Foreign exchange
Naked short-selling banned in Australia
The Australian Securities and Investments Commission (Asic), the country’s main financial watchdog, today effectively banned naked short-selling – selling securities without borrowing them first – from September 22 until further notice.
Credit crunch is a risk management cultural failure
Daily news headlines
UK issues banking reform report
Daily news headlines
HK SFC & MAS warn investors on Minibond redemption
The Hong Kong Securities and Futures Commission (SFC), in a statement issued at the end of Asian trading today, told investors owning Lehman Minibond paper that they could receive substantially less than their initial investment and that the separately…
BNP releases first funds in UK
BNP Paribas has launched its first two structured OEIC (open-ended investment companies) funds, the Stabiliser and Stabiliser Plus, as the first in its Privalto range for UK independent financial advisors (IFA).
Central banks reveal co-ordinated response to liquidity crisis
The world's major central banks today unveiled plans for a $180 billion injection of liquidity to restore stability to global financial markets.
Linn Energy terminates $68m of commodity contracts with Lehman
US oil and gas company Linn Energy has terminated all of its commodity derivative contracts with Lehman Brothers, and has replicated and re-hedged each of the contracts at identical strike prices with an unnamed counterparty, Linn Energy announced.
Fed props up AIG with $85 billion loan
Daily news headlines
US government takes control of AIG
The US Federal Reserve Board has agreed to lend struggling insurance company American International Group (AIG) up to $85 billion, in return for a 79.9% equity stake in the firm.
Fed asks Treasury for supplementary funding
The US Treasury department is creating a temporary supplementary funding programme at the request of the Federal Reserve. The initiative has been devised to manage the balance-sheet impact of the Fed’s lending and liquidity operations, and ensure it can…
McCreevy speaks on cross-border supervision
Daily news headlines
US agencies address goodwill deductions from Tier I capital
Daily news headlines
RBS adds in Italy and Germany
Luca Vari and Oliver Dietz have joined Royal Bank of Scotland Global Banking & Markets structured product and solutions sales team in Italy and Germany respectively. Both appointments are subject to the completion of FSA registration.
Merrill Lynch proposed its own sale to Bank of America, says CEO
Merrill Lynch approached Bank of America regarding its possible acquisition, its chief executive has confirmed, as both companies provided more detail around the merger. They also sought to quash concerns the hastily thrashed out deal did not provide…
Lehman Brothers bankruptcy to be largest in history
The liquidation of Lehman Brothers will be the largest bankruptcy in history, with the defunct investment bank holding consolidated assets of $639 billion and liabilities of $613 billion as of May 31, 2008, according to court documents.
AIG secures £20 billion bridge loan, but still downgraded
Struggling US insurance giant American International Group (AIG) was granted permission yesterday to access assets from its own subsidiaries, enabling it to raise around $20 billion in additional capital.
Bank CDS spreads widen dramatically following Lehman collapse
The cost of protection on credit default swaps (CDSs) referenced to the world’s largest financial institutions has skyrocketed as Lehman Brother’s bankruptcy has heightened counterparty credit risk concerns.
Lehman Brothers files for bankruptcy protection
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Lehman Brothers files for bankruptcy protection
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
FSSCC R&D Committee out with new agenda
Daily news headlines
Merrill offers weather boost
Merrill Lynch in Singapore has launched the Citrine All Weather Booster Notes, which are designed to offer exposure to the stock of five Singapore-based companies.