Risk magazine
FSA cracks down on CFD use
The UK Financial Services Authority (FSA) is seeking to tighten its disclosure rules on contracts for difference (CFDs), which it says could be used to "influence corporate governance".
$400 billion losses on subprime, predicts Deutsche Bank
Subprime losses could total $400 billion by the time the crisis has run its course, with large international banks and brokers taking up to a third, according to research published by Deutsche Bank yesterday.
JP Morgan takes Choukroun from BNP Paribas
David Choukroun has joined JP Morgan as managing director and global head of product development for flow and exotic derivatives within its equity derivatives group.
BarCap aims swap indexes at LDI market
Barclays Capital has launched indexes of nominal and inflation swaps, aimed at pension managers following liability-driven investment (LDI) strategies.
Iosco task force latest to investigate subprime crisis
The Madrid-based International Organisation of Securities Commissions (Iosco) is creating a task force to review the recent disturbance in global credit markets and decide whether the body can help prevent such problems in future.
Dresdner hit by credit crisis, but BNP sails through
Dresdner Bank, the banking arm of the German insurance group Allianz, has seen a sharp drop in income in the wake of the summer's upheavals, but BNP Paribas has been able to avoid the worst of the damage.
Wachovia declares $1.1 billion writedown for October
Wachovia has announced $1.1 billion in writedowns for the month of October, as the bank’s holdings in collateralised debt obligations (CDOs) and mortgage-backed securities (MBS) continue to lose value.
Morgan Stanley and Merrill Lynch reveal billions more subprime damage
The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch, two of the worst-affected US banks, reveal further damage - and an SEC investigation into Merrill Lynch.
S&P: Two years of problems ahead
The effects of the credit crisis could last up to two years, according to analysts at rating agency Standard & Poor's.
ING and SG avoid worst of subprime crisis
ING Bank and Société Générale have avoided the full effects of the subprime crisis that has led to multi-billion-dollar writedowns for other US and European banks.
Risk USA: Crowded trade increases turmoil again, say CROs
Chief risk officers from four major financial institutions argued that the distress in the financial markets has been partly caused by the concentration of money chasing too few trading ideas, when speaking on a panel at this year’s annual Risk USA…
Risk USA: Simpler structured products needed
Speaking at the annual Risk USA conference in New York, Joseph Mason, an associate professor of finance at Philadelphia's Drexel University, pushed banks to originate simpler products to increase transparency and information flow between buyers and…
Risk USA: Rate cuts do not “bail out Wall St”
The Federal Reserve's recent policy decisions have been “designed to help Main Street and not to bail out Wall Street”, a senior Fed official has declared.
Citi names new subprime head
Citi has set up a new group dedicated to handling $43 billion of its exposure to US subprime mortgages.
Risk USA: Hedge funds start to police themselves
Leading hedge funds are discussing two initiatives that aim to set new risk standards for the industry - one each from the US and Europe.
Change at top as Citi sees writedowns
Citi yesterday confirmed the retirement of Charles Prince, the US bank's chairman and chief executive officer.
Short iTraxx funds begin trading
Three exchange-traded funds (ETFs) based on the total return of short European credit derivatives index positions begin trading this week.
Correlation funds pitched following hedging woes
Credit managers are expanding strategies playing on changes in correlation and relative value, which were calamitous for the hedging strategies of some dealers and investors during July and August.
Growing pains
Wheat
Reserves and reservations
Life insurance
At a turning point
Catastrophe Bonds
Life-changing deals
Variable annuities