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Mifid briefings aim to ensure enforcement
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SEC inspections head resigns
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US Wrap: Wells Fargo makes surprise return to reverse convertibles
Wells Fargo has launched four new reverse convertibles in the US, packaged with the external credit of Eksportfinans. The bank used to be one of few institutions that held a triple-A rating, which has now been downgraded to Double A.
Cesr joins calls for more derivatives trade reporting
The Committee of European Securities Regulators (Cesr) called this morning for post-trade reporting on several classes of derivatives, including asset-backed securities (ABS) and collateralised debt obligations (CDO).
High correlations spur interest in CCDS
Interest in using contingent credit default swaps (CCDS) as a speculative tool is being fuelled by high levels of cross-asset class correlations, according to some market participants.
Morgan Stanley CDO repack designed to test investor appetite
Morgan Stanley's offering of a repackaged cash collateralised debt obligation (CDO) is designed to test market appetite for this type of risk, said a source familiar with the deal.
French power supply problems could hit UK
Unusually high temperatures last month put a third of France's nuclear power stations out of action, forcing the country to import electricity from the UK. According to Chris Bowden, CEO of energy and carbon advisors Utilyx, the UK may face similar…
Treasury casts some light on OTC derivatives regulation
US Treasury Secretary Timothy Geithner spoke further about Government plans for the regulation of over-the-counter (OTC) derivatives today during a hearing of the House Financial Services and Agriculture Committees.
Definition of 'standardised' OTC derivatives will be broad, says Geithner
Full regulation of all over-the-counter derivatives will use a broad and flexible definition of 'standardised' OTC contracts while regulators will seek to crack down on end-users seeking to customise trades to escape central clearing, US Treasury…
Euroclear to launch same-day securities settlement in Asia
International central securities depository Euroclear Bank plans to offer same-day cross-border securities settlement in four Asian markets - Australia, Japan, Hong Kong and Singapore - in August, stealing a march on rival Clearstream, which has similar…
Anglo-Irish CDS widen on buyback plans
The cost of credit protection on Anglo Irish Bank soared this week, rising to 679.1 basis points (bp) from 628.9 bp on July 3, as the bank announced plans to buy back billions of pounds and euros in Tier 1 and Tier 2 securities.
UK Treasury gives FSA new powers
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US Wrap: Credit Suisse launches three accelerated growth products
Credit Suisse has launched three new accelerated growth products in the US market covering US equity, emerging market equity and indirectly the price of oil. The emerging market equity note has the longest maturity at two years. It offers exposure to the…
Singapore's MAS bans 10 retail structured note distributors
The Monetary Authority of Singapore (MAS) has banned 10 financial institutions from selling structured notes, after their clients lost S$401 million by investing in Lehman-linked structured credit products.
Government initiates $3bn renewables programme
The US Treasury and Department of Energy today announced today a $3 billion funding programme for the development of renewable energy projects, as well as publishing application guidance for obtaining funds.
TriOptima tear-ups cut CDS notional by $9 trillion
Swedish technology company TriOptima eliminated $9 trillion in notional outstanding from the credit default swap (CDS) market in the first half of 2009, the firm announced on July 9.
SEC considers asking banks to justify director appointments
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US Wrap: Back with reverse convertibles after holiday lull
The US market sprung back into action after the Independence Day break with seven reverse convertibles from ABN Amro. Some more unusual reference stocks were offered up, among them Baidu, the major Chinese search engine, and Weyerhaeuser, the sustainable…
US PPIP toxic securities scheme launches, fund managers named
The US Treasury's scheme to purchase toxic mortgage-backed securities was officially launched yesterday with the unveiling of the asset managers charged with investing public funds, while officials sought to quell claims the scheme has been dramatically…
Cesr proposes Europe-wide disclosure of short positions
Investors across Europe could be compelled to reveal short positions in any stock, under draft rules published today by the Committee of European Securities Regulators (Cesr).
UK government moves to resolve supervisory turf war
In his long-awaited banking white paper published today, UK Chancellor of the Exchequer Alistair Darling has attempted to draw a distinction between the tripartite authorities, creating a Council for Financial Stability to promote better co-ordination of…
CFTC prepares to limit energy speculation
The US Commodity Futures Trading Commission (CFTC) may limit speculative trading in energy products and other commodities, CFTC chairman Gary Gensler said yesterday.
Pickens Plan hit by transmission issues
Oil tycoon T. Boone Pickens has confirmed reports that he is to shelve plans to build the world's largest wind farm in Texas and will funnel the resources into smaller projects instead.