Risk magazine
End of the line for CPDOs
Analysts say the demise of Constant Proportion Debt Obligations (CPDOs) now seems certain.
Semonin leaves BNP to set up hedge fund
Lionel Semonin, global head of commodity investor derivatives at BNP Paribas in London, has left the bank to set up a commodity hedge fund in Singapore.
Legal changes have borne fruit, says Russian exchange chief
Roman Goryunov, chief executive of the Russian Trading System (RTS) stock exchange, predicted a good year ahead for the Russian derivatives markets in an exclusive interview with Risk .
Fed promises $540 billion boost for money markets
In an effort to provide liquidity to US money market investors, the Federal Reserve has created a $540 billion fund, the Money Market Investor Funding Facility (MMIFF).
US Treasury changes course on Tarp CIO
The US Treasury yesterday unveiled James Lambright as interim chief investment officer for the Troubled Asset Relief Program (Tarp), after changing its original decision to appoint undersecretary Reuben Jeffery.
Ambac appoints new CEO
David Wallis has been promoted to chief executive officer of Ambac Financial Group, the holding company of monoline insurer Ambac Assurance.
Jefferies recruit ex-Lehman banker in derivative sales
Jefferies and Company, the New York-based investment bank, has appointed Jason Roelke as managing director and head of derivative sales.
Wachovia loses $23.9 billion in Q3
Wachovia reported a third quarter loss of $23.9 billion, blaming an $18.8 billion goodwill impairment charge, declining market valuations and its acquisition by Wells Fargo.
Interbank lending remains stable
Sharp falls in European share prices and fears of recession had no impact on the interbank lending markets today.
Auction sets 57% recovery on Washington Mutual CDS
An auction yesterday established a final settlement price of 57% for Washington Mutual bonds, leaving sellers of credit default swaps (CDS) with higher-than-expected settlement payments as they close out contracts referencing the former US bank.
Deutsche CEO and UBS chairman decline bonuses
Josef Ackermann, chief executive officer of Deutsche Bank, the largest bank in Germany, and Peter Kurer, chairman of UBS, the Swiss banking giant, have agreed to waive their 2008 bonuses in the face of calls from regulators and governments across the…
Credit Suisse plunges into the red after investment banking losses
Credit Suisse lost SFr 1.3 billion ($1.1 billion) in the three months to September 30 as the volatile market in September hit its investment banking business.
EC demands centralised clearing by year end
At a meeting with industry groups and regulators on October 22, the European Commissioner for internal markets and services, Charlie McCreevy, outlined his intentions to move credit derivatives away from the over-the-counter (OTC) market and under…
CDS spread widen further amid recession fears
The cost of protection on UK banks widened in early trading today as fears of recession fuelled volatile market conditions.
Interbank lending stays steady
The interbank lending markets remained stable today despite sharp falls in European share prices.
European bank CDSs rise
The cost of protection on UK banks climbed in early trading today as fears of recession fuelled volatile market conditions.
DTCC and LCH.Clearnet plan €739 million merger
The Depository Trust and Clearing Corporation (DTCC), the largest clearing house in the US, and European clearer LCH.Clearnet have agreed to merge, a move the companies claim will create the world's largest clearing house.
Bank of America names post-takeover leaders
Several Merrill Lynch executives will step into leadership posts after the bank's $50 billion takeover by Bank of America, set to close in the first quarter of next year.
Sweden's $202 billion guarantee fails to help markets
The Swedish finance minister, Anders Borg, promised SKr1500 billion ($202 billion) in loan guarantees to Swedish banks yesterday, but the country's markets remained sluggish today.
Citic Pacific plummets after $2 billion derivatives loss
Shares in Citic Pacific, the Hong Kong arm of the Chinese state investment company Citic, fell 55% today after the company admitted a $2 billion loss on poorly-managed forex hedges.
IMF: European regulators are making the downturn worse
In many European countries, banking regulators have made the crisis more severe by failing to intervene in procyclical lending behaviour, the International Monetary Fund warned today.
French bank CDSs tighten
The cost of protection on French banks fell in early trading today after the government said it would lend €10.5 billion to six of the country's biggest financial institutions.
Ted spread drops to monthly low
The strain on the interbank lending market eased further today as the Ted spread reached its lowest rate for almost a month and Libor continued to fall.
French banks to receive €10.5 billion in state loans
Christine Lagarde, France’s minister of the economy, on October 20 announced details of a plan to lend a total of €10.5 billion to six French banks, just days after the unveiling of a €320 billion government scheme to prop up the financial sector.