News
New Year start for E.On Energy Trading
From January 2008, German utility EOn will combine all its European power, gas, coal, oil and carbon trading operations in the new business EOn Energy Trading (EET), headquartered in Düsseldorf.
BIS announces 135% notional OTC derivatives growth since 2004
According to the Bank for International Settlements' (BIS) latest reports, notional amounts outstanding for over-the-counter (OTC) derivatives increased by 135% to $516 trillion from June 2004 to June 2007.
Tullett Prebon names new head of gas broking
Tullett Prebon has named Dan Simpson as a director of its energy division.
Interbank covered bond market shuts down
Market making in the interbank market in European covered bonds has been shut down for the rest of the week, to prevent spreads widening and volatility growing.
French banks act to save bond insurer CIFG
Two French banks, Caisse d'Epargne and Banque Populaire, will inject $1.5 billion into the New York-based financial guaranty company CIFG to prevent it losing its AAA credit rating.
FSA “no light touch” on hedge funds, says Sants
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HMRC loses personal data for 25 million people in the post
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Hackers spoil Thanksgiving
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Italy’s fast track to Mifid
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RWE to invest €1 billion per year in renewables; founds new company
German utility RWE has announced the creation of a renewable energy company, RWE Innogy, which will be backed by at least €1 billion of investment per year.
New commodity and structured credit heads at Calyon
Calyon has named Martin Fraenkel as its new global head of commodities and Benjamin Jacquard as global head of structured products, both based in London.
Deutsche launches Asian currency-correlation indexes
Deutsche Bank has launched a set of indexes designed to capture returns generated by the apparent growing co-ordination of currency policy among Asian central banks. They are the first such indexes in the market.
Citigroup launches risk reshuffle after mortgage meltdown
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CEIOPS releases Solvency II information exchange guidelines
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Citigroup names new chief risk officer
Citigroup has appointed Jorge Bermudez as chief risk officer, and is tightening up risk management after suffering major losses from the subprime crisis.
Kershaw joins ICG
Dagmar Kent Kershaw will join Intermediate Capital Group (ICG) as head of its London-based CDO and institutional mandate team.
Credit cards could be source of next debt shock
Economists believe the next big shock to the financial system might not come from the property market but from consumer credit debt.
Swiss Re admits $1.07 billion loss on two portfolio CDSs
Zurich-based reinsurer Swiss Re has admitted a loss of SFr1.2 billion ($1.07 billion) caused by a fall in the market value of two credit default swaps (CDSs) referenced to a trading portfolio containing US subprime mortgages.