Foreign exchange
$130 billion aid for Korean banks
The Korean government has promised up to $100 billion in loan guarantees and another $30 billion in new loans for Korean banks.
ING becomes latest member of helping hand scheme
Financial services group ING on October 19 agreed terms with the Dutch government for a €10 billion capital injection, becoming the latest beneficiary of the state-supported recapitalisation process underway in Europe and the US.
Caisse d'Epargne management step down after losses
The chairman, chief executive and chief finance officer of Caisse d'Epargne have resigned after the bank admitted it had lost €600 million in unauthorised equity derivative trades.
Entering an era of hard-line regulation
Editor's blog
FSA chairman warns of hard-line regulation
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Fed issues compliance risk management guidance for BHCs
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Caisse D’Epargne hit by unauthorised derivatives loss
Caisse D’Epargne, set to become the second largest retail bank in France if a proposed merger with Banque Populaire goes ahead, today revealed losses of €600 million on its equity derivatives book.
Q & A: CESR chairman Eddy Wymeersch
Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR), talks to Risk about the effects the financial crisis will have on regulators and central banks.
Equity market turmoil hits Cedo deals
New York-based Moody’s Investors Service downgraded a swath of collateralised equity and debt obligation (Cedo) notes on October 10, as a result of the recent volatility in global stocks.
RTS to launch power and weather futures
The futures and options wing of Moscow-based stock exchange Russian Trading System, RTS-FORTS, is planning to launch electricity and weather futures contracts in 2009.
Citigroup and Merrill Lynch losses soar in Q3
Hit by continuing credit problems and mortgage-related losses, Citigroup and Merrill Lynch saw their profits fall sharply in the third quarter of 2008.
Banks move towards clearing for FX, interest rate and equity
A large part of the over-the-counter derivatives market will shift towards central clearing houses by next year, as the collapse of Lehman Brothers on September 15 forces banks to reassess counterparty risk posed by other dealers.
Swiss National Bank to take $60 billion in UBS assets
The Swiss government has stepped in to rescue UBS, the European bank worst hit by the subprime crisis.
JP Morgan and Wells Fargo profits tumble in Q3
Battered by further losses in their mortgage-related positions, JP Morgan and Wells Fargo saw third-quarter profit declines of 84% and 25% respectively today.
Kyoto global emissions trading system to go live
The United Nations climate change secretariat (UNFCCC) has announced that the International Transactional Log (ITL) of the Kyoto Protocol emissions reduction framework will connect with carbon registries from 26 EU countries from October 16.
FSF reports on resilience for institutions and markets
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Crisis will shape regulatory capital, says UK FSA chairman
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Barcap launches equity volatility index family
Barclays Capital has launched a new index designed to exploit the volatility of equity markets. The Vertex index family uses a strategy based around implied volatility which the bank is mooting as an effective insurance tool for underlying equity…
Treasury to take $125bn equity in nine US banks, says Paulson
The US Treasury will give banks and thrifts up to $250 billion as part of a series of measures designed to boost public confidence in financial institutions and restart immobile interbank lending markets.
Bank of Japan joins money market rescue
The Bank of Japan has joined other central banks in offering unlimited dollar loans in order to restore liquidity to the interbank lending market.
G-7 plan of action
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UK to regulate City bonuses
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RBS, HBOS and Lloyds TSB ask for government capital
The UK government announced this morning it will pour a total of £37 billion into Royal Bank of Scotland (RBS), HBOS and Lloyds TSB, as part of a recapitalisation plan revealed last week.
$700bn Tarp might only take equity in healthy banks, hints US Treasury
As well as buying up mortgage-backed securities, the US Treasury’s $700 billion rescue facility - the Troubled Asset Relief Programme (Tarp) will be used to buy equity in a variety of financial institutions. However, Tarp will be "designed with…