Foreign exchange
Deutsche hit by €1.7 billion equity derivatives losses in Q4
Deutsche Bank confirmed a net loss of €4.8 billion for the fourth quarter of 2008, bringing total losses for the year to €3.9 billion, compared with a net income of €6.5 billion in 2007. Year-on-year net revenues for the quarter fell from €7.3 billion in…
Auction sets final settlement values on Sanitec LCDS
An auction run by data vendor Markit and broker Creditex has determined final settlement values for credit derivatives trades referencing Sanitec first- and second-lien loans.
Operational risk experts ponder future of Basel II
The ongoing financial crisis has led risk professionals to question whether the Basel II framework needs to be modified to improve firms' ability to assess and manage risk. And while the general consensus is that revisions are needed, questions remain as…
European CDS regulation 'inevitable' - EC official
Daily news headlines
SGAM AI launches leveraged reverse ETF in Italy
Société Générale Asset Management Alternative Investments (SGAM AI) has released an exchange-traded fund (ETF) with up to 200% leveraged, reverse exposure to the Dow Jones Euro Stoxx 50 index, enhanced by a monetary return. The SGAM ETF XBear Dow Jones…
The fight is on for LCH
US clearing giant, The Depository Trust & Clearing Corporation (DTCC), insisted on Tuesday that a merger with London-based clearing house LCH.Clearnet would be completed by the end of March, despite a possible rival bid.
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.
SEC incompetence and secrecy over Madoff enrages Congress
The fraud examiner who spent eight years warning about Bernard Madoff's alleged Ponzi scheme has blamed institutional incompetence within the Securities and Exchange Commission (SEC).
European CDS regulation 'inevitable' - EC official
The European Commission (EC) is moving ahead with plans to enforce central clearing of credit default swaps (CDSs), despite a plea by the International Swaps and Derivatives Association (Isda) to resume dialogue on the issue.
ECX to launch spot contracts in March
The European Climate Exchange (ECX) and ICE Futures Europe will launch daily futures contracts for EUA and CER emissions credits "sometime in March", according to ECX CEO Patrick Birley.
The fight is on for LCH
US clearing giant The Depository Trust & Clearing Corporation (DTCC) has insisted that a merger with London-based clearing house LCH.Clearnet would be completed by the end of March, despite a possible rival bid.
Federal Reserve extends liquidity programmes
The Federal Reserve has extended the deadline for its existing liquidity programmes by six months, to October 30, in a sign of continuing strain on financial markets.
Primus takes hit in Q4
Primus Guaranty, the Bermuda-based parent company of the first standalone credit derivatives product company, saw a net loss of $918.5 million in the fourth quarter of 2008. This result compares with a net loss of $403.9 million in the corresponding…
Increase in institutional users of US-listed ETFs amid market turmoil
In the first nine months of 2008, 2,457 institutional investors across the world used one or more exchange-traded funds (ETFs) listed in the US, according to Barclays Global Investors' ETF Landscape Review. The US, UK, Canada, Spain and Switzerland have…
Deutsche presents Ucits III 130/30 fund
Deutsche Bank has launched the DB Platinum IV Croci Global 130/30 fund, a Ucits III compliant fund which is designed to provide exposure to long and short equity positions on stocks from Europe, Japan and the US. The bank has raised €90 million in assets…
Auction sets settlement values for LyondellBasell companies
An auction run by data vendor Markit and broker Creditex determined final settlement values for credit derivatives trades referencing three US-based subsidiaries of Netherlands-based chemical company LyondellBasell, today.
Barclays launches volatility ETNS after 2008 spikes
Barclays has launched two new volatility-linked exchange-traded notes (ETNs). The notes will track two indexes from the S&P 500 Vix Futures indexes series, which was launched a week ago and aims to replicate a long position in publicly traded Vix futures…
Settlement settled?
The collapse of Lehman Brothers and other banks last year proved that settlement risk in the forex market has been greatly reduced. But while forex operational risk managers may be giving themselves a pat on the back, there are warnings that settlement…
Unblocking the euro pipeline
Last month brought a huge EUR48.4 billion of new corporate bonds, more than half the total amount of supply one investment bank predicted for the whole year in the euro market. Matthew Attwood looks at the drivers of the trend, and finds that in one…
A capital offence
In believing that healthy capital reserves would enable banks to weather the credit crisis, lawmakers and banking chiefs neglected one important fact, says Suresh Sankaran of Fiserv IPS-Sendero: that robust capital adequacy ratios do very little to keep…
Deals of the Month: GDF Suez
The primary markets have been buzzing since the start of the year. We profile GDF Suez's mammoth EUR4.25bn deal, the $1.5bn five-year from Staples, and Toyota's Swiss franc issue