News
ING becomes latest member of helping hand scheme
Financial services group ING on October 19 agreed terms with the Dutch government for a €10 billion capital injection, becoming the latest beneficiary of the state-supported recapitalisation process underway in Europe and the US.
European bank CDS spreads tighten
The cost of credit protection on European financial institutions dropped in early trading today.
Caisse d'Epargne management step down after losses
The chairman, chief executive and chief finance officer of Caisse d'Epargne have resigned after the bank admitted it had lost €600 million in unauthorised equity derivative trades.
Ted spread falls further
The Ted spread and three-month Libor continued to fall following last week’s bailout packages announced in Europe and the US.
FSA chairman warns of hard-line regulation
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Fed issues compliance risk management guidance for BHCs
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New futures contracts launched on ClearPort
CME Group is to launch 18 natural gas and 17 petroleum product swap futures contracts on its ClearPort system.
Interbank lending eases further
The Ted spread, along with overnight and three-month Libor, fell for the fourth day in succession after European governments announced bailout packages on Monday, and the US followed suit on Tuesday.
Caisse D’Epargne hit by unauthorised derivatives loss
Caisse D’Epargne, set to become the second largest retail bank in France if a proposed merger with Banque Populaire goes ahead, today revealed losses of €600 million on its equity derivatives book.
Q & A: CESR chairman Eddy Wymeersch
Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR), talks to Risk about the effects the financial crisis will have on regulators and central banks.
CDS spreads stabilise in Europe and the US
The cost of credit protection on European financial institutions stabilised in early trading today, after a tumultuous week that has seen governments in the UK, Germany, France, Spain and Switzerland announce major bailout packages for major financial…
Equity market turmoil hits Cedo deals
New York-based Moody’s Investors Service downgraded a swath of collateralised equity and debt obligation (Cedo) notes on October 10, as a result of the recent volatility in global stocks.
Eurex to launch commodity index futures and options
Derivatives exchange Eurex will launch futures and options based on Dow Jones-AIG commodity sub-sector indexes in the first quarter of 2009.
RTS to launch power and weather futures
The futures and options wing of Moscow-based stock exchange Russian Trading System, RTS-FORTS, is planning to launch electricity and weather futures contracts in 2009.
Citigroup and Merrill Lynch losses soar in Q3
Hit by continuing credit problems and mortgage-related losses, Citigroup and Merrill Lynch saw their profits fall sharply in the third quarter of 2008.
Bank of England appoints new financial stability head
Andrew Haldane will replace Nigel Jenkinson as executive director for financial stability at the Bank of England from January 1 2009.
Banks move towards clearing for FX, interest rate and equity
A large part of the over-the-counter derivatives market will shift towards central clearing houses by next year, as the collapse of Lehman Brothers on September 15 forces banks to reassess counterparty risk posed by other dealers.
CDSs on US banks and insurers widen again
A day of turmoil on the world stock markets saw the cost of credit protection for several US banks and insurers rise once again.
Interbank lending rates continue to fall
The Ted spread, along with overnight and three month Libor, continued to fall today in the wake of European governments announcing bailout packages on Monday, and the US following their example on Tuesday.
Swiss National Bank to take $60 billion in UBS assets
The Swiss government has stepped in to rescue UBS, the European bank worst hit by the subprime crisis.
JP Morgan and Wells Fargo profits tumble in Q3
Battered by further losses in their mortgage-related positions, JP Morgan and Wells Fargo saw third-quarter profit declines of 84% and 25% respectively today.
Kyoto global emissions trading system to go live
The United Nations climate change secretariat (UNFCCC) has announced that the International Transactional Log (ITL) of the Kyoto Protocol emissions reduction framework will connect with carbon registries from 26 EU countries from October 16.
ICE Clear Europe to commence clearing on November 3
London-based ICE Futures Europe’s wholly owned clearing house ICE Clear Europe will begin operations on November 3, when all futures and OTC trading positions are transferred from current clearer LCH.Clearnet.
Strain eases on interbank lending
The Ted spread, as well as overnight and three-month Libor, continued to fall today following the announcement of US and European bailout packages.