Foreign exchange
Pioneer appoints Madar for France and Benelux distribution
Pioneer Investments has named Fabian Madar as general manager of its Paris-based French operation, with responsibilities for distribution into Belgium, Luxembourg and Monaco. Madar, who will report to Sandro Pierri, region head of South Europe and Latin…
Société Générale Asset Management launches three ETFs on Borsa Italiana
SGAM Alternative Investments (SGAM AI) has launched three ETFs linked to the S&P MIB index traded on the Borsa Italiana. Two of the ETFs offer a bear strategy, providing reverse exposure to the variation of the S&P MIB and are the first bear ETFs…
Credit crisis losses could reach $400 billion
Write-offs of losses on securities linked to US subprime mortgages could reach $400 billion, according to German finance minister Peer Steinbrück, speaking after the recent G-7 meeting in Tokyo.
Société Générale reshuffles its Global Equities and Derivatives Solutions Division
Société Générale has made the first move to restructure its global equities and derivatives team, in the wake of the multi-billion euro fraud which led to the removal from the bank of Luc Francois, the former head of global equity derivatives.
Sky Road Power Platform Launched
Software solutions provider Sky Road has launched the Sky Road Power Platform, providing access to all pricing points in the PJM Interconnection, New England, New York, and Midwest Independent System Operator (ISO) /Regional Transmission Organization …
Investigators step up pressure on rating agencies
Criminal investigators and regulators in the US have increased the pressure on credit rating agencies, saying they were "central" to the subprime crisis.
Crédit Agricole Asset Management creates a new subsidiary in Italy
Crédit Agricole Asset Management (Caam) has unveiled its new organisational structure, following the joint venture between Intesa Sanpaolo SpA and Crédit Agricole.
IT firms report widespread data risks
Daily news headlines
Unicredit launches first Polish product as secondary market swells
Unicredit group is introducing its first listed certificate in Poland. The launch comes as The Warsaw Stock Exchange (WSE) announces record trading figures for structured products throughout January, up 174% from the previous all-time high in November…
S&P promises reforms as regulators ponder ratings oversight
Rating agency Standard & Poor's has revealed a list of planned changes aimed at preventing conflicts of interest and restoring confidence in its ratings, as an international regulators' conference suggested tighter restrictions on rating agencies.
Surprise over "severe" Fitch CDO cuts
Fitch Ratings has outlined possible changes to its approach to rating collateralised debt obligations (CDOs), with downgrades potentially far deeper than the market expected.
Risk linked with Asian banks ‘mispriced’, says RBS
The credit risk associated with Asian banks is being mispriced by the financial markets and the region’s relatively stronger credit outlook, compared with Europe and the US, makes bank debt potentially an attractive investment opportunity, according to…
Three EU countries face legal action over Mifid
The European Commission (EC) is referring member states the Czech Republic, Poland and Spain to the European Court of Justice over non-implementation of the Markets in Financial Instruments Directive (Mifid).
SG downgrade throws shadow over structured products
The €4.9 billion loss at Société Générale (SG), blamed by the bank on a single rogue trader, has drawn attention to counterparty credit risk within the structured products industry.
Barclays offers volatility adjusted emerging markets exposure
Barclays Wealth has launched a new structured product offering protected exposure to emerging markets while adjusting for volatility. The five-year product is linked to the performance of the exchange traded fund (ETF) that tracks the iShares MSCI…
ETF Securities to launch entire range of ETCs
ETF Securities will introduce 33 short exchange traded commodities (ETCs) and 33 leveraged ETCs, providing listed access to an entire platform of short and leveraged commodity indexes.
Lack of legal action over Mifid so far
Despite last year’s warnings from regulators saying they would punish financial institutions who had not complied with the Markets in Financial Instruments Directive (Mifid) in time for the November 1 deadline, no European Union member states or UK-based…
Fitch sees rise in Asian securitisation in 2008
Fitch Ratings expects overall issuance in the non-Japan Asian cross-border securitisation market to rise after pricing conditions stablise in 2008 and following stagnant growth in 2007, the agency said in a report issued on February 4.
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From alpha to beta
Michael Azlen, founder of Frontier Capital Management, explains to David Walker why he is no alpha fan