News
Renewed scrutiny for WTI benchmark
The effectiveness of the WTI price benchmark in reflecting the value of global crude oil has once again been brought into question, finds Pauline McCallion
AAUs: hot commodity or just hot air?
A recent flurry of deals for government-level carbon credits has increased interest in the potential for the AAU market. Roderick Bruce investigates
UK needs more transparency around shorting, FSA says
The UK Financial Services Authority today ruled out any permanent restrictions on short-selling stocks today, but said that it planned to force public disclosure of all short positions.
"$78 billion Tarp windfall" for banks
The US Treasury paid banks $78 billion too much for bank stock and warrants under the Troubled Asset Relief Programme (Tarp), according to the programme's head of oversight.
CDSs tighten on US banks and energy companies
The cost of credit protection on US banks and energy firms plummeted in intraday trading, while confidence in the Japanese electronics sector continued to decline.
US Wrap: Reverse convertible issuance predicts market rally
A busy day in the US market yesterday saw 23 new launches, with the majority banking on a recovery in equity markets. JP Morgan issued six reverse convertibles linked to the stock performance of a variety of industrials, including US Steel Corp and…
Canadian ABCP restructuring finally complete
After 17 months of delays, the saga surrounding the restructuring of C$32 billion ($26.1 billion) of distressed Canadian non-bank asset-backed commercial paper (ABCP) has finally drawn to a close.
SNB issues US dollar debt to fund UBS's bad bank
The Swiss National Bank (SNB) will auction its own debt certificates in US dollars to finance its loan to the SNB Stabfund.
CME launches weather contracts for Australia
CME Group is expanding its suite of temperature-based weather derivatives products to include Australian cities Melbourne, Sydney and Brisbane.
GDF Suez and Iberdrola form UK nuclear team
GDF SUEZ and Iberdrola have entered a joint-venture partnership to participate in the development of new nuclear power stations in the UK.
Cat bonds issuance expected to pick up
Issuance of catastrophe bonds (cat bonds) is expected to rebound in the early part of this year after a quiet fourth quarter in 2008, according to New York-based reinsurance specialist Guy Carpenter.
Swiss Re seeks capital injection after securitisation hit
Zurich-based reinsurer Swiss Re suffered writedowns of SFr 6 billion ($5.1 billion) linked to its legacy securitisation portfolio, according to its preliminary report for 2008.
Deutsche hit by €1.7 billion equity derivatives losses in Q4
Deutsche Bank confirmed a net loss of €4.8 billion for the fourth quarter of 2008, bringing total losses for the year to €3.9 billion, compared with a net income of €6.5 billion in 2007. Year-on-year net revenues for the quarter fell from €7.3 billion in…
Auction sets final settlement values on Sanitec LCDS
An auction run by data vendor Markit and broker Creditex has determined final settlement values for credit derivatives trades referencing Sanitec first- and second-lien loans.
Operational risk experts ponder future of Basel II
The ongoing financial crisis has led risk professionals to question whether the Basel II framework needs to be modified to improve firms' ability to assess and manage risk. And while the general consensus is that revisions are needed, questions remain as…
European CDS regulation 'inevitable' - EC official
Daily news headlines
US Wrap: Reverse convertibles come bouncing back
Sixteen new issues were launched into the US market yesterday, doubling Monday's issuance. Barclays Bank offering 8 convertible notes on a smattering of underlyings including the US Oil Fund, Goldman Sachs stock, the equity of electronics retail chain…
The fight is on for LCH
US clearing giant, The Depository Trust & Clearing Corporation (DTCC), insisted on Tuesday that a merger with London-based clearing house LCH.Clearnet would be completed by the end of March, despite a possible rival bid.
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.