Risk magazine
Crosby resigns from FSA following HBOS allegations
James Crosby, the UK Financial Services Authority's (FSA) deputy chairman, has resigned. His departure comes after an accusation that he and other directors at his former employer HBOS ignored warnings the company was taking excessive risks from its ex…
Financial CDSs move on stimulus plan
The cost of credit protection on US financial institutions fell in early trading today, following yesterday's announcement by Treasury secretary Timothy Geithner of a $1 trillion toxic asset purchase plan.
Eight CEOs face congressional bonus questions
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
Credit Suisse hit by Sfr8.2bn loss for 2008
Credit Suisse recorded a fourth-quarter net loss of Sfr6 billion ($5.2 billion), taking its total net loss for 2008 to Sfr8.2 billion.
Auctions held for CDSs referencing Nortel Networks
An auction run by data vendor Markit and broker Creditex today determined final settlement values for credit derivatives trades referencing Toronto-based telecommunications company Nortel Networks Corp.
Q4 loss of Sfr8.1 billion for UBS
Swiss banking giant UBS reported a fourth quarter net loss of Sfr8.1 billion ($7 billion), bringing its full-year net losses to Sfr19.7 billion. The bank also revealed $16.4 billion of illiquid credit assets had been transferred to the Swiss National…
CIC opts for MSCI Barra multi-asset analytics
China Investment Corp (CIC) has signed up to use risk and performance analytics provided by New York-based MSCI Barra, called Barra Analytics, for an undisclosed sum.
Cost of protection rises on Japanese firms
The cost of credit protection on Japanese corporates and US insurers widened in European trading today.
Questions remain over $1trn toxic asset purchase plan
New financial stability initiatives will see US banks required to implement stress tests to strengthen their balance sheets and the establishment of a pseudo "bad bank" fund that could buy up to $1 trillion of illiquid assets off of struggling financial…
IDCG names Ferber as general counsel and chief regulatory officer
The New York-based International Derivatives Clearing Group (IDCG) has appointed Laurie Ferber as its general counsel and chief regulatory officer.
FSA sets out scope of Turner Review on bank regulation
Capital adequacy and liquidity regulation are in need of urgent review as a result of the financial crisis, according to the UK's Financial Services Authority (FSA).
Auction sets values on British Vita LCDS
Settlement values for loan-only credit default swap (LCDS) trades referencing UK chemical firm British Vita first and second-lien loans were established today at an auction jointly administered by data provider Markit and broker Creditex.
GFI's Asia head of oil broking departs
It has emerged that Jeremy Searle left his post as Asia head of oil broking at interdealer broker GFI in Singapore in December, but it is unknown what his next move will be.
UK needs more transparency around shorting, FSA says
The UK Financial Services Authority today ruled out any permanent restrictions on short-selling stocks today, but said that it planned to force public disclosure of all short positions.
"$78 billion Tarp windfall" for banks
The US Treasury paid banks $78 billion too much for bank stock and warrants under the Troubled Asset Relief Programme (Tarp), according to the programme's head of oversight.
CDSs tighten on US banks and energy companies
The cost of credit protection on US banks and energy firms plummeted in intraday trading, while confidence in the Japanese electronics sector continued to decline.
Canadian ABCP restructuring finally complete
After 17 months of delays, the saga surrounding the restructuring of C$32 billion ($26.1 billion) of distressed Canadian non-bank asset-backed commercial paper (ABCP) has finally drawn to a close.
SNB issues US dollar debt to fund UBS's bad bank
The Swiss National Bank (SNB) will auction its own debt certificates in US dollars to finance its loan to the SNB Stabfund.
Cat bonds issuance expected to pick up
Issuance of catastrophe bonds (cat bonds) is expected to rebound in the early part of this year after a quiet fourth quarter in 2008, according to New York-based reinsurance specialist Guy Carpenter.
Swiss Re seeks capital injection after securitisation hit
Zurich-based reinsurer Swiss Re suffered writedowns of SFr 6 billion ($5.1 billion) linked to its legacy securitisation portfolio, according to its preliminary report for 2008.
Deutsche hit by €1.7 billion equity derivatives losses in Q4
Deutsche Bank confirmed a net loss of €4.8 billion for the fourth quarter of 2008, bringing total losses for the year to €3.9 billion, compared with a net income of €6.5 billion in 2007. Year-on-year net revenues for the quarter fell from €7.3 billion in…
Auction sets final settlement values on Sanitec LCDS
An auction run by data vendor Markit and broker Creditex has determined final settlement values for credit derivatives trades referencing Sanitec first- and second-lien loans.
Operational risk experts ponder future of Basel II
The ongoing financial crisis has led risk professionals to question whether the Basel II framework needs to be modified to improve firms' ability to assess and manage risk. And while the general consensus is that revisions are needed, questions remain as…
The fight is on for LCH
US clearing giant, The Depository Trust & Clearing Corporation (DTCC), insisted on Tuesday that a merger with London-based clearing house LCH.Clearnet would be completed by the end of March, despite a possible rival bid.