News
Rating agencies "sold their souls"
The heads of the major rating agencies faced public humiliation this week, as hearings in the US Congress blamed them for the oversights and mis-estimates behind the credit crisis.
Lake joins RBS as a UK derivatives sales head
David Lake has joined Royal Bank of Scotland as head of equity derivatives and structured products sales UK and Ireland.
Congress: US needs regulatory overhaul
At a US congressional hearing of the committee of oversight and government reform on October 23, speakers called for far-reaching regulatory reforms. These included demands for greater scrutiny of derivatives, increased capital charges on securitised…
EU nations accused of restricting free trade of renewable energy
The European Federation of Energy Traders (EFET) has supported a complaint, from an unnamed generator and a renewables trader, made to the European Commission on October 10.
ETF Securities close acquisition of Gold Bullion Securities
ETF Securities has completed the acquisition of Gold Bullion Securities’ Exchange Traded Commodities (ETC) products listed on London and Australian Stock Exchanges.
ANZ appoints Asia-Pacific CRO
Australia and New Zealand Banking Group (ANZ) have appointed Nigel Denby to the role of chief risk officer, Asia Pacific.
Ted spread moves up
The Ted spread and overnight borrowing costs were up today as the interbank lending markets began to reflect poor economic news.
DIFX to launch stock futures
Dubai International Financial Exchange (DIFX) is set to launch its first stock index futures and single-stock futures in late November as part of a series of moves to help boost liquidity on the market.
Market turmoil forces CDSs wider
Fears of recession and volatile market conditions drove up the cost of protection on banks across European in early trading today.
Goldman cuts 10% of workforce
Goldman Sachs is slashing 10% of its global workforce as recent changes to market conditions put strains on its business practice.
End of the line for CPDOs
Analysts say the demise of Constant Proportion Debt Obligations (CPDOs) now seems certain.
Semonin leaves BNP to set up hedge fund
Lionel Semonin, global head of commodity investor derivatives at BNP Paribas in London, has left the bank to set up a commodity hedge fund in Singapore.
Legal changes have borne fruit, says Russian exchange chief
Roman Goryunov, chief executive of the Russian Trading System (RTS) stock exchange, predicted a good year ahead for the Russian derivatives markets in an exclusive interview with Risk .
Fed promises $540 billion boost for money markets
In an effort to provide liquidity to US money market investors, the Federal Reserve has created a $540 billion fund, the Money Market Investor Funding Facility (MMIFF).
US Treasury changes course on Tarp CIO
The US Treasury yesterday unveiled James Lambright as interim chief investment officer for the Troubled Asset Relief Program (Tarp), after changing its original decision to appoint undersecretary Reuben Jeffery.
Ambac appoints new CEO
David Wallis has been promoted to chief executive officer of Ambac Financial Group, the holding company of monoline insurer Ambac Assurance.
Jefferies recruit ex-Lehman banker in derivative sales
Jefferies and Company, the New York-based investment bank, has appointed Jason Roelke as managing director and head of derivative sales.
Wachovia loses $23.9 billion in Q3
Wachovia reported a third quarter loss of $23.9 billion, blaming an $18.8 billion goodwill impairment charge, declining market valuations and its acquisition by Wells Fargo.
Interbank lending remains stable
Sharp falls in European share prices and fears of recession had no impact on the interbank lending markets today.
Auction sets 57% recovery on Washington Mutual CDS
An auction yesterday established a final settlement price of 57% for Washington Mutual bonds, leaving sellers of credit default swaps (CDS) with higher-than-expected settlement payments as they close out contracts referencing the former US bank.
Deutsche CEO and UBS chairman decline bonuses
Josef Ackermann, chief executive officer of Deutsche Bank, the largest bank in Germany, and Peter Kurer, chairman of UBS, the Swiss banking giant, have agreed to waive their 2008 bonuses in the face of calls from regulators and governments across the…
Credit Suisse plunges into the red after investment banking losses
Credit Suisse lost SFr 1.3 billion ($1.1 billion) in the three months to September 30 as the volatile market in September hit its investment banking business.
EC demands centralised clearing by year end
At a meeting with industry groups and regulators on October 22, the European Commissioner for internal markets and services, Charlie McCreevy, outlined his intentions to move credit derivatives away from the over-the-counter (OTC) market and under…
CDS spread widen further amid recession fears
The cost of protection on UK banks widened in early trading today as fears of recession fuelled volatile market conditions.