News
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.
Barclays Capital expected to take over Lehman indexes
Barclays Capital looks set to acquire Lehman Brothers’ suite of indexes, widely used as a benchmark in the fixed-income market.
Wachovia appoints Phelan as CRO
Kenneth Phelan has been appointed chief risk officer at Wachovia against the backdrop of increased financial turmoil and a possible merger with Morgan Stanley.
MBIA and Ambac in further ratings review
The two largest monoline insurers, MBIA and Ambac, were placed on review for downgrade by Moody's Investors Service yesterday.
Naked short-selling banned in Australia
The Australian Securities and Investments Commission (Asic), the country’s main financial watchdog, today effectively banned naked short-selling – selling securities without borrowing them first – from September 22 until further notice.
Cesr speaks out on rating agency regulation
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Iosco calls for international co-ordination on rating agency reform
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FSA: Credit crisis no excuse for non-compliance
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UK issues banking reform report
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Banks scoop up Lehman's derivatives clients
Dealers have reported a surge in business in the wake of the bankruptcy of Lehman Brothers, as former clients of the failed investment bank look for new counterparties to replace hedges.
Central banks reveal co-ordinated response to liquidity crisis
The world's major central banks today unveiled plans for a $180 billion injection of liquidity to restore stability to global financial markets.
Linn Energy terminates $68m of commodity contracts with Lehman
US oil and gas company Linn Energy has terminated all of its commodity derivative contracts with Lehman Brothers, and has replicated and re-hedged each of the contracts at identical strike prices with an unnamed counterparty, Linn Energy announced.
Gulf Coast refineries resuming output at reduced rate
Many US Gulf Coast refineries which shut ahead of Hurricane Ike should be operating within a week following site damage reports, according to a Platts report.
BOCHK reveals $69 million exposure to Lehman Brothers
Bank of China Hong Kong (BOCHK), the 60%-owned subsidiary of Beijing-based Bank of China, has direct exposure to troubled US dealer Lehman Brothers of $69.21 million in the form of Lehman corporate bonds.
CDS spreads continue to widen
Credit default swap (CDS) spreads on financial institutions have continued to widen, despite the bailout of US insurer American International Group (AIG) by the US Federal Reserve Board on Tuesday.
Interbank lending still under pressure
Interbank lending markets remained under stress today, despite large injections of liquidity by the world’s central banks.
Fed props up AIG with $85 billion loan
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Barclays buys Lehman's capital markets business in the US
Barclays has acquired Lehman Brothers' US investment banking and capital markets businesses, including its derivatives operations, for $250 million.
Enhanced trading platform launched in US
Elysian Systems has released a new version of its electronic trading platform, called Liquid 4, which can accommodate online trading in energy, commodities, fixed income and financial instruments.
US government takes control of AIG
The US Federal Reserve Board has agreed to lend struggling insurance company American International Group (AIG) up to $85 billion, in return for a 79.9% equity stake in the firm.
Fed asks Treasury for supplementary funding
The US Treasury department is creating a temporary supplementary funding programme at the request of the Federal Reserve. The initiative has been devised to manage the balance-sheet impact of the Fed’s lending and liquidity operations, and ensure it can…
McCreevy speaks on cross-border supervision
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US agencies address goodwill deductions from Tier I capital
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