Foreign exchange
Lyxor launches ETFs on platform for IFAs
Lyxor Asset Management has released its UK range of 30 exchange-traded funds (ETFs) on to Ascentric, a whole of market wrap platform, making the range available to independent financial advisors (IFAs). Lyxor says IFAs are becoming an increasingly…
RWE Supply & Trading opens Dubai office
RWE Supply & Trading opened an office in Dubai this month to cover activities in the natural gas and LNG markets.
Derivatives trades rise on falling rouble
Forex derivatives volumes have soared in Russia as investors react to the plunging value of the rouble.
New US Treasury secretary publishes Tarp bailout contracts online
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US agriculture committee plans to ban naked CDSs
The US House of Representatives Committee on Agriculture has published a draft bill seeking to limit the holding of credit default swap (CDS) contracts to market participants owning the bonds of the reference entity in question.
UBS served with arbitration claim over Lehman notes
UBS has been served with an arbitration claim by a Florida law firm on behalf of an elementary school teacher, who lost over US$100,000 purchasing Lehman principal protected notes from the bank's brokerage arm.
FOMC holds rates as spectre of quantitative easing looms
The Federal Open Market Committee (FOMC) has kept its target for US interest rates at between 0-25 basis points as the Federal Reserve reiterated its commitment to use new tools to fight the worsening economic downturn.
Wells Fargo posts $2.55 billion loss in Q4
Hampered by its move to bolster credit loss reserves, Wells Fargo saw a $2.55 billion loss in the fourth quarter of 2008.
Cebs and Ceiops release 10 principles for supervisory colleges
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Nomura downgraded after $3.8 billion Q3 loss
Nomura Holdings, Japan's leading brokerage, has announced a third quarter loss of ¥342.9 billion ($3.8 billion). The financial services company said the losses were driven by a series of "one-off" losses from exposure to Madoff funds, Icelandic banks,…
Quantitative tests pointed to Madoff fraud, says Riskdata
Sophisticated investors expressed shock at the alleged $50 billion fraud by New York-based broker and fund manager Bernard Madoff, yet even relatively simple quantitative analysis should have raised red flags, according to research by London-based…
Deutsche unveils first ETF linked to global sovereign bond index
Db x-trackers, the exchange-traded fund (ETF) arm of Deutsche Bank, has released an ETF tracking a global sovereign bond index, listed on the Deutsche Börse. The ETF is based on the DB Global Investment Grade Government Eur Hedged Index, which provides…
ING CEO and 7,000 workers fall victim to €3.3 billion losses
After losing an estimated €3.3 billion in the last quarter of 2008, ING will lay off 7,000 employees, along with chief executive Michel Tilmant.
Inflation-linked bonds see possible recovery
After months of poor trading, linked to the banking crisis and sagging commodities prices, breakeven rates on US Treasury inflation-protected securities (Tips) have started to rise from their November lows, suggesting investor interest is returning to…
Cash-settlement auctions working, says Isda
The auction process for cash-settling credit derivatives trades has been tested recently but is working well, said Bob Pickel, chief executive of the International Swaps and Derivatives Association, at a symposium held by the organisation in New York on…
SHKF buys back clients' minibonds
Hong Kong-based Sun Hung Kai Financial (SHKF) has agreed to buy back all the Lehman Brothers credit-linked minibonds it sold to retail investors. The decision follows an investigation by the territory's Securities and Futures Commission into possible mis…
UK FSA chairman Lord Turner outlines agenda for regulatory reformation
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ECB chief Trichet 'stands ready' for supervisory powers
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UBS exits exotic structured products business in FICC
UBS is fully exiting its exotic structured products business within its fixed income, commodities and currencies (FICC) division, the bank has confirmed. As part of the restructuring, four senior managing directors have left the bank: Todd Morakis, head…
Trading book capital must be "several times" higher, FSA says
Capital requirements for assets held on the trading book should be "several times" higher than at present, according to the chairman of the UK Financial Services Authority, Adair Turner.
Fund-linked hedging bolsters redemption requests
The rise in redemptions across the hedge fund industry is being exacerbated by the hedging of fund-linked options and constant proportion portfolio insurance (CPPI) products, according to dealers.
Buy-side firms scramble to meet novation deadline
Derivatives technology vendors have reported a significant upturn in activity among buy-side firms, looking to meet a February 28 deadline for processing all credit derivatives novation consents through electronic platforms.
King lays out details of Bank of England debt purchases
The Bank of England will start to buy up corporate debt and commercial paper within the next few weeks, governor Mervyn King announced last night.
Culross launches listed Nomura note for UK investors
Culross Global Management, the UK-based investment manager, has unveiled a new listed note linked to two of its proprietary funds. The Nomura Culross Alpha note will be listed on the London Stock Exchange, and the Japanese bank that issued the sterling…