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Italian banks join op risk loss data sharing platform
Daily news headlines
US Wrap: Leverage trades both ways for S&P 500 bulls
S&P remains the dominant theme, as the underlying for yesterday's seven new issues as well as all new deals launched since Tuesday. The mood is still overtly bullish on recovery, with every new launch featuring either upside or downside gearing, although…
US and European firms in bid for LCH
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Asian airlines struggle with volatile oil prices
A major contributor to the large fuel-hedging losses suffered by Chinese and Taiwanese airlines for 2008 were collar strategies - the purchase of call options and simultaneous sale of put options. But some Asian carriers, such as Malaysia's Air Asia and…
Aviation industry calls for inclusion in Copenhagen deal
Four of the world's leading airlines have today called for carbon dioxide emissions from international aviation to be included in any new global climate change deal agreed at the UN's Copenhagen Summit in December.
US legislators to move on cap and trade before June
Draft climate change legislation will be presented to the US House of Representatives by Monday 25 May 2009, according to Representative Edward Markey, chair of the House Energy and Environmental subcommittee.
US and European firms in bid for LCH
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Swiss Re's CEO steps down after securitisation writedowns
Jacques Aigrain, the chief executive of Zurich-based reinsurer Swiss Re, has resigned following the company's announcement that it expects to make a SFr 1 billion net loss for 2008.
CDS spreads on financials widen again
The cost of credit protection on US and European financial institutions rose in early trading today, despite falling on Wednesday on news of a plan by the US treasury to purchase $1 trillion worth of illiquid assets.
US Wrap: Mid-week lull favours S&P 500
Only three new products were launched into the US market yesterday, a third of the previous day's issuance. Reverse convertibles were notably absent, replaced instead with two autocallable products and an accelerated growth structure all linked to the S…
ASX to launch coal and power futures
The Australian Securities Exchange (ASX) is to list thermal coal futures and options on April 21. It will also launch New Zealand electricity futures on 28 April and natural gas futures contracts for the state of Victoria on 5 May.
Crosby resigns from FSA following HBOS allegations
James Crosby, the UK Financial Services Authority's (FSA) deputy chairman, has resigned. His departure comes after an accusation that he and other directors at his former employer HBOS ignored warnings the company was taking excessive risks from its ex…
Financial CDSs move on stimulus plan
The cost of credit protection on US financial institutions fell in early trading today, following yesterday's announcement by Treasury secretary Timothy Geithner of a $1 trillion toxic asset purchase plan.
Eight CEOs face congressional bonus questions
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
Credit Suisse hit by Sfr8.2bn loss for 2008
Credit Suisse recorded a fourth-quarter net loss of Sfr6 billion ($5.2 billion), taking its total net loss for 2008 to Sfr8.2 billion.
Budgets hit internal and external systems: encourage holistic approaches
Daily news headlines
US Wrap: Flights, financials and fairytales underlie new issues
Reverse convertibles again dominated the opening of the week in the US, making for six of the nine new issues. Wachovia opted for Boeing shares as an underlying, making the most of the re-emerging popularity of airline stocks, and Walt Disney for the two…
Spanish power price drops 30% on plunging demand
Spanish baseload electricity prices on power exchange Omel fell by 12.6% in January to an average of €49.93 per megawatt hour, marking a 30% drop in the past 4 months.
Nymex to list Henry Hub financial last day options
CME Group is to list Henry Hub natural gas financial last day options on its subsidiary New York Mercantile Exchange (Nymex). The options are scheduled to begin trading on February 22 for trade date February 23.
Auctions held for CDSs referencing Nortel Networks
An auction run by data vendor Markit and broker Creditex today determined final settlement values for credit derivatives trades referencing Toronto-based telecommunications company Nortel Networks Corp.
Q4 loss of Sfr8.1 billion for UBS
Swiss banking giant UBS reported a fourth quarter net loss of Sfr8.1 billion ($7 billion), bringing its full-year net losses to Sfr19.7 billion. The bank also revealed $16.4 billion of illiquid credit assets had been transferred to the Swiss National…
CIC opts for MSCI Barra multi-asset analytics
China Investment Corp (CIC) has signed up to use risk and performance analytics provided by New York-based MSCI Barra, called Barra Analytics, for an undisclosed sum.
Cost of protection rises on Japanese firms
The cost of credit protection on Japanese corporates and US insurers widened in European trading today.
Questions remain over $1trn toxic asset purchase plan
New financial stability initiatives will see US banks required to implement stress tests to strengthen their balance sheets and the establishment of a pseudo "bad bank" fund that could buy up to $1 trillion of illiquid assets off of struggling financial…