Structured products
Credit crisis hits Citigroup harder than expected
US banking giant Citigroup has suffered worse losses from the recent credit crisis than predicted. Chief executive Charles Prince admitted the poor performance was "frankly surprising".
Merrill Lynch introduces biofuels indices
Investment bank Merrill Lynch has introduced two indices designed to offer investors exposure to the fast-growing biofuels market.
Banks buy into TradeWeb as shift to electronic broking continues
Nine major banks have invested a total of $180 million in Thomson TradeWeb, as part of a deal that will see the Connecticut-based online fixed-income and derivatives marketplace expand into new areas.
Merrill writedowns throw light on risk management
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Merrill Lynch and Trucost launch Europe carbon index
Merrill Lynch and Trucost have launched a new, carbon index based on best in class carbon footprint companies. The Merrill Lynch Carbon Leaders Europe Index (MLCLE) ranks companies by their carbon footprint and valuation, providing investors with…
CPDO ratings scorned at credit risk summit
Rating agencies have come under attack once again for assigning ratings to constant proportion debt obligations (CPDOs), during a panel discussion at Risk’s 2007 Credit Risk Summit Europe in London.
Stoxx replicates short strategies
European index provider Stoxx has launched 18 new sector indexes, dubbed the Dow Jones Stoxx 600 Supersector Short Indexes, which replicate short investment strategies.
Bear Stearns hires two for structured equity in Europe
Bear Stearns has hired two managing directors in its London-based European structured equity products team. Shilpa Amin, who joins from Nomura, will be responsible for setting up a Ucits III Funds platform. Olivier Mathys will be responsible for…
Dow Jones launches new Cyprus index
Dow Jones Indexes has launched the Dow Jones Cyprus Titans 10 Index, a blue-chip index which comprises the 10 largest and most liquid stocks traded on the Cyprus Stock Exchange.
LSE offers exposure to commodity forwards with nine new ETCs
ETF Securities is launching nine new exchange traded commodities (ETCs) on the London Stock Exchange (LSE) tomorrow, as investor appetite grows for exposure to the commodities bull-run.
Merrill writedowns throw light on risk management
Merrill Lynch has released a warning on its third-quarter results. The bank said its mark-to-market losses on its collateralised debt obligation (CDO) and leveraged finance operations would be up to 50 cents a share.
LCDX index tranches trade today
CDS IndexCo, a consortium of banks, and London-based data provider Markit have launched tranches on the LCDX North America index of loan credit default swaps (LCDSs).
UK card fraud on the rise
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SGAM seizes opportunity from subprime turmoil
Société Générale Asset Management (SGAM) has become the latest fund manager to set up a strategy aimed at reaping the benefits of valuation discrepancies caused by the fallout from the US subprime mortgage market.
HSBC CIBM creates European corporate liability group
HSBC Corporate, Investment Banking and Markets (CIBM) has established a European corporate liability solutions group, headed by Russell Schofield-Bezer.
Deutsche signs record sharia collar trade
Deutsche Bank has closed the largest Islamic profit-rate collar to date, for Dubai Islamic Bank.
Financials first CPDOs to crumble
The spotlight is on the constant-proportion debt obligation (CPDO) market after widening credit spreads forced UBS to restructure several tranches of its Tyger financial CPDO, which is based on bespoke portfolios of credit default swaps.