News
Bank of America names post-takeover leaders
Several Merrill Lynch executives will step into leadership posts after the bank's $50 billion takeover by Bank of America, set to close in the first quarter of next year.
French president becomes online fraud victim
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UK first in Europe to conduct Phase II carbon credit auction
The UK will be the first country in Europe to hold a carbon credit auction under phase II of the European Union Emissions Trading Scheme (EU ETS), the government announced today.
Nymex announces job cuts
Nymex is to make 150 job cuts over the next 18 to 24 months as a result of its acquisition by CME Group in August 2008.
Exelon proposes NRG merger
Exelon Corporation has announced details of a $6.2bn proposal to acquire NRG Energy, a merger that would create the largest US power company in terms of assets, market capitalisation, enterprise value and generating capacity.
Sweden's $202 billion guarantee fails to help markets
The Swedish finance minister, Anders Borg, promised SKr1500 billion ($202 billion) in loan guarantees to Swedish banks yesterday, but the country's markets remained sluggish today.
Citic Pacific plummets after $2 billion derivatives loss
Shares in Citic Pacific, the Hong Kong arm of the Chinese state investment company Citic, fell 55% today after the company admitted a $2 billion loss on poorly-managed forex hedges.
IMF: European regulators are making the downturn worse
In many European countries, banking regulators have made the crisis more severe by failing to intervene in procyclical lending behaviour, the International Monetary Fund warned today.
French bank CDSs tighten
The cost of protection on French banks fell in early trading today after the government said it would lend €10.5 billion to six of the country's biggest financial institutions.
Ted spread drops to monthly low
The strain on the interbank lending market eased further today as the Ted spread reached its lowest rate for almost a month and Libor continued to fall.
French banks to receive €10.5 billion in state loans
Christine Lagarde, France’s minister of the economy, on October 20 announced details of a plan to lend a total of €10.5 billion to six French banks, just days after the unveiling of a €320 billion government scheme to prop up the financial sector.
CFO replaced in compensation probe at AIG
AIG, the US insurance giant, has appointed David Herzog executive vice president and chief financial officer (CFO), replacing the acting CFO, Steven Bensinger, who will leave the company. The announcement followed a letter from the New York attorney…
$130 billion aid for Korean banks
The Korean government has promised up to $100 billion in loan guarantees and another $30 billion in new loans for Korean banks.
ING becomes latest member of helping hand scheme
Financial services group ING on October 19 agreed terms with the Dutch government for a €10 billion capital injection, becoming the latest beneficiary of the state-supported recapitalisation process underway in Europe and the US.
European bank CDS spreads tighten
The cost of credit protection on European financial institutions dropped in early trading today.
Caisse d'Epargne management step down after losses
The chairman, chief executive and chief finance officer of Caisse d'Epargne have resigned after the bank admitted it had lost €600 million in unauthorised equity derivative trades.
Ted spread falls further
The Ted spread and three-month Libor continued to fall following last week’s bailout packages announced in Europe and the US.
FSA chairman warns of hard-line regulation
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Fed issues compliance risk management guidance for BHCs
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New futures contracts launched on ClearPort
CME Group is to launch 18 natural gas and 17 petroleum product swap futures contracts on its ClearPort system.
Interbank lending eases further
The Ted spread, along with overnight and three-month Libor, fell for the fourth day in succession after European governments announced bailout packages on Monday, and the US followed suit on Tuesday.
Caisse D’Epargne hit by unauthorised derivatives loss
Caisse D’Epargne, set to become the second largest retail bank in France if a proposed merger with Banque Populaire goes ahead, today revealed losses of €600 million on its equity derivatives book.
Q & A: CESR chairman Eddy Wymeersch
Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR), talks to Risk about the effects the financial crisis will have on regulators and central banks.
CDS spreads stabilise in Europe and the US
The cost of credit protection on European financial institutions stabilised in early trading today, after a tumultuous week that has seen governments in the UK, Germany, France, Spain and Switzerland announce major bailout packages for major financial…