News
DTCC and Markit ready for MarkitServ launch
London-based data provider Markit and the New York-based Depository Trust and Clearing Corporation (DTCC) are ready to launch MarkitServ - a joint venture to provide trade-processing services to the over-the-counter derivatives markets.
Amaranth fined $7.5m for market manipulation and misrepresentation
Connecticut-based hedge fund Amaranth will pay a $7.5 million civil fine to settle charges of attempted manipulation of the price of natural gas futures and subsequent misrepresentation to the New York Mercantile Exchange (Nymex).
FSA confirms remuneration code of practice
Daily news headlines
US Wrap: Barclays floods market with nearly 50 reverse convertibles
Barclays Bank has made an emphatic leap into the reverse convertible market in the US by launching 46 of the notes. On what was certainly the busiest day of the year, five other issuers brought the total number of products released to 59.
Inflation outlook volatile, BoE warns
UK inflation will be “unusually volatile” in the coming months and could fall below 1% in the autumn, the Bank of England said in its quarterly inflation report today.
Bleak prospects for monolines
Mixed second-quarter results for monoline insurers have raised fresh worries about their future prospects.
NGX offers physical clearing for US crude oil
Calgary-based Natural Gas Exchange (NGX) today announced the availability of physical clearing capabilities for the United States crude oil market, effective this week.
Amaranth to pay $7.5 Million fine
The Commodity Futures Trading Exchange (CFTC) announced details today of a court order to settle charges of attempted manipulation of natural gas futures prices against Amaranth Advisors LLC and Amaranth Advisors (Calgary) ULC.
Dong Energy acquires German wholesale company
Danish firm Dong Energy has acquired German wholesale company Kom-Strom for €27 million ($38.23 million) from Essent.
Markit and DTCC to launch automated OTC trade processing
Financial information services company Markit and the Depository Trust and Clearing Corporation (DTCC) will launch a joint-venture to automate OTC derivative trade processing for all major asset classes on September 1.
New head of Asian equities trading at Citi
Joseph Chang has joined Citi Global Markets, the brokerage and securities arm of Citigroup, as head of Asian equities trading, excluding Australia and Japan.
Treasury gets bank assistance with warrant auction
The US Treasury has recruited at least one major bank to assist it with auctioning off warrants outstanding under the Troubled Assets Relief Program (Tarp), sources close to the situation told Risk .
Hedge funds escape tighter regulation
Daily news headlines
SocGen launches into US deposit space with Wells Fargo certificate
Société Générale (SG) has wrapped its proprietary long short strategy, Wise, into a certificate of deposit (CD) issued by Wells Fargo. The CD links to a volatility controlled version of the strategy, the SGI Wise US Vol Target 8% Excess Return Index.
US Wrap: Market gets new lease of energy
Issuance is gathering pace in the US market with 16 new launches coming into the market, two of which were energy trades. Bank of America grasped the theme with both hands, linking a highly geared growth product to the Energy Select Spdr fund.
SEC to set up specialised detection units
The US Securities and Exchange Commission (SEC) will set up five specialised units to detect financial criminals more efficiently, following criticisms its examiners are not equipped to deal with complex financial cases.
CME Group to offer Malaysian crude palm oil contract
Malaysian commodities exchange Bursa Malaysia is to partner with global futures exchange CME Group on trade matching services, product licensing and minor cross-equity investments.
Sugar High
Sugar prices have been trading at the highest levels for 28 years this week with ICE Futures US October raw sugar, the global benchmark, closing almost 6% higher at 22 cents/lb and refined white sugar trading on London's Liffe at US$543 per ton.
Draft derivatives bill sent to Congress
The US Treasury submitted legislation to Congress today outlining its regulatory reform agenda for the over-the-counter (OTC) derivatives market.
Twitter interview with Trayport
Followers of Energy Risk on social networking site Twitter joined Elliott Piggott, managing director of trading software provider Trayport for an online interview. The full list of questions and answers is below.
UBS reinforces FICC division
UBS has hired 17 people for its fixed-income, currency and commodities (FICC) division, which has been a main contributor to the bank's losses in recent quarters.
New COO of Asia global finance and risk solutions at BarCap
Hans Fuchs has been promoted to the newly created position of chief operating officer for Barclays Capital's Asian global finance and risk solutions group.
US legislation for OTC derivatives market published
The US Treasury has published draft legislation detailing its plans to fully regulate over-the-counter (OTC) derivatives markets and mandate central clearing for all standardised bilaterally negotiated contracts.
Schapiro wants a self-funding SEC
Daily news headlines