News
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.
SEC cracks down on market abuse
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ICE cool about further regulation
ICE Futures chairman Bob Reid said today he was “relaxed” about the CFTC regulation of ICE Futures Europe.
Merrill’s equities trading head joins Citi
Mike Pringle, Merrill Lynch’s former head of equities trading for Europe, the Middle East and Africa, has joined Citi in the same role.
Treasury Committee announces banking reform inquiry
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Citi suspends new accounts amid AML review
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New London promotion group set up
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US moves to protect Fannie and Freddie
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Fed to support Fannie and Freddie
The US Federal Reserve has stepped in to support the struggling government-sponsored mortgage holders Fannie Mae and Freddie Mac.
Misys names capital markets product head
Charles Smith has joined software manufacturer Misys as head of product management for the company's treasury and capital markets business.
Regulators shut down IndyMac
US banking regulators have seized IndyMac, the troubled California-based mortgage lender, which announced deep losses and job cuts last week.
Securities firms strengthen risk management budgets, says study
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ICE and NGX expand physical natural gas clearing
IntercontinentalExchange (ICE) and Calgary-based Natural Gas Exchange (NGX) are to provide deal entry capability to energy brokers for physically cleared OTC natural gas contracts.
Doubt over opportunities for new monolines
With financial guarantors hit by a raft of downgrades in recent months as a result of exposures to subprime mortgage-linked securities – restricting their ability to generate new business - several new players are waiting in the wings to fill the void…
Northern Rock appoints CRO
Troubled UK mortgage bank Northern Rock has appointed Rick Hunkin as its chief risk officer. He will join the company by September 1, 2008.
Second review on Athilon rating
Moody's yesterday placed the AAA counterparty rating of credit derivatives product company (CDPC) Athilon Capital on watch for downgrade.
SEC hits out at agencies over RMBS
The US Securities and Exchange Commission (SEC) yesterday published a report detailing the results of its investigation on the three main credit rating agencies' practices in rating products that reference residential mortgage-backed securities (RMBS).
Singapore announces commodities exchange
Trading technology company Financial Technologies Group is to launch a Singapore-based commodities exchange, it has announced.
Commodities reshuffle at Morgan Stanley as Shapiro retires
Investment bank Morgan Stanley has reshuffled its commodity department, with head of commodities John Shapiro retiring.
Indianapolis hedges against escalating fuel prices
A fuel hedge and savings programme has netted the US city of Indianapolis over $39,000 during the month of June, according to a press release from the Mayor’s office.
Quant Congress: Models not to blame for stat arb crisis
Quantitative investment models were not responsible for the ructions in the statistical arbitrage sector in August 2007 and would, in fact, have proved extremely profitable should funds have weathered the storm, delegates at Quant Congress USA heard…
CFTC enforcement head returns to private sector
Gregory Mocek, head of the enforcement division at the US Commodity Futures Trading Commission (CFTC), has resigned to return to private practice.
Quant Congress: Bear Stearns breached structured credit limits, says former CRO
Defunct securities dealer Bear Stearns persistently breached its own internal limits governing how much structured credit paper the firm could hold on balance sheet in the months leading up to its collapse, the firm’s former head of risk management for…
World Bank tests water with Malawi drought risk trade
The World Bank will close a weather derivatives trade by October 1, a move intended to hedge the Malawian government against the financial risk of severe or catastrophic drought.