Man Group buys GNI for £100m

Outlook: Liffe/CME

WHEN IS an alliance not an alliance? When it is a strategic partnership. In announcing yesterday's link-up with the Chicago Mercantile Exchange, Brian Williamson, the chairman of Liffe, London's embattled futures exchange, knew full well that it would be construed in some quarters as a panic reaction to the Chicago Board of Trade's link-up with Liffe's arch-rival Eurex.

Keep your options open

In the terrifying world of derivative speculation, there is a safety net.

HOW WARRANTS WORK

Warrants are the right to buy ordinary shares at a fixed price on fixed dates. Warrants generally command a premium over the ordinary share price, showing how much this has to rise to make the warrants worth exercising.

Rogue London trader loses $8m

A FAILED $8m bet by a City of London dealer caused the collapse of a long-standing United States financial institution, it emerged yesterday.

City's foreign banks lost pounds 2.5bn in turmoil

FOREIGN BANKS and securities dealers based in London racked up losses totalling pounds 2.5bn following autumn's turmoil in the financial markets, according to official figures released yesterday, writes Lea Paterson.

Slowdown hits chemicals sales

SHARES IN Albright & Wilson, the specialty chemicals group, fell 10 per cent to a low of 97.5p yesterday after the company reported a 9 per cent fall in pre-tax profits to pounds 27.7m for the six months to 30 June.

Croda expands

Croda expands

Book Review: Something absurd in the City

Thanks to the collapse of Barings Bank, just about everybody has heard of "derivatives", the often exotically named financial instruments that get their name from the fact that they are "derived" from underlying assets, such as shares, bonds, commodities and currencies.

We must adopt US rules, says struggling standards committee

The International Accounting Standards Committee, with its tiny staff and modest offices in London's Fleet Street, has long been seen as a peripheral body. However, last month its secretary-general, the former director-general of fair trading Sir Bryan Carsberg, made a significant announcement. The IASC plans to adopt US guidelines on derivatives and other financial instruments as an interim measure while it works with national standard-setters on a harmonised standard.

SFA expels two former Dillon Read men

Two former employees of Dillon Read Securities, including a compliance officer who tricked his employer into paying for part of his house extension, have been expelled from the Securities and Futures Authority's register of managers.

Their profits are yours too

Alex Kiam explains what financial institutions really do with all the money we invest with them
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