News
€4.9 billion fraud at Société Générale
Société Générale has suffered a €4.9 billion loss from rogue dealing by one of its equity index futures traders, forcing it into a €5.5 billion rights issue.
Shake-up at SG follows rogue trader losses
Top management at Société Générale has been reshuffled in the wake of the rogue trades which cost the bank €5 billion in losses this month.
Questions remain over SG rogue trader
In a conference call this morning, Société Générale's chairman, Daniel Bouton, attempted to explain how the bank came to suffer losses of almost €5 billion from a single rogue trader on its equity index futures desk, but left many questions unanswered.
'He didn't want to tell the truth immediately': Mianne on Kerviel
The Société Générale rogue trader knew "perfectly" how to conceal his trades with a combination of fictitious trades and rolling forward positions, according to Christophe Mianné, the new head of global equities and derivatives, who spoke exclusively to…
Monoline bailout looking likely
As market conditions continue to deteriorate, interested parties are coming together in an attempt to save the imperilled US monoline insurers from bankruptcy.
Man Investments opens Singapore office
Man Investments, a London-headquartered alternative investments manager with $71 billion under management, today opened an office in Singapore. Tim Peach, head of sales for South-east Asia, will relocate from Hong Kong to lead the Singapore team.
Bad timing for Basel II
The Basel II regulations on capital adequacy came into effect on January 1 this year. Although they were intended to produce more flexible and refined methods of calculating capital requirements, some are pessimistic about how the new rules will affect…
Danish banks ready for Sepa
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NYSE Euronext and Caisse des Dépôts launch carbon exchange
NYSE Euronext and French state bank Caisse des Dépôts have announced the launch of Bluenext, an international exchange that will operate markets in carbon emission allowances and credits.
EC sets out phase III plans for EU ETS
The European Commission (EC) today outlined its plans to expand the scope of the European Union’s Emissions Trading Scheme (EU ETS) for the trading period of 2013 - 2020 (phase III).
$6bn in Q4 writedowns at Bank of America and Wachovia
Bank of America and Wachovia, the second and fourth biggest banks in the US by assets under management, have posted large writedowns for the fourth quarter of 2007 as depreciating mortgage-backed securities (MBS) continue to punish banks’ bottom lines.
Calyon names credit head
Neal Neilinger has joined Calyon in London as global head of the credit business, part of the bank's debt and credit markets division. He will report to the global head of debt and credit markets, Jim Siracusa.
Schueler leaves Deutsche
Marcus Schueler, head of integrated credit marketing at Deutsche Bank, has left the bank.
Markit buys BOAT
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HFWG sets hedge fund best-practice standards
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Markit takes over Boat reporting platform
Market information provider Markit, based in London, has taken over the Boat trade reporting platform.
Nazareth resigns as SEC commissioner
The Securities and Exchange Commission (SEC) has confirmed that commissioner Annette Nazareth will step down from her role at the US regulator at the end of the month.
More Mifid risks are coming
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OFT tackles unfair bank charges
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First cleared CER spot transaction on Climex
The first cleared spot trade of Certified Emission Reductions (CERs) took place on Climex this week.
Global carbon market grows 80% in 2007
The total value of greenhouse gas emission permits traded in 2007 reached €40 billion, an 80% rise on the 2006 figure of €22bn, according to information provider Point Carbon.