Risk magazine
UBS continues losing streak into Q1
UBS will make a SFr2 billion ($1.75 billion) loss for the first quarter of 2009, the firm's chief executive, Oswald Grübel, predicted at the bank's annual general meeting in Zurich on April 15.
Ice clears $71 billion of CDSs
Atlanta-based derivatives exchange IntercontinentalExchange (Ice) has cleared $71 billion notional in credit default swaps (CDS) in the four weeks since the launch of its central clearing platform. The exchange cleared 613 transactions and reported open…
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.
Limits to growth for Russian forex derivatives exchanges
The decline in the rouble led to a boom for Russian derivatives exchanges earlier this year, but local conditions mean growth is unlikely to continue.
Put spreads play part in the taming of the skew
The recent popularity of put spreads and put-spread collars has helped push down volatility skew to record lows on global equity indexes, according to dealers.
CDS spreads tighten further on US financials
The cost of credit protection on US banks fell in early European trading today.
Regulators square up to leverage ratio challenge
Bank supervisors are increasingly advocating the introduction of a gross leverage ratio as a restriction on the growth of assets relative to capital, but the biggest challenge will be to create an internationally consistent measure under diverse…
Reilly to head SwapClear at LCH.Clearnet
LCH.Clearnet has appointed Joe Reilly to lead its SwapClear service, which provides clearing for over-the-counter interest rate swaps.
Talf requests plunge $3bn to $1.7bn in latest funding round
Demand for loans under the US Treasury's Term Asset-Backed Securities Loan Facility (Talf) has dropped precipitously since the scheme opened in March.
CDS spreads tighten on US financials
The cost of credit protection on US banks fell in early European trading today, while sentiment also improved towards Irish financials following yesterday's announcement of a government asset purchase scheme.
Tear-ups reduce $5.5 trillion of outstanding CDSs, TriOptima says
Swedish technology firm TriOptima has eliminated outstanding credit default swap (CDS) trades worth $5.5 trillion so far this year through its triReduce service, the company said today.
CDS 'big bang' could see 18% increase in tear-ups, Markit says
Changes to credit default swap (CDS) contracts due to come into force on April 7 could result in an upturn in trade-compression activity, according to market information provider Markit.
Concerns over political influence overshadow FASB's changes to fair value
US auditors and investors are concerned that accounting standards are being dictated by politicians rather than independent standard setters.
Corbat appointed chief of Citi Holdings
Citi has appointed Mike Corbat as chief executive of Citi Holdings, which includes brokerage and asset management, local consumer finance and a pool of toxic assets that are partly covered by a loss-sharing agreement with the US government.
CDS spreads widen on Asian sovereigns
The cost of credit protection on east Asian sovereigns rose in early European trading today, despite predictions from the World Bank that China's economy will bottom out by mid-2009, offering a ray of hope for the region.
Fed in $287bn currency swap with central banks
Four central banks, including the European Central Bank (ECB) and the Bank of England (BoE), have agreed further reciprocal foreign currency swap arrangements with the Federal Reserve to provide more US dollar funds to firms in participating nations as…
European bank CDS spreads tighten further
Market sentiment remained bullish on European financials this morning, following a $1.1 trillion global economic stimulus package promised last week by the G-20 leaders.
G20 fires starting gun on global systemic risk regime
A declaration by the Group of 20 leading economies (G20) fleshed out plans for a global regime of systemic risk regulation, “covering regulated banks, shadow banks and private pools of capital to limit the build-up of systemic risk”.
Basel Committee ready for new members
The Basel Committee on Banking Supervision is set to confirm the appointment of seven new members within the next fortnight, according to a senior committee official.
RBS names Aguais as credit portfolio analytics head
Royal Bank of Scotland (RBS) has appointed Scott Aguais as head of credit portfolio analytics for the credit risk executive team in the global banking and markets division.
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.
Rabobank appoints leaders for revamped structured products group
Dutch banking group Rabobank has appointed three new heads for its newly integrated structured products group.
Accounting boards: Spain's dynamic provisioning not the way forward
International accounting standard setters have warned that accounting for dynamic provisioning – rainy-day funds banks build up in good times to absorb losses in economic downturns – should not be recorded against profit and loss (P&L), as it is in Spain.
CDSs on European banks narrow as stock markets rally
The cost of credit protection on European banks began to fall this morning following data from the US showing the rate of decline in the US manufacturing sector is decelerating, coupled with reports of UK house prices rising for the first time since…