News
Rogue trade loses MF Global $141.5 million
Interdealer broker MF Global has lost $141.5 million after it was forced to cover trading losses made by one of its employees.
Sants stands by FSA principles-based approach
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SEC help sought as auction securities crisis deepens
The trade association representing broker-dealers has confirmed it has been in contact with the US Securities and Exchange Commission (SEC) regarding measures to restore confidence in the troubled auction-rate securities (ARSs) market.
Standard Chartered reports $4 billlion profit
London-based Standard Chartered has reported a $4.04 billion profit, despite $300 million in US subprime debt-related writedowns.
Merrill Lynch misplaces $43 billion in derivatives cashflow
A book-keeping mistake led Merrill Lynch to overestimate cashflow from its derivatives business by $43.1 billion over the past three years, the bank has revealed.
FDIC chairman Bair’s warning on Basel II models
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Ethanol first for Tullett Prebon
Inter-dealer broker Tullett Prebon has completed the first European paper trade in fuel grade ethanol.
ANZ names Wakelin head of markets, Europe & America
Melbourne-based Australia and New Zealand Banking Group (ANZ) has appointed Greg Wakelin as head of markets, Europe & America.
JP Morgan and Munich Re enter mortality bond market
JP Morgan has placed $100 million of extreme mortality bonds for reinsurer Munich Re, in the first foray into the mortality bond market for both firms.
Nymex to launch first Green Exchange contracts
New York Mercantile Exchange (Nymex) is to introduce its first slate of futures and options contracts, as part of its Green Exchange initiative, on 16 March for trade date 17 March.
Auto loan ABS delinquencies rise
With uncertainty blighting the US economy, auto loan delinquencies have hit 10-year highs.
Deutsche Bank names five global markets executive committee members
Deutsche Bank has appointed five new members to its global markets division's executive committee.
New biometric access system for SG
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BIS publishes report on liquidity risk
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ECX and LCH clear way for CER futures launch
European Climate Exchange (ECX) and clearing house LCH.Clearnet have reached an out-of-court settlement over the proposed launch of ECX Certified Emission Reduction (CER) futures contracts.
BGC acquires Radix
Interdealer broker BGC has purchased Singapore-based broker Radix Energy, enabling BGC to offer voice and electronic brokerage services for products such as crude oil, naptha, middle distillates, fuel oil and freight.
Progress made on equity derivatives backlogs
Investment banks have continued to make progress with reducing confirmation backlogs associated with executing over-the-counter equity derivatives trades. The average backlog has been reduced to nine days, down from 19 days in November 2006, according to…
Bank practices undermined liquidity, BIS says
In the approach to the credit crisis, practices such as securitisation, dependence on the money markets and use of collateral increased the danger of a liquidity shortfall, according to a report released by the Bank of International Settlements (BIS).
CPDOs suffer more downgrades
Rating agency Standard & Poor's (S&P) has downgraded 28 of the 29 constant proportion debt obligation (CPDO) transactions it rates.