News
CFTC closes commodity fraud case
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RGGI futures contracts start well
Trading of Regional Greenhouse Gas Initiative (RGGI) CO2 futures contracts on the Chicago Climate Futures Exchange (CCFE) got off to a positive start since their launch on 15 August.
Fannie and Freddie equity plunge continues as bailout looms
Speculation is mounting in the US that the Treasury will shortly have to give direct support to Fannie Mae and Freddie Mac, as the government-sponsored enterprises’ (GSEs) equity prices plunged to 17-year lows today.
Foreign banks face $475 billion subprime losses
Although banks such as UBS have reported massive subprime-related writedowns in the early stages of the mortgage crisis, European banks are not over-represented in the subprime market, according to research published by the US Federal Reserve.
Ginnie Mae creates risk committee and appoints CRO
The US government-sponsored mortgage entity Ginnie Mae has established a risk committee and appointed Stephen Ledbetter as chief risk officer.
Braemar and Tullett Prebon form FFA broking team
UK-based shipping company Braemar Seascope and global inter-dealer broker Tullett Prebon have initiated a joint-venture to concentrate on broking forward freight agreements (FFAs).
BGC names Aubin global head of listed products
Interdealer broker BGC has appointed Jean-Pierre Aubin as global head of listed products, based in New York.
CEIOPS seeks views on supervisory review
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Fresh approach to controls needed
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Shareholders approve CME / Nymex deal
Shareholders at the Chicago Mercantile Exchange (CME) and the New York Mercantile Exchange (Nymex) have voted in favour of a merger between the two exchanges.
Shareholders approve CME's Nymex takeover
Shareholders on both sides have approved CME Group's takeover of the New York-based exchange Nymex, which, combined with the Chicago Mercantile Exchange, would create a single market dominating the US futures industry.
Deutsche launches proxy inflation index
Deutsche Bank has created a proxy inflation index that seeks to mirror inflationary trends in Asia excluding Japan by using a combination of inflation in Europe, the US and Japan, and commodity exposures in food and metals.
Citi continues equity derivatives reshuffle
Following the departure of Citi's global head of equity derivatives, Joe Elmlinger, two of the bank's regional heads have also left their posts.
CFTC closes $291 million commodity fraud case
The US Commodity Futures Trading Commission has ordered commodity trader Paul Eustace to pay up to $291 million in fines and restitution to customers of his Philadelphia Alternative Asset Management (PaamCo) commodity pool.
Bank monoline exposures creep up in second quarter
Second-quarter results yielded further markdowns at major dealers due to the increasing counterparty risk posed by monoline insurers.
S&P names David Jacob as head of structured finance ratings
Standard & Poor’s has appointed David Jacob as head of structured finance ratings. He replaces Vickie Tillman, who has been acting head since January, when Joanne Rose became executive managing director for risk and quality policy.
BNP adds Zuberi to US structured credit desk
BNP Paribas has appointed Adnan Zuberi as a director on the structured credit desk in New York. He reports to Jerome Wong, the head of credit structuring for the Americas.
BarCap names head of structuring, Asia-Pacific
Barclays Capital has appointed Chak Wong as head of structuring for the Asia-Pacific region, based in Hong Kong.