News
Transparency act remains unclear
Proposed legistlation on US energy market regulation is causing concern amongst traders finds Pauline McCallion
Business as usual for Merrill as BofA eyes prize
Merrill Lynch may have made mistakes in the credit market, but its commodity franchise is a real prize for its prospective owners, finds Energy Risk
Trayport and Icap extend GlobalVision agreement for 3 years
Trading software provider Trayport today extended an agreement with interdealer broker Icap Energy for the use of electronic system GlobalVision until 2011.
UK bank CDS spreads tighten further
The cost of credit protection on UK banks fell further in early trading today following the unveiling of a £50 billion government rescue plan on Wednesday, but US markets remained unstable.
Kaupthing becomes latest Icelandic bank to default
The nationalisation of Iceland’s largest bank Kaupthing on Thursday constitutes a technical credit event, the International Swaps and Derivatives Association has confirmed.
"Several weeks" before first asset purchases, says Paulson
It will be several weeks before the US Treasury will make its first purchase under the $700 billion Emergency Economic Stabilisation Act (EESA), according to US Treasury secretary Henry Paulson.
Fed to lend additional $37.8 billion to AIG
The US Federal Reserve has stepped in again to help troubled insurance company American International Group (AIG), authorising the Federal Reserve Bank of New York to borrow up to $37.8 billion in investment-grade fixed income securities from AIG in…
Pimco in frame to run commercial paper purchase facility
The Federal Reserve Bank of New York has confirmed it is in talks with California-based bond fund Pimco to manage the government’s new commercial paper purchase facility (CPFF).
Hypo Real Estate appoints new CEO
Axel Wieandt will take over from Georg Funke as chief executive of Hypo Real Estate Holding (HRE), Germany’s second-largest commercial property lender, on October 13.
Bank of America and RBC in ARS settlement
Bank of America and Royal Bank of Canada (RBC) yesterday agreed to buy back up to $5.5 billion of auction rate securities (ARS) they issued, becoming the latest banks to reach an agreement in principle with the US Securities and Exchange Commission (SEC).
Ted spread continues to climb
The Ted spread, which is used to measure perceived counterparty risk by tracking the disparity between three-month Libor rates and US Treasury bills, broke yesterday’s record high by 0.10%.