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Jefferson County head indicted on bribery, money laundering charges
The Mayor of Birmingham, Alabama, has been charged with 101 counts including bribery, money laundering, mail and wire fraud pertaining to the award of lucrative bond transaction and swap agreement servicing contracts in exchange for financial kick-backs,…
AIG sells Swiss private bank
AIG, the beleaguered US insurance giant, today announced the sale of its Swiss subsidiary AIG Private Bank to Aabar Investments, the United Arab Emirates investment company, for a provisional Sfr307 million ($254 million).
Fines against MLROs expected to increase in 2009
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Asian hedge fund business may halve
The hedge fund business in Asia is set to shrink by 33-50% in managed assets during the coming year, as fund managers face redemptions and struggle to put on successful trading strategies that do not require significant amounts of leverage.
Bank of Montreal profits from structured product trading
Good performance in the structured products trading business has helped Bank of Montreal's (BMO) Capital Markets Group to record growth for the third consecutive quarter, its latest financial reports have revealed.
UK power project chooses Nasdaq OMX and Nord Pool
The long-running Futures and Options Association (FOA) UK power market design project, aimed at boosting liquidity in the UK's forward power market, has chosen Nasdaq OMX Commodities and Nord Pool Spot to deliver a platform for trading and clearing…
Popular volatility indexes plunge
Record high levels of volatility in the equity market since September have caused huge losses on popular indexes that allowed investors to take short implied volatility positions.
QFII redemptions rise as crisis spreads
Concern over the health of financial markets has led to "a lot of redemptions" from qualified foreign institutional investor (QFII) bond funds, despite their strong performance versus other China-Hong Kong investment schemes, according to Andrew Fung,…
ECB no longer accepts syndicated loans as collateral
The European Central Bank (ECB) has removed syndicated loans governed by English law from its list of collateral eligible for its credit operations only four days after they were originally accepted.
Treasury urged to sell £100 billion in RMBS guarantees
A senior advisor to the Chancellor has called for the UK Treasury to guarantee £100 billion in residential mortgage-backed securities (RMBS) over the next two years in order to revitalise the UK mortgage market.
US government still has room to manoeuvre, analysts say
The US government's move to rescue beleaguered banking giant Citigroup will not impair its ability to bail out other banks.
Iosco to tackle trading abuses
The International Organisation of Securities Commissions (Iosco) will crack down on "trading abuses", according to technical committee chairman Christopher Cox.
FDIC reports rise in problem banks
There are now 171 banks on the US Federal Deposit Insurance Corporation (FDIC)'s 'problem list', the largest number since 1995, the FDIC revealed yesterday.
China slashes interest rates
China has taken further action to stimulate its economy, with the central bank cutting its one-year lending rate by 108 basis points to 5.58% and the deposit rate by the same amount to 2.52%.
UK eschews Basel II capital requirements
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Iosco launches task forces to support G-20 aims
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ProShares releases short and leveraged ETFs tracking commodities, Euro and Yen
ProFunds Group, manager of short and leveraged funds, has launched 12 exchange-traded funds (ETF) providing short or leveraged exposure to commodities, the Euro and the Yen. The ETFs tracking broad commodities and crude oil indexes, as well as the ETFs…
Fed opens $800 billion war chest to aid securitisation recovery
The Federal Reserve Bank of New York has unveiled ambitious proposals to purchase up to $800 billion of agency mortgage-backed securities (MBS) and extend credit to holders of cash asset-backed securities (ABS) in an effort to prop up the securitisation…
New ETF exposes investors to large-cap television index
Northern Trust has listed a new exchange-traded fund (ETF) on the Arca platform of the New York Stock Exchange (NYSE.) The Nets (Northern Exchange traded shares) fund will track the performance of the FTSE CNBC Global 300 Index, which includes 300 stocks…