News
European credit head leaves UBS
Henrik Raber, London-based co-head of European credit flow trading and sales at UBS, has left the bank.
UBS replaces head of investment banking
UBS has replaced its head of investment banking, Jerker Johansson, after 13 months in the role.
City of London defends OTC derivatives markets
Political pressure for reform risks crushing the over-the-counter derivatives market, warns a report published today by the City of London.
Auctions held on credit derivatives referencing three US companies
Three credit event auctions run by data vendor Markit and broker Creditex have determined final settlement values for credit derivatives trades referencing Missouri-based cable operator Charter Communications, Pennsylvania-based financial services firm…
Fed divulges process behind bank stress tests
The US Federal Reserve has released details of the methodology behind its Supervisory Capital Assessment Programme (SCAP), the recently concluded stress tests conducted by regulators to ascertain whether additional capital replenishment is needed at the…
EU parliament and Council approve rating agency regulation
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Level 3 committees respond to Commission
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Solvency II approved by European Parliament
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Fitch report explores concentration risk in Basel II proposals
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New FSA banking regulation aims to promote fairness for consumers
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OpRisk Europe: FSA condemns operational risk weaknesses
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Utilities call for early allocation of emissions
US utilities have called on Congress to allocate emissions allowances in the early years of a national cap-and-trade scheme during testimony before the House Energy and Commerce Committee yesterday.
No new coal without CCS, says Miliband
Energy secretary Ed Miliband announced yesterday that there will be no new coal plants built in the UK without carbon capture and storage (CCS) technology, in a move designed to place Britain at the forefront of technological developments.
Swiss Re ceases carbon trading
Zurich-based reinsurer Swiss Re is closing its carbon emissions trading desk, according to a spokesperson.
Citi to trade CERs in Israel
Citi has confirmed details of a recent emissions deal for certified emissions reductions (CERs) from a clean development mechanism (CDM) project in Israel.
LME steel trading hits 1.5 million tonnes
The London Metal Exchange (LME) has traded more than 1.5 million tonnes of steel in its first year, outperforming the first year of aluminium trade in 1978 by 49%, according to figures from the exchange.
CDSs on US banks tighten
The cost of credit protection on US banks fell yesterday, in the week US Treasury secretary Timothy Geithner asserted "the vast majority" of the nation's banks are well-capitalised.
OpRisk Europe: Dump Basel II, MP says
Basel II should be abandoned in favour of tougher regulations, UK member of parliament John Redwood told operational risk managers in London yesterday.
Freddie Mac's ex-CEO rejoins within a month of resigning
The ex-chief executive of US government-supported mortgage buyer Freddie Mac, David Moffett, has rejoined the firm only a month after he resigned.
Government ownership of banks possible, asserts Tarp board
According to a report released today by the Financial Stability Oversight Board, the government has the potential to take a major ownership stake in banks via the Capital Assistance Program (Cap), which was designed to provide capital to ailing banks…
IMF: leverage best for determining bank bailouts
Leverage ratios, return on assets and stock data are among the most reliable indicators for predicting whether banks would require government intervention in the credit crisis, according to a study published by the International Monetary Fund (IMF) this…
Credit Suisse reshuffles CRO positions
As Credit Suisse announced its first quarter results on April 23, which included reporting profits of Sfr2 billion ($1.72 billion) for the period, it also revealed changes to its risk management team.
Proposed replacement for IAS 39 to be released in October
The International Accounting Standards Board (IASB) will release proposals to replace IAS 39 - the accounting standard for financial instruments - in October this year.
European CDS dealers to follow US to fixed coupons
An agreement between the major dealers to move to standardised fixed coupons for trading European credit default swaps (CDSs), following a similar move in North America, could speed global moves towards central clearing, say market participants.