News
Nabucco pipeline construction deal agreed
Five transit countries have signed an agreement to construct the €8 billion, 3300 km Nabucco natural gas pipeline.
Amerex launches consulting service
Amerex Brokers, an over-the-counter energy broker and wholly-owned subsidiary of GFI Group, has formed a fee-based energy risk management and execution consulting division called Amerex Energy Consulting Services (AECS).
Plastics ring dealing to cease at the LME
The London Metal Exchange (LME) has announced proposals to cease open-outcry trading of its plastics futures contracts, with trade continuing on the LME's electronic and telephone markets.
Quant Congress: Don't confuse models with reality, says Derman
Models were not responsible for the financial crisis, but those using them need to remember the shortcomings of models in general, asserted Emanuel Derman, head of risk at Prisma Capital Management and professor at Columbia University, at Risk 's Quant…
Central clearing will need new laws, Isda report finds
New laws will be needed in the US and Europe to support the introduction of central clearing of credit default swap (CDS) trades, according to a study published yesterday by the International Swaps and Derivatives Association.
French and German banks to launch Sepa rival to Visa and MasterCard
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Warnings issued over Man-in-the-Phone fraud attacks
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New Zealand Reserve Bank issues non-banking risk management standards
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Mifid briefings aim to ensure enforcement
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SEC inspections head resigns
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US Wrap: Wells Fargo makes surprise return to reverse convertibles
Wells Fargo has launched four new reverse convertibles in the US, packaged with the external credit of Eksportfinans. The bank used to be one of few institutions that held a triple-A rating, which has now been downgraded to Double A.
Cesr joins calls for more derivatives trade reporting
The Committee of European Securities Regulators (Cesr) called this morning for post-trade reporting on several classes of derivatives, including asset-backed securities (ABS) and collateralised debt obligations (CDO).
High correlations spur interest in CCDS
Interest in using contingent credit default swaps (CCDS) as a speculative tool is being fuelled by high levels of cross-asset class correlations, according to some market participants.
Morgan Stanley CDO repack designed to test investor appetite
Morgan Stanley's offering of a repackaged cash collateralised debt obligation (CDO) is designed to test market appetite for this type of risk, said a source familiar with the deal.
French power supply problems could hit UK
Unusually high temperatures last month put a third of France's nuclear power stations out of action, forcing the country to import electricity from the UK. According to Chris Bowden, CEO of energy and carbon advisors Utilyx, the UK may face similar…
Treasury casts some light on OTC derivatives regulation
US Treasury Secretary Timothy Geithner spoke further about Government plans for the regulation of over-the-counter (OTC) derivatives today during a hearing of the House Financial Services and Agriculture Committees.
Definition of 'standardised' OTC derivatives will be broad, says Geithner
Full regulation of all over-the-counter derivatives will use a broad and flexible definition of 'standardised' OTC contracts while regulators will seek to crack down on end-users seeking to customise trades to escape central clearing, US Treasury…
Euroclear to launch same-day securities settlement in Asia
International central securities depository Euroclear Bank plans to offer same-day cross-border securities settlement in four Asian markets - Australia, Japan, Hong Kong and Singapore - in August, stealing a march on rival Clearstream, which has similar…
Anglo-Irish CDS widen on buyback plans
The cost of credit protection on Anglo Irish Bank soared this week, rising to 679.1 basis points (bp) from 628.9 bp on July 3, as the bank announced plans to buy back billions of pounds and euros in Tier 1 and Tier 2 securities.
UK Treasury gives FSA new powers
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US Wrap: Credit Suisse launches three accelerated growth products
Credit Suisse has launched three new accelerated growth products in the US market covering US equity, emerging market equity and indirectly the price of oil. The emerging market equity note has the longest maturity at two years. It offers exposure to the…
Singapore's MAS bans 10 retail structured note distributors
The Monetary Authority of Singapore (MAS) has banned 10 financial institutions from selling structured notes, after their clients lost S$401 million by investing in Lehman-linked structured credit products.
Government initiates $3bn renewables programme
The US Treasury and Department of Energy today announced today a $3 billion funding programme for the development of renewable energy projects, as well as publishing application guidance for obtaining funds.