Risk magazine
European talks stall on CDS clearing
The European Commission's initiative to move the majority of over-the-counter credit default swaps (CDS) onto central clearing facilities has stalled after failing to get written commitments from certain parties.
Kroeker steps up to succeed Hewitt at SEC
The US Securities and Exchange Commission has named James Kroeker to succeed Conrad Hewitt as acting chief accountant.
Deutsche hires Japan prime-broking head
Masakazu Yanagisawa has joined Deutsche Securities in Tokyo as head of global prime finance sales for Japan, a post that had been vacant for some time. He was previously head of prime brokerage and capital introductions for Japan at Merrill Lynch.
BIS releases roadmap to better stress testing
The Bank for International Settlements (BIS) has issued a list of improvements to stress-testing practices that it says could help banks and regulators avoid a repeat of the failures exposed during the financial crisis.
Auction sets 1.5% recovery on Tribune CDS
A final settlement value of 1.5% was set for credit default swaps (CDS) referencing Tribune during an auction today. A price of 23.75% was set for loan credit default swaps (LCDS) referencing the company.
Congress questions SEC competence as Madoff investigation begins
US Congressmen have voiced scepticism about the Securities and Exchange Commission's (SEC) plans to investigate internal failings over the Bernard Madoff fraud case and explore whether numerous opportunities to identify the $50 billion swindle were…
SEC: fair value not to blame for financial crisis
Fair-value accounting did not play a substantial role in the downfall of large financial institutions last year, according to a report by the US Securities and Exchange Commission (SEC) released on December 30.
Knüpling promoted to deputy CRO at Scor
Frieder Knüpling has been promoted to deputy chief risk officer (CRO) of Paris-based reinsurer Scor.
CDS spreads tighten on aerospace and defence firms
The cost of credit protection on a number of aerospace and defence firms fell today, as the industry continued to outperform the broader market.
Freddie Mac names chief credit officer
Freddie Mac has appointed Raymond Romano as chief credit officer, the company revealed in a statement on December 29.
Ted spread returns to pre-Lehman levels
The New Year has seen the Ted spread, a perceived level of counterparty risk, reach its lowest level since Lehman Brothers filed for Chapter 11 bankruptcy on September 15 last year. Elsewhere, interbank lending rates continued to fall.
IDCG launches rates clearing house
The New York-based International Derivatives Clearing Group (IDCG) launched its interest rate swap clearing house on December 29 and has begun to process trades.
FSA to extend short selling oversight
The UK Financial Services Authority (FSA) will continue to monitor short equity positions until June 30 this year, under proposals released this week.
CME awaits SEC approval for CDS clearing
The launch date for the Chicago Mercantile Exchange (CME) Group's credit default swap (CDS) clearing platform remains unclear, almost two weeks after it received the green light from two US financial regulators.
CDS spreads tighten as markets rally
The cost of credit protection on financial institutions and sovereign debt across Europe and Asia dropped in early trading this morning as equity markets continued to recover.
Households and corporates suffer worsened credit conditions
A net 31.1% of lenders cut back on lending to households and small businesses in the past quarter, blaming a worsened economic outlook, reduced risk appetite and lack of available funds.
FDIC prepares to sell off IndyMac
The US Federal Deposit Insurance Corporation (FDIC) is close to a $13.9 billion deal that would see the failed California mortgage lender IndyMac transferred to a group of private equity investors.
Fed agency MBS purchases to begin within days
The US Federal Reserve will start buying mortgage-backed securities (MBS) issued by Freddie Mac, Fannie Mae and Ginnie Mae within the next few days, fulfilling a promise it made in November.
Isda documentation to cover CDS settlement auctions
The International Swaps and Derivatives Association plans to incorporate the credit default swap (CDS) settlement auction process into the 2003 Isda credit derivatives definitions by mid-March.
StanChart names country heads of commodity trading
Standard Chartered has appointed country heads for its commodity trading and agribusiness (CTA) division in China, Indonesia and the United Arab Emirates (UAE).
Tarp runs out at last
Funds from the Troubled Asset Relief Program (Tarp) have finally been exhausted, following three months of capital injections and loan facilities extended to a variety of institutions.
Fair enough?
Fair-value accounting has been blamed for exacerbating the scale of the financial crisis, leading for calls from some politicians for it to be suspended. The accounting standards boards have rushed out clarifications on mark-to-market rules, but are they…