Foreign exchange
Energy traders clash with regulators
In the wake of the credit crunch, energy trading executives have clashed with regulators over the potential imposition of what they see as onerous trade data reporting obligations.
FCStone to post bad debt provision
FCStone Group, an integrated commodity risk management company, has announced it expects to incur a pre-tax bad debt provision of up to $25m due to losses by three domestic accounts, including an energy trading account.
RBS announces further credit market hit
Royal Bank of Scotland (RBS), one of three British banks to receive capital injections under a £50 billion government bailout package, on Monday announced writedowns of £206 million of credit assets in the third quarter, following £5.9 billion of…
UK government sets up investment manager
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SG takes a €370m hit on exotics and €447m loss on Lehman in Q3 2008
SG Corporate & Investment Banking reported a 14.3% increase in equity flow business over the third quarter of 2008, compared to the same quarter of 2007; also a 17.4% increase on the previous quarter. “However, structured products were penalised by an…
HSBC launches government-guaranteed steepener in US
HSBC has launched a new rates-linked certificate of deposit (CD) in the US. The deposit product lasts 15 years and is linked to the spread between 30 and five-year constant maturity swap (CMS) rates.
Powernext gas futures to launch in November
Energy exchange Powernext is set to launch natural gas spot and futures contracts for the French market in the second half of this month.
November target for CDS central counterparty
Dealers have pledged to the Federal Reserve Bank of New York to begin using a central counterparty for clearing credit derivatives by the end of November.
Bernanke: covered bonds "attractive" replacement for GSEs
Government-sponsored enterprises (GSEs) could be replaced by a US mortgage-backed covered bond market, Federal Reserve chairman Ben Bernanke suggested on Friday.
Investors' interest intensifies in hedge funds as countries compete for business
With vast sums looking for attractive investment opportunities, the Middle East is ripe for hedge fund development. While there are significant challenges still to overcome, liberalisation and the development of viable financial service centres are…
Derivatives open the door to property arbitrage
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Interpreting the current volatility regime
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Eurex Clearing OTC Trade facilities
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High five for distressed investors
There is a celebratory mood amongst distressed debt investors. Having spent several years scratching around for opportunities in a raging bull market, their cup now runneth over. We profile five leading funds in the distressed arena
Collateral damage
The practice of posting collateral against the risk of failed derivatives trades may protect dealers from the worst of the losses arising from Lehman's bankruptcy, says Joseph Pimbley. But what about trades that were not covered by such collateral…
Lawmakers take aim at CDS market
Regulators have been threatening the credit derivatives market with draconian new legislation in a bid to curb practices that supposedly exacerbated the current turmoil. But the lawmakers' belligerent comments are somewhat akin to closing the windows…
Rebooting the dollar market
Issuing a $4 billion deal in the climate of fear and uncertainty that characterised October's primary market required courage. Yet someone was needed to break the deadlock and IBM stepped forward. Simon Boughey looks at the deal's effect on the dollar…
Joyce Chang
The head of emerging markets research at JPMorgan talks to Dalia Fahmy about how the sector is adapting to the upheaval in the the global markets
Chris Crowley
October was the month that the credit event auction process was tested to its limits, with Lehman Brothers, Fannie and Freddie, and WaMu all undergoing settlement. Credit spoke to the strategy manager at Creditex to find out how the process bore up…
Euro Corporates fear continued borrowing squeeze
As banks tighten their purse strings, European companies may find themselves suffering from impaired borrowing capabilities, potentially leading to funding shortfalls, says Moody's
Market Graphic - How to hedge an ABS portfolio
For investors stuck with toxic ABS assets on their books, devising an effective hedging strategy is crucial. Jean-David Cirotteau and Marc Teyssier, analysts at SG, look at one such strategy
Creating a monster
Funds that are under government control have grown rapidly in recent years, to the extent that the architects of these funds risk losing sight of why they were set up in the first place