FSA in derivatives clean up December 16, 2009 FINANCIAL authorities yesterday called for improved transparency on over-the-counter derivatives products as well as higher charges for non-centrally cleared trades. In a paper called “Reforming OTC Derivatives Markets”, the Treasury and the Financial Services Authority (FSA) said the financial crisis had highlighted “shortcomings in the management of counterparty credit risk and the absence of sufficient [...]
Pali International halts trading after profits fall December 16, 2009 PALI Capital, the US-based broker and investment bank, effectively shut down its London operation yesterday by suspending trading and cutting staff to a skeleton crew. Pali International applied to the FSA to register a variation in permissions, which will see its regulated activity come to a halt. Around 30 of Pali’s London employees will go, [...]
CITY VIEWS: IF BANKS PHASE OUT CHEQUES BY 2018, WILL YOU MISS THEM? December 16, 2009 GILES BRAKE | MSI GLOBAL ALLIANCE “I think cheques are useful for payment with smaller companies and services, but I certainly won’t miss them much once they’re gone. I think everyone can accept that we’re in the digital age now where everything is being done electronically. Cheques simply don’t serve the purpose that they once [...]
BEST OF THE BROKERS December 16, 2009 G4S Evolution Securities yesterday said that security firm G4S’s management team presented a reassuring sales message, keeping focused on their core driver of demand, moving towards outsourcing with stable margins. They kept a “neutral” rating but moved their target price up to 252p from 230p. TOMKINS Cazenove said with recent news indicating the car industry [...]
Where the smart money should be heading next year December 16, 2009 AT THE start of 2009, there was a very real chance that we would enter another Great Depression and the banking system was still on its knees. But the past 12 months have been an astonishing year in the markets – stock market indices have risen sharply beyond all expectations and major countries returned to [...]
RECOVERY AND INFLATION ARE 2010’S THEMES December 16, 2009 GEORGE TCHETVERTAKOV HEAD OF MARKET RESEARCH, ALPARI UK IF 2008 was the year of the crisis, then the story of 2009 was recovery. Until March, this looked unlikely. Given the losses suffered by financial institutions during the financial meltdown, there were severe doubts whether the world’s banks and economies could bounce back. But signs of [...]
DON’T EXPECT THE YEN TO FALL SHARPLY December 16, 2009 JANE FOLEY RESEARCH DIRECTOR, FOREX.COM DEBTS, deficits and creditworthiness may have reared their ugly heads of late in the Middle East, the Eurozone and the UK but the reappearance of economic growth in most countries by the end of the fourth quarter of 2009 should ensure that the market starts the new year with at [...]
Wall St gains from upbeat forecasting December 16, 2009 Wall Street was set to rise at the open yesterday, after data showed consumer prices did not overheat in November, quelling inflation worries ahead of a statement from the Federal Reserve that will be scrutinised for clues on the state of the world’s largest economy. The Labor Department said the Consumer Price Index rose 0.4 [...]
Financials and US data boost London’s blue chip companies December 16, 2009 Britain’s leading share index rose 0.7 per cent yesterday as US data led to a rise in commodity stocks, and banks firmed on a report that the enforcement of capital adequacy rules would be delayed. The FTSE 100 finished 34.49 points higher at 5,320.26, after closing 0.6 per cent down at 5,285.77 on Tuesday. New [...]
SOVEREIGN SCORES A COUP AS IT NETS BANK GRANDEE BOB WIGLEY December 16, 2009 MY MY , but hasn’t it been an eventful few months for Aim-listed home equity release firm Sovereign Reversions? Back in August, Countrywide chairman Harry Hill and a couple of fellow dissident shareholders caused a touch of controversy by trying to oust Sovereign’s board and put the company into run-off by sending out pre-ticked proxy [...]
