News
US regulator casts doubt over CME/Nymex merger
In a briefing released today, the US Justice Department said that financial futures markets that offer their own clearing services could be anti-competitive, which may prove to be an obstacle to CME Group’s plan to acquire the New York Mercantile…
SG downgrade throws shadow over structured products
The €4.9 billion loss at Société Générale (SG), blamed by the bank on a single rogue trader, has drawn attention to counterparty credit risk within the structured products industry.
CFTC names new global markets chief
The Commodity Futures Trading Commission (CFTC), based in Washington, DC, has appointed Jill Sommers as chairman of its Global Markets Advisory Committee. She takes over from acting chairman Walter Lukken, who has chaired this committee since October…
IACPM names new board
The New York-based International Association of Credit Portfolio Managers (IACPM) has elected Société Générale’s Allan Yarish as its chairman, with Neville Mallard, of ANZ, as his deputy. JP Morgan’s Donald Noe is the new treasurer. Each will hold their…
Evolution Launches Freight Brokerage Division
Evolution Markets has launched a freight brokerage division, providing brokerage and structured transaction services to global ocean freight markets.
BNP in trading shake-up
BNP Paribas has moved its global head of interest rate and foreign exchange trading, Guillaume Amblard, to a new position as global head of fixed-income trading.
Credit crisis drives trading in financial CDS
The banking and financial services sectors had the most active trading volumes of credit default swaps (CDS) in the US in January, according to GFI, a New York-based inter-dealer broker.
PDIG appoints new chairman
The London-based Property Derivatives Interest Group (PDIG) has appointed Nick Scarles as its new chairman.
French finance ministry releases SG post mortem
The French finance ministry called for better risk management and oversight at Société Générale (SG), and heavier fines for non-compliant banks, in a preliminary report issued today.
Lack of legal action over Mifid so far
Despite last year’s warnings from regulators saying they would punish financial institutions who had not complied with the Markets in Financial Instruments Directive (Mifid) in time for the November 1 deadline, no European Union member states or UK-based…
Fitch sees rise in Asian securitisation in 2008
Fitch Ratings expects overall issuance in the non-Japan Asian cross-border securitisation market to rise after pricing conditions stablise in 2008 and following stagnant growth in 2007, the agency said in a report issued on February 4.
Shinsei launches 'hybrid' bond
Japanese bank's first covered bond is deemed riskier than its European counterparts
Market mulls implications of Northern Rock rescue plan
While some welcome any initiatives to reopen the securitisation market, others question whether the government's guarantee gives the lender an unfair advantage
Next big hurdle looms for Sivs
Structured investment vehicles face the prospect of refinancing $170bn of medium term notes
Improvement in ABCP outlook sparks hopes of recovery
A pick-up in the issuance of asset-backed commercial paper is being seen as a sign that the market is near or at the bottom, although European observers remain cautious