News
JP Morgan launches mobile forex platform
A new proprietary e-trading platform that allows clients to access real-time executable streaming foreign exchange rates (forex) from their desktops and Blackberry devices was launched on Wednesday by JP Morgan.
Cox calls for CDS controls
Christopher Cox, Chairman of the US Securities and Exchange Commission (SEC), has called for greater regulation of the credit default swaps (CDS) market.
NAB sets up structured products desk in Singapore
National Australia Bank’s investment bank, nabCapital, has hired Peter Zeitsch as a director to build a structured products business in Singapore. He was previously head of correlation trading at Singapore bank DBS.
Restructuring and resignations at Fannie Mae
US housing agency Fannie Mae has undergone significant management changes after going in to conservatorship on September 7.
Paulson Plan dubbed “a necessary evil”
Daily news headlines
Markets dip as bailout drags on
The financial markets have reacted negatively as the US government rescue plan for the financial sector makes slow progress through Congress.
New York governor announces CDS regulation
The governor of New York, David Paterson, has declared parts of the credit default swaps (CDS) market will be regulated from January 2009, in an attempt to clamp down on what he described as a major contributor to the emerging crisis on Wall Street.
Nomura acquires Lehman’s Asian and European operations
Following its filing for bankruptcy last weekend, the carving up of Lehman Brothers has continued with Japanese bank Nomura Holdings agreeing to acquire the Wall Street firm’s European and Asia-Pacific franchises.
US rescue bill meets opposition in Congress
Daily news headlines
Remaining investment firms become Fed-regulated banks
Daily news headlines
Goldman and Morgan become bank holding companies
Goldman Sachs and Morgan Stanley have applied to the US Federal Reserve to become bank holding companies, in response to the crisis that has seen the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.
Goldman and Morgan become bank holding companies
Goldman Sachs and Morgan Stanley have applied to the US Federal Reserve to become bank holding companies, in response to the crisis that has seen the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.
Imarex to launch electronic Time Charter Equivalent contracts
Norwegian freight derivatives exchange Imarex will introduce the first electronic Time Charter Equivalent (TCE) contracts in October, the company has announced.
Merrill Lynch European power market expansion plans remain in place
Merrill Lynch’s plans to expand further into European power markets remain unaffected by the bank’s impending merger with Bank of America, says Rupen Tanna, managing director and co-head of commodities.
Taiwan limits short-selling on 150 stocks
Taiwan’s financial regulator today placed restrictions on the short-selling of 150 key index stocks for two weeks from September 22, following similar moves by Australian, Taiwanese, UK and US regulators, among others.
CDS spreads continue to tighten
Credit default swap (CDS) spreads on financial institutions had tightened further by close of play on September 19, as market confidence continued to rise after large injections of cash from central banks
Australia extends shorting ban to covered short sales
Sydney-based regulator the Australian Securities and Investments Commission (Asic) today extended its ban on naked short-selling – introduced last week – to covered short sales of all listed stocks.
Pressure eases on interbank lending
Strain on the interbank lending markets is easing as large infusions of liquidity start to take effect and market confidence improves.
Short selling ban could hit derivatives business
A short selling ban imposed by the US Securities and Exchange Commission (SEC) could result in reduced equity derivatives and structured products business for dealers.
SEC and FSA ban short selling on financials
The US Securities and Exchanges Committee (SEC) and UK Financial Services Authority (FSA) have both announced temporary bans on the short selling of financial stocks, as they look to halt the slide in bank equity prices.
Lehman crisis hits Primus
Primus Guaranty, the Bermuda based parent company of the first standalone credit derivatives product company (CDPC), had its counterparty credit rating of BBB+ placed on rating watch negative by Standard and Poor's on September 17.
Barclays to launch FX trend index
Barclays Capital will next week launch the latest in its range of investable foreign exchange indexes, the Barclays Adaptive FX Trend Index. This follows the Intelligent Carry Index (ICI) the bank launched in 2006 and the FX Volatility Indices it…
Paulson announces new Resolution Trust Corporation
US Treasury secretary Henry Paulson has confirmed he is working with the Federal Reserve Board and the Securities and Exchange Commission to get legislation through the US Congress to remove illiquid mortgage assets from the balance sheets of stricken…
CDS spreads tighten after central bank efforts
Credit default swap (CDS) spreads on financial institutions tightened yesterday as market confidence improved following a range of measures from central banks.