Phantom trades on metal market September 14, 2010 American derivatives exchange operator CME Group accidentally placed dummy test orders on its active energy and metals markets on Monday afternoon. A spokesperson could not verify whether there had been any price impact from the test orders being placed on its live trading system.
S&P downgrades Bank of Ireland September 14, 2010 Credit rating agency Standard & Poor’s downgraded its outlook on Bank of Ireland to negative yesterday, on the back of worries about the Irish economy and large state support. S&P has kept its rating as A- / A-2 but said it was revising its outlook from stable to negative due to the “considerable challenges” the [...]
EU plans to monitor short selling September 14, 2010 The European Commission will today publish draft rules on derivatives and short-selling, which are expected to suggest boosting national regulators’ powers. European officials hope to monitor the derivatives market to assess the extent of short selling. Germany has already banned some types of the trade.
WHAT THE OTHER PAPERS SAY THIS MORNING September 14, 2010 FINANCIAL TIMES TESCO ADVANCES IN CARREFOUR ASIAN AUCTION Tesco is among the bidders through to the second round of the auction for Carrefour’s south-east Asian assets, which are for sale for up to $1bn (£642m). Tesco, the world’s third-biggest supermarket chain by sales after Walmart and Carrefour, was one of more than 10 first-round bidders [...]
Hedgie body to clash with FSA over pay September 14, 2010 HEDGE fund industry body the Alternative Investment Management Association (AIMA) is set to clash with the FSA over proposed rules on pay. AIMA is furious that new European rules designed to prevent reckless behaviour in the banking industry will affect its members. AIMA said yesterday it will meet with the FSA to suggest ways to [...]
Gold surges to fresh high as investors seek safety September 14, 2010 Gold hit record highs above $1,270 an ounce yesterday in its biggest one-day rally in four months, as the US dollar declined broadly after upbeat data failed to convince investors to shift into risk-linked assets. Gold is now on course for a 15 per cent gain in 2010, fuelled largely by investor nervousness that stemmed [...]
Credit Suisse spends $425m on York Capital September 14, 2010 CREDIT Suisse said yesterday it has bought a minority interest in hedge fund York Capital for $425m (£273.3m), following a year of talks. The stake, thought to be around 30 per cent, is a non-controlling interest, and Credit Suisse won’t invest in any of York’s funds. The bank has been in touch with US authorities [...]
Greece raises €1.17bn in key debt auction September 14, 2010 INVESTORS across Europe breathed a sigh of relief yesterday as Greece successfully tapped the capital markets for over €1bn (£836.6m) in a debt auction. Analysts were encouraged by the success of the auction, despite the fact that the bonds in question were short-term six-month Treasury bills, for which Greece had to pay a high yield [...]
Swiss Re says Basel III will aid reinsurers September 14, 2010 THE NEW rules on banking capital are good news for reinsurance companies, the chief economist at reinsurer Swiss Re said yesterday. “Banks’ capital charges have been rightly raised by quite a bit. At the centre of the crisis were the banks, not the insurers,” said Thomas Hess. Banks have been providing hybrid capital and other [...]
Surge in food prices keeps inflation high September 14, 2010 HEADLINE annual inflation held steady at 3.1 per cent in August as sharp rises in the cost of air fares, clothing and food prices offset softer petrol prices, official figures revealed yesterday. The Office for National Statistics (ONS) said that inflation rose 0.5 per cent between July and August but that the annual rate remained [...]