News
CFTC enhances international oversight
The Commodity Futures Trading Commission (CFTC) has revised ICE Futures Europe's permission to operate in the US as part of a wider effort to increase international regulatory co-operation.
UK tax authority arrests carbon fraud suspects
The UK's tax authority HM Revenue & Customs (HMRC) has arrested seven people on the suspicion of a £38 million VAT fraud involving the trading of carbon emissions allowances.
MF Global expands fixed-income team
New York-based derivatives broker MF Global has boosted its fixed-income teams in the US and Europe with several new hires, hoping to benefit from the increase of debt issuance in global markets.
SEC mulls new short-selling rules
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African banks co-operate on fraud risk management
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Ex-Keydata consultant opens new firm for business
Gilliat Financial Solutions, a specialist UK structured products distributor founded by ex-Keydata consultant Adrian Neave, has announced it plans to launch two new FTSE-based products in early September.
US Wrap: ABN and UBS close in on General Electric
ABN Amro and UBS have both launched reverse convertible notes linked to the stock of General Electric lasting three months. ABN's note pays an annualised coupon of 10.75%, with a conversion barrier of 80%. UBS's note pays a lower coupon of 9% but has a…
Britannia offers latest issue of its offshore Guaranteed Capital Bond
Britannia International, an offshore savings bank, has opened issue 8 of its Guaranteed Capital Bond. The three year 100% capital protected product will pay a fixed return of 3.54% annually if the FTSE 100 index is equal to or greater than the start…
Federal Reserve announces extension of Talf
The US Treasury and Federal Reserve confirmed on August 17 that the Term Asset-Backed Securities Loan Facility (Talf) will be extended from its scheduled finish at the end of this year to June 2010. Some market participants have taken the news as a sign…
CFTC withdraws ags exemptions
The Commodity Futures Trading Commission (CFTC) withdrew two no-action letters today that provided relief from federal agricultural speculative positions limits laid out in CFTC regulations.
EDH financial boost targets OTC transparency
Point Carbon, a market analysis firm, has taken an undisclosed stake in the Energy Data Hub (EDH) in a bid to increase transparency in the over-the-counter (OTC) energy markets.
South Korea gears up for carbon targets
South Korean companies are demonstrating increased interest in carbon trading, as the country gears up for setting a 2020 emissions reduction target.
Biofuels industry to triple in size by 2020
The biofuels market will reach $247 billion in sales by 2020 according to a report from clean technology consultancy firm Pike Research.
US Wrap: RBC mixes reverse convertibles and growth
Royal Bank of Canada (RBC) has joined the latest trend for reverse convertible products, launching two new notes linked to Wells Fargo. The structures have three month maturities and differ in terms of pricing. While one note offers a conversion barrier…
CDS: US banks lead spreads narrower
Credit default swap 5-year mid-levels for structured products issuers (August 18)
UK may issue exchangeable gilts
The UK Treasury may issue bonds exchangeable into shares of Royal Bank of Scotland and Lloyds TSB, according to the asset manager responsible for the government's stakes in the two banks.
US and English courts on potential collision course over Lehman structures
Legal battles over a series of collapsed structured finance transactions in which a subsidiary of Lehman Brothers was the swap counterparty could produce divergent opinions from US and English courts, causing far-reaching consequences for trustees and…
Citadel hires derivatives portfolio manager
Thomas Vergnaud has joined Chicago-based hedge fund Citadel as a portfolio manager with responsibility for derivatives strategy.
Fitch survey reports improved investor sentiment
After two years of turmoil, the credit markets are showing signs of recovery, according to respondents to Fitch Ratings' latest quarterly European senior credit investor survey.
CDS: Spreads widen on weak Japan and falling US data
Credit default swap 5-year mid-levels for structured products issuers (August 17)
US Wrap: ABN and JP Morgan bank on financials
ABN Amro and JP Morgan both launched reverse convertible notes linked to banking stocks at the close of last week. ABN's note, referencing Citigroup stock, was the bank's only offering into the market. The six-month product pays an annualised coupon of…
Structured products preferred by advisers, says Morgan Stanley survey
Structured products have come top of the list of investment products financial advisers would recommend to their clients, according to a new survey by Morgan Stanley. Structured plans leapt two places from the bank's last survey in December 2008,…
Airlines use aircraft as alternative to cash in margin calls
Airlines with fleets of unencumbered aircraft are starting to use them instead of cash as collateral required for large margin calls in derivatives trades, such as fuel hedges.