Foreign exchange
US bailout halted in Congress
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Isda prepares to settle CDSs on failed banks
The International Swaps and Derivatives Association (Isda) has launched its settlement protocol for credit default swaps (CDSs) based on the US government-backed mortgage institutions Fannie Mae and Freddie Mac.
Interbank lending suffers as $700 billion rescue vehicle breaks down
Pressure on the interbank lending markets intensified today, after Congress rejected the US government’s bailout plan.
EDF Trading to acquire Eagle Energy from Lehman Brothers
London-based EDF Trading has agreed to purchase Eagle Energy Partners, a Houston-based energy marketing and services company acquired by Lehman Brothers in May 2007.
ALM Europe: "Fear and laziness" caused crisis
Banks are making their situations worse by refusing to do the due diligence required to lend in the interbank market, Dutch central banker Maarten Gelderman told the Risk ALM Europe conference in London today.
Nationalisation remedy prescribed for B&B and Fortis
After another dramatic September weekend, British lender Bradford & Bingley (B&B) became the second UK bank this year to be nationalised, while pan-European financial services group Fortis received a massive capital injection from the governments of…
Failure of $700bn bailout sparks equity slump
US equity markets have experienced their biggest one-day drop in history following the failure of the US Congress to pass legislation that would have empowered the Treasury department to buy up to $700 billion in mortgages and other assets from…
CDS spreads push out as bailout drags on
The cost of protection on some of the world’s largest dealers surged on Friday as uncertainty grew over the US government’s $700 billion plan to purchase devalued assets from financial institutions.
ALM Europe: "Stress testing must be overhauled"
The future of financial risk management will be determined by stress testing, but the methods used are in desperate need of an overhaul, delegates at the Risk ALM Europe conference in London heard today.
UBS appoints Bear departee joint global head of fixed income
UBS has named Jeffrey Mayer, a former director of Bear Stearns, as joint global head of fixed income. Mayer’s appointment follows UBS’s recent hire of Carson Kengeter in the same capacity from Goldman Sachs.
Parity launches new platform
Parity Energy, a New York-based brokerage, has launched the latest version of its online trading platform, Parity Energy Platform 3.0 (PEP 3.0).
Bailout saga pushes CDS spreads ever wider
After another tumultuous 24 hours that saw talks stall on the US government’s $700 billion plan to purchase devalued assets from financial institutions and the forced closure of Washington Mutual, credit default swaps (CDSs) for major dealers continued…
JP Morgan acquires Washington Mutual
JP Morgan has stepped in to acquire Washington Mutual for $1.9 billion, after the Seattle-based bank was closed by US regulators on Thursday evening.
Wolters Kluwer Tax and Accounting buys Ci3
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APX Group buys Endex
Amsterdam-based exchange operator APX Group has purchased fellow Dutch energy exchange company Endex for an undisclosed fee, and plans to merge the two businesses.
UK calls for greater global regulation and curbs on executive pay
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Paulson pitches rescue deal to House committee
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HKMA and SFC meet with Minibond investors / MAS in contact with FIs
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) met yesterday with Lehman Minibond investors and representatives of the distributors who sold the first-to-default notes. The meeting followed street protests by HK…
CFTC to examine crude oil volatility
Record price movements in the price of crude oil earlier this week have drawn further scrutiny from regulators.
JP Morgan launches mobile forex platform
A new proprietary e-trading platform that allows clients to access real-time executable streaming foreign exchange rates (forex) from their desktops and Blackberry devices was launched on Wednesday by JP Morgan.
Cox calls for CDS controls
Christopher Cox, Chairman of the US Securities and Exchange Commission (SEC), has called for greater regulation of the credit default swaps (CDS) market.
Paulson Plan dubbed “a necessary evil”
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Markets dip as bailout drags on
The financial markets have reacted negatively as the US government rescue plan for the financial sector makes slow progress through Congress.
US rescue bill meets opposition in Congress
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