Foreign exchange
EC draft rules would impose leverage limits on hedge funds
A draft European Commission directive, due to be released on April 30, would tighten European oversight of hedge fund managers, including leverage limits, increased disclosure and minimum capital requirements.
Morgan Stanley named in FCStone saga
Morgan Stanley has revealed its role in the disposal of a loss-making energy trading account by FCStone in March 2009.
LCH snubs DTCC merger
A proposed merger between London-based derivatives clearing house LCH.Clearnet and US clearing giant the Depository Trust & Clearing Corporation (DTCC) has fallen through.
RWE/E.ON and EDF win UK nuclear auction
The UK government has confirmed that the Nuclear Decommissioning Authority has successfully completed the auction of three potential new nuclear sites for a combined total of £387 million, significantly more than the government had previously expected to…
LCH snubs DTCC merger
A proposed merger between London-based derivatives clearing house LCH.Clearnet and US clearing giant, the Depository Trust & Clearing Corporation (DTCC) has fallen through.
BoE stability chief: Financial network needs 'rethinking'
The growth of complexity and widespread pursuit of similar products and strategies has created a fragile financial network in need of reform, according to a senior Bank of England (BoE) official.
Record fall in cross-border claims
Cross-border claims at the major banks fell a record 5.4% in the last three months of 2008, according to figures released today by the Bank for International Settlements (BIS).
Study: pension funds should amend ALM risk models
European pension funds would experience greater stability if regulators amended asset liability management (ALM) rules to permit short-term risk taking using internal risk management models, a new paper argues.
Stoxx index to underlie new exchange-traded fund
The Dow Jones Stoxx 50 index has been licensed to ETFlab Investment to underlie a new exchange-traded fund (ETF). The index, which is one of the benchmarks for European equity performance, includes blue-chip super sector leaders from 18 countries across…
Exchange-traded commodity investments dominate structured products
Exchange-traded products (ETPs) continued to dominate structured products as the premier choice for commodity investment in Q1 2009, new research by Barclays Capital has shown. The assets under management (AUM) of ETPs, which includes both listed…
Credit Suisse has FX Factor
Swiss dealer Credit Suisse has launched its FX Factor index, which is designed to provide exposure to a portfolio of macroeconomic and market-driven FX strategies comprising carry, momentum, valuation, growth, terms of trade and emerging markets. The…
Bair: FDIC needs power to take over non-bank institutions
The Federal Deposit Insurance Corporation (FDIC) should have "resolution power" over non-bank financial companies as well as banks, FDIC chairman Sheila Bair told a New York audience yesterday.
Deutsche Bank moves into profit
Deutsche Bank reported pre-tax profits of €1.8 billion for the first quarter, clawing its way back from a catastrophic €6.2 billion pre-tax loss in Q4 of 2008.
BCBS releases valuation and leverage report
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Johansson departs UBS after 12 months
Jerker Johansson, the chief executive officer of UBS Investment Bank, has resigned from the bank with immediate effect, after just over one year spent with the institution. Johansson will be replaced by two new co-heads from within UBS: Carsten Kengeter…
Turner condemns 'rent seeking' banks
Adair Turner, chairman of the UK Financial Services Authority, has accused banks of using financial innovation "to extract economic rents rather than deliver services of real value to the real economy", and called for higher capital levels and…
FSF: Valuation techniques and leverage aggravate pro-cyclicality
Regulators should address the pro-cyclical effects of market-sensitive valuation practices and increasing leverage, according to the Financial Stability Forum (FSF).
Carbon trading volumes up but market value down in 2009
Trading volumes in the global carbon market grew by 37% in the first quarter of 2009, compared to quarter four of 2008, according to New Carbon Finance.
City of London defends OTC derivatives markets
Political pressure for reform risks crushing the over-the-counter derivatives market, warns a report published today by the City of London.
Fed divulges process behind bank stress tests
The US Federal Reserve has released details of the methodology behind its Supervisory Capital Assessment Programme (SCAP), the recently concluded stress tests conducted by regulators to ascertain whether additional capital replenishment is needed at the…
New FSA banking regulation aims to promote fairness for consumers
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OpRisk Europe: FSA condemns operational risk weaknesses
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Utilities call for early allocation of emissions
US utilities have called on Congress to allocate emissions allowances in the early years of a national cap-and-trade scheme during testimony before the House Energy and Commerce Committee yesterday.
Swiss Re ceases carbon trading
Zurich-based reinsurer Swiss Re is closing its carbon emissions trading desk, according to a spokesperson.