Risk magazine
BaFin: German banking clean-up could involve €816bn of assets
Up to €816 billion of assets could be involved in a potential clean-up of the banking system, according to a report by the German finance regulator Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin).
Bank lending continues to fall in Europe and US
The first quarter of 2009 saw the supply of credit from banks to the wider economy continue to decline, although the riskiness of interbank lending has remained stable.
More than 100 firms apply to buy toxic assets under PPIP
More than 100 money managers have applied to the US Treasury to be granted fund manager status under the Public-Private Investment Programme (PPIP) and commence purchasing toxic mortgage securities with public money, the department announced yesterday.
Breakevens echo US government's deflation fears
Despite concerns that economic stimulus efforts in the US could pump up the country's money supply, the bond market, like the Treasury's Federal Open Markets Committee (FOMC), still regards deflation as the main concern in the short term.
Market tense over stress-test results
Continued silence from US authorities on the results of bank stress tests has left markets and analysts alike fretting over which firms are in need of additional capital.
Natixis CEO to be replaced
Dominique Ferrero, the chief executive of French corporate and investment bank Natixis, will lose his job today as part of the bank's restructuring plans.
CDSs on European financials tighten on positive Fed comments
The cost of credit protection on European financial institutions fell this morning following the US Federal Reserve's announcement yesterday that the economic outlook is improving.
EC draft rules would impose leverage limits on hedge funds
A draft European Commission directive, due to be released on April 30, would tighten European oversight of hedge fund managers, including leverage limits, increased disclosure and minimum capital requirements.
SG’s chairman Bouton resigns
Daniel Bouton, the chairman of Société Générale, has said he will step down on May 6, when the bank’s board will elect a replacement for him.
LCH snubs DTCC merger
A proposed merger between London-based derivatives clearing house LCH.Clearnet and US clearing giant, the Depository Trust & Clearing Corporation (DTCC) has fallen through.
BoE stability chief: Financial network needs 'rethinking'
The growth of complexity and widespread pursuit of similar products and strategies has created a fragile financial network in need of reform, according to a senior Bank of England (BoE) official.
CDSs on Chinese financials tighten on positive corporate results
The cost of credit protection on Chinese banks fell this morning as a series of positive results for Chinese corporates boosted the Shanghai Composite Index 2.78% and Hong Kong's Hang Seng Index 2.76% in overnight trading.
Record fall in cross-border claims
Cross-border claims at the major banks fell a record 5.4% in the last three months of 2008, according to figures released today by the Bank for International Settlements (BIS).
Study: pension funds should amend ALM risk models
European pension funds would experience greater stability if regulators amended asset liability management (ALM) rules to permit short-term risk taking using internal risk management models, a new paper argues.
Bair: FDIC needs power to take over non-bank institutions
The Federal Deposit Insurance Corporation (FDIC) should have "resolution power" over non-bank financial companies as well as banks, FDIC chairman Sheila Bair told a New York audience yesterday.
Deutsche Bank moves into profit
Deutsche Bank reported pre-tax profits of €1.8 billion for the first quarter, clawing its way back from a catastrophic €6.2 billion pre-tax loss in Q4 of 2008.
CDSs on Australian financials widen
As National Australia Bank - Australia's largest bank by assets -predicted a grim economic outlook for the country, the cost of credit protection on Australian financials rose this morning.
Kjaer joins RiskMetrics as president
Knut Kjaer, former chief executive of Norges Bank Investment Management - a division of the Norwegian central bank that oversees the $370 billion Government Pension Fund of Norway and the country's foreign reserves - has been appointed president of New…
Turner condemns 'rent seeking' banks
Adair Turner, chairman of the UK Financial Services Authority, has accused banks of using financial innovation "to extract economic rents rather than deliver services of real value to the real economy", and called for higher capital levels and…
FSF: Valuation techniques and leverage aggravate pro-cyclicality
Regulators should address the pro-cyclical effects of market-sensitive valuation practices and increasing leverage, according to the Financial Stability Forum (FSF).
CDSs on airlines widen on swine flu fears
The cost of credit protection on major airlines increased this morning, as fears mounted that tourism would decline due to the swine flu outbreak in Mexico.
European credit head leaves UBS
Henrik Raber, London-based co-head of European credit flow trading and sales at UBS, has left the bank.
UBS replaces head of investment banking
UBS has replaced its head of investment banking, Jerker Johansson, after 13 months in the role.
City of London defends OTC derivatives markets
Political pressure for reform risks crushing the over-the-counter derivatives market, warns a report published today by the City of London.