Foreign exchange
Hess leaves Goldman Sachs and returns to Citi
Dirk Hess has joined Citi as a director in the EMEA retail structured products business. Hess will split his time between London and Frankfurt, and be responsible for working across the sales, marketing and new issuance teams to build out Citi's cross…
Icap launches iron ore broking service
Interdealer broker Icap has set up an iron ore derivatives broking service based in London.
Downturn changes oil & gas risk landscape
The oil & gas sector has been severely impacted by the global economic downturn, with new risks for the industry emerging that threaten the near-term survival and prospects of companies, according to a report from accounting firm Ernst & Young.
Regulator expands energy panel to examine carbon trading
The Commodity Futures Trading Commission (CFTC) has appointed 11 members to a newly expanded panel established to prepare the government for carbon trading.
Geithner calls for law change to force OTC derivatives clearing
The US Treasury called upon Congress yesterday to amend the Commodities Exchange Act (CEA) to compel the "clearing of all standardised over-the-counter derivatives through regulated central counterparties".
UK inflation will stay low for some time, BoE says
UK inflation will drop below the Bank of England's (BoE) 2% target later this year and remain there "for the medium term", the central bank said in its quarterly inflation report, published today.
Industry believes better regulation could have averted crisis
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Ambac makes $1.539bn derivatives gain
Ambac reported a massive $1.539 billion mark-to-market gain on credit default swaps (CDSs) in the first quarter – an upswing largely due to its own deteriorating financial condition.
Alpha and Foundation to form third largest US coal producer
US coal producers Alpha Natural Resources and Foundation Coal Holdings have merged to create the nation's third largest coal producer.
SunGard acquires risk management solution from ICE
Pennsylvania-based software company SunGard has acquired the ICE Risk commodity trading solution from IntercontinentalExchange (ICE.)
UK Treasury: "vital" to expand resolution powers for investment banks
The UK government needs to update its approach to resolving failed investment banks in the wake of the collapse of Lehman Brothers in September last year, according to a Treasury report published today.
Ten US banks fail Geithner's stress tests
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FSA wants more effective risk governance
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FDIC's Bair calls for the creation of a Systemic Risk Council
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LCH.Clearnet to clear iron ore swaps
London based clearing house LCH.Clearnet has announced that it will clear over the counter (OTC) iron ore swap contracts before the end of May.
Platts price assessment proposals face scrutiny
Questions have been raised in the energy trading sector about Platts' decision to align its US fixed price and differential crude oil and products assessments at 3.15pm eastern time (ET).
Shale gas production could reduce Europe's dependence on Russia
Rising shale gas production in the US and Canada as well as potential natural gas supplies from Iraq could reduce European energy dependence on Russia, according to a new study released today by Rice University's Baker Institute for Public Policy.
Primus explores new CDPC model
Primus Guaranty, the Bermuda-based credit derivatives product company (CDPC) and asset manager, is looking into the possibility of setting up a new entity to sell credit protection, but unlike its existing business model, the new venture would post…
Uncertainty remains over EU securitisation retention charge
The European Union (EU) is pressing ahead with plans to amend the Capital Requirements Directive (CRD), but has failed to reach consensus on its controversial plan for a 5% securitisation retention charge.
US banks require $74.6 billion in additional capital, stress tests reveal
Ten US banks collectively require an additional $74.6 billion in additional capital to insulate against possible losses over the next two years, the results of US government stress tests show.
Central banks continue to expand support in face of deflation threat
The Bank of England and the European Central Bank both announced expansions to their monetary stimulus programmes today, warning that low inflation or deflation remained a threat.
SEC roundtable: circuit breakers most favoured short-selling rule
Participants favoured circuit breakers, which halt trading in volatile markets, over other proposed short-selling restrictions discussed at the US Securities and Exchange Commission's (SEC) roundtable on May 5.
Bair: US should pull back from Basel II
The US should back away from the "highly problematic" Basel II framework and instead turn its attention to fine-tuning the current Basel I Accord, Federal Deposit Insurance Corporation (FDIC) chairman Sheila Bair said yesterday.
La Meer launches integrated operational risk software for hedge funds
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