Foreign exchange
Amerex forms REC purchasing partnership with Aramark
Amerex Brokers has formed a partnership with professional services firm Aramark Corporation to provide clients with an array of energy services, including the purchase of renewable energy credits (RECs).
Bear Stearns slashes 650 jobs
Bear Stearns will cut 650 jobs before the end of the year as part of the bank’s cost-cutting drive, after heavy subprime mortgage-related losses earlier in the year.
Freddie Mac sells $6bn in stock to ward off capital fears
Freddie Mac has announced it will sell $6 billion in preferred stock, in a bid to restore regulator and investor confidence and avoid breaching minimum capital requirements.
Ernst & Young partners with JWG-IT to speed up Mifid compliance
Daily news headlines
Deutsche indexes capture currency correlation in Asia
Deutsche Bank has launched a set of indexes designed to capture returns generated by what appears to be growing coordination of currency policy among Asian central banks.
DIB launches sharia product
The wealth management division of Dubai Islamic Bank (DIB) has launched a three-year, sharia-compliant, 50/50 Upside Note which provides exposure to the global equity market.
Natixis reports €407 million in crisis damage
Paris-based investment bank Natixis lost €407 million in the third quarter of the year, according to results released yesterday.
VAR exceptions reflect volatile season
Investment banks reported increased numbers of high trading losses in the third quarter of this year, highlighting the volatility in the financial markets and casting doubt on their risk modelling.
ECB re-enters money markets as fears of volatility return
The European Central Bank (ECB) will push extra liquidity into the money market to counter "re-emerging risk of volatility", it announced on Friday.
PensionsFirst aims to trade pension fund longevity risk
A new London-based firm, PensionsFirst, has announced it is trying to create bonds and derivatives to address the longevity and market volatility risks of UK defined benefit pension schemes.
LiquidityHub adds dollar interest rate swaps
London-based electronic trading consortium LiquidityHub today added dollar interest rate swaps to its fixed-income liquidity-aggregation system.
Covered bond market reopens cautiously
Market making in the European interbank covered bond market reopened this afternoon, after being closed since last week, but with new conditions imposed by its governing body, the European Covered Bond Council (ECBC).
S&P launches 130/30 index
Standard and Poor’s has launched of the S&P 500 130/30 Strategy Index, which is designed to measure the performance of an investment strategy that establishes 30% over and underweight positions relative to the S&P 500.
HSBC launches Climate Change range from proprietary index
HSBC is creating a range of structured products based around its Global Climate Change 100 index, to be targeted at investors looking for thematic and strategic investments.
S&P launches new suite of QDII indexes
Standard and Poor’s has launched a new suite of six benchmark indexes designed to enable Chinese institutional investors to gain access to overseas equity markets.
CEIOPS conference focuses on Solvency II and Lamfalussy
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Interbank covered bond market shuts down
Market making in the interbank market in European covered bonds has been shut down for the rest of the week, to prevent spreads widening and volatility growing.
Italy’s fast track to Mifid
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Deutsche launches Asian currency-correlation indexes
Deutsche Bank has launched a set of indexes designed to capture returns generated by the apparent growing co-ordination of currency policy among Asian central banks. They are the first such indexes in the market.
Credit cards could be source of next debt shock
Economists believe the next big shock to the financial system might not come from the property market but from consumer credit debt.