News
SG hit by €1.27 billion in writedowns
Société Générale's profits dropped 84% in the third quarter, as the bank's exposure to various aspects of the credit crisis caused it to announce writedowns of €1.27 billion.
Trader and equity derivatives heads depart DB
Two senior equity derivatives heads and one equity derivatives trader have left Deutsche Bank after it reported €386 million in losses on its equity prop trading book.
Quant Congress Europe: VAR models still essential
Despite criticism over the accuracy of value-at-risk models through the financial crisis, chief risk officers speaking at Quant Congress Europe said they were still invaluable.
GMAC may seek government aid after losses
US consumer finance giant GMAC may tap the US government's Troubled Asset Relief Program (TARP) after announcing a third quarter net loss of $2.52 billion.
Quant Congress Europe: Regulatory focus to switch to leverage
At the keynote address at the European Quant Congress in London today, Peter Praet, executive director in charge of financial stability at the National Bank of Belgium, said that the Basel II regulatory framework will be revised to look more closely at…
BoE announces 1.5% rate cut
At 1200 GMT, the Bank of England (BoE) announced a 1.5% reduction of the official bank rate, while interbank lending rates fell further.
CFTC petitioned to allow clearing of OTC agricultural contracts
Agora-X an electronic trading and negotiation platform for commodities, has petitioned the Commodity Futures Trading Commission (CFTC) to allow the clearing of over-the-counter (OTC) contracts in major agricultural commodities.
Carbon registry link-up to boost trading volumes
The long-awaited link up of the European Union's emissions trading scheme with the Kyoto Protocol's carbon credit registry could take emissions trading to a new level, finds Katie Holliday
Energy sector rivals banking for big bonuses
No longer banking’s poor relation, the energy sector is looking increasingly attractive to job seekers as salaries have increased by 12% and average bonuses have risen by a record 21% in 2008, according to consultancy group GRS.
Kaupthing debt set at 6.625% and 2.375%
Senior debt on failed Icelandic bank Kaupthing has been settled at 6.625% and subordinated debt at 2.375% in a credit event auction on November 7.
CDS spreads move out on financial institutions
The cost of credit protection on UK banks widened in early trading today, following falls in equity markets across the globe yesterday.