Risk magazine
Fed increases security purchase plans
In an effort to resuscitate private credit markets, the Federal Open Markets Committee stated today that it would purchase up to $300 billion in long-term US Treasury securities over the next six months.
Derivatives counterparties shun Ford and GM
Few banks are now willing to enter derivatives trades with Ford and General Motors, leaving the struggling car manufacturers exposed to further risk.
Bank CDS spreads widen
The cost of credit protection rose this morning on European and US financials.
Kaplan and de Saint-Aignan join State Street board
Robert Kaplan, a former vice-chairman at Goldman Sachs, and Patrick de Saint-Aignan, ex-head of risk management at Morgan Stanley, have joined the board of State Street.
China publishes new derivatives master agreement
The Chinese National Association of Financial Market Institutional Investors (Nafmii), a trade association set up by the People's Bank of China (PBOC), has published a new master agreement for trading, settlement and netting of onshore derivatives traded…
Deutsche Bank appoints four new board members
Deutsche Bank's management board doubled in size today with the appointment of four new executives, due to join the board on April 1.
Fed delays capital requirements rules for bank holding companies
The Federal Reserve has postponed new capital requirements ratios for bank holding companies for two years, in an effort to allow banks to boost capital levels amid continued weakness in the financial markets.
Board reshuffle at UBS
Swiss bank UBS, which last week announced a Sfr20.9 billion ($18.03 billion) loss for 2008, plans to significantly restructure its 12-strong board of directors next month.
Four new nominees for Citi board
Citi's board of directors will undergo a reshuffle next month with five existing members stepping down to make way for four new independent candidates.
Steady morning for bank CDSs
After a significant improvement in market sentiment yesterday, the cost of credit protection remained steady this morning on US financials, while falling on south-east Asian corporates.
SG's deputy head to retire
Philippe Citerne, deputy chief executive of Société Générale, will retire at the end of next month.
G20 calls for stronger IMF
A strengthened and expanded International Monetary Fund (IMF) is at the heart of the plan to soften the recession and repair the global financial system announced by G20 members over the weekend.
CME’s CDS platform approved
The Chicago Mercantile Exchange Group (CME) received the green light from the Securities and Exchange Commission (SEC) on March 13 to clear credit default swaps (CDSs), but now faces the hard task of getting customers to sign up to its platform.
US financials move on Bernanke prediction
The cost of credit protection on US and European financials fell in intraday trading, following US Federal Reserve chairman Ben Bernanke's prediction yesterday that the US economy will "see recovery beginning next year".
New members will boost surveillance, FSF says
Thirteen new members will improve the Financial Stability Forum's (FSF) ability to identify emerging systemic risks, the forum's secretary-general Svein Andresen said yesterday.
European financials hit by further decline in confidence
European financial institutions experienced a further decline in market sentiment today, while the cost of credit protection on sovereign debt fell in intraday trading.
CME Group one step closer to CDS clearing
US exchange operator Chicago Mercantile Exchange (CME) Group has come one step closer to entering the credit derivatives market by signing a deal to clear credit default swaps (CDSs) on financial information services company Markit's CDX and iTraxx…
New heads for Freddie Mac after $50 billion losses
US government-supported mortgage buyer Freddie Mac has named its new chairman and chief executive, after reporting a loss of $50.1 billion for 2008.
Isda launches hardwiring supplement for CDS settlement auctions
In its final move to incorporate the settlement of credit default swaps (CDS) with cash auctions into standard contracts, the International Swaps and Derivatives Association published its auction settlement supplement today.
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.
Dealer predicts 85% of CDSs could be centrally cleared by end of 2009
The head of credit derivatives at a major dealer has told Risk he expects to see 35-40% of the credit default swap (CDS) market centrally cleared by the end of June, and as much as 85% by year's end barring any unforeseen mishaps.
People should be frightened of FSA, says Sants
The UK Financial Services Authority (FSA) will adopt a tougher, more intrusive regulatory policy, in an attempt to bring the fear factor back to regulation, chief executive Hector Sants warned today.
Deutsche Bank launches ETF of hedge funds
Deutsche Bank has launched an exchange-traded fund (ETF) giving investors access to hedge funds based on its managed account platform.
European financials hit by declining confidence
The cost of credit protection on European financial institutions climbed in intraday trading today as market sentiment slumped.