News
Barnier proposes delay to Omnibus II vote
Commissioner proposes waiting for results of impact study on long-term guarantees in March 2013
OTC Derivatives Clearing Summit: Industry will struggle to meet clearing deadlines
Buy-side firms will struggle to finish legal and operational work ahead of US mandated clearing deadlines – and they are not the only ones, says panel
Iceland still investigating over 70 crisis cases
Most of the cases linked to the 2008 crisis have not reached court yet, says Iceland’s special prosecutor.
LNG seen as big winner from nuclear decline in Japan
Japan’s decision last week to remove nuclear energy from the country’s fuel mix by 2040, is set to significantly increase the country’s short-term demand for fossil fuels, especially liquefied natural gas, say analysts
Esma sidelined consultative group during rule-writing
Industry group was not convened as Esma drew up draft clearing rules
Banks tout secondary market for structured products to retail investors in Australia
Banks are overcoming obstacles in Australia's structured products market by giving investors the opportunity to buy products on the secondary market
Pfeifer changes role at Commerzbank
Former head of op risk switches to project management role
Aggressive oil hedging enables Plains E&P’s big deepwater play
Plains Exploration & Production will hedge up to 90% of its oil production for the next three years, the Houston-based company says as it reaches a deal to buy $6.1 billion of oil assets in the Gulf of Mexico from BP and Shell
Court hears details of rogue trader Adoboli’s fraud
Rogue trades went undetected for almost three years, prosecution says
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
Adoboli defence will claim colleagues were complicit
The trial of UBS rogue trader Kweku Adoboli started this morning – and the defence will claim UBS colleagues were complicit
Time running out to comply with the Prospectus Directive
Issuers of structured products may not have enough time to rewrite their programmes before the grandfathering provision of the Prospectus Directive runs out, say lawyers
FSA fine for Cummings signals greater focus on individual culpability
£500,000 fine is a UK record for individuals
BNY Mellon fails to have securities lending lawsuit dismissed
The Bank of New York Mellon has failed in its bid to dismiss a lawsuit that alleges it lost more than $1 billion by mishandling pension funds’ investments in Lehman Brothers
Reinsurers urged to expand equities allocation amid 'fixed-income bubble' fears
Flight to fixed income exposing reinsurers to low yields and interest and inflation risks
Demand for commodity-linked structured products ‘almost dead’
Panellists at the Structured Products Asia conference were downbeat over the prospects for commodity-linked structures
Proposed intraday liquidity reports ‘not feasible’, banks say
Basel Committee's proposed new reports on daily liquidity needs would involve "thousands upon thousands" of data points, according to critics
Basel III guidelines may increase systemic liquidity risk for Indonesian banks
A reliance on liquid demand deposits may pose problems for Indonesian banks with no other obvious sources of funding
Critical mass reached in iron ore swaps market as traders boost liquidity
Falling iron ore prices are ramping up market liquidity to the extent that hedge funds are entering the market as a China proxy
Isda defends trading book models in response to Basel proposals
Isda pushes alternatives to Basel Committee review of trading book capital rules in leaked comment letter
On the move
On the move
Portigon abandons AMA for op risk capital calculation
Portigon – the entity that emerged from the break-up of WestLB – moves away from the AMA for op risk calculation after forced restructure
German insurers warn of Solvency II threat to infrastructure investment
Insurers keen to invest in real economy, finds BaFin study, but regulatory uncertainty holding them back
Sentiment could enhance risk models, says Algo’s Macdonald
Market sentiment could eventually be used as an input for risk and trading models, helping to predict future events, says John Macdonald of IBM Algorithmics