News
Ratings agencies must try harder, Sifma says
A report from the Securities Industry and Financial Markets Association (Sifma), a New York-based industry lobby group, has criticised efforts by the major credit rating agencies to reform themselves.
Ambac clears deck of $1.4 billion CDO-squared
New York-based bond insurer Ambac has rid its books of exposure to a $1.4 billion collateralised debt obligation-squared (CDO-squared) transaction, by commuting a guarantee written on it for arranger Citi.
New wealth management head in Japan for UBS Securities
Walter Seitz has been appointed head of wealth management at UBS Securities Japan to replace Junya Tani, who left to head Credit Suisse’s newly launched private banking operations in Tokyo.
Fed’s OTC processing targets expanded to interest rates and commodities
For the first time, major traders of over-the-counter derivatives have pledged to improve operational efficiency for interest rates and commodity derivatives, as well as further improve processing speeds for credit and equity derivatives.
Wachovia CRO next to step down
Donald Truslow, chief risk officer at Wachovia, is to retire as soon as his successor is named, in the latest in a series of high-level departures at the investment bank.
EC works to cut reliance on rating agencies
The European Commission hopes to reduce the dependence of financial institutions, regulators and governments on rating agencies, which it sees as a key factor in the current financial crisis.
Losses & Lawsuits
Losses and Lawsuits
US securities regulator extends emergency short-selling order
Daily news headlines
BarCap works to revive life insurance securitisation
For Barclays Capital, a recent £250 million ($495 million) securitisation of part of UK insurer Aegon Scottish Equitable’s life portfolio proves there’s life left in the life insurance securitisation market.