Exchanges
Amex set for demutualisation
The American Stock Exchange (Amex) today said its Board of Governors has approved a course of action that would begin the process to convert the exchange from a not-for-profit corporation into a for-profit corporation - the initial step in the process of…
American Stock Exchange demutualises
The American Stock Exchange (Amex) is going to go public. Neal Wolkoff, the exchange’s chairman and chief executive, said: “We have been carefully examining the structure of the exchange for months. The board’s approval to take the initial step to…
Isda proposes net physical settlement
The International Swaps and Derivatives Association has released a draft of the net physical settlement supplement to the 2003 credit derivatives definitions, which aims to simplify the settlement of credit default swaps (CDSs) after a credit event.
More clarity offered on Mifid
The European Union has published draft implementation rules on its Markets in Financial Instruments Directive (Mifid), giving Europe's financial institutions greater clarity on how to comply with the directive. But some bankers have criticised the…
Banks get stressed
The UK's Financial Services Authority has called on banks to improve stress testing of possible disruptive events, while the Basel Committee declared last year that firms must supplement their value-at-risk models with stress tests. But some bankers…
TSE plans $529m trading system upgrade
After a year of operational embarrassment, the Tokyo Stock Exchange plans to spend $529 million on upgrades to its electronic trading platform.
FSA releases second bulletins on CRD
The FSA has published its second set of Capital Requirements Directive (CRD) implementation bulletins for banks, building societies and investment firms. This newsletter aims to help institutions identify key points in the consultation paper, as well as…
MiFID Level 2 text on the table
BRUSSELS – In early February, the European Commission tabled formal draft proposals for the Markets in Financial Instruments Directive (MiFID) Level 2 text, detailing new trade reporting and transparency requirements for securities industry participants.
Deutsche Börse explores tie-up with Euronext
Deutsche Börse is preparing plans to merge with Euronext, which played down a potential takeover bid for the London Stock Exchange (LSE).
Euronext plans €1 billion cash handout for shareholders
The multi-national European exchange Euronext will return €1 billion to its shareholders in payouts and a share buyback scheme, it announced today.
LSE rebuffs Nasdaq bid
The London Stock Exchange has dismissed a takeover bid from the New York-based Nasdaq, saying it "substantially undervalues" the exchange.
FSA simplifies training and competence rules
The UK Financial Services Authority has confirmed that its detailed rules on training and competence (T&C) will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers.
GlobalCoal wins injunction against Icap
The Court of Appeal in London today awarded GlobalCoal an interim injunction against Icap Energy in a dispute over an alleged breach of GlobalCoal’s product licence agreement (PLA), pending trial. GlobalCoal may now seek damages.
Facing the Four Risks
CIOs must prepare for threats that could spell disaster for their firms, so how can they survive in dangerous waters?
Land of the Setting Exchanges
The Japanese exchanges have not had a happy New Year. Can they regain trust after a series of mishaps?
BIS reports record year for exchange-traded derivatives
Demand for exchange-traded futures and options contracts reached an all time high last year with annual turnover up 22% on 2004, according to the latest quarterly data released by the Bank for International Settlements (BIS).
End of the line for mass distribution?
Cover Story
The pension counsellor
Regulations
March 2006 - Relations with Russia revisited
As Europe becomes more dependent on Russia for oil and gas supplies, it endeavours to maintain good relations with Moscow, while at the same time looking for alternative ways of securing fuel
The chain gang
Supply chain management is becoming more important within energy companies, making liaising between the supply chain manager and the risk manager essential in order to avoid compromising operational risk, writes Raees Lakhani
March 2006 - Interconnector - UK left in the cold
As UK gas prices soared at the start of the year, market watchers struggled to explain why cheaper European gas didn't flood into the UK. But as the UK becomes a net importer of gas, these sorts of market inefficiencies will become more prominent, writes…
Coping with setbacks
Most risk managers and employees in energy companies are familiar with the concepts of market risk and credit risk, but operational risk is receiving more attention in corporate boardrooms these days, writes Sandy Fielden
Hybrids on track in the US
Bankers predict hybrid capital volumes to intensify this year and reach as much as $65 billion