Foreign exchange

Fed steps in to support CMBS market

The US Federal Reserve will start accepting legacy commercial mortgage-backed securities (CMBS) as collateral under its Term Asset-backed Securities Lending Facility (Talf), as the US commercial real estate market continues to struggle.

OTC trade repository plan faces hurdles

Financial authorities in the US and Europe have advocated the introduction of a central trade repository to gather data on the over-the-counter (OTC) derivatives market, but there is concern that multiple repositories could do more harm than good.

BIS shows first OTC derivatives market decline

The total outstanding notional of over-the-counter (OTC) derivatives contracts fell 13.4% to $592 trillion at the end of December 2008, from $683.7 trillion at the end of June 2008, according to statistics released by the Bank for International…

Estimating intrinsic currency values

Forex market practitioners constantly talk about the strengthening or weakening of individual currencies. In this article, Jian Chen and Paul Doust present a new methodology to quantify these statements in a manner that is consistent with forex market…

US Wrap: Is Barclays note flood sign of rebound?

Barclays Bank has launched 31 new reverse convertible notes into the US market, one of the most compelling signs yet of an upturn in issuance. By far the most prevalent theme was energy, which represented the underlying for 10 of the new notes. Financial…

New FASB standards threaten off-balance-sheet vehicles

The US Financial Accounting Standards Board (FASB) has completed new rules on off-balance-sheet holdings that will compel US companies to consolidate on balance sheet billions of dollars of assets previously kept in special-purpose entities (SPEs).

iShares acquires Mexico’s Naftrac ETF

iShares has acquired the largest and first exchange-traded fund (ETF) in Mexico and Latin America. The Naftrac ETF follows the performance of the IPC (Indice de Precios y Cotizaciones), which is a Mexican stock market index.

Morgan Stanley fined over $120m mismark

The UK Financial Services Authority has fined Morgan Stanley £1.4 million for failing to supervise one of its prop traders, allowing him to mismark a portfolio of illiquid credit products by $120 million last year.

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