News
Risk linked with Asian banks ‘mispriced’, says RBS
The credit risk associated with Asian banks is being mispriced by the financial markets and the region’s relatively stronger credit outlook, compared with Europe and the US, makes bank debt potentially an attractive investment opportunity, according to…
SGCIB names new derivatives sales chiefs
Société Générale Corporate and Investment Banking (SGCIB) named several new senior managers in its global equities and derivatives division today, continuing the reshuffle that started after the discovery of the bank's €4.9 billion rogue-trading losses…
EEX and Eurex to launch CER carbon futures
The European Energy Exchange (EEX) and derivatives exchange Eurex will launch futures on certified emission reduction (CER) carbon credits on EEX on March 26.
Three EU countries face legal action over Mifid
The European Commission (EC) is referring member states the Czech Republic, Poland and Spain to the European Court of Justice over non-implementation of the Markets in Financial Instruments Directive (Mifid).
US regulator casts doubt over CME/Nymex merger
In a briefing released today, the US Justice Department said that financial futures markets that offer their own clearing services could be anti-competitive, which may prove to be an obstacle to CME Group’s plan to acquire the New York Mercantile…
SG downgrade throws shadow over structured products
The €4.9 billion loss at Société Générale (SG), blamed by the bank on a single rogue trader, has drawn attention to counterparty credit risk within the structured products industry.
CFTC names new global markets chief
The Commodity Futures Trading Commission (CFTC), based in Washington, DC, has appointed Jill Sommers as chairman of its Global Markets Advisory Committee. She takes over from acting chairman Walter Lukken, who has chaired this committee since October…
IACPM names new board
The New York-based International Association of Credit Portfolio Managers (IACPM) has elected Société Générale’s Allan Yarish as its chairman, with Neville Mallard, of ANZ, as his deputy. JP Morgan’s Donald Noe is the new treasurer. Each will hold their…
Evolution Launches Freight Brokerage Division
Evolution Markets has launched a freight brokerage division, providing brokerage and structured transaction services to global ocean freight markets.
BNP in trading shake-up
BNP Paribas has moved its global head of interest rate and foreign exchange trading, Guillaume Amblard, to a new position as global head of fixed-income trading.
Credit crisis drives trading in financial CDS
The banking and financial services sectors had the most active trading volumes of credit default swaps (CDS) in the US in January, according to GFI, a New York-based inter-dealer broker.
PDIG appoints new chairman
The London-based Property Derivatives Interest Group (PDIG) has appointed Nick Scarles as its new chairman.
French finance ministry releases SG post mortem
The French finance ministry called for better risk management and oversight at Société Générale (SG), and heavier fines for non-compliant banks, in a preliminary report issued today.
Lack of legal action over Mifid so far
Despite last year’s warnings from regulators saying they would punish financial institutions who had not complied with the Markets in Financial Instruments Directive (Mifid) in time for the November 1 deadline, no European Union member states or UK-based…
Fitch sees rise in Asian securitisation in 2008
Fitch Ratings expects overall issuance in the non-Japan Asian cross-border securitisation market to rise after pricing conditions stablise in 2008 and following stagnant growth in 2007, the agency said in a report issued on February 4.
Shinsei launches 'hybrid' bond
Japanese bank's first covered bond is deemed riskier than its European counterparts