News
Rogue lenders shamed by TCF crackdown
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FSA cracks down on client valuations
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Barcap launches CER swaps
Barclays Capital has launched and traded the first financially settled certified emissions reduction (CER) swap based on publicly available pricing sources.
Fraud and incompetence led to subprime crisis, Fitch says
Falling house prices might have triggered the crisis in residential mortgage-backed securities (RMBS) based on US subprime mortgages, but analysts at US rating agency Fitch say the root of the problem was widespread fraud and incompetence in the mortgage…
Houldsworth breaks with Tradition
Robin Houldsworth, chief executive of the interdealer broker Tradition UK, is to leave the company as it merges its UK and European operations.
$3 billion of CPDOs at risk of unwinding
Barclays Capital estimates $3 billion of constant proportion debt obligations (CPDOs) are at imminent risk of being unwound.
JP Morgan appoints new chief risk officer
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CDO shakeout puts spotlight on managers
Unsettled structured credit markets are causing investors to become more scrupulous in their collateralised debt obligation (CDO) manager choices, according to market participants.
Amerex forms REC purchasing partnership with Aramark
Amerex Brokers has formed a partnership with professional services firm Aramark Corporation to provide clients with an array of energy services, including the purchase of renewable energy credits (RECs).
Tullett Prebon launches Central European power platform
Inter-dealer and energy broker Tullett Prebon has launched a Central European power platform.
Nord Pool launches German and Dutch power derivatives
Power and emissions exchange Nord Pool will launch power derivatives for the German and Dutch markets from 11 January 2008.
Bear Stearns slashes 650 jobs
Bear Stearns will cut 650 jobs before the end of the year as part of the bank’s cost-cutting drive, after heavy subprime mortgage-related losses earlier in the year.
Porsche's derivatives success a mystery
Use of derivatives by German car manufacturer Porsche has resulted in a hike in the firms’ pre-tax earnings, from €2.11 billion last year to €5.86 billion for the year 2006/2007.
Barcap invests in Canadian carbon capture
Barclays Capital, the investment banking division of Barclays PLC, has completed what it calls “a significant investment” in Enhance Energy, a Calgary-based private company specializing in CO2 enhanced oil recovery and sequestration.
Freddie Mac sells $6bn in stock to ward off capital fears
Freddie Mac has announced it will sell $6 billion in preferred stock, in a bid to restore regulator and investor confidence and avoid breaching minimum capital requirements.
Kesselring joins Morgan Stanley
Morgan Stanley has hired Martin Kesselring as head of investment banking for Switzerland.
BoA hires product innovation head
Bank of America has appointed Cindy Murray as head of product innovation and development for global product solutions, responsible for designing, building and launching new credit and treasury products for the bank's global corporate and investment…
KfW exposure to IKB losses rises to €4.8 billion
German bank KfW has increased its risk provision for the troubled bank IKB, in which it holds a majority stake, after default risk on IKB's Rhineland conduit rose significantly.