News
House energy committee passes cap-and-trade bill
The Energy and Commerce Committee of the House of Representatives approved The American Clean Energy and Security Act by a vote of 33 to 25 yesterday.
Sovereign CDS spreads widen
The cost of credit protection rose on Australasian and European sovereigns in today's European and Asian trading.
New global head of credit at UBS
Rajeev Misra has joined UBS as global head of credit.
New equity derivatives head for China at SGCIB
Gilbert Tse has replaced Sandra Lee as chief executive of global equities and derivatives solutions for China at Société Générale Corporate and Investment Bank (SGCIB).
Isda to review collateral dispute process
The derivatives industry is working towards formalising the resolution process for collateral disputes after existing resolution methods proved inadequate during the financial crisis.
PBGC deficit triples to record $33.5 billion
The US Pension Benefit Guaranty Corporation (PBGC) has posted a record deficit of $33.5 billion for the six months to March 31, tripling its previous deficit of $11 billion for the 2008 financial year.
Munich Stock Exchange to offer spot carbon trading
The Munich Stock Exchange plans to enter the carbon market with the introduction of spot trading for European Emission Allowances (EUAs) and Certified Emission Reduction units (CERs) in the summer.
EOXLive platform offers OTC nat gas swaps and swap spreads
EOX Holdings has added OTC fixed natural gas price swaps and swap spreads to its EOXLive trading platform. EOX Holdings is owned by independent interdealer broker OTC Global Holdings (OTCGH), which uses the platform.
FSA bans second Morgan Stanley trader
The UK Financial Services Authority (FSA) has banned David Redmond after he put on a large unauthorised oil futures trade while on Morgan Stanley's freight desk in London in February last year.
US municipal market faces clean-up under new rules
The municipal bond market in the US is still largely in a state of disarray, well over a year after the collapse of the auction rate securities (ARS) sector, though signs of recovery are visible in the fixed-rated debt market, congressmen have heard.
CDS spreads widen on UK
The cost of credit protection on UK sovereign debt rose in European trading today, while also rising on US and European financials.
Most risk managers still expect bonuses
Despite a global recession, the crisis in the financial sector, and massive and widespread failures in risk management, a majority of UK risk managers still expect to receive a bonus this year, a survey has found.
2010 revenue proposals include 25% dealer tax hike
The US government has unveiled tax proposals that would require commodities and options dealers to pay higher tax rates, by forcing them to treat their income as ordinary income rather than capital gains.
Q&A: EC official "optimistic" on central clearing deadline
Mario Nava, head of the financial markets infrastructure unit at the European Commission in Brussels, updates Risk on progress towards central clearing of credit default swaps (CDSs) and the move towards a central trade repository for over-the-counter…
Stress-test success masks bigger problem with banks
The US government's bank stress tests appear to have been successful in stabilising financial markets, but some market observers believe they are obscuring broader systemic problems and could hamper efforts to deal with toxic assets.
Volatility returns to pre-Lehman levels
Market volatility across several sectors has dropped back to levels last seen before the collapse of Lehman Brothers in September 2008, lending weight to the belief that the financial markets are on the road to recovery.
Fed steps in to support CMBS market
The US Federal Reserve will start accepting legacy commercial mortgage-backed securities (CMBS) as collateral under its Term Asset-backed Securities Lending Facility (Talf), as the US commercial real estate market continues to struggle.
OTC trade repository plan faces hurdles
Financial authorities in the US and Europe have advocated the introduction of a central trade repository to gather data on the over-the-counter (OTC) derivatives market, but there is concern that multiple repositories could do more harm than good.
BIS shows first OTC derivatives market decline
The total outstanding notional of over-the-counter (OTC) derivatives contracts fell 13.4% to $592 trillion at the end of December 2008, from $683.7 trillion at the end of June 2008, according to statistics released by the Bank for International…
Eurex launches silver derivatives
Derivatives exchange Eurex has announced that from June 15, it will extend its commodity product offering with new silver futures and options.
Wolin returns to Treasury as deputy secretary
Neal Wolin has returned to the US Treasury as deputy secretary to work alongside secretary Timothy Geithner, after having left the department in 2001.
Gensler voted in as CFTC chairman
Gary Gensler, US President Barack Obama's choice for chairman of the Commodity Futures Trading Commission (CFTC), was confirmed by the US Senate on May 19 by 88 votes to six.
BarCap hires equity derivatives flow sales head
Timothy Last, former head of equity derivatives sales for the Asia-Pacific region at Merrill Lynch in Hong Kong, has taken on the role of head of equity derivatives flow sales for Asia excluding Japan at Barclays Capital.