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
Career Services

Day In a Page

Independent Travel
Burgundy, the River Rhone & Provence – Five-star MS Swiss Corona 7 nights from £999pp
Lake Como St Moritz & the Bernina Express 7 nights from £809pp
Vietnam
Lake Maggiore, Orta & the Matterhorn 7 nights from £939pp
South Africa
Spain
Prices correct as of 19 December 2014
War with Isis: The West needs more than a White Knight

The West needs more than a White Knight

Despite billions spent on weapons, the US has not been able to counter Isis's gruesome tactics, says Patrick Cockburn
Return to Helmand: Private Davey Graham recalls the day he was shot by the Taliban

'The day I was shot by the Taliban'

Private Davey Graham was shot five times during an ambush in 2007 - it was the first, controversial photograph to show the dangers our soldiers faced in Helmand province
Revealed: the best and worst airlines for delays

Revealed: the best and worst airlines for delays

Many flyers are failing to claim compensation to which they are entitled, a new survey has found
The stories that defined 2014: From the Scottish independence referendum to the Ice Bucket Challenge, our writers voice their opinions

The stories that defined 2014

From the Scottish independence referendum to the Ice Bucket Challenge, our writers voice their opinions
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations

Disaster looming? Now you know where to head...

Which British city has become the first to be awarded special 'resilience' status by the UN?
Finally, a diet that works: Californian pastor's wildly popular Daniel Plan has seen his congregation greatly reduced

Finally, a diet that works

Californian pastor's wildly popular Daniel Plan has seen his congregation greatly reduced
Say it with... lyrics: The power of song was never greater, according to our internet searches

Say it with... lyrics

The power of song was never greater, according to our internet searches
Professor Danielle George: On a mission to bring back the art of 'thinkering'

The joys of 'thinkering'

Professor Danielle George on why we have to nurture tomorrow's scientists today
Monique Roffey: The author on father figures, the nation's narcissism and New Year reflections

Monique Roffey interview

The author on father figures, the nation's narcissism and New Year reflections
Introducing my anti-heroes of 2014

Introducing my anti-heroes of 2014

Their outrageousness and originality makes the world a bit more interesting, says Ellen E Jones
DJ Taylor: Good taste? It's all a matter of timing...

Good taste? It's all a matter of timing...

It has been hard to form generally accepted cultural standards since the middle of the 19th century – and the disintegration is only going to accelerate, says DJ Taylor
Olivia Jacobs & Ben Caplan: 'Ben thought the play was called 'Christian Love'. It was 'Christie in Love' - about a necrophiliac serial killer'

How we met

Olivia Jacobs and Ben Caplan
Bill Granger recipes: Our chef's breakfasts will revitalise you in time for the New Year

Bill Granger's healthy breakfasts

Our chef's healthy recipes are perfect if you've overindulged during the festive season
Transfer guide: From Arsenal to West Ham - what does your club need in the January transfer window?

Who does your club need in the transfer window?

Most Premier League sides are after a striker, but here's a full run down of the ins and outs that could happen over the next month
The Last Word: From aliens at FA to yak’s milk in the Tour, here’s to 2015

Michael Calvin's Last Word

From aliens at FA to yak’s milk in the Tour, here’s to 2015