News
Leverage ratios are "counterproductive", says IIF
In a new report on how to strengthen financial regulation, the Institute of International Finance (IIF) has proposed some measures directly at odds with options currently being explored by regulators in both Europe and the US.
Oric chooses CCH Sword for operational loss database
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Billions more deficit for PBGC after GM bankruptcy
The bankruptcy of General Motors has left the pension schemes of the company's bankrupt supplier Delphi in the hands of the US Pension Benefits Guaranty Corporation (PBGC) - adding an estimated $6.2 billion to the corporation's already massive deficit.
FSA fines HSBC insurance businesses £3 million for data security failings
HSBC is fined by the UK regulator over information security systems and controls failings in its insurance businesses
Deutsche fires two for industrial espionage
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US Wrap: Reverse convertible market drills down to oil stocks
Reverse convertibles dominated yesterday's issuance in the US market, representing 10 of the 13 new structures issued. Two of the new notes offer exposure to oil - one through offshore drilling company Transocean, and the other through Interoil. The…
IEA outlook for oil supply too bullish says Calyon
The International Energy Agency's Medium-Term Oil Market Report 2009, released on June 29, was surprisingly bullish on oil supply, according to Christophe Barret, global oil analyst at French bank Calyon.
Airlines to face €1 billion carbon bill in 2012
Aviation's entry into the European Union Emissions Trading Scheme (EU ETS) in 2012 is set to cost the sector €1 billion, a report by carbon analysts Point Carbon has shown.
SMX selects Standard Chartered as clearing bank
The Singapore Mercantile Exchange (SMX) has appointed Standard Chartered to provide its clearing and settlement services.
CFTC sets dates for position limits hearings
The Commodity Futures Trading Commission (CFTC) will hold the first of three open hearings to discuss energy position limits and hedge exemptions on July 28, 2009.
Q2 profits a false dawn for banks, Moody's says
Rising funding costs, continuing writedowns and the withdrawal of government support could push the global banking industry back into crisis, analysts warned this week.
US Talf helps CMBS market recover
The Federal Reserve Bank of New York's Term Asset-Backed Securities Loan Facility (Talf) is helping to revive the commercial mortgage-backed securities (CMBS) market, analysts have concluded, although the chances for residential mortgages to be included…
FSA issues new 'Dear CEO' remuneration letter
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'We will abolish the failed tripartite system' says UK Conservative white paper
UK opposition party pledges to fold the FSA into the Bank of England if elected
US Wrap: Return to reverse convertibles at week open
The US market has sprung back to life after dwindling to a near standstill towards the end of last week, with 22 new reverse convertible structures launching into the market.
European supervisors press for more detail on EC overhaul plans
The European Commission (EC) is expected to publish feedback on its proposals for an overhaul of financial supervision in August, but senior European regulators are already expressing concern about some aspects of the proposed reforms.
Tarp supervisor finds Treasury's oversight is still inadequate
The US Treasury is still failing to protect its aid to US banks from fraud and misuse, according to the latest report from the special inspector general for the Troubled Assets Relief Program (Sigtarp).
Senate investigates speculation in wheat market
Several market participants appeared before a Senate subcommittee today to discuss the effect of excessive speculation on the price of wheat futures.
Exelon drops NRG acquisition plan
Exelon Corporation has terminated its offer to acquire all of the outstanding shares of NRG Energy common stock at a fixed exchange ratio of 0.545 of a share of Exelon common stock for each share of NRG common stock.
JP Morgan rejigs equity derivatives unit
JP Morgan has rotated and promoted a number of key staffers in its Asian equity derivatives unit, with severalrelocating to the UK and US.
Direxion continues leveraged trend with real estate ETFs
Direxion has launched two new exchange-traded funds (ETFs) which give three times leveraged exposure to the MSCI US Real Estate Index. The Direxion Daily Real Estate Bull 3x Shares offers 300% of the daily upside performance of the index, whereas the…
Tarp inspector general calls for more clarity on banks' use of funds
The US Treasury's special inspector general for the Troubled Assets Relief Program (Tarp), Neil Barofsky, has called on the Treasury to force banks to report their use of the Tarp's bailout funds. But the Treasury is reluctant to do so.
Doubt over Fed’s ability to limit systemic risk
The Obama administration’s proposals for safeguarding the financial system place the US Federal Reserve at the heart of a new regulatory regime for systemic risk, but some former regulators are sceptical of the Fed’s ability to carry out the job.
Trading and one-off gains lift bank profits
Trading activities and one-off gains helped US banks record positive results during the week ending July 17, despite a continuing deterioration in traditional lending businesses, analysts said.