JP Morgan
Dealer interest delays LCH.Clearnet and DTCC deal
The Depository Trust & Clearing Corporation (DTCC) has pushed back the deadline for its takeover talks with LCH.Clearnet, in the face of a rival bid from a group of major dealers.
A few loose ends
Modelling - a retrospective
JP Morgan cuts dividend to build capital reserves
JP Morgan cut its quarterly dividend from 38c to 5c a share yesterday, in a bid to build up $5 billion in additional capital reserves.
LCH.Clearnet bid sparks conflict-of-interest debate
A proposal by a consortium of major derivatives dealers to acquire London-based clearing house LCH.Clearnet has led to suggestions that banks becoming intimately involved in the clearing process could present a conflict of interest.
LSE may join LCH.Clearnet bid consortium
The London Stock Exchange (LSE) today confirmed that it is "looking closely" at joining the consortium of financial institutions bidding for London-based clearing house LCH.Clearnet.
Banks agree to EU CCP for clearing CDS
Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
US and European firms in bid for LCH
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.
JP Morgan CDS pricing model to be made available via Isda
JP Morgan's credit default swap (CDS) Analytical Engine will be released as open source code soon via the International Swaps and Derivatives Association (Isda). Isda believes the model - which is used to price CDS contracts - will increase transparency…
JP Morgan Q4 net income plunges 74%
JP Morgan remained in the black in the fourth quarter of 2008, but its profits dropped sharply to $702 million after significant losses on leveraged loan and mortgage exposure.
GE and Target in reverse
An annualised income of 16.2% and 16.8% is on offer from JP Morgan-issued reverse convertibles linked to General Electric and Target Corp shares, respectively. Principal is not protected if a 50% barrier is breached
CD wrapping
JP Morgan is offering a three-year growth product linked to the S&P 500 index with principal protection in a CD wrapper. Participation goes up to a 145% knock-out level
Banks cut staff in Europe and US
More European and US banks joined the growing list of institutions to cut staff in the wake of the financial crisis.
FDIC reports rise in problem banks
There are now 171 banks on the US Federal Deposit Insurance Corporation (FDIC)'s 'problem list', the largest number since 1995, the FDIC revealed yesterday.
Eurozone and US bank CDS spreads widen
UK and European financial institutions faced declining market sentiment in early trading today, while the cost of credit protection on US banks continued to rise.
JP Morgan closes prop positioning unit
JP Morgan is closing its proprietary positioning unit, entailing significant job losses among its 80-strong staff.
Greater China plus Singapore
JP Morgan is offering Asia confidence notes in Singapore and US dollars in the form of a two-and-a-half year product that links into four equity indexes, in China, Hong Kong, Singapore and Taiwan
JP Morgan and Wells Fargo profits tumble in Q3
Battered by further losses in their mortgage-related positions, JP Morgan and Wells Fargo saw third-quarter profit declines of 84% and 25% respectively today.
CDS spreads widen despite bailout approval
Credit default swaps (CDSs) on a number of major dealers widened yesterday in spite of the US Senate vote on a revised $700 billion financial rescue plan.