News
Defaults to rise as IMF predicts slow recovery
Default rates and credit costs are expected to rise this year, a survey of credit portfolio managers found, as the International Monetary Fund predicted a severe recession and sluggish recovery.
JP Morgan investment banking reports record profits
Today, JP Morgan reported that it earned $2.14 billion in the first quarter of 2009, a decline from the corresponding period last year when it saw a net income of $2.4 billion.
Q&A: Russia's chief bank supervisor explains Basel II delays
Alexey Simanovsky, director of banking regulation and supervision at the Bank of Russia, updates Risk on Basel II compliance and other risk management issues affecting the local market.
Cross returns to SEC as director of corporate finance
The US Securities and Exchange Commission (SEC) has appointed Meredith Cross as its new director of the corporate finance division.
Encouraging US data helps CDSs on European banks narrow
Five-year senior credit default swap (CDS) spreads referencing European banks narrowed this morning. With JP Morgan announcing a first-quarter profit of $2.1 billion, market participants hoped for more encouraging news from the US.
CEBS seeks views on op risk mitigation
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OTCGH launches NGL and product options brokerage
OTC Global Holdings (OTCGH), an independent over-the-counter (OTC) interdealer broker, has announced the formation of Ion Energy Group, a natural gas liquids and product options brokerage.
CIBC names Rule head of forex trading
CIBC has appointed Duncan Rule as head of foreign exchange trading, effective from April 27.
CDSs on European banks widen
The cost of credit protection on European banks increased this morning, as UBS predicted a first-quarter 2009 loss of Sfr2 billion.
HKMA ring-fenced assets before Lehman collapse
The Hong Kong Monetary Authority (HKMA) had identified 19 foreign banks whose financial health could have had a negative impact on the Hong Kong banking system before the collapse of Lehman Brothers in September last year.
UBS continues losing streak into Q1
UBS will make a SFr2 billion ($1.75 billion) loss for the first quarter of 2009, the firm's chief executive, Oswald Grübel, predicted at the bank's annual general meeting in Zurich on April 15.
Automated FoHF reporting system aids operational risk analysis
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Ice clears $71 billion of CDSs
Atlanta-based derivatives exchange IntercontinentalExchange (Ice) has cleared $71 billion notional in credit default swaps (CDS) in the four weeks since the launch of its central clearing platform. The exchange cleared 613 transactions and reported open…
CDSs on European financials tighten
The cost of credit protection on European banks decreased this morning, after Goldman Sachs reported a first-quarter net profit of $1.81 billion yesterday.
Cebs releases consultation on risk management guidelines
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UAE enforces tighter capital adequacy rules
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New York Fed and Bernanke release TALF Responses
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Volatility puts credit investors on the defensive
Investors are gravitating towards safe haven sectors such as utilities and telecoms as credit fundamentals on non-cyclicals continue to deteriorate