News
EC demands centralised clearing by year end
At a meeting with industry groups and regulators on October 22, the European Commissioner for internal markets and services, Charlie McCreevy, outlined his intentions to move credit derivatives away from the over-the-counter (OTC) market and under…
CDS spread widen further amid recession fears
The cost of protection on UK banks widened in early trading today as fears of recession fuelled volatile market conditions.
Expect a wave of criminal indictments, says CNBC
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SunGard expands UK resilience network
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Launch of NASDAQ OMX Commodities as acquisition of Nord Pool closes
Global exchange company, NASDAQ OMX has completed the 100 percent share acquisition of Nord Pool International, to create NASDAQ OMX Commodities, the world’s biggest provider of cleared power derivatives volumes.
Interbank lending stays steady
The interbank lending markets remained stable today despite sharp falls in European share prices.
European bank CDSs rise
The cost of protection on UK banks climbed in early trading today as fears of recession fuelled volatile market conditions.
DTCC and LCH.Clearnet plan €739 million merger
The Depository Trust and Clearing Corporation (DTCC), the largest clearing house in the US, and European clearer LCH.Clearnet have agreed to merge, a move the companies claim will create the world's largest clearing house.
Bank of America names post-takeover leaders
Several Merrill Lynch executives will step into leadership posts after the bank's $50 billion takeover by Bank of America, set to close in the first quarter of next year.
French president becomes online fraud victim
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UK first in Europe to conduct Phase II carbon credit auction
The UK will be the first country in Europe to hold a carbon credit auction under phase II of the European Union Emissions Trading Scheme (EU ETS), the government announced today.
Nymex announces job cuts
Nymex is to make 150 job cuts over the next 18 to 24 months as a result of its acquisition by CME Group in August 2008.
Exelon proposes NRG merger
Exelon Corporation has announced details of a $6.2bn proposal to acquire NRG Energy, a merger that would create the largest US power company in terms of assets, market capitalisation, enterprise value and generating capacity.
Sweden's $202 billion guarantee fails to help markets
The Swedish finance minister, Anders Borg, promised SKr1500 billion ($202 billion) in loan guarantees to Swedish banks yesterday, but the country's markets remained sluggish today.
Citic Pacific plummets after $2 billion derivatives loss
Shares in Citic Pacific, the Hong Kong arm of the Chinese state investment company Citic, fell 55% today after the company admitted a $2 billion loss on poorly-managed forex hedges.
IMF: European regulators are making the downturn worse
In many European countries, banking regulators have made the crisis more severe by failing to intervene in procyclical lending behaviour, the International Monetary Fund warned today.
French bank CDSs tighten
The cost of protection on French banks fell in early trading today after the government said it would lend €10.5 billion to six of the country's biggest financial institutions.
Ted spread drops to monthly low
The strain on the interbank lending market eased further today as the Ted spread reached its lowest rate for almost a month and Libor continued to fall.
French banks to receive €10.5 billion in state loans
Christine Lagarde, France’s minister of the economy, on October 20 announced details of a plan to lend a total of €10.5 billion to six French banks, just days after the unveiling of a €320 billion government scheme to prop up the financial sector.
CFO replaced in compensation probe at AIG
AIG, the US insurance giant, has appointed David Herzog executive vice president and chief financial officer (CFO), replacing the acting CFO, Steven Bensinger, who will leave the company. The announcement followed a letter from the New York attorney…
$130 billion aid for Korean banks
The Korean government has promised up to $100 billion in loan guarantees and another $30 billion in new loans for Korean banks.
ING becomes latest member of helping hand scheme
Financial services group ING on October 19 agreed terms with the Dutch government for a €10 billion capital injection, becoming the latest beneficiary of the state-supported recapitalisation process underway in Europe and the US.
European bank CDS spreads tighten
The cost of credit protection on European financial institutions dropped in early trading today.
Caisse d'Epargne management step down after losses
The chairman, chief executive and chief finance officer of Caisse d'Epargne have resigned after the bank admitted it had lost €600 million in unauthorised equity derivative trades.