured credit products exposed to US subprime mortgages.