News
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.
Pulling in different directions
Can Opec ever achieve harmonised foreign investment rules? Maria Kielmas talks to former Algerian energy minister Nordine Aït Laoussine – who says it will never work – and to harmonisation’s biggest supporter and architect Bernard Mommer, special adviser…
Merrill Lynch creates non-Japan Asia derivatives role
Merrill Lynch is creating a new position for its non-Japan Asia local currency foreign exchange and interest rate derivatives business to cater for client demand, a senior official said.
Long-awaited exposure draft on SPV consolidation released in US
The US Financial Accounting Standards Board (FASB) has released a long-awaited exposure draft on the consolidation of special purpose entities, or special purpose vehicles (SPVs). New rules for accounting for SPVs, a class that includes all CDOs, was…
NAB bolsters credit team
National Australia Bank (NAB) has bolstered its structured credit team with the addition of Peter Rothwell, who joined the Australian bank’s London office last week as senior trader.
RiskMetrics launches mutual fund evaluation service
RiskMetrics, the US-based risk management analytics provider, has released an equity mutual fund evaluation service that focuses on assigning performance measurements based on the risk of a mutual fund manager. The service, called 'Best and Worst' fund…
ING Financial Markets 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.