Foreign exchange
Forex specialists predict consolidation
Foreign exchange markets will experience further consolidation in 2009, while larger banks will continue to dominate algorithmic trading, according to a panel of industry experts speaking at the FX Week Europe conference in London yesterday.
Forex experts: no need for central clearing house
The foreign exchange markets are unlikely to follow the credit default swaps (CDS) market by establishing central counterparties in the near future.
MAS review of structured products may lead to regulatory changes
The Monetary Authority of Singapore (MAS) may make changes to regulation governing the structured products industry it emerged yesterday during the country's parliamentary sitting. The MAS is undertaking a review of the regulatory regime for the…
CAAM opens subsidiary in Malaysia
Crédit Agricole Asset Management (CAAM) has opened a subsidiary in Malaysia, which was established as a foreign fund management company. CAAM Malaysia holds a Capital Markets and Services License allowing it to carry out fund management in the country.
Korean banks to share info on FX derivatives
South Korea's markets regulator, in conjunction with the country's leading banking association, has set up a database that allows banks to share information on the use of financial products by their clients, including exporters.
FX volumes 'set to drop in 2009'
Volumes traded in the foreign exchange markets are likely to drop next year as hedge funds and sovereign wealth funds reduce their activities, Paul Fisher, the Bank of England's head of foreign exchange and reserves management, predicted today.
HSBC terminates swaps in Lehman Bros minibonds
The Monetary Authority of Singapore (MAS) says HSBC Institutional Trust Services, the trustee of Lehman Brothers' defaulted minibond notes programme, has terminated the swaps that back series 1 to 8 of the programme, to remove the risk of credit events…
Db x-trackers delivers commodity ETF
Db x-trackers, the exchange-traded fund arm of Deutsche Bank, has launched its commodity ETF on the London Stock Exchange (LSE) tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield (DBLCI OY Balanced). The db x-trackers DBLCI OY Balanced ETF…
CDS clearing house to miss November 30 deadline
The November 30 target for central clearing of index credit default swap (CDS) trades set by a consortium of industry associations and investment banks is unlikely to be met, sources within the Federal Reserve Bank of New York have said.
Paulson: buying MBSs no longer Tarp priority
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Brazilian equity reverse convertible coupons soar
Annualised coupons offered on three-month reverse convertibles linked to Brazilian blue-chip stocks have soared over the past few months because of the extreme equity volatility environment. A reverse convertible priced in January last year on Vale do…
Freddie Mac posts heavy losses in Q3
Battered by the ailing residential real estate market, Freddie Mac reported a $25.3 billion loss in the third quarter of 2008 and requested a $13.8 billion capital injection from the US Treasury.
Citic Pacific parent company assumes currency losses
Mining and manufacturing company Citic Pacific in Hong Kong has reached an agreement with parent company, Citic Group, to provide critical financial support to meet liabilities from the exposure to leveraged FX contracts disclosed on October 20. (…
Minibond swap agreements terminated in Singapore
HSBC Institutional Trust Services (Singapore), the trustee for the Lehman Minibond programme, has terminated the swaps in the product for series 1 to 8 of the programme, which removes the risk of credit events in the underlying securities and helps to…
Investors hope end in sight for Canadian ABCP restructuring
Retail investors in distressed Canadian non-bank asset-backed commercial paper (ABCP) expect to find out in the next two weeks whether further delays are expected to a restructuring plan.
Powernext gas futures to launch on November 26
Powernext has announced that it will launch natural gas spot and futures contracts for the French market on November 26.
UK FSA will assess TCF in Arrow visits
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Paulson: buying MBSs no longer Tarp priority
Treasury secretary Hank Paulson closed the door to systematic US government purchases of illiquid mortgage-backed securities under its $700 billion Troubled Asset Relief Programme (Tarp), during a briefing in Washington, DC today.
US home loan modification scheme unveiled
In an effort to halt home foreclosures, the Federal Housing Finance Agency (FHFA), in conjunction with Fannie Mae and Freddie Mac, unveiled a programme to ease payment terms for hundreds of thousands of US mortgage holders on Tuesday.
Morgan Stanley back trading in Platts oil window
Platts has confirmed that Morgan Stanley has resumed trading in its Asia oil window for the first time since September, indicating that credit issues surrounding the bank, and the wider markets, may be improving.
CFTC’s Lukken calls for new financial regulation in US
Walter Lukken, acting chairman of the Commodities Futures Trading Commission (CFTC), called for the US to scrap current regulatory systems in favour of a new objectives-based framework, in a speech to the Futures Industry Association on November 11.
Fannie Mae and AIG pummelled in Q3
This week, both Fannie Mae and AIG reported steep losses in the third quarter of this year.
Misys launches proactive risk monitoring system
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Trading goes live at South Pool
Trading at the South Pool regional energy exchange, a joint-venture between Slovenian power market operator Borzen and Eurex, began today.