Foreign exchange
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.
iShares launches two new ETFs on the London Stock Exchange
iShares, the Exchange Traded Fund (ETF) arm of Barclays Global Investors, has launched two new ETFs on the London Stock Exchange (LSE) including the first emerging markets bond fund in Europe. The ETFs were formally listed on the LSE today.
Deutsche Bank lists first ETFs tracking frontier markets
db x-trackers, the Exchange Traded Fund (ETF) arm of Deutsche Bank, has listed in London the first two ETFs tracking the frontier markets. The two funds offer exposure to the new emerging countries by tracking the FTSE Vietnam index and the S&P Select…
Man aim high with Stratum Notes
Hedge fund provider Man Investments has launched the Man AP Stratum Series 2, index notes which reference over 50 hedge funds selected by Man Global Strategies (MGS) and the futures investment scheme, the AHL Institutional Programme.
Norway tightens rules on retail structured products
Norway’s Financial Supervisory Authority (FSA) has tightened rules regarding the sale of structured products to retail investors. The revised regulations are an attempt to prevent financial institutions selling complex instruments to retail investors,…
Crédit Agricole Asset Management creates in Australia
Crédit Agricole Asset Management Group (Caam Group) has created a wholly owned subsidiary - Crédit Agricole Asset Management Australia (Caam Australia) – following the opening of a rep office in Sydney in early 2007. The group has been created to cover…
Imarex buys Spectron
Imarex ASA, the holding company that owns Oslo-based broker / exchange Imarex and clearing house NOS, has agreed to purchase interdealer broker Spectron Group for £70 million ($138 million).
Credit Suisse contains credit crisis impact
Zurich-based Credit Suisse has unveiled a lower than expected Sfr1.3 billion writedown on leveraged finance, and structured debt and mortgage investments in the fourth quarter of 2007.
Monolines show no appetite for Buffett
Warren Buffett’s plan to reinsure wrapped municipal bonds has been given short shrift by monoline bond insurers.
Pioneer appoints Madar for France and Benelux distribution
Pioneer Investments has named Fabian Madar as general manager of its Paris-based French operation, with responsibilities for distribution into Belgium, Luxembourg and Monaco. Madar, who will report to Sandro Pierri, region head of South Europe and Latin…
Société Générale Asset Management launches three ETFs on Borsa Italiana
SGAM Alternative Investments (SGAM AI) has launched three ETFs linked to the S&P MIB index traded on the Borsa Italiana. Two of the ETFs offer a bear strategy, providing reverse exposure to the variation of the S&P MIB and are the first bear ETFs…
Credit crisis losses could reach $400 billion
Write-offs of losses on securities linked to US subprime mortgages could reach $400 billion, according to German finance minister Peer Steinbrück, speaking after the recent G-7 meeting in Tokyo.
Société Générale reshuffles its Global Equities and Derivatives Solutions Division
Société Générale has made the first move to restructure its global equities and derivatives team, in the wake of the multi-billion euro fraud which led to the removal from the bank of Luc Francois, the former head of global equity derivatives.
Sky Road Power Platform Launched
Software solutions provider Sky Road has launched the Sky Road Power Platform, providing access to all pricing points in the PJM Interconnection, New England, New York, and Midwest Independent System Operator (ISO) /Regional Transmission Organization …
Investigators step up pressure on rating agencies
Criminal investigators and regulators in the US have increased the pressure on credit rating agencies, saying they were "central" to the subprime crisis.
Crédit Agricole Asset Management creates a new subsidiary in Italy
Crédit Agricole Asset Management (Caam) has unveiled its new organisational structure, following the joint venture between Intesa Sanpaolo SpA and Crédit Agricole.
IT firms report widespread data risks
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Unicredit launches first Polish product as secondary market swells
Unicredit group is introducing its first listed certificate in Poland. The launch comes as The Warsaw Stock Exchange (WSE) announces record trading figures for structured products throughout January, up 174% from the previous all-time high in November…