News
CME offer for Nymex leaves ICE in the cold
The potential creation of the world’s largest exchange will strengthen rivals’ urge to merge, say analysts. David Watkins reports.
Tullett Prebon brokers first physical fuel grade ethanol trade
Inter-dealer broker Tullett Prebon’s biofuel desk has completed its first trade in physical fuel grade ethanol.
BNP Paribas expands in London fund derivatives sales
BNP Paribas has appointed two salespeople to its fund derivatives sales team within its equities and derivatives division in London.
FSA 2008 outlook focuses on SocGen bonus lessons
The Financial Services Authority (FSA) has urged investment banks to re-examine their attitudes towards annual staff bonuses in the wake of last week's record rogue-trading loss at Société Générale.
CME Group in talks to buy Nymex
Chicago-based CME Group is in preliminary discussions aimed at acquiring the New York Mercantile Exchange (Nymex), the two firms announced on January 28.
SG gives details of fraud, but questions remain
Société Générale has released more details of the rogue equity index trades that cost it €4.9 billion, alongside news that the bank was first alerted to the trades as far back as November 2007.
Credit Suisse boosts equity derivatives in Germany
Credit Suisse has appointed Oliver Groeteke, Wolfgang Faust and Dirk Bombe to add to its equity derivatives sales team in Frankfurt. The three new staff arrive from Deutsche Bank, where they worked on the institutional equity derivatives sales desk,…
FSA replies to Treasury’s allegations of failure
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US better prepared for flu outbreak than feared
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CME makes offer for Nymex
The Chicago Mercantile Exchange (CME) has confirmed that it has made an offer for the New York Mercantile Exchange (Nymex).
Black Swans and op risk
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Rogue Trader costs Soc Gen €4.9 billion
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Bank of America closes London commodities desk
Bank of America has closed its London-based energy and commodities trading desk as part of a global “realignment” strategy of its investment banking division that will see a total of 650 employees made redundant.
Liffe to list options on stock index ETFs
London-based derivatives exchange Liffe is to list options on the iShares FTSE 100 and DJ Euro Stoxx 50 exchange-traded funds (ETFs), which are operated by San Francisco-based asset manager Barclays Global Investors.
New deputy chairman at Tradition
French interdealer broker Tradition has named Bruce Collins as its new deputy chairman.
BarCap releases Quant credit strategy indexes
Barclays Capital has launched a new range of credit derivatives strategy indexes.
€4.9 billion fraud at Société Générale
Société Générale has suffered a €4.9 billion loss from rogue dealing by one of its equity index futures traders, forcing it into a €5.5 billion rights issue.
Shake-up at SG follows rogue trader losses
Top management at Société Générale has been reshuffled in the wake of the rogue trades which cost the bank €5 billion in losses this month.