News
Lower losses than feared at Barclays
Barclays reported a total of £1.5 billion in write-downs associated with US subprime mortgages between June and October this year, reassuring investors who had feared far higher losses.
Bank of America's $19bn China windfall dwarfs $3bn writedown
The $3 billion writedown disclosed by Bank of America early this week has been overshadowed by the announcement that an investment in China stands to earn the firm $19 billion.
Merrill brings Thain to helm
Merrill Lynch has appointed John Thain as chief executive officer to replace Stan O'Neal, who retired on October 30 after the bank announced a larger than expected $7.9 billion of writedowns due to subprime exposure.
Dagmar Kent Kershaw leaves Prudential M&G
Dagmar Kent Kershaw has resigned from Prudential M&G, where she was the London-based head of structured credit products since 2000.
IIF Insurance Committee set up
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Kroszner lauds Basel II bank reforms
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FSA cracks down on CFD use
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Amaranth Sues JPMorgan for $1billion
The fall out from the collapse of energy hedge fund Amaranth Advisors took another twist after the fund launched legal action against investment bank JPMorgan Chase.
GFI launches emissions trading platform
Inter-dealer broker GFI Group has launched EnergyMatch, an electronic trading platform for over-the-counter energy derivatives.
Markit buys IIC and CDS IndexCo
London-based market data provider Markit is to expand by taking over the dealer-owned International Index Company (IIC), which produces the iTraxx credit indexes and the iBoxx bond indexes, and the dealer consortium CDS IndexCo, which produces the CDX…
HSBC takes $4.4 billion in write-downs on weak US credit
HSBC has reported a total of $4.4 billion in write-downs on its US consumer lending, mortgage and investment banking businesses.
HKMA “strongly recommends” PEPs profiling
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International regulators discuss interactive data timetable
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EDF Trading and Chubu collaborate on coal
EDF Trading and Japanese utility Chubu Electric Power Company are to establish a new coal business, Chubu Energy Trading, based in Nagoya, Japan.
JP Morgan unveils new multi-commodity index
JP Morgan has launched a commodity curve index that references 33 commodities across various maturities.
FSA cracks down on CFD use
The UK Financial Services Authority (FSA) is seeking to tighten its disclosure rules on contracts for difference (CFDs), which it says could be used to "influence corporate governance".
$400 billion losses on subprime, predicts Deutsche Bank
Subprime losses could total $400 billion by the time the crisis has run its course, with large international banks and brokers taking up to a third, according to research published by Deutsche Bank yesterday.