Structured products
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…
SPA ETF distributes ETF in Portugal
SPA ETF, a provider of exchange-traded funds (ETFs) has partnered with NYSE Euronext and the Portuguese bank Caixa–Banco de Investimento (CaixaBI) to list and distribute the first ETF in Portugal. The SPA ETF PSI-20 is listed on the NYSE Euronext in…
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.
BOCHK reveals $69 million exposure to Lehman Brothers
Bank of China Hong Kong (BOCHK), the 60%-owned subsidiary of Beijing-based Bank of China, has direct exposure to troubled US dealer Lehman Brothers of $69.21 million in the form of Lehman corporate bonds.
Enhanced trading platform launched in US
Elysian Systems has released a new version of its electronic trading platform, called Liquid 4, which can accommodate online trading in energy, commodities, fixed income and financial instruments.
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…
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 Japan seeks bankruptcy protection
Lehman Brothers Holdings Japan started bankruptcy protection proceedings in Tokyo today. Under Japanese law, Lehman Japan will be “prohibited from payment of obligations based on the causes [that] arose on or before September 15, 2008, excluding certain…
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.
CFTC report on swap dealer and index trader activity
Following an unprecedented survey of off-exchange swap dealers and commodity index funds carried out in June 2008, the Commodity Futures Trading Commission has made some recommendations on activities of swap dealers and commodity index traders.
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.
US banks launch inflation-linked products
SunTrust has launched a new certificate of deposit (CD) linked to the consumer price index for US investors seeking shelter from rising inflation, which hit 5.6% in July 2008.
SuperDerivatives recruits derivatives systems implementation expert
SuperDerivatives, a derivatives solution provider, has appointed Zohar Hod as vice-president, Strategic Sales. Based in New York, Hod will be responsible for implementing the company’s multi-asset solutions to a range of clients in the global banking and…
Macquarie strengthens retail distribution in Australia
Macquarie Funds Group has appointed Irene Deutsch as Australian head of retail distribution in the retail structured products division. Deutsch, who has rejoined the Australian bank after two years, will be responsible for the distribution of structured…