News
New board for European Primary Dealers Association
Stanislas de Caumont of Credit Suisse and Gunter Fluyt of ING will co-chair the new executive board of the European Primary Dealers Association (EPDA).
Capgemini and BWise collaborate on GRC strategy
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BPS and RiskBusiness announce integrated GRC platform
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Basel Committee addresses stress testing
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Charges recommended for securities settlement failures
US Treasuries dealers should start imposing penalty charges on counterparties that fail to deliver securities on time, an industry group has recommended.
$428bn of Tarp funds to be exhausted by end of year
This year the US government will distribute $180 billion under the Troubled Asset Relief Program (Tarp) on top of the $248 billion it gave to financial institutions in 2008, the US Congressional Budget Office (CBO) predicted yesterday.
Russian gas exports to Europe via Ukraine halted
Exports of Russian natural gas to Europe through Ukraine have now been completely halted, according to statements from Ukraine's Naftogaz and Russia's Gazprom.
CDSs tighten on automakers, sovereigns
The cost of credit protection on automakers fell in early trading today, despite dramatic drops in December sales figures.
European talks stall on CDS clearing
The European Commission's initiative to move the majority of over-the-counter credit default swaps (CDS) onto central clearing facilities has stalled after failing to get written commitments from certain parties.
Kroeker steps up to succeed Hewitt at SEC
The US Securities and Exchange Commission has named James Kroeker to succeed Conrad Hewitt as acting chief accountant.
Deutsche hires Japan prime-broking head
Masakazu Yanagisawa has joined Deutsche Securities in Tokyo as head of global prime finance sales for Japan, a post that had been vacant for some time. He was previously head of prime brokerage and capital introductions for Japan at Merrill Lynch.
SEC in the dock as Congress investigates Madoff fraud
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FSA lifts short-selling ban but disclosure rules stay
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BIS releases roadmap to better stress testing
The Bank for International Settlements (BIS) has issued a list of improvements to stress-testing practices that it says could help banks and regulators avoid a repeat of the failures exposed during the financial crisis.
Auction sets 1.5% recovery on Tribune CDS
A final settlement value of 1.5% was set for credit default swaps (CDS) referencing Tribune during an auction today. A price of 23.75% was set for loan credit default swaps (LCDS) referencing the company.
Congress questions SEC competence as Madoff investigation begins
US Congressmen have voiced scepticism about the Securities and Exchange Commission's (SEC) plans to investigate internal failings over the Bernard Madoff fraud case and explore whether numerous opportunities to identify the $50 billion swindle were…
SEC: fair value not to blame for financial crisis
Fair-value accounting did not play a substantial role in the downfall of large financial institutions last year, according to a report by the US Securities and Exchange Commission (SEC) released on December 30.
Russian gas exports to Europe “seven times less” after pipeline closures
Gazprom Export director general Alexander Medvedev stated today that an overnight shutdown of three transit pipelines by Ukraine had caused a seven-fold drop in Russian natural gas exports reaching Europe.
NCDEX launches gold and silver contracts
India's second largest commodity exchange, the National Commodity and Derivatives Exchange (NCDEX), added gold and silver futures contracts to its portfolio at the end of December 2008. According to the exchange, the contracts were launched in response…
EDF meeting record French power demand
French utility EDF has brought "almost all" of its available generation capacity online to cope with record power demand highs driven by freezing temperatures, the company said today.
Knüpling promoted to deputy CRO at Scor
Frieder Knüpling has been promoted to deputy chief risk officer (CRO) of Paris-based reinsurer Scor.
CDS spreads tighten on aerospace and defence firms
The cost of credit protection on a number of aerospace and defence firms fell today, as the industry continued to outperform the broader market.
Freddie Mac names chief credit officer
Freddie Mac has appointed Raymond Romano as chief credit officer, the company revealed in a statement on December 29.
Ted spread returns to pre-Lehman levels
The New Year has seen the Ted spread, a perceived level of counterparty risk, reach its lowest level since Lehman Brothers filed for Chapter 11 bankruptcy on September 15 last year. Elsewhere, interbank lending rates continued to fall.