Standard & Poor’s
Battling the benchmark
In 2007, investors demanded more active commodity indexes to capitalise on the bull run in the asset class. But benchmarks and beta offerings alike were hit by last year’s drawdown. Will this lead investors to abandon directional offerings in favour of…
Index innovation - Standard & Poor's
The strategic markets approach has served Standard & Poor's (S&P) well over the past 12 months, specifically the index provider's Risk Control Indexes, Currency Beta Series, Asian Thematic Indexes and S&P 10 and S&P 40 indexes
US senators criticise rating agency reform proposals
Senators and industry experts have criticised US Treasury proposals to keep tabs on credit rating agencies in relation to competition, conflicts of interest and the quality of ratings.
Primus restructures $1.2 billion of CDSs on monolines
New York-based credit derivatives product company (CDPC) Primus Financial Products has restructured $1.2 billion of credit derivatives protection the firm had written referencing a monoline insurer.
Trading and one-off gains lift bank profits
Trading activities and one-off gains helped US banks record positive results during the week ending July 17, despite a continuing deterioration in traditional lending businesses, analysts said.
S&P downgrades 18 US banks to reflect 'new reality'
New York-based rating agency Standard & Poor's (S&P) has cut its ratings on 18 US banks - a decision reflecting less-favourable operating conditions, greater volatility in financial markets and tighter regulatory supervision, according to the firm.
S&P: Market confidence in UK RMBS makes slow return
There has been some improvement in worst-case expectations for defaults on UK residential mortgage-backed securities (RMBS) in the second quarter, according to research by Standard & Poor's Fixed Income Risk Management Services.
S&P launches Ucits version of commodities index
Standard & Poor's has launched a new version of its Goldman Sachs Commodity Index (GSCI) which is compliant with the Undertakings for Collective Investments in Transferable Securities European Directive III (Ucits III). The latest index will use caps to…
S&P launches a new version of GSCI index
Standard and Poors (S&P) has launched a new version of its GSCI commodity market index.
NYSID causes first monoline CDS default
An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May 1.
EU parliament and Council approve rating agency regulation
Daily news headlines
EU presses ahead with tougher regulation of rating agencies
The European Parliament today voted in favour of a new regulation that will force credit rating agencies (CRAs) to comply with minimum standards of good practice and transparency.
Mixed benefits for banks from independent valuations
Flaws in the valuation of complex securities have driven a renewed focus on independent valuations, but vendors remain divided in their assessment of the use banks are making of their services.
Banks suffer from stricter ratings criteria
Banks may be the latest victims of a continuing drive by rating agencies to impose harsher tests on highly-rated structured finance products, analysts said.
Primus takes hit in Q4
Primus Guaranty, the Bermuda-based parent company of the first standalone credit derivatives product company, saw a net loss of $918.5 million in the fourth quarter of 2008. This result compares with a net loss of $403.9 million in the corresponding…
European Commission opens S&P monopoly case
Losses & Lawsuits
Fiscal strain poses challenges for monolines
Continuing fiscal strain has heightened concerns over the fate of the new municipal monoline bond insurers.
Nomura downgraded after $3.8 billion Q3 loss
Nomura Holdings, Japan's leading brokerage, has announced a third quarter loss of ¥342.9 billion ($3.8 billion). The financial services company said the losses were driven by a series of "one-off" losses from exposure to Madoff funds, Icelandic banks,…
S&P unveils CDS indexes
Index provider Standard & Poor's Index Services (S&P) has launched three US credit default swap (CDS) indexes designed to evaluate the performance of the credit derivatives market.
Sovereign CDSs at record levels
The cost of credit protection on the sovereign debt of Spain, Portugal and Ireland reached all-time highs in intraday trading this morning.