Structured products
US Wrap: Reverse convertibles vanish from end of week offering
The dominance of reverse convertible structures this week came to an end yesterday, when only a single growth and one kick out structure were issued. Royal Bank of Canada launched the latter, offering investors exposure to the S&P 500 index over 18…
SNB considers restricting size of Credit Suisse and UBS
The Swiss National Bank (SNB) may impose size limits on Credit Suisse and UBS due to "unique" systemic risks in the Swiss financial system, it revealed on June 18.
UK House of Lords criticises EC's regulation proposals
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Obama proposes sweeping changes to US regulation
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US Wrap: UBS joins reverse convertible action
UBS continued the run of reverse convertibles in the US market, adding three to the 27 notes already issued this week by an assortment of providers. Some of the more popular equities are making second appearances: Freeport, Schlumberger and JP Morgan…
CDS: Spreads rally for first time this week
Credit default swap 5-year mid-levels for structured products issuers (June 18)
Obama reform plans show no progress on OTC derivatives clearing
The Obama administration's much-hyped regulatory reform proposals disappointed over-the-counter derivatives dealers and end users yesterday by again failing to provide new details on how OTC markets with mandatory central clearing would operate.
Joint clearing venture for NYSE Euronext and DTCC
NYSE Euronext and the Depository Trust & Clearing Corporation (DTCC) will join forces to clear US fixed-income derivatives.
Lawyers highlight grey areas in securitisation regulation
Securitisation regulation recently passed by the European Union could have problematic legal implications for originators and investors, according to lawyers.
Troika Dialog issues capital protected notes in Russia
Troika Dialog closed the book earlier today on its first issue of capital protected notes in Russia. The Troika Index Bonds were issued by a special purpose vehicle - OAO Troika Invest - and incorporate a binding offer from by Troika Dialog Investment…
CDS: Spreads widen again; S&P downgrades 22 US banks
Credit default swap 5-year mid-levels for structured products issuers (June 17)
US Wrap: Providers scramble to launch reverse convertibles
Three different providers launched reverse convertibles into the US market yesterday, racking up a total of 13 of the structures. JP Morgan, Barclays and ABN Amro all launched notes, most included metal producers Alcoa and US Steel, and financials Wells…
Pure Capital offers targeted negative correlation
Pure Capital, a New Zealand-based quant hedge fund manager, has launched a new open ended fund which aims to provide protection similar to a structured product but make money in both rising and falling markets, replicating the standard strategy adopted…
Cesr releases consultation on Ucits risk management
The Committee of European Securities Regulators (Cesr) has released a consultation paper in response to the European Commission's request for technical advice on Level 2 implementing measures for modifications to the Ucits directive.
Isda aims to improve collateral management processes
The International Swaps and Derivatives Association’s collateral committee has revealed a set of goals for improvements to collateral management processes.
US securitisation regulation will force 5% retention
US regulators will require originators and sponsors of securitisations to retain 5% of securitised exposures and increase transparency of transactions, according to a leaked draft of a US Treasury report on improving the regulatory system, due to be…
S&P downgrades 18 US banks to reflect 'new reality'
New York-based rating agency Standard & Poor's (S&P) has cut its ratings on 18 US banks - a decision reflecting less-favourable operating conditions, greater volatility in financial markets and tighter regulatory supervision, according to the firm.
Carbon copies from Croci
The financial crisis generally puts paid to all things environmental, but not now. Deutsche Bank has just launched to retail and institutional investors two new Ucits III funds based on "a stock portfolio of attractively valued companies with low…
CDS: Spreads widening trend continues
Credit default swap 5-year mid-levels for structured products issuers (June 16)
Vienna Stock Exchange offers fundamental blue chip exposure
The Vienna Stock Exchange (VSE) has launched a new fundamental version of the Austrian Traded Index (ATX), the benchmark Austrian equity index. The index uses a new method of weighting instead of the traditional market capitalisation model to take into…
US Wrap: Deutsche offers emerging markets funds play
Deutsche Bank has launched an emerging markets note which links to two exchange-traded funds based on Brazil and China, amid a busy start to the week for the US market. The structure gives investors 100% equally weighted participation in the iShares FTSE…