News
Tarp inspector general calls for more clarity on banks' use of funds
The US Treasury's special inspector general for the Troubled Assets Relief Program (Tarp), Neil Barofsky, has called on the Treasury to force banks to report their use of the Tarp's bailout funds. But the Treasury is reluctant to do so.
Doubt over Fed’s ability to limit systemic risk
The Obama administration’s proposals for safeguarding the financial system place the US Federal Reserve at the heart of a new regulatory regime for systemic risk, but some former regulators are sceptical of the Fed’s ability to carry out the job.
Trading and one-off gains lift bank profits
Trading activities and one-off gains helped US banks record positive results during the week ending July 17, despite a continuing deterioration in traditional lending businesses, analysts said.
Cebs calls for varying capital buffer rules
Reform of the Basel II capital adequacy rules should include a varying capital buffer to compensate for losses and smooth out the effects of the business cycle, European regulators said on Friday.
Citi in secret FDIC deal over governance problems
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US Wrap: Week of activity closes with quiet spell
The US market has enjoyed a relatively busy period which has tailed off as the week draws to a close. Forty-four products have been launched over the past seven days, including one day of bumper reverse convertible issuance when ABN Amro unveiled 19 of…
Race against the clock for European CDS CCPs
With just two weeks remaining until the European Commission’s deadline for central counterparties (CCPs) to begin clearing credit default swaps (CDSs), two of the competing platforms are still waiting for regulatory approval.
Bank CDS spreads tighten on positive second-quarter results
The cost of credit protection fell on US and European financials this week after a wave of positive second-quarter results.
UK Treasury releases Walker Review
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Investor panel urges reform of US financial markets
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US Treasury issues fact sheet on hedge fund regulatory reform
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Société Générale launches new listed income product
Société Générale has issued a new listed plan, which guarantees to pay an income higher than a traditional savings account. The FTSE Income Protection 3000, which is listed on the London Stock Exchange, provides investors with a fixed income of £17, or 1…
Quant Congress: Default rate data "underestimates structured credit risks"
Rating agencies' method for dating default event statistics has led to the systematic mispricing of risk in structured credit models, according to Robert Jarrow, professor of finance and economics at Cornell University.
EC continues tough stance on securitisation
In its latest round of proposals for modifications to the Capital Requirements Directive (CRD), the European Commission has confirmed its intention to assign higher capital requirements to re-securitisations and to enhance disclosure requirements for…
Carbon market VAT scrutiny shifts to Climex
The Dutch government has announced changes to the way carbon permits will be taxed, following concerns about a 49% leap in volumes on Dutch carbon exchange Climex in June. The growth came despite an overall drop in trading volumes across all European…
UBS hires new head of rates trading
UBS has appointed Chris Murphy as its new global head of interest rate derivatives trading.