Structured products
Barclays reissues target growth plan
Barclays Wealth has reissued the Target Growth Plan, which is designed to provide exposure to the FTSE 100 index and offers a potential return of 50% at maturity. Barclays aims to raise £5-10 million on the plan.
Dow Jones launches recovery play index
Dow Jones has launched a new index of US companies which are expected to benefit from measures implemented by the government to aid economic recovery. The Dow Jones US Economic Stimulus Index includes 50 of the largest and most liquid companies from six…
US Wrap: Scope broadens for growth products
Accelerated growth products using four different underlyings were launched by three different issuers into the US market yesterday. The new products included leveraged participation in the iShares MSCI Eafe (international equity) index fund, and the…
CEBS: bank disclosures lack detail
The level of disclosure in the 2008 annual reports of major banks was better than the preceding year, but there is still much room for improvement, the Committee of European Banking Supervisors (Cebs) said on May 28.
SEC charges brokers with CMO fraud
The US Securities and Exchange Commission (SEC) has charged 10 brokers from California-based Brookstreet Securities - a now-defunct broker-dealer - with fraud for mis-representing the risks involved in collateralised mortgage obligations (CMO) to…
LCH.Clearnet to offer SwapClear to the buy side
London-based clearing house LCH.Clearnet discusses with Risk its plans to make the SwapClear over-the-counter interest rate swaps clearing platform available to buy-side clients in the fourth quarter of this year.
Sheikh Yamani: Saudi Arabia unlikely to embrace oil futures
In an interview this week, former Saudi oil minister Sheikh Yamani told Energy Risk that futures trading on exchanges had turned the global crude oil market into a "casino".
PPIP banks may be able to buy rivals' toxic assets
The US Treasury's behind-schedule Public-Private Investment Program (PPIP) could face difficulty in attracting banks to participate in the scheme, while policymakers are considering whether to allow banks to buy each other's assets.
US Wrap: JP Morgan offers fund basket exposure
JP Morgan has launched a note linked to the performance of international, emerging market and US equity funds. Investors will participate 200% in fund gains over one year, with 7% downside protection. The US equity component, the iShares Russell 3000…
FSA stress tests banks for four-year downturn
Banks in the UK must stress test their capital levels against a "worst-case" recession more severe than any since World War II, the Financial Services Authority revealed today.
US Wrap: Deutsche launches sector stock basket note
Deutsche Bank has launched an accelerated growth note offering leveraged participation in a basket of 15 stocks. The two-year note gives investors 300% of the performance of a selection of metals, mining, agriculture and energy equities more commonly…
Optimal pays $235 million to Madoff trustee
Optimal Investment Services, the Switzerland-based asset management arm of Banco Santander, has agreed to pay $235 million to the trustee responsible for liquidating Bernard Madoff's investment management firm, Bernard Madoff Investment Securities (BMIS).
Lilywhite joins Investec as head of structured solutions
Investec Capital Markets has increased its structured solutions team with the addition of Andrew Lillywhite, who has joined as London-based head of the team. Lillywhite will be responsible for developing the bank's treasury and structured product…
CDS: Spreads continue narrowing trend
Credit default swap 5-year mid-levels for structured products issuers (May 25)
CDS: Spreads tighten; recover after early weakness
Credit default swap 5-year mid-levels for structured products issuers (May 26)
US Wrap: EM and US equity offered ahead of holiday weekend
A raft of accelerated growth products were launched into the US market ahead of the holiday weekend, offering exposure to either emerging markets or domestic equity. Nearly all the products are short tenor, bar one offering from Morgan Stanley which…
FDIC taps insured banks for funds as reserves dwindle
The Federal Deposit Insurance Corporation (FDIC) is to levy an additional five-basis-point special assessment charge on depository institutions at the end of the third quarter to boost its fast-dwindling deposit insurance fund (DIF).
CESR: Rating agencies still not following rules on structured products
The major credit rating agencies are broadly compliant with the code of conduct recommended by the International Organisation of Securities Commissions (Iosco), but are still failing to tighten the rules on structured product ratings, according to…
Remuneration revisited
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