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US$3.5b credit default swaps cancelled in bailout

Merrill Lynch Co Inc agreed to help bail out bond insurer Security Capital Assurance Ltd by cancelling US$3.5bil in credit default swaps and ending litigation.

Business

SEC OKs Chicago Merc on swaps clearing

WASHINGTON (AP) - The Securities and Exchange Commission on Friday approved temporary exemptions from agency rules that will allow the Chicago Mercantile Exchange to operate as a central clearinghouse for transactions involving credit default swaps.

Business

SEC head urges Congress to act on derivatives

WASHINGTON: The government's top securities regulator called Thursday for Congress to impose new oversight on financial derivatives, warning that allowing risky instruments like credit default swaps to continue unfettered could bring further economic damage.

Business

Takeover fears make TDC credit default risk jump

COPENHAGEN: TDC’s credit default swaps show investors see risk building faster in the Danish phone company than in its European peers.

Business

Whaling the Volcker Rule

WHILE everyone out East were mesmerised by the Bo Xilai mystery, another enigma has been unravelling out West, involving a London whale. On May 10, JP Morgan announced trading losses of US$2bil, the resignation of the head of its chief investment office and the departure of Bruno Iksil, the London-based French trader who made such large and some say fearless bets in synthetic credit default swaps (CDS) that he was also nicknamed the London whale, Voldemort (the wizard nemesis of Harry Potter) or the Caveman.

Business

Citigroup, ABN Amro and CIMB trade first ringgit default swaps

Citigroup Inc, ABN Amro Holding NV and CIMB Group said they made the first credit-default swap trades between banks that are tied to bonds denominated in ringgit.

Business

Execs' posh retreat after bailout angers lawmakers

WASHINGTON (AP) - Less than a week after the federal government had to bail out American International Group Inc., the insurance company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday.

Business

Market operators hinder CFTC as it seeks to monitor swaps

WASHINGTON Market operators' failure to cooperate to provide the Commodity Futures Trading Commission with adequate data is preventing the regulator from effectively monitoring the global swaps market, according to sources familiar with the matter.

Business

Deutsche Bank stress seen in mounting cost

LONDON: Credit derivative traders are again expressing concern about Deutsche Bank AG’s weakening financial health.

Business

AIG loses US$5b in Q4

American International Group Inc (AIG), the largest insurer in the United States, said it lost more than US$5bil in the fourth quarter as bad credit ate into its investments.