News
FIA opposes CME-CBOT merger
The Washington-based Futures Industry Association (FIA) has opposed the proposed merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) on the grounds that it would reduce competition among US exchanges.
EDHEC: fraud is biggest hedge fund risk
More than three quarters of all hedge fund defaults are due to fraud or misrepresentation, according to a study by economists at the EDHEC business school in Nice.
JP Morgan hires EMEA equity marketing head
Adrian Valenzuela will join JP Morgan in London in May, as head of equity derivatives flow marketing for Europe, the Middle East and Africa.
No need for more hedge fund regulation, US group says
Despite its growth over the last seven years, there is no need to improve regulation of the private investment industry, a US government working group reported yesterday.
Dresdner poaches equity derivatives sales team from Wachovia
Dresdner Kleinwort has hired a team of equity derivatives sales staff from Wachovia to expand its US equity derivatives operation.
DME announces launch date
The Dubai Mercantile Exchange (DME), the Middle East’s first energy futures exchange, will officially launch on May 1.
Moody’s: credit cycle at tipping point
The rate of defaults on speculative-grade corporate debt was at its lowest level for two decades in 2006, but will double in 2007, according to New York-based rating agency Moody’s.
Dresdner hires head of distribution
Dresdner Kleinwort, the investment banking arm of Dresdner Bank, has appointed Stefan Guetter as head of global distribution, replacing Garrett Curran, who has become head of global finance.
DME announces launch date
The Dubai Mercantile Exchange (DME), the Middle East’s first energy futures exchange, has announced that it will officially launch on 1 May.
US property slowdown could increase risk for CDOs
Decelerating house price inflation and competition among commercial mortgage lenders could hurt US structured credit products, according to a Dresdner Kleinwort report.
Pension funds at risk from currency fluctuations
State Street Global Advisors (SSgA), the investment management arm of New York-based State Street Corporation, has warned UK institutional investors they are overexposed to carry trades and to currency-fluctuation risk in their portfolios.
BGC admits "material weakness" in reporting ahead of IPO
Interdealer broker BGC has admitted a "material weakness" in its internal accounting, which it says could put it in breach of the US Sarbanes-Oxley Act after it lists its shares later this year.
CME to launch first exchange-traded credit derivatives
The Chicago Mercantile Exchange (CME) is to begin trading credit index event contracts, the first exchange-traded credit derivatives contracts, by June this year.
Risk amplifiers will endanger credit market, report warns
High levels of speculation, leverage and securitisation mean the credit market is riskier than it appears, according to research published this month by the UK independent financial research company Clear Capital.
Bear Stearns to repay millions to collapsed hedge fund
New York-based bank Bear Stearns has been ordered to repay at least $125.1 million to the collapsed Manhattan Investment hedge fund, for failing to report alleged fraud that could have cost investors up to $400 million.