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Dominion buys 310MW plant from Dynegy and NRG
Dominion Virginia Power, the power utility subsidiary of Dominion, today completed the purchase of the 310-megawatt Commonwealth power plant in Chesapeake, Virginia. The move is consistent with its aim of reducing the cost of long-term power purchase…
BNP makes European fixed-income hires
French banking group BNP Paribas has announced two appointments in its fixed-income business servicing German, Austrian and Swiss corporates.
First hearing scheduled for EU's CAD
BRUSSELS – A hearing is scheduled for November 22 on the EU's Capital Adequacy Directive and related legislative text in the European parliament. It is the first hearing on the directive since the parliament reconvened after the elections, and the…
QIS4 set to go international in 2005
BASEL, SWITZERLAND – Quantitative impact study four (QIS4) is about to go international, according to sources in Basel, the US and the EU. Although the Basel Committee on Banking Supervision won't take the co-ordinating role it did during previous QISs,…
Saudi to up oil output to 12.5 million b/d
Saudi Arabia’s total oil production capacity is now at 11 million barrels a day (b/d) and plans are in place to increase it to 12.5 million b/d, Saudi Arabia’s Minister of Petroleum and Mineral Resources, Mr Ali Al-Naimi, said Monday.
Charles Stanley acquires Sutherlands
Charles Stanley Group, the stockbroker and financial services company, has announced its takeover of Edinburgh-based bond brokers, Sutherlands.
Portugal’s first synthetic securitsation on tap
Banco Comercial Portugues (BCP) and Kreditanstalt für Wiederaufbau (KfW) are bringing to market the first synthetic securitisation transaction in Portugal. A portfolio consisting of Portuguese small and medium-size enterprise (SME) loans will be brought…
Isda issues new guidelines for derivatives transaction settlement
The International Swaps and Derivatives Association has published a set of guidelines for the matching, netting and settlement of cashflows arising from over-the-counter derivatives transactions.
CFTC allows US firms to trade on EEX
The US Commodity Futures Trading Commission has permitted US companies to trade power derivatives on the European Energy Exchange with immediate effect, EEX said Thursday.
Babson Capital hires Kung for alternatives
Babson Capital, the Massachusetts-based asset management firm, has hired Edward Kung as alternative product manager.
Axiom makes bid for European CDS market
Axiom Global Partners, the New York-based inter-dealer brokerage, has launched its electronic credit default swap (CDS) broking platform in the London market.
Citigroup to rebuild after major credit derivatives defections
Barclays Capital has poached eight New York-based credit derivatives traders from Citigroup, including Doug Warren, a managing director, as well as Jonathan Koerner and Gregory Tell, both directors.
Morley makes fixed-income appointment
Morley Fund Management, the London-based subsidiary of Aviva Group, has appointed Mark Watts as head of global fixed income.
Basel II to boost bank bondholdings
Basel II could have a major impact on the bond markets, according to a new report from Morgan Stanley.
E-Capital launches ethical CDS index
E-Capital Partners, the Milan-based financial advisory company that specialises in socially responsible investment (SRI), has launched an index for ethical credit default swaps (CDS).
EEX to launch spot carbon contract
German-based electronic exchange European Energy Exchange (EEX) is to launch a spot contract to trade EU carbon emissions allowances in January 2005.
Energy users demand trading oversight
The debate continues over whether speculative traders are distorting energy prices, following a letter sent by the Industrial Energy Consumers of America (IECA) to Congress last week. “Energy markets have changed drastically, and regulatory oversight,…
Static emissions price “does not reflect fundamentals”
The European emissions trading market, with its static price over the last four to five weeks, “is not a good market,” and does not reflect fundamentals, said Chris Rowland, managing director of utilities research at Dresdner Kleinwort Wasserstein.
Commerzbank to close FX trading and sales in London
Commerzbank is to close its trading and sales operations in London for foreign exchange.
Risk management salaries increase dramatically, says financial recruitment specialist
Salaries in risk management have increased significantly, according to Morgan McKinley, a financial recruitment firm. Demand for credit risk analysts has been particularly strong, but other areas such as operational risk and market risk continue to be…
Former Deutsche traders launch hedge fund
Two former Deutsche Bank traders have launched a New York-based hedge fund, becoming the latest in a string of former investment bank employees to enter the business.
TCW Group hires CDO manager
Los Angeles-headquartered asset manager, TCW Group, a subsidiary of Société Générale, has hired Edward Steffelin for its New York office.