News
ECX and LCH clear way for CER futures launch
European Climate Exchange (ECX) and clearing house LCH.Clearnet have reached an out-of-court settlement over the proposed launch of ECX Certified Emission Reduction (CER) futures contracts.
BGC acquires Radix
Interdealer broker BGC has purchased Singapore-based broker Radix Energy, enabling BGC to offer voice and electronic brokerage services for products such as crude oil, naptha, middle distillates, fuel oil and freight.
Progress made on equity derivatives backlogs
Investment banks have continued to make progress with reducing confirmation backlogs associated with executing over-the-counter equity derivatives trades. The average backlog has been reduced to nine days, down from 19 days in November 2006, according to…
Bank practices undermined liquidity, BIS says
In the approach to the credit crisis, practices such as securitisation, dependence on the money markets and use of collateral increased the danger of a liquidity shortfall, according to a report released by the Bank of International Settlements (BIS).
CPDOs suffer more downgrades
Rating agency Standard & Poor's (S&P) has downgraded 28 of the 29 constant proportion debt obligation (CPDO) transactions it rates.
SAP poaches Misys Asia-Pacific head
Murray Sargant left his post as Asia-Pacific managing director in treasury and capital markets at software vendor Misys in mid-December to join business software supplier SAP.
MBIA looks to past head as monolines flounder
MBIA, the Armonk, New York-based monoline insurer, has appointed Jay Brown as chairman and chief executive officer, nine months after he retired from his last position at the company.
CFTC establishes new energy markets advisory committee
The US Commodity Futures Trading Commission (CFTC) has established an advisory committee to provide a public forum examining issues related to the energy markets and the CFTC’s role in them under the Commodity Exchange Act.
Kerviel acted alone, SG report finds
The Société Générale (SG) investigation into rogue trader Jerome Kerviel has found no evidence of an accomplice, but criticises the bank's oversight teams for failing to take the initiative in following up 93 alerts triggered by his unauthorised trades.
Bear Stearns names Loic Meinnel as new European head of foreign exchange
Loic Meinnel has joined Bear Stearns as head of foreign exchange for Europe. He will also be the firm’s global head of foreign exchange options and the European co-head of emerging markets.
State Street adds six in fixed income
Institutional fund manager State Street Global Advisors has appointed six senior executives to its global fixed-income team. All six will report to Mark Marinella, State Street’s new global fixed-income chief, and will be based in Boston.
Middle East should be cautious, urges Bahrain regulator
Daily news headlines
UK banks show resilience
London-based Barclays has reported improved earnings for 2007, despite a $3.2 billion (£1.6 billion) net loss due to exposures to US subprime loans.
Crude oil hits new record
Crude oil for March delivery rose 73 cents to finish at a new record closing high of $100.74 a barrel on the New York Mercantile Exchange (Nymex) today.
TFS Energy launches Green Finance Division
TFS Energy has launched TFS Green Finance, which aims to provide clients with merchant banking and brokerage solutions for the environmental markets.
Amine appointed co-head of Credit Suisse's global investment banking department
Credit Suisse has named Jim Amine as co-head of its global investment banking department and head of its global markets solutions group.