News
JP Morgan cuts dividend to build capital reserves
JP Morgan cut its quarterly dividend from 38c to 5c a share yesterday, in a bid to build up $5 billion in additional capital reserves.
FCStone Group increases bad debt provision for energy trading account
FCStone Group expects to incur an additional $60m to $80m pre-tax bad debt provision in connection with previously-reported losses on a significant energy trading account.
Global carbon trading to grow by 20% in 2009
The global carbon market will see a 20% boost in volume in 2009, according to the latest figures from Point Carbon.
US sovereign CDSs hit 100
The cost of credit protection on US national debt reached an all-time high in intraday trading amid expectations of further government bail-outs.
Bernanke: Public-private partnership required to value toxic assets
The involvement of both the public and private sectors is essential to accurately value illiquid assets before public funds are used to remove them from dealer balance sheets, Federal Reserve chairman Ben Bernanke claimed yesterday.
New SEC chair seeks to clean house
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UK Banking Act comes into force
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EU leaders agree outline of global financial regulation
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Liffe blames regulatory uncertainty for lack of CDS clearing
Despite being the only firm to launch a centralised clearing platform for credit default swap (CDS) index trades, London-based derivatives exchange NYSE Liffe has yet to clear any trades, a situation it blames on the uncertain regulatory landscape in…
LCH.Clearnet bid sparks conflict-of-interest debate
A proposal by a consortium of major derivatives dealers to acquire London-based clearing house LCH.Clearnet has led to suggestions that banks becoming intimately involved in the clearing process could present a conflict of interest.
CAP details expose transatlantic split on capital
Today's news that the US Treasury and other regulators may compel US banks to raise capital levels puts them even more at odds with UK and European overseers, who have downplayed the need for more capital in recent weeks.
Vattenfall to buy Nuon's production & supply business
Swedish energy company Vattenfall has made an all cash offer of €8.5 billion for 100% of the shares of Dutch company Nuon's production & supply business. Nuon's grid company is not involved in the transaction.
Enel to acquire Endesa for €11.1 billion
Italy's largest power company Enel has signed an €11.1 billion agreement with Spanish development company Acciona, for its 25.01% stake in Spanish power company Endesa.
Trichet: Eurozone CCP will help improve oversight
European Central Bank president Jean-Claude Trichet backed a central counterparty (CCP) for clearing credit default swap (CDS) trades in the eurozone today, in a speech that also called for banker compensation to be linked to avoiding excessive leverage.
Renaissance Re replaces CRO
Bermuda-based reinsurer Renaissance Re has promoted Ian Branagan, its previous head of risk modelling, to chief risk officer.
LSE may join LCH.Clearnet bid consortium
The London Stock Exchange (LSE) today confirmed that it is "looking closely" at joining the consortium of financial institutions bidding for London-based clearing house LCH.Clearnet.
Confidence in European insurers drops
The cost of credit protection on the subordinated debt of European financial institutions rocketed in early trading today, with insurers hit particularly hard.
Insurers eye up op risk expertise at banks
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BSI releases industry IT resilience standards
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Markit addresses documentation risk
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Banks agree to EU CCP for clearing CDS
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Crunch time for Solvency II
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More MCAs needed to meet equity derivatives targets
Participants in the equity derivatives market say a significant amount of work remains to be done on standardising documentation before it can meet regulators' electronic processing targets for over-the-counter trades.
Standard Chartered boosts currency team
Standard Chartered Bank has appointed Felipe De Freitas as head trader in charge of Latin American foreign exchange options.