News
European Commission plans global carbon trading scheme
The European Commission (EC) today set out proposals for a global agreement to tackle climate change, a pact it hopes will be signed at the UN climate conference in Copenhagen in December.
US wind energy grows by 8300 MW in 2008
A record 8358 megawatts of new wind-powered generating capacity was installed in the US in 2008, according to the American Wind Energy Association (AWEA). The $17 billion investment represents a 50% growth on 2007 generation levels.
CDSs tighten on European auto industry
The cost of credit protection on European auto manufacturers fell this morning, while rising to record highs on Japanese corporates.
Cebs and Ceiops release 10 principles for supervisory colleges
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Cifas figures show UK fraud on the rise
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US Wrap: Trickle of reverse convertibles begins week
Two reverse convertibles have been launched into the US market by ABN Amro, kicking off a slow start to the week. Both notes have a maturity of three months. One offers exposure to US energy company First Solar Energy, which manufactures solar panels…
CME and JSE to cooperate on corn futures contract
The Johannesburg Stock Exchange (JSE) is to license CME Group's benchmark corn futures settlement prices to create a new JSE cash-settled corn futures contract.
Nomura downgraded after $3.8 billion Q3 loss
Nomura Holdings, Japan's leading brokerage, has announced a third quarter loss of ¥342.9 billion ($3.8 billion). The financial services company said the losses were driven by a series of "one-off" losses from exposure to Madoff funds, Icelandic banks,…
Quantitative tests pointed to Madoff fraud, says Riskdata
Sophisticated investors expressed shock at the alleged $50 billion fraud by New York-based broker and fund manager Bernard Madoff, yet even relatively simple quantitative analysis should have raised red flags, according to research by London-based…
Babson Capital Management expands new business arm
Massachusetts-headquartered Babson Capital Management has expanded its global business development arm, with the additions of Paul Gehrig and David Acampora.
Stark to head new institutional group at BNP
BNP Paribas has formed a new institutional relationship management group and appointed Talbot Stark to lead it.
New York Fed appoints Dudley chief executive
The Federal Reserve Bank of New York today named William Dudley as its president and chief executive.
European financials fare better in CDS market
The cost of credit protection fell on European financials and Spanish commodity players in this morning's trading.
Barclays Capital expands executive committee
Barclays Capital has added eight managing directors to its executive committee, after completing the integration of Lehman Brothers' US investment banking and capital market businesses.
Hypo Real Estate names Better CRO
Munich-based property financing firm Hypo Real Estate has named Manuela Better as its new chief risk officer (CRO), effective February 1.
US Wrap: Single product gives slow end to week
Listed issuance in the US reduced to a single product on Friday January 23: a 100% principal protected Absolute Return Barrier note, linked to the performance of the S&P500 index and issued by UBS. The note has a two-year life and will settle on January…
ING CEO and 7,000 workers fall victim to €3.3 billion losses
After losing an estimated €3.3 billion in the last quarter of 2008, ING will lay off 7,000 employees, along with chief executive Michel Tilmant.
Mixed market sentiment for financials
The cost of credit protection fell on European financials and rose on Middle Eastern banks in this morning's trading.
Inflation-linked bonds see possible recovery
After months of poor trading, linked to the banking crisis and sagging commodities prices, breakeven rates on US Treasury inflation-protected securities (Tips) have started to rise from their November lows, suggesting investor interest is returning to…
Freight derivatives market shifts further towards clearing
Fears of counterparty credit risk have led to a sharp migration towards clearing in the freight derivatives market over the past four months. The ratio of cleared forward freight agreement (FFA) trades to non-cleared over-the-counter trades in the last…
Hedge funds' lack of op risk disclosures a concern
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US Wrap: Growth products lead the pack
Nine deals were filed and launched in the US structured products market yesterday, with half the issuance made up by accelerated growth products. JP Morgan fed the confounding appetite for US equity exposure with a 300% leveraged participation rate in…
Clearing single-name CDSs may prove uneconomical
High margin requirements may make central clearing of single-name credit default swaps (CDS) impossibly expensive, according to one clearing specialist.
BoJ plans to inject $34bn to aid corporate funding
The Bank of Japan (BoJ) has become the latest central bank to unveil plans aimed at bolstering the corporate debt market, with plans to buy up to ¥3 trillion ($33.7 billion) of outstanding commercial paper (CP) to help ease funding pressure suffered by…