JP Morgan
CDSs on European financials tighten
The cost of credit protection on European banks decreased this morning, after Goldman Sachs reported a first-quarter net profit of $1.81 billion yesterday.
Trading spreads
Ray Eyles, JP Morgan's CEO for European commodities, a 20-year market veteran, speaks to Roderick Bruce about the bank's continued expansion in commodity markets during challenging times for the banking sector
CDSs on European financials tighten after G-20
The cost of credit protection on European financial institutions fell this morning following the end of the Group of 20 leading economies (G-20) summit in London yesterday.
CDSs on US banks widen on fears of auto bankruptcies
The cost of credit protection on US banks increased yesterday, following the Obama administration's warning that it would let the US auto industry slide into bankruptcy if necessary.
CDSs on European financials widen
As equity markets tumbled this morning amid fears the US government would not extend further aid to the auto industry, the cost of credit protection on European banks rose.
$9.2 billion derivatives losses for US banks in Q4
US commercial banks reported $9.2 billion in derivatives trading losses during the fourth quarter of 2008, bringing total trading losses in 2008 to $836 million, according to a quarterly report by the Office of the Comptroller of the Currency (OCC). This…
CDSs on banks under UK asset protection programme widen
The cost of credit protection on UK banks rose marginally this morning. As the deadline of March 31 for UK banks to sign up to the government's asset protection programme approaches, banks already participating in the scheme saw their CDSs widen the most.
CDSs referencing US banks widen
The cost of credit protection on US banks continued to rise yesterday, following Treasury secretary Timothy Geithner announcing a plan to relieve US banks of toxic assets on March 23. Some analysts believe Geithner's plan still lacks detail, particularly…
CDSs on UK financials begin to widen
The cost of credit protection on UK banks rose this morning after two days of narrowing in five-year senior credit default swap (CDS) spreads.
CDSs on financials continue to tighten
The cost of credit protection on both US and European financials continued to fall today, in the wake of US Treasury secretary Timothy Geithner announcing a toxic-asset purchase plan aimed at boosting the US financial system yesterday.
Market frustrated by lack of detail on US toxic-asset purchase plan
Economists and analysts have criticised the US Treasury's updated toxic-asset purchase plan for again failing to provide the granular detail or specified launch date necessary to reassure capital markets the proposals will indeed help curb the global…
Dealer interest delays LCH.Clearnet and DTCC deal
The Depository Trust & Clearing Corporation (DTCC) has pushed back the deadline for its takeover talks with LCH.Clearnet, in the face of a rival bid from a group of major dealers.
A few loose ends
Modelling - a retrospective
JP Morgan cuts dividend to build capital reserves
JP Morgan cut its quarterly dividend from 38c to 5c a share yesterday, in a bid to build up $5 billion in additional capital reserves.
LCH.Clearnet bid sparks conflict-of-interest debate
A proposal by a consortium of major derivatives dealers to acquire London-based clearing house LCH.Clearnet has led to suggestions that banks becoming intimately involved in the clearing process could present a conflict of interest.
LSE may join LCH.Clearnet bid consortium
The London Stock Exchange (LSE) today confirmed that it is "looking closely" at joining the consortium of financial institutions bidding for London-based clearing house LCH.Clearnet.
Banks agree to EU CCP for clearing CDS
Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
US and European firms in bid for LCH
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.
JP Morgan CDS pricing model to be made available via Isda
JP Morgan's credit default swap (CDS) Analytical Engine will be released as open source code soon via the International Swaps and Derivatives Association (Isda). Isda believes the model - which is used to price CDS contracts - will increase transparency…
JP Morgan Q4 net income plunges 74%
JP Morgan remained in the black in the fourth quarter of 2008, but its profits dropped sharply to $702 million after significant losses on leveraged loan and mortgage exposure.
GE and Target in reverse
An annualised income of 16.2% and 16.8% is on offer from JP Morgan-issued reverse convertibles linked to General Electric and Target Corp shares, respectively. Principal is not protected if a 50% barrier is breached
CD wrapping
JP Morgan is offering a three-year growth product linked to the S&P 500 index with principal protection in a CD wrapper. Participation goes up to a 145% knock-out level