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Moody’s: 2008 marks turning point for credit cycle

New York-based rating agency Moody’s Investors Service said the global corporate default rate had reached its lowest level in two decades by the end of 2007, although it expected a “sharp rise” in 2008.

Hunt leaves as State Street takes subprime charge

William Hunt, the president and chief executive of State Street Global Advisors (SSGA), has resigned, as the hedge fund’s Boston-based parent company announced it would take a $279 million pre-tax charge for costs stemming from US subprime mortgages.

UOB strengthens trading desk in Singapore

Singapore’s United Overseas Bank (UOB) has made several senior trading hires, including a new head of market-making and trading. Samuel Lin joined on December 3 from local rival OCBC Bank, where he was head of financial derivatives for group treasury.

Société Générale and Calyon launch new brokerage

Société Générale and Calyon have merged the brokerage activities of their respective subsidiaries, Fimat and Calyon Financial, and launched a new brokerage house called Newedge, based in Paris. The two banks will equally control Newedge and have…

The probability approach to default probabilities

Default estimation for low-default portfolios has attracted attention as banks contemplate the requirements of Basel II's internal ratings-based rules. Here, Nicholas Kiefer applies the probability approach to uncertainty and modelling to default…

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