Foreign exchange
Additional executive compensation rules issued under TARP
Daily news headlines
Massive writedowns expose failure of RBS' ABN Amro takeover
Ahead of its 2008 results announcement next month, Royal Bank of Scotland has warned of £28 billion in writedowns and losses, much of it associated with the 2007 takeover of parts of the Dutch bank ABN Amro. The UK government has again stepped in to help…
UK government creates £50 billion ABS fund
The UK government outlined further plans today to try to stabilise the economy and encourage banks to lend more.
$20 billion in Tarp aid for Bank of America after Merrill losses
Bank of America will receive a $20 billion cash injection and guarantees on $118 billion of debt in return for carrying through its acquisition of Merrill Lynch at the start of the year.
Citi hit by $8.9 billion Q4 loss, splits company
US banking giant Citi today reported a net loss of $8.9 billion for the fourth quarter and a $18.7 billion loss for the whole of 2008. The bank will now be split into two entities.
Sifma approves plan to unfreeze $200bn of CMOs
A plan to re-inject liquidity into into the collateralised mortgage obligation (CMO) market will go into action later this month after being approved by a major US industry association.
G-30 calls for far-reaching reforms
Daily news headlines
In comes the New Year with NDFA Income plan
NDFA has unveiled its latest Regular Income plan, delivering tax efficient returns for dividend income from non-UK shares. With interest rates cut to their lowest level, NDFA believes that 2009 will be the year of the income investment. "Income will,…
JP Morgan Q4 net income plunges 74%
JP Morgan remained in the black in the fourth quarter of 2008, but its profits dropped sharply to $702 million after significant losses on leveraged loan and mortgage exposure.
G-30: large banks may be too big to trade
Large banks could be restricted from risky prop trading for their own good, suggests a Group of Thirty (G-30) report issued today.
HKMA amends FX risk guidelines
Daily news headlines
Deutsche Bank expects €4.8 billion Q4 loss
Deutsche Bank announced on Wednesday it anticipates a €4.8 billion loss in the fourth quarter of 2008, which would mean a full-year loss of €3.9 billion.
TriOptima CDS tear-ups cut risk by $30.2 trillion
Stockholm-headquartered technology company TriOptima has reported that its portfolio compression service, triReduce, eliminated $30.2 trillion in notional principal from the credit default swap (CDS) market in 2008.
International Centre for Financial Regulation officially launched in London
Daily news headlines
JP Morgan to release 32 Vanguard ETFs in Mexican market
JP Morgan's Depositary Receipts Group has teamed up with Vanguard, a US-based provider of exchange-traded funds (ETFs), to offer its US-registered ETFs on the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV). The Vanguard ETFs are listed on the…
DNV suspension hits CER issuance pipeline
The suspension of CDM project verifier DNV will cause further delays in the CER pipeline, though the market remains robust, finds Katie Holliday
Italian power market hit by crisis decree
A proposed policy package from the Italian government in response to the financial crisis could cause further turmoil in the domestic power market, finds Rachel Morison
Oil price slump hits Canadian oil sands production
The precipitous drop in oil prices has had a significant impact on projected oil sands production, finds Pauline McCallion
Liffe prepares for CDS clearing launch in US
London-based derivatives exchange Liffe, which launched its joint central clearing solution with LCH.Clearnet for credit default swaps (CDSs) in Europe on December 22, will roll out the service to US customers in the next few weeks.
Libor forecast to lose status as key benchmark
Libor's days as a key benchmark for a variety of derivatives and as a measure of interbank lending rates may be numbered, a leading interest rates strategist has suggested.