News
Markit and DTCC plan to merge OTC services
London-based data provider Markit and New York-based Depository Trust and Clearing Corporation (DTCC) have announced their intention to form a new company to serve the over-the-counter derivatives markets.
UK bank rights issues flop as Citi announces $7 billion writedown
Multi-billion-pound rights issues by two major UK banks produced disappointing results this weekend, as US giant Citigroup announced $7.2 billion in writedowns on its subprime, monoline and commercial real estate exposures.
IIF releases final best practice report
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CBOE launches crude oil volatility index
Chicago Board Options Exchange (CBOE) has launched the CBOE Crude Oil Volatility Index (OVX).
Merrill Lynch startles market with end-of-day news on losses
Merrill Lynch waited until trading had closed in New York yesterday to announce quarterly losses of $4.7 billion, including $9.1 billion writedowns on its structured product, monoline and mortgage exposures.
Cheyne assets disappoint in rescue auction
The auction of the first portion of assets in SIV Portfolio, formerly known as Cheyne Finance, took place this week, but the assets sold at just 44% of par value - well below analyst predictions.
Borsa Italiana to launch power derivatives
Milan-based Borsa Italiana has signed an agreement with Italian power market regulator Gestore del Mercato Elettrico (GME) for commercial use of the national single price for electricity (prezzo unico nazionale – PUN).
S&P outlines "stability" changes to structured product ratings
US rating agency Standard & Poor's has outlined its proposal to include credit stability in its rating process, which could see severe downgrades for many volatile structured credit products.
Banks and hedge funds spur growth in OIS
Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
US regulators issue Pillar II guidance for AMA
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CEBS amends Corep guidelines
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SEC bans naked short selling of financial stocks
The US Securities and Exchange Commission will ban naked shorting of the major banks and mortgage companies from next week, in a bid to counteract the rumours that have surrounded banks such as Lehman Brothers in recent days.
SEC cracks down on market abuse
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ICE cool about further regulation
ICE Futures chairman Bob Reid said today he was “relaxed” about the CFTC regulation of ICE Futures Europe.
Merrill’s equities trading head joins Citi
Mike Pringle, Merrill Lynch’s former head of equities trading for Europe, the Middle East and Africa, has joined Citi in the same role.
Treasury Committee announces banking reform inquiry
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Citi suspends new accounts amid AML review
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New London promotion group set up
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US moves to protect Fannie and Freddie
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Fed to support Fannie and Freddie
The US Federal Reserve has stepped in to support the struggling government-sponsored mortgage holders Fannie Mae and Freddie Mac.
Misys names capital markets product head
Charles Smith has joined software manufacturer Misys as head of product management for the company's treasury and capital markets business.
Regulators shut down IndyMac
US banking regulators have seized IndyMac, the troubled California-based mortgage lender, which announced deep losses and job cuts last week.
Securities firms strengthen risk management budgets, says study
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ICE and NGX expand physical natural gas clearing
IntercontinentalExchange (ICE) and Calgary-based Natural Gas Exchange (NGX) are to provide deal entry capability to energy brokers for physically cleared OTC natural gas contracts.