Structured products
CDS 'big bang' could see 18% increase in tear-ups, Markit says
Changes to credit default swap (CDS) contracts due to come into force on April 7 could result in an upturn in trade-compression activity, according to market information provider Markit.
Concerns over political influence overshadow FASB's changes to fair value
US auditors and investors are concerned that accounting standards are being dictated by politicians rather than independent standard setters.
JP Morgan debuts Alerian note using Bear licence
JP Morgan has launched a new exchange-traded note (ETN) linked to the Alerian MLP (master limited partnerships) Index. The bank acquired rights to the index following its purchase of ailing US investment house Bear Stearns 12 months ago, which previously…
CDS: Spreads tighten on European banks
Credit default swap 5-year mid-levels for structured products issuers (Friday April 3)
Cowperthwaite departs Credit Suisse Asia-Pacific
Adam Cowperthwaite, Asia-Pacific head of structured retail products at Credit Suisse in Hong Kong, has left the bank and will take a six-month break from the business. Cowperthwaite and other members of Credit Suisse's equity derivatives team leave the…
BNP Paribas appoints Blotto
BNP Paribas Corporate & Investment Banking has appointed Stefano Blotto to the Institutional relationship management team for European coverage of institutional accounts. Blotto is based in London and reports to Talbot Stark, global relationship manager…
US Wrap: Credit Suisse is lone presence in Friday’s market
Credit Suisse was the only issuer in the US structured products market on Friday, in a quiet close to a relatively active week. The bank issued three products, all linked to the S&P 500; two accelerated growth and one autocallable structure. The kick-out…
Fed in $287bn currency swap with central banks
Four central banks, including the European Central Bank (ECB) and the Bank of England (BoE), have agreed further reciprocal foreign currency swap arrangements with the Federal Reserve to provide more US dollar funds to firms in participating nations as…
CME acquires hurricane index
CME Group has acquired the Carvill Hurricane Index from Carvill America Inc. and renamed it the CME Hurricane Index.
New York may up RGGI allowances
New York State may decide to allocate more allowances under the Regional Greenhouse Gas Initiative to ease the cost burden on compliance buyers, finds Pauline McCallion
Risk not seen as top priority by global investment management
Daily news headlines
Deutsche Bank queues up certificate listings in Poland
Deutsche Bank has filed to list the eighth series of its Express Notes on the Warsaw Stock Exchange (WSE). The certificates are linked to the domestic Wig 20 index, which tracks Polish equity performance, and should list within the next week.
FTSE launches Asian sector indexes
Index provider FTSE has launched its Asian Sector Index Series, which comprises 18 pan-regional indexes designed to cover Asian equity markets by sector and market capitalisation.
Maybank launches autocall structured deposit
Malaysian distributor Maybank has launched its Autocall Structured Deposit (MASD) providing exposure to the Chinese equity market. The trade aims to participate in the recovery of a portfolio of stocks linked to China's infrastructure sector.
US Wrap: Barclays back with reverse convertibles
Barclays launched 11 reverse convertibles into the US market yesterday, its first significant chunk of issuance of the structure since its bumper day of 22 notes on March 19. The US equity-linked products constituted well over half of the 17 products…
S&P and Korea Exchange launch new indexes
Index provider S&P, in collaboration with the Korean Exchange (KRX), has launched two indexes: the S&P/KRX Asia 100 and Exchanges indexes, which are the first since S&P and KRX announced a partnership in September last year, and are designed to underlie…
CDS: Bank spreads narrow after Wednesday's widening
Credit default swap 5-year mid-levels for structured products issuers (Thursday April 2)
G20 fires starting gun on global systemic risk regime
A declaration by the Group of 20 leading economies (G20) fleshed out plans for a global regime of systemic risk regulation, “covering regulated banks, shadow banks and private pools of capital to limit the build-up of systemic risk”.
US Wrap: JP Morgan interrupts US equity whitewash with China note
In a day dominated by exposure to US equity, JP Morgan took investors in a different direction by offering a note linked to Chinese blue chip companies. The product is a two-year autocallable note linked to the iShares FTSE/Xinhua China 25 Index fund,…
Accounting boards: Spain's dynamic provisioning not the way forward
International accounting standard setters have warned that accounting for dynamic provisioning – rainy-day funds banks build up in good times to absorb losses in economic downturns – should not be recorded against profit and loss (P&L), as it is in Spain.