A commodities trader is alleged to have manipulated his options book to hide losses, which cost the Bank of Montreal at least C$327 million . David Lee, 36, a former natural-gas trader at the bank, pleaded guilty last week to criminal charges and is now…(read more) (more…)
The U.S. housing market is expected to give further proof of a long, slow-motion decline with the release of the housing starts & permits report from the Department of Commerce on Wednesday. The starts index could potentially fall to levels not seen…(read more) (more…)
U.S. inter-bank lending rates are higher on Friday as
renewed concerns over the fate of the economy are back again in the
forefront.
An article in the Wall Street Journal on Friday suggests that U.S.
banks are raising deposit rates in a bid to attract more capital from
consumers…
The Fed, SEC, CFTC and Treasury Department have signed a memorandum of
understanding for the creation of a clearing house for credit
default swaps (CDS), which will begin operations by the end of
2008.
“A well-regulated and prudently managed CDS central counterparty can
provide immediate benefits to the market by reducing the systemic risk
associated with counterparty credit exposures. It also can help…”
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd.
2008