Foreign exchange
Aite outlines fraud management priorities for US banks
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US Wrap: Goldman Sachs offers leveraged note
Goldman Sachs has launched a leveraged buffered equity note linked to the S&P 500 index, on what has been a quiet day for US issuance after yesterday's flurry of reverse convertible launches. Morgan Stanley, the only other issuer to place a trade, has…
Banks win slack from FASB on fair value
The Financial Accounting Standards Board (FASB) has proposed amendments to fair-value accounting, which would allow financial institutions employing internal models to valuate assets and liabilities in illiquid markets.
Vattenfall enters UK power market
Vattenfall Trading Services has started trading over-the-counter and exchange wholesale power in the UK from its Hamburg office.
Geithner to announce illiquid asset repurchase programme
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US Wrap: Royal Bank of Canada unleashes 20 new reverse convertibles
Royal Bank of Canada rushed into the issuance market last Friday with the release of 20 reverse convertibles, based on the fortunes of a whole range US stocks, from General Electric to Google and including the bold move of relating products to financials…
Market frustrated by lack of detail on US toxic-asset purchase plan
Economists and analysts have criticised the US Treasury's updated toxic-asset purchase plan for again failing to provide the granular detail or specified launch date necessary to reassure capital markets the proposals will indeed help curb the global…
Lyxor limits counterparty risk of ETN
Société Générale's Lyxor Asset Management unit is marketing a new exchange-traded note (ETN) that follows the price of gold, which it says will significantly reduce the problem of counterparty risk.
'Technical' factors drive banks back to profit
Major US and European banks are predicting profits for the first quarter of 2009 - but analysts caution that the apparent upturn has more to do with technical factors than a real recovery in performance.
Suncor bids for Petro-Canada
Suncor has announced plans to boost its oil sands portfolio through a merger with Petro-Canada that will see the combined entity operate under the Suncor name.
Iosco releases recommendations for hedge fund supervision
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IndyMac losses put more strain on FDIC funds
Yesterday's sale of failed California mortgage lender IndyMac has left the US Federal Deposit Insurance Corporation (FDIC) with a $10.7 billion bill - weakening its reserves further even as the list of failed banks requiring support continues to lengthen.
FSA recommends adding remuneration guidelines to its Handbook
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US Wrap: Barclays continues reverse convertible momentum
Issuance surged in the US market yesterday as Barclays launched 22 reverse convertible notes, adding to the eight it launched yesterday. The new products represent a turnaround for the market, with total issuance for the week now at 55, already double…
Iosco joins call for offshore crackdown
The International Organisation of Securities Commissions (Iosco) has joined calls for new capital rules to enforce transparency on offshore financial centres.
CME launches OTC grain swaps through ClearPort
The Commodity Futures Trading Commission (CFTC) has given regulatory approval for the CME to clear corn basis swaps and calendar swaps for corn, wheat and soybeans.
Deutsche Bank takes stake in iron ore brokerage
Deutsche Bank has taken an equity stake of undisclosed size in newly-established London Dry Bulk (LDB), a specialist physical and financial iron ore brokerage division of London Commodity Brokers.
LCH.Clearnet to launch OTC clearing service for spot emissions
LCH.Clearnet has announced intentions to launch a clearing service for UK participants in the spot market for carbon credits.
Turner report published
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Cebs stresses simplicity and communication in report on liquidity buffers
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UBS names new Asia heads as Park and Pang depart
UBS has announced a series of appointments to the most senior roles in its equity derivatives business in Asia. The changes, which were announced this morning in Hong Kong coincide with the departure of Min Park, managing director, head of Equity Risk…
US Wrap: Barclays and ABN pile into reverse convertibles
Barclays Bank and ABN Amro bombarded the US market with reverse convertible notes yesterday, launching 20 of the products between them. It was ABN's first appearance of the week, and its first significant swathe of issuance since mid-February. It…
FSA plans new capital formula for banks
The UK Financial Services Authority (FSA)'s chairman Adair Turner has outlined proposed new capital rules for UK banks, which would see minimum capital levels determined based on balance sheet growth or full-cycle loan book risk.
Fed increases security purchase plans
In an effort to resuscitate private credit markets, the Federal Open Markets Committee stated today that it would purchase up to $300 billion in long-term US Treasury securities over the next six months.