News
US government to own 36% of Citigroup
The US government's stake in Citigroup will swell to at least 36% through the conversion of just under half of its existing preferred share holdings, the ailing financial group and the US Treasury have confirmed.
CME appoints Boberski to develop OTC offering
David Boberski was today named managing director of over-the-counter research and new product development at the Chicago Mercantile Exchange (CME) Group.
Tranter leaves BNP
Nick Tranter, BNP Paribas' London-based European head of equity derivatives flow sales, left the bank this week. His responsibilities will be taken on by Jean-Eric Pacini, formerly head of structured product sales for the bank in London.
Eastern European sovereign CDS spreads narrow
The cost of credit protection on the sovereign debt of eastern Europe states fell in early trading today, while rising on US insurers.
€24.5 billion international bailout for eastern Europe
The largest multilateral lenders in eastern Europe today pledged €24.5 billion over the next two years to support the region's banking sectors affected by "global financial retrenchment".
Lloyds asset protection scheme talks stall as HBOS losses confirmed
Lloyds Banking Group, which today confirmed that Halifax Bank of Scotland (HBOS) lost £10.8 billion in 2008, remains locked in talks with the UK government about participation in its asset protection scheme.
FSA publishes code of practice on remuneration policies
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FSA chair blames government for light-touch regulation
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US Capital Assistance Program defined
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De Larosière report backs calls for a European regulator
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FSA asks firms to stop selling single-premium PPI
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US banks told: prepare for 47% drop in house prices
The US Treasury told the country's major banks they must ensure their capital levels can cope with a severe recession, including unemployment over 10% and an overall 47% drop in house prices from their peak in 2006.
Speculation over regulation mounts as Madoff lawsuits rack up
European investment funds are preparing to face tighter regulation in the wake of the Madoff scandal.
Obama calls for economy-wide carbon cap
President Barack Obama has indicated that the administration will work with Congress on cap-and-trade legislation in an effort to increase US energy independence.
Centrica invests in 60 bcf gas storage facility
British utility Centrica will develop the UK's second largest gas storage facility through the acquisition of a controlling interest in the Baird gas field project in the southern North Sea.
Uncertain outlook for US public power
Moody's has forecast a stable credit outlook for the US public power electric utility sector in 2009, but says the recession and environmental regulations could present challenges.
CDS spreads narrow on US and European financials
The cost of credit protection on US and European banks fell in early trading today, while remaining high on Latin American and eastern European sovereign debt.
UBS replaces CEO
UBS named Oswald Grübel as its new group chief executive today after Marcel Rohner left the bank.
Low recovery rates set for Ferretti LCDS
At an auction held today, data vendor Markit and broker Creditex determined a final settlement value of 10.875% for loan-only credit default swaps (LCDS) referencing Italian luxury yacht manufacturer Ferretti, meaning protection sellers would need to pay…
Madoff feeders' due diligence attacked as lawsuits mount
Investors that lost billions of dollars to Bernard Madoff have filed several class-action lawsuits claiming massive due diligence failures by fund managers who placed money into the alleged $50 billion Ponzi scheme, even though scant detail has emerged…
RBS signs up to UK's asset-protection scheme
Royal Bank of Scotland (RBS), which today announced 2008 losses of £24.1 billion, has become the first bank to sign up to the UK government's asset-protection scheme, which will offer insurance against future losses in return for a promise to increase…
Iosco reports on outsourcing principles
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OECD urges governments to tackle disaster risk
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AIMA in bid to stave off imposed global regulation
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