News
New York Fed appoints Dudley chief executive
The Federal Reserve Bank of New York today named William Dudley as its president and chief executive.
European financials fare better in CDS market
The cost of credit protection fell on European financials and Spanish commodity players in this morning's trading.
Barclays Capital expands executive committee
Barclays Capital has added eight managing directors to its executive committee, after completing the integration of Lehman Brothers' US investment banking and capital market businesses.
Hypo Real Estate names Better CRO
Munich-based property financing firm Hypo Real Estate has named Manuela Better as its new chief risk officer (CRO), effective February 1.
US Wrap: Single product gives slow end to week
Listed issuance in the US reduced to a single product on Friday January 23: a 100% principal protected Absolute Return Barrier note, linked to the performance of the S&P500 index and issued by UBS. The note has a two-year life and will settle on January…
ING CEO and 7,000 workers fall victim to €3.3 billion losses
After losing an estimated €3.3 billion in the last quarter of 2008, ING will lay off 7,000 employees, along with chief executive Michel Tilmant.
Mixed market sentiment for financials
The cost of credit protection fell on European financials and rose on Middle Eastern banks in this morning's trading.
Inflation-linked bonds see possible recovery
After months of poor trading, linked to the banking crisis and sagging commodities prices, breakeven rates on US Treasury inflation-protected securities (Tips) have started to rise from their November lows, suggesting investor interest is returning to…
Freight derivatives market shifts further towards clearing
Fears of counterparty credit risk have led to a sharp migration towards clearing in the freight derivatives market over the past four months. The ratio of cleared forward freight agreement (FFA) trades to non-cleared over-the-counter trades in the last…
Hedge funds' lack of op risk disclosures a concern
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US Wrap: Growth products lead the pack
Nine deals were filed and launched in the US structured products market yesterday, with half the issuance made up by accelerated growth products. JP Morgan fed the confounding appetite for US equity exposure with a 300% leveraged participation rate in…
Clearing single-name CDSs may prove uneconomical
High margin requirements may make central clearing of single-name credit default swaps (CDS) impossibly expensive, according to one clearing specialist.
BoJ plans to inject $34bn to aid corporate funding
The Bank of Japan (BoJ) has become the latest central bank to unveil plans aimed at bolstering the corporate debt market, with plans to buy up to ¥3 trillion ($33.7 billion) of outstanding commercial paper (CP) to help ease funding pressure suffered by…
Thain departs BoA within a month of merger
John Thain, Merrill Lynch's former chairman and chief executive, is the second investment banking head to leave Bank of America (BoA) since the two banks' merger closed on January 1.
Cash-settlement auctions working, says Isda
The auction process for cash-settling credit derivatives trades has been tested recently but is working well, said Bob Pickel, chief executive of the International Swaps and Derivatives Association, at a symposium held by the organisation in New York on…
ABN Amro claims second victim in Fortis
Benelux bank Fortis today revealed a net loss of €14.1 billion for the first nine months of 2008, due mainly to its acquisition of parts of ABN Amro.
CDSs widen on European insurers
The cost of credit protection on European insurance and reinsurance companies rose in this morning's trading.
SHKF buys back clients' minibonds
Hong Kong-based Sun Hung Kai Financial (SHKF) has agreed to buy back all the Lehman Brothers credit-linked minibonds it sold to retail investors. The decision follows an investigation by the territory's Securities and Futures Commission into possible mis…
UK FSA chairman Lord Turner outlines agenda for regulatory reformation
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ECB chief Trichet 'stands ready' for supervisory powers
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Trading book capital must be "several times" higher, FSA says
Capital requirements for assets held on the trading book should be "several times" higher than at present, according to the chairman of the UK Financial Services Authority, Adair Turner.
Citi replaces chairman
Citi has named Richard Parsons, lead director and chair of the board's nomination and governance committee, as the successor to its chairman, Win Bischoff, effective February 23.
S&P unveils CDS indexes
Index provider Standard & Poor's Index Services (S&P) has launched three US credit default swap (CDS) indexes designed to evaluate the performance of the credit derivatives market.
UBS exits exotic structured products business in FICC
UBS is shutting down its exotic structured products business within its fixed income, commodities and currencies (FICC) division.