Foreign exchange
Crosby Report wary of more UK government intervention
In an interim report released today, Sir James Crosby, deputy chairman of the UK Financial Services Authority (FSA), warned against the government becoming more deeply involved in attempting to prop up the mortgage market.
Lehman Brothers launches second issue of Kick Out Performance Plan
Lehman Brothers has launched the second issue of its five-year Kick Out Performance Plan, with two options linked to the FTSE 100 index. One option offers an annual kick-out providing 14% and the other option offers a six-month kick-out, potentially…
US regulators face Congressional pressure for risk reform
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Barcap’s Siddiqi assumes FX product distribution responsibility
Barclays Capital in Singapore has promoted Lutfey Siddiqi, managing director and Asia Pacific head of corporate FX and risk advisory, who has now assumed management responsibility for the distribution of the full suite of flow and structured FX products…
GFI expands in European Gas
Interdealer broker GFI has started broking Title Transfer Facility (TTF) on its EnergyMatch Europe electronic trading platform.
CFTC dismisses speculation speculation
The US Commodity Futures Trading Commission (CFTC) has found no evidence that speculation is responsible for the rise in crude oil prices, despite political pressure to curb the activities of hedge funds and other futures investors blamed for high fuel…
Further monoline downgrades likely
Moody's has put the last two remaining 'legacy' monoline insurers to maintain a Aaa rating - Assured Guaranty and Financial Security Assurance (FSA) - on watch for a downgrade.
New York sues UBS for alleged auction rate securities fraud
UBS executives sold off $21 million in personal auction rate securities (ARS) holdings just days before the market ground to a halt, while continuing to market the securities to unwitting consumers, a New York State lawsuit has alleged.
ING unveils principal protected oil-linked fund in Thailand
ING is launching a new principal protected fund in Thailand, linked to the performance of the Nymex WTI Crude Oil Index. The fund was due to float yesterday, but has been delayed as the bank waits for the final approval on the index from Thai regulator…
Schiro takes over global structured products at UBS
Vito Schiro has been appointed head of global structured products by UBS while continuing as head of European Equity Derivative Sales. Schiro will report to Jason Barron in equities and Fabian Shey in FICC, a group that was formed by integrating the…
Basel Committee releases incremental risk charge proposal
The Basel Committee on Banking Supervision today released revised proposals for the charging of capital for incremental risk in the trading book. The new rules, developed in conjunction with the International Organisation of Securities Commissions, are…
New GSE legislation to be approved by end of week
Sweeping new legislation empowering the US Treasury to provide Fannie Mae and Freddie Mac with virtual carte blanche to access to government lines of credit could be approved by Congress as soon as the end of this week, Treasury secretary Hank Paulson…
ABN Amro offers Asian sovereigns
ABN Amro in Singapore has launched the Power Asian Sovereign note, a first-to-default (FTD) credit-linked note offering exposure to a basket of Asian sovereigns. The note is a private placement in Indonesia.
Rabobank launches Fastracks index series
Rabobank Hong Kong has launched two new food and agribusiness equity-linked indexes, which provide exposure to both Asian and global food and agriculture companies. The indexes are part of the Rabo Fastracks Index Series and the bank plans to issue…
Bank of America digests writedowns to post $3.41bn profit
Bank of America (BofA) posted profits of $3.41 billion for the second quarter, despite recording combined writedowns of $4.84 billion in its credit book and elsewhere for the same period.
UK bank rights issues flop as Citi announces $7 billion writedown
Multi-billion-pound rights issues by two major UK banks produced disappointing results this weekend, as US giant Citigroup announced $7.2 billion in writedowns on its subprime, monoline and commercial real estate exposures.
CBOE launches crude oil volatility index
Chicago Board Options Exchange (CBOE) has launched the CBOE Crude Oil Volatility Index (OVX).
BNP Paribas appoints new EQD strategy head
BNP Paribas has appointed Carl Mason to the new position of head of equity derivatives strategy for the Americas. Mason joins from rival investment bank Morgan Stanley, where he was head of US equity derivatives strategy.
S&P outlines "stability" changes to structured product ratings
US rating agency Standard & Poor's has outlined its proposal to include credit stability in its rating process, which could see severe downgrades for many volatile structured credit products.
Banks and hedge funds spur growth in OIS
Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
US regulators issue Pillar II guidance for AMA
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Barclays Wealth offer shorter term on Super Tracker
Barclays Wealth is launching a new shorter-dated version of its Super Tracker investment. The original product, which offers exposure to the FTSE 100 index, is now available in both three and five-year maturities.
US moves to protect Fannie and Freddie
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Fed to support Fannie and Freddie
The US Federal Reserve has stepped in to support the struggling government-sponsored mortgage holders Fannie Mae and Freddie Mac.