Foreign exchange
The outlook for US gas
US natural gas prices, which have fallen by 30% recently, are expected to stabilise at current levels or rise from here, analysts say. Longer term, unconventional reserves could dampen prices. William Rhode reports
Implied trees: Valuing exotic options
In this next installment of the Masterclass series, Jim Clark, Les Clewlow and Chris Strickland show how to value exotic options, using a calibrated local volatility surface consistent with market prices
India’s NCDEX launches futures contract in thermal coal
India’s National Commodity and Derivatives Exchange Limited (NCDEX) today launched a thermal coal futures contract.
Old Mutual’s CEO resigns after facing writedowns
Jim Sutcliffe, chief executive of London-based financial services company Old Mutual, has resigned from the firm after it reported it would face heavy writedowns in its US life insurance division, US Life.
Financial recovery structured fund offered to Malaysian investors
CMS Trust Management in Malaysia has launched its first structured fund, aimed to offer investors exposure to bottomed-out financial stocks. The fund has been launched in partnership with OCBC Bank, and will only be available at the bank’s 29 branches.
Sterling Waterford launches Carbon Credit note in South Africa
Sterling Waterford Securities has listed its second Carbon Credit Note on the Johannesburg Stock Exchange. The note offers investors exposure to the price of Certified Emission Reductions which are part of the Kyoto Protocol Clean Development Mechanism.
CantorCO2e to hold first binding CER auction
Carbon broker CantorCO2e will hold the first binding Certified Emissions Reduction (CER) auction on 2 October.
BGI appoints Fuhr global head of ETF Research and Implementation
Barclays Global Investors (BGI) has appointed Deborah Fuhr as global head of exchange-traded funds (ETF) Research and Implementation Strategy, in a newly created role effective from September 15. Fuhr will also occupy the position of a managing director,…
US authorities step in to rescue GSEs
The US Treasury and Federal Housing Finance Agency (FHFA) announced on Sunday details of a rescue plan to place the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac into government conservatorship.
UBS appoints Kengeter global head of FICC
Carsten Kengeter will join UBS in early 2009 as global head of fixed income, currencies and commodities (FICC), reporting to Jerker Johansson, Chairman and CEO of UBS Investment Bank. Johansson has been the interim head of the group after André Estevez…
Credit Suisse boosts Central Europe sales
Christian Porath has been appointed co-head of Securities Structured Derivatives Sales in Central Europe at Credit Suisse, with a focus on developing coverage of the banking sector in the region, including Germany, Austria, Poland, Hungary, the Czech…
Merrill raises the Mast for cross asset class exposure
Merrill Lynch has created Mast, a Multi Asset Strategy index based on investments across fixed income, currencies, commodities and equities. The asset classes are respectively represented in the index by Merrill’s 10-year US Treasury Futures Index (total…
Slowing inflation weakens structured note demand, Barclays Capital
Falls in the price of oil have weakened demand for inflation-linked structured notes, says Benoit Chiqrui, director of inflation trading at Barclays Capital in London. The recent US$40 fall in prices has caused inflation worries to fade along with demand…
Barclays releases ETN linked to Asian Currency Index
Barclays Capital has announced the listing of its Global Emerging Market Strategy (GEMS) Asia 8 exchange-traded note (ETN) on the New York Stock Exchange (NYSE) Arca platform. The ETN has a 30-year maturity and is linked to the GEMS Asia 8 index, which…
Icap to broker base metals on the LME
Interdealer broker Icap has launched a London Metals Exchange (LME) base metals broking business.
Minor metals to make LME debut
Futures contracts for minor metals molybdenum and cobalt will be launched on the London Metal Exchange (LME) in the second half of 2009, the LME has announced today.
More ABS losses to come on Alt-A, auto loans and credit cards
While defaults and delinquencies on subprime mortgages appear to have peaked, losses on prime mortgages and other prime collateral referenced by asset-backed securities (ABS), such as auto loans and credit cards, are expected to keep rising.
Italy set for launch of electricity futures
After years in the making, Italy will finally see the introduction of exchange-traded electricity derivatives through Borsa Italiana, the Italian stock exchange.
Two Credit Suisse brokers charged with ARS fraud
The US Securities and Exchange Commission (SEC) has accused two Credit Suisse brokers of duping their customers into buying more than $1 billion of subprime-backed auction rate securities (ARS).
HFM Columbus appoints two managers from Ward Consultancy
HFM Columbus has appointed James Scott and Ross Ibbotson as private client financial consultants in its London office. Both previously worked at Ward Consultancy as private client managers, where Ibbotson has spent eight years. Scott has also worked for…
Cat bonds go against the grain of the credit crisis
Catastrophe bonds (cat bonds) have been one of the few asset classes to prove resilient to the capital markets' turbulence over the past year.
Measuring liquidity risk
Liquidity risk
Burgeoning buyouts
Bulk purchase annuities