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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
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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…
IDCG names Ferber as general counsel and chief regulatory officer
The New York-based International Derivatives Clearing Group (IDCG) has appointed Laurie Ferber as its general counsel and chief regulatory officer.
FSA sets out scope of Turner Review on bank regulation
Capital adequacy and liquidity regulation are in need of urgent review as a result of the financial crisis, according to the UK's Financial Services Authority (FSA).
UK FSA proposes permanent short-selling disclosure
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FSA releases Financial Risk Outlook
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UK Treasury announces review of board-level risk
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US Wrap: Moving away from the S&P benchmark index
Diversification from products based on the S&P 500 marked last Friday, when six products were launched in the US Market, only two of which were based on the benchmark index. JP Morgan's Enhanced Return Strategy product was linked to the iShares MSCI Eafe…
Auction sets values on British Vita LCDS
Settlement values for loan-only credit default swap (LCDS) trades referencing UK chemical firm British Vita first and second-lien loans were established today at an auction jointly administered by data provider Markit and broker Creditex.
GFI's Asia head of oil broking departs
It has emerged that Jeremy Searle left his post as Asia head of oil broking at interdealer broker GFI in Singapore in December, but it is unknown what his next move will be.
US Wrap: S&P 500 products dominate
Deutsche Bank and JP Morgan were issuers for the five, S&P 500-linked products that made it to market yesterday. All five products are autocallable structures with capital at risk and around a two-year maturity.