Foreign exchange
Sheikh Yamani: Saudi Arabia unlikely to embrace oil futures
In an interview this week, former Saudi oil minister Sheikh Yamani told Energy Risk that futures trading on exchanges had turned the global crude oil market into a "casino".
PPIP banks may be able to buy rivals' toxic assets
The US Treasury's behind-schedule Public-Private Investment Program (PPIP) could face difficulty in attracting banks to participate in the scheme, while policymakers are considering whether to allow banks to buy each other's assets.
IASB proposes simplifying fair-value measurement
The International Accounting Standards Board (IASB) has sought to simplify its standards on fair-value measurement, bringing International Financial Reporting Standards (IFRS) further into line with US Generally Accepted Accounting Principles (Gaap).
FSA stress tests banks for four-year downturn
Banks in the UK must stress test their capital levels against a "worst-case" recession more severe than any since World War II, the Financial Services Authority revealed today.
EU overhaul of financial supervision raises questions
Ambitious plans laid out by the European Commission to revamp the supervisory framework of the European financial markets have raised concerns about the possible implications of creating new supervisory bodies.
Lilywhite joins Investec as head of structured solutions
Investec Capital Markets has increased its structured solutions team with the addition of Andrew Lillywhite, who has joined as London-based head of the team. Lillywhite will be responsible for developing the bank's treasury and structured product…
Markit and DTCC's OTC services merger could close by end of June
The merger of London-based Markit's and New-York-based Depository Trust & Clearing Corporation's (DTCC) trade-processing services is expected to become official within six weeks.
FDIC taps insured banks for funds as reserves dwindle
The Federal Deposit Insurance Corporation (FDIC) is to levy an additional five-basis-point special assessment charge on depository institutions at the end of the third quarter to boost its fast-dwindling deposit insurance fund (DIF).
CESR: Rating agencies still not following rules on structured products
The major credit rating agencies are broadly compliant with the code of conduct recommended by the International Organisation of Securities Commissions (Iosco), but are still failing to tighten the rules on structured product ratings, according to…
Duggan offers credit and equity play
Duggan Asset Management, a Dublin-based niche investment firm, has launched a 100% capital protected deposit-based structured product - called the Credit Bond. The product is designed to give investors exposure to the high-yield credit market by…
Audit finds OTS helped banks cook their books
The US Office of Thrift Supervision (OTS), the financial regulator responsible for overseeing mortgage lenders such as Washington Mutual and IndyMac, helped several institutions break accounting rules by backdating capital contributions last year to…
Why the regional Federal Reserve banks are up in arms
A number of presidents of regional Federal Reserve banks and senior staff have recently expressed dissent from the official line taken by the US authorities in managing the banking crisis.
New RFS proposal could hurt corn demand
The Environmental Protection Agency's (EPA) latest proposed regulations for the National Renewable Fuel Standard (RFS) has cast doubt on corn's future as the primary source of ethanol in the US.
Voluntary carbon market doubles in 2008
The voluntary carbon market is maturing fast and more than doubled in size last year, according to a new study from research firms Ecosystem Marketplace and New Carbon Finance.
Isda to review collateral dispute process
The derivatives industry is working towards formalising the resolution process for collateral disputes after existing resolution methods proved inadequate during the financial crisis.
Munich Stock Exchange to offer spot carbon trading
The Munich Stock Exchange plans to enter the carbon market with the introduction of spot trading for European Emission Allowances (EUAs) and Certified Emission Reduction units (CERs) in the summer.
FSA bans second Morgan Stanley trader
The UK Financial Services Authority (FSA) has banned David Redmond after he put on a large unauthorised oil futures trade while on Morgan Stanley's freight desk in London in February last year.
US municipal market faces clean-up under new rules
The municipal bond market in the US is still largely in a state of disarray, well over a year after the collapse of the auction rate securities (ARS) sector, though signs of recovery are visible in the fixed-rated debt market, congressmen have heard.
RBS and Sip Nordic storm UK IFA market
Royal Bank of Scotland has partnered with Sip Nordic to launch a new series of dynamically managed structured products into the UK independent financial adviser (IFA) market. The investments will be sold by a 25-strong sales force working across the…
Q&A: EC official "optimistic" on central clearing deadline
Mario Nava, head of the financial markets infrastructure unit at the European Commission in Brussels, updates Risk on progress towards central clearing of credit default swaps (CDSs) and the move towards a central trade repository for over-the-counter…
Stress-test success masks bigger problem with banks
The US government's bank stress tests appear to have been successful in stabilising financial markets, but some market observers believe they are obscuring broader systemic problems and could hamper efforts to deal with toxic assets.
Volatility returns to pre-Lehman levels
Market volatility across several sectors has dropped back to levels last seen before the collapse of Lehman Brothers in September 2008, lending weight to the belief that the financial markets are on the road to recovery.
Fed steps in to support CMBS market
The US Federal Reserve will start accepting legacy commercial mortgage-backed securities (CMBS) as collateral under its Term Asset-backed Securities Lending Facility (Talf), as the US commercial real estate market continues to struggle.
OTC trade repository plan faces hurdles
Financial authorities in the US and Europe have advocated the introduction of a central trade repository to gather data on the over-the-counter (OTC) derivatives market, but there is concern that multiple repositories could do more harm than good.