News
Mixed results for sales of SG's 'gemstones'
SG, the investment banking arm of French bank Société Générale, is seeing mixed results this year from its sale of equity-linked structured products to the European retail market.
ING to use Credient for credit portfolio management
The Netherlands-based ING Group has selected SunGard Trading and Risk Systems’ Credient application to support its credit portfolio management business. The application service provider-run product will provide ING with a global, integrated, real-time…
Credit Markets Update: France Telecom fluctuates in thin markets
The cost of credit protection on troubled telco France Telecom fluctuated this week within a 100 basis point range, causing knock-on effects on the spreads of other European telecoms in jittery markets that saw little trading activity. But positive…
Confident regulators expect to issue upbeat Basel II statement next week
Global banking regulators are expected next week to make an upbeat statement on progress with the controversial Basel II bank Accord. This follows several months of uncertainty in which some bankers doubted the Accord would ever see the light of day.
JP Morgan Chase to release ratings-based JECI, while ABN launches iBoxx note
JP Morgan Chase is planning to launch a ratings based version of its JP Morgan European credit index-linked security (JECI) in the next few months. The new JECI products will incorporate credits with specific ratings, initially focusing on AA and A rated…
Credit card capital charges will be lower under Basel II
Major banks will probably have to set aside a lot less capital as a cushion against losses from defaulting credit-card holders under the Basel II bank Accord than they do now, global banking supervisors said.
Australian structured finance market to pick up in H2, says Moody's
International rating agency Moody's believes the Australian structured finance market will pick up in the second half of the year following a drop in such deals during the first six months of this year.
Bita Plus plots Nordic expansion
London-based Bita Plus Consultants, a portfolio analytics and optimisation software provider, has forged an exclusive distribution deal with Swedish consultancy Proventek to push its products in the Nordic region.
French reinsurer Scor to return to credit derivatives market next year
French reinsurer Scor Group will come back to the credit derivatives market to offer protection by early next year, said the company’s chairman Jacques Blondeau.
Eurostat ruling likely to slow government securitisations
New rules issued on government securitisations late yesterday by Eurostat, the statistical body of the European Commission, could slow the sovereign securitisation market, according to industry participants. The rules, which cement the accounting…
CFTC approves use of single-stock futures
A significant barrier to the trading of single-stock futures (SSFs) in the US was removed late yesterday when US regulator the Commodity Futures Trading Commission (CFTC) approved final rules for the use of the instruments.
Germany drops objections to Basel II after SME solution
Germany lifted its objections today to the Basel II bank Accord, welcoming a compromise on lending to small businesses that will be discussed next week by global banking regulators.
S&P rates hedge fund of funds CDO
Ratings agency Standard & Poor’s (S&P) said it has rated a hedge fund-backed collateralised debt obligation (CDO) issued last week by Diversified Strategies, a special-purpose vehicle. Cayman Islands-based Investcorp Management Services is the investment…
Purple patch for green trading as EOR grows
CO2e.com, the Toronto-based environmental trading arm of broker Cantor Fitzgerald, has brokered the largest publicly announced green forward trade. The deal, which comprises a forward firm purchase of 6 million tonnes of carbon dioxide equivalent (tCO2eq…
Borsa Italiana to launch single-stock futures
Borsa Italiana’s Idem market, the derivatives arm of the Milan-based Italian exchange, is to launch trading of single-stock futures on July 22.
Credit Markets Update: Vivendi protection costs surge
The cost of credit protection on French media company Vivendi Universal’s debt ballooned 500 basis points yesterday, with five-year bids hitting 1,200bp following downgrades from rating agencies Moody’s and Standard & Poor’s and the resignation of chief…
DrKW integrates Asian equities and fixed-income operations
Dresdner Kleinwort Wasserstein (DrKW) has established a new capital markets division by merging its equity and debt markets operations to offer fully integrated cash and derivatives services to clients.
Merrill strips out European structured credit head
Glenn Barnes, London-based head of European structured credit, has left Merrill Lynch. His departure is due to a decision to strip out a layer of management, a Merrill Lynch spokesman claimed.
