News
Knight Capital creates CRO role after $440 million losses
Following losses because of a rogue algorithm, Knight Capital creates new roles
US insurers expected to redesign products in response to new reserving guidelines
NAIC approves new principles that could increase reserves held on certain universal life products
Trade reporting pressure increases as CFTC deadlines loom
DTCC data repository has received provisional CFTC approval, just three weeks ahead of mandatory reporting for credit and rates, with forex reporting due to begin in January
OTC trade sizes could shrink under Mifid reporting rules
Market-makers will be uncomfortable taking on less liquid trades if instant reporting is required, warns a panel at Isda's European conference
OTC Derivatives Clearing Summit: Some FCMs charging five times more than others, says panel
Fees charged by clearing members can vary wildly – and low-cost providers may try to terminate relationships if they prove unprofitable, panellists warn
Adoboli jury hears of 2011 culture shift at UBS
Witness says risk limits were "flexible"
OTC Derivatives Clearing Summit: Buy side bemoans ‘lowest common denominator’ treatment
Pension and insurance firms complain CCPs treat them the same as hedge funds
SG opens door to Singapore retail investors as new financial adviser regime implemented
New rules governing the sale and distribution of structured products in Singapore are set to be put to the test with the first product issued since the Lehman Brothers bankruptcy
US Henry Hub benchmark to drive European, east Asian natural gas prices: report
Growing exports of liquefied natural gas from North America and a more globalised gas market will lead the US’s Henry Hub price benchmark to become the long-term driver of natural gas prices in Europe and east Asia, according to analysts from Citi
Ice’s decision to buy gas exchange bodes well for TTF: analysts
The Title Transfer Facility natural gas hub is expected to see increased market interest, after Ice's decision to acquire a majority share in APX-Endex's gas exchange
OTC Derivatives Clearing Summit: Joint solution needed on intraday margin calls, says panel
Dealers, clients and clearing houses need to work together to resolve problems caused by intraday margin calls, say panellists
CME’s new swap future uses Goldman Sachs patent
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
OTC Derivatives Clearing Summit: Nearly a third of uncleared CDS are clearing-eligible
SEC study finds large portion of clearing-eligible CDS still trading bilaterally
Barnier proposes delay to Omnibus II vote
Commissioner proposes waiting for results of impact study on long-term guarantees in March 2013
OTC Derivatives Clearing Summit: Industry will struggle to meet clearing deadlines
Buy-side firms will struggle to finish legal and operational work ahead of US mandated clearing deadlines – and they are not the only ones, says panel
Iceland still investigating over 70 crisis cases
Most of the cases linked to the 2008 crisis have not reached court yet, says Iceland’s special prosecutor.
LNG seen as big winner from nuclear decline in Japan
Japan’s decision last week to remove nuclear energy from the country’s fuel mix by 2040, is set to significantly increase the country’s short-term demand for fossil fuels, especially liquefied natural gas, say analysts
Esma sidelined consultative group during rule-writing
Industry group was not convened as Esma drew up draft clearing rules
Banks tout secondary market for structured products to retail investors in Australia
Banks are overcoming obstacles in Australia's structured products market by giving investors the opportunity to buy products on the secondary market
Pfeifer changes role at Commerzbank
Former head of op risk switches to project management role
Aggressive oil hedging enables Plains E&P’s big deepwater play
Plains Exploration & Production will hedge up to 90% of its oil production for the next three years, the Houston-based company says as it reaches a deal to buy $6.1 billion of oil assets in the Gulf of Mexico from BP and Shell
Court hears details of rogue trader Adoboli’s fraud
Rogue trades went undetected for almost three years, prosecution says
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
Adoboli defence will claim colleagues were complicit
The trial of UBS rogue trader Kweku Adoboli started this morning – and the defence will claim UBS colleagues were complicit