News
Rating agencies conflicts of interests revealed in SEC report
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Oil hedging losses hit SemGroup
Tulsa, Oklahoma-based midstream oil company SemGroup has filed for bankruptcy following a $2.4 billon loss on its hedging program on the New York Mercantile Exchange (Nymex).
Deutsche recruits foreign exchange options head
Deutsche Bank has appointed Connor Kelly as head of foreign exchange emerging markets options for central and eastern Europe, the Middle East, Africa and Latin America.
ICG chairman Klein quits Citi
Michael Klein, New York-based chairman of Citi’s institutional clients group (ICG), is leaving to pursue other opportunities, according to a statement released by the bank on July 21.
Wachovia names Robert Steel CEO amid more losses
Wachovia has revealed a $8.9 billion loss for the second quarter.
CEBS analyses op risk impact of Société Générale fraud
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Treasury seeks reactions to Payment Services Directive
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Basel Committee releases incremental risk charge proposal
The Basel Committee on Banking Supervision today released revised proposals for the charging of capital for incremental risk in the trading book. The new rules, developed in conjunction with the International Organisation of Securities Commissions, are…
New GSE legislation to be approved by end of week
Sweeping new legislation empowering the US Treasury to provide Fannie Mae and Freddie Mac with virtual carte blanche to access to government lines of credit could be approved by Congress as soon as the end of this week, Treasury secretary Hank Paulson…
CME makes final improved offer for Nymex
CME Group has improved its takeover offer for New York Mercantile Exchange (Nymex) by $113 million.
Bank of America digests writedowns to post $3.41bn profit
Bank of America (BofA) posted profits of $3.41 billion for the second quarter, despite recording combined writedowns of $4.84 billion in its credit book and elsewhere for the same period.
Citi’s trading risk head relocates to Dubai
Farhang Mehregani, currently Citi's London-based head of trading risk for the global equities business, will relocate to Dubai to lead the bank's equities business for central and eastern Europe, the Middle East and Africa.
Markit and DTCC plan to merge OTC services
London-based data provider Markit and New York-based Depository Trust and Clearing Corporation (DTCC) have announced their intention to form a new company to serve the over-the-counter derivatives markets.
UK bank rights issues flop as Citi announces $7 billion writedown
Multi-billion-pound rights issues by two major UK banks produced disappointing results this weekend, as US giant Citigroup announced $7.2 billion in writedowns on its subprime, monoline and commercial real estate exposures.
IIF releases final best practice report
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CBOE launches crude oil volatility index
Chicago Board Options Exchange (CBOE) has launched the CBOE Crude Oil Volatility Index (OVX).
Merrill Lynch startles market with end-of-day news on losses
Merrill Lynch waited until trading had closed in New York yesterday to announce quarterly losses of $4.7 billion, including $9.1 billion writedowns on its structured product, monoline and mortgage exposures.
Cheyne assets disappoint in rescue auction
The auction of the first portion of assets in SIV Portfolio, formerly known as Cheyne Finance, took place this week, but the assets sold at just 44% of par value - well below analyst predictions.
Borsa Italiana to launch power derivatives
Milan-based Borsa Italiana has signed an agreement with Italian power market regulator Gestore del Mercato Elettrico (GME) for commercial use of the national single price for electricity (prezzo unico nazionale – PUN).
S&P outlines "stability" changes to structured product ratings
US rating agency Standard & Poor's has outlined its proposal to include credit stability in its rating process, which could see severe downgrades for many volatile structured credit products.
Banks and hedge funds spur growth in OIS
Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
US regulators issue Pillar II guidance for AMA
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CEBS amends Corep guidelines
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SEC bans naked short selling of financial stocks
The US Securities and Exchange Commission will ban naked shorting of the major banks and mortgage companies from next week, in a bid to counteract the rumours that have surrounded banks such as Lehman Brothers in recent days.