Central banks
G20 calls for stronger IMF
A strengthened and expanded International Monetary Fund (IMF) is at the heart of the plan to soften the recession and repair the global financial system announced by G20 members over the weekend.
New members will boost surveillance, FSF says
Thirteen new members will improve the Financial Stability Forum's (FSF) ability to identify emerging systemic risks, the forum's secretary-general Svein Andresen said yesterday.
FCStone disposes of loss-making energy account
FCStone Group, an integrated commodity risk management firm, expects losses of $110m from an unnamed customer's energy trading account, which it disposed of this week.
Isda launches hardwiring supplement for CDS settlement auctions
In its final move to incorporate the settlement of credit default swaps (CDS) with cash auctions into standard contracts, the International Swaps and Derivatives Association published its auction settlement supplement today.
Larosiere says UK must play its part in EU supervision
Daily news headlines
UBS admits Sfr20.9 billion loss for 2008
Swiss bank UBS recorded a bigger-than-expected net loss of Sfr20.9 billion ($18.03 billion) for 2008, driven by losses and writedowns on exposures to US real estate assets.
World Bank predicts global recession and credit squeeze for poor countries
The world economy will shrink overall this year for the first time since the Second World War, the World Bank has predicted, adding that rich nations' stimulus programmes may leave poorer countries struggling for financing.
Bernanke calls for regulatory overhaul of financial system
An overhaul of how the government regulates the financial system is required to prevent future economic crises, said US Federal Reserve chairman Ben Bernanke in a speech delivered before the Council of Foreign Relations in Washington today.
Ice launches US CDS clearing service
Atlanta-based derivatives exchange IntercontinentalExchange (Ice) launched its credit default swap (CDS) central clearing platform on March 9 after receiving the green light from the Securities and Exchange Commission (SEC) on March 6.
UK's Darling proposes EU super-regulator for micro-prudential supervision
Daily news headlines
Economists draw up G-20 policy proposition
Daily news headlines
US Wrap: UBS puts in an appearance with S&P 500 based straddle product
UBS graced the US market with a rare appearance as an issuer yesterday, offering up 100% principal protection absolute return barrier notes linked to the S&P 500 Index. UBS Financial Services is agent for the straddle product based on an underlying that…
Bank of England reveals £75 billion asset purchase programme
The Bank of England plans to buy up £75 billion of assets over the next three months, including medium-term government bonds (gilts) in the secondary markets and commercial paper from the private sector.
Fed approval leaves Ice/TCC on brink of CDS clearing
Intercontinental Exchange's (Ice) application to become a member of the Federal Reserve System has been approved by the US central bank, overcoming one of the final obstacles preventing the firm from launching its central clearing platform for credit…
CBA offers exposure to Australian equities
Commonwealth Bank of Australia (CBA) has launched its Capital Series Australia II product, which is designed to provide exposure to listed Australian shares.
ASF 2009 highlights challenges for securitisation market
The annual conference for securitisation professionals, held in Las Vegas, showed that the industry is under no illusions about the difficulties it is currently going through, but that there is a collective will to turn the situation round. Mark Kahn of…
ASF 2009 highlights challenges for securitisation market
The annual conference for securitisation professionals, held in Las Vegas, showed that the industry is under no illusions about the difficulties it is currently going through, but that there is a collective will to turn the situation round. Mark Kahn of…
Swap shop
The International Swaps and Derivatives Association, under its chief executive Bob Pickel (right), is the trade body for dealers of, amongst other things, credit derivatives. As such, Pickel and his members are at the centre of a storm raging around the…
Dealers and regulators: Who will blink first?
High noon for CDS Clearing
What to do with the toxic debt
The issue of how to tackle the vast quantities of impaired assets lingering on banks' balance sheets has given rise to several possible solutions, chief among which is the notion of a 'bad bank'. Credit asks five market participants how such a scheme…
'Big bang' protocol provides wake-up call for CDS market over credit event settlement
A new scheme for adjudicating on credit event auctions, consisting of a centralised committee, will replace the old system of ad hoc decision-making
Rick Watson
Securitisation has been damned as the carrier that took the subprime contagion to institutions across the world, but the head of the European Securitisation Forum insists that the real economy needs this funding source more than ever. Matthew Attwood…