Risk magazine
IMF, EU and World Bank feed cash-starved Hungary
The International Monetary Fund, the European Union (EU), and the World Bank will provide a $25.1 billion financing package for Hungary to support its ailing economy.
JP Morgan hires Asia structured product marketing head
JP Morgan has relocated David Hansson to Hong Kong as head of structured investments distributor marketing (SIDM) for Asia ex-Japan and Australia.
RBS appoints head of covered bond trading
Royal Bank of Scotland (RBS) has named Allen Rad as head of covered bond trading.
Mexican regulator investigates corporates’ derivatives disclosures
After several Mexican corporates reported millions of dollars of mark-to-market losses on foreign exchange derivatives, the Mexican banking and securities regulator has launched an investigation into their disclosures about derivatives positions.
Bank of England predicts long haul for economy
The Bank of England plans to raise minimum capital levels and impose tight limits on bank leverage, as part of a push to prevent another credit crisis.
Market recovery boosts interbank lending
Recovering Asian and European stock markets increased confidence in interbank lending today.
Aegon receives €3 billion government support
The Dutch government has indirectly purchased €3 billion in shares in Aegon, the insurance giant, making it the second prominent company to tap the €20 billion scheme provided by the Dutch state.
CDS spreads tighten as markets recover
The cost of credit protection has fallen as the world’s equity markets begin to recover from a volatile week of crashes prompted by fears of a global recession.
Japanese ban naked shorts despite liquidity fears
The Japanese Financial Services Agency today banned naked shorting of stocks on the Tokyo exchange until the end of Q1 in 2009. But the experience of other countries implies the country now risks making the stock market even more volatile and illiquid.
Nomura names equity heads for Asia and Europe
Japanese bank Nomura has named new heads of equity for Asia and Europe, who will take up their posts on November 1, as it continues to integrate the former Asian and European operations of Lehman Brothers which it acquired in September.
Taiwan watchdog clamps down on overseas investment
Taiwan’s financial markets watchdog has revised regulations governing the investment by domestic insurance companies in certain overseas assets by introducing limits on a their total investment in US government agency issued mortgage-backed securities …
CDS spreads widen after stock markets crash
Following a volatile week of crashes across the world’s equity markets and fears of a global recession, the cost of credit protection on financials has risen further.
US Treasury considering allowing insurers, auto-makers to access Tarp
The US Treasury is considering allowing non-banking institutions such as insurers and auto-makers to access federal funds under the government’s $700 billion bailout package, a senior Treasury official has confirmed.
FSA confirms new CFD rules despite dissent
The UK Financial Services Authority (FSA) will go ahead with rules forcing general disclosure of holdings of contracts for difference (CFDs), despite market concerns that the cost would be too high.
Interbank markets unmoved as Asian markets plummet
The collapse of stock markets in Hong Kong and Tokyo failed to shock the rest of the world today, with interbank rates remaining roughly level this morning.
ING’s CFO departs after it received €10 billion from Dutch government
John Hele, chief financial officer of financial services group ING, will leave the firm following the company’s agreement on October 19 to receive a €10 billion capital injection from the Dutch government.
Rating agencies "sold their souls"
The heads of the major rating agencies faced public humiliation this week, as hearings in the US Congress blamed them for the oversights and mis-estimates behind the credit crisis.
Lake joins RBS as a UK derivatives sales head
David Lake has joined Royal Bank of Scotland as head of equity derivatives and structured products sales UK and Ireland.
Congress: US needs regulatory overhaul
At a US congressional hearing of the committee of oversight and government reform on October 23, speakers called for far-reaching regulatory reforms. These included demands for greater scrutiny of derivatives, increased capital charges on securitised…
ANZ appoints Asia-Pacific CRO
Australia and New Zealand Banking Group (ANZ) have appointed Nigel Denby to the role of chief risk officer, Asia Pacific.
Ted spread moves up
The Ted spread and overnight borrowing costs were up today as the interbank lending markets began to reflect poor economic news.
DIFX to launch stock futures
Dubai International Financial Exchange (DIFX) is set to launch its first stock index futures and single-stock futures in late November as part of a series of moves to help boost liquidity on the market.
Market turmoil forces CDSs wider
Fears of recession and volatile market conditions drove up the cost of protection on banks across European in early trading today.
Goldman cuts 10% of workforce
Goldman Sachs is slashing 10% of its global workforce as recent changes to market conditions put strains on its business practice.