Structured products
MAS review of structured products may lead to regulatory changes
The Monetary Authority of Singapore (MAS) may make changes to regulation governing the structured products industry it emerged yesterday during the country's parliamentary sitting. The MAS is undertaking a review of the regulatory regime for the…
Courts call for Lehman derivative contract settlement in US
Investors still holding Lehman Brothers derivative contracts have been called to terminate their positions by US bankruptcy courts. The bank was estimated to have entered into 930,000 contracts including swaps, options and forwards, of which 733,000 have…
Nasdaq OMX offers Nordic sustainability
Index provider Nasdaq OMX has launched the OMX GES Sustainability Index, a benchmark index which comprises the 50 leading Nordic-listed sustainability companies. The index criteria are based on international guidelines for environmental, social and…
CAAM opens subsidiary in Malaysia
Crédit Agricole Asset Management (CAAM) has opened a subsidiary in Malaysia, which was established as a foreign fund management company. CAAM Malaysia holds a Capital Markets and Services License allowing it to carry out fund management in the country.
FX volumes 'set to drop in 2009'
Volumes traded in the foreign exchange markets are likely to drop next year as hedge funds and sovereign wealth funds reduce their activities, Paul Fisher, the Bank of England's head of foreign exchange and reserves management, predicted today.
HSBC terminates swaps in Lehman Bros minibonds
The Monetary Authority of Singapore (MAS) says HSBC Institutional Trust Services, the trustee of Lehman Brothers' defaulted minibond notes programme, has terminated the swaps that back series 1 to 8 of the programme, to remove the risk of credit events…
FTSE expands environmental index series
Index provider FTSE has expanded its Environmental Opportunities Index Series by launching nine new indexes. The series, which was launched in July 2008, is derived from the FTSE Global Equity Index Series and comprises companies with at least 20% of…
Db x-trackers delivers commodity ETF
Db x-trackers, the exchange-traded fund arm of Deutsche Bank, has launched its commodity ETF on the London Stock Exchange (LSE) tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield (DBLCI OY Balanced). The db x-trackers DBLCI OY Balanced ETF…
CDS clearing house to miss November 30 deadline
The November 30 target for central clearing of index credit default swap (CDS) trades set by a consortium of industry associations and investment banks is unlikely to be met, sources within the Federal Reserve Bank of New York have said.
Hedge funds agree to more regulation of their industry
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Paulson: buying MBSs no longer Tarp priority
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Brazilian equity reverse convertible coupons soar
Annualised coupons offered on three-month reverse convertibles linked to Brazilian blue-chip stocks have soared over the past few months because of the extreme equity volatility environment. A reverse convertible priced in January last year on Vale do…
Singapore investors set to lose all in Pinnacle Notes
Investors in Singapore who bought Pinnacle Performance Notes Series 9 and 10, structured products arranged by Morgan Stanley, are set to lose their entire investment after a mandatory redemption event occurred. The total issue size of the Pinnacle Notes…
Freddie Mac posts heavy losses in Q3
Battered by the ailing residential real estate market, Freddie Mac reported a $25.3 billion loss in the third quarter of 2008 and requested a $13.8 billion capital injection from the US Treasury.
HK SFC tones down structured products approvals
The Hong Kong Securities and Futures Commission (SFC) has postponed the approval of structured retail note documentation but issuers who possess active equity-linked investment programmes (ELIs) are still able to issue products according to various…
Collateral damage prevented with new JP Morgan fund
JP Morgan has launched a new Ucits III compliant fund which offers investors UK equity exposure. Ucits III compliance rules require a fund's assets to be collateralised, which protects investors against credit risk posed by the insolvency of the…
HVB launches bonus fund ahead of German tax changes
HVB has launched its fourth bonus fund in Germany, in the climate of increasingly favourable tax conditions for the investments. The fund is designed to offer the payout structure of a certificate, while also protecting investors from the associated…
Investors hope end in sight for Canadian ABCP restructuring
Retail investors in distressed Canadian non-bank asset-backed commercial paper (ABCP) expect to find out in the next two weeks whether further delays are expected to a restructuring plan.
Industry bodies release G20 regulatory reform paper
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Paulson: buying MBSs no longer Tarp priority
Treasury secretary Hank Paulson closed the door to systematic US government purchases of illiquid mortgage-backed securities under its $700 billion Troubled Asset Relief Programme (Tarp), during a briefing in Washington, DC today.
ETF Securities offers commodities equity exposure to UK investors
ETF Securities has cross-listed 13 exchange-traded funds (ETFs) on the London Stock Exchange (LSE) which offer equity exposure to commodity markets as well as US equity market exposure.
HSBC Q3 profits up on Q3 2007
HSBC's third-quarter profits rose this year, despite a $271 million loss on its US operations and a total of $7.9 billion in writedowns.
Markets indifferent to Amex conversion as auto-maker bail-out looms
Credit spreads on American Express debt narrowed marginally yesterday while equity prices hit a new low as US markets were largely unmoved by news of the credit card company’s conversion into a bank holding company.
Barclays Wealth launches protected series
Barclays Wealth has launched a new range of protected investments that will be available until January 9 2009: a five-year regular income bond linked to the DJ Stoxx 50 index of European supersector stocks offers a fixed annual income of 7.75% or a…