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
News
news

Emergency call 'started off dumb, but got pretty serious'

News
people

Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'

Arts and Entertainment
Liam and Zayn of One Direction play with a chimpanzee on the set of their new video for 'Steal My Girl'
music

Animal welfare charities have urged the boy band to cut the scenes

News
Russell Brand was in typically combative form during his promotional interview with Newsnight's Evan Davis
people

Thought you'd seen it all after the Jeremy Paxman interview?

Arts and Entertainment
On The Apprentice, “serious” left the room many moons ago and yet still we watch
tv

Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent

Voices
Funds raised from the sale of poppies help the members of the armed forces with financial difficulties
voicesLindsey German: The best way of protecting soldiers is to stop sending them into conflicts
Arts and Entertainment
A scene from David Ayer's 'Fury'
film

"History is violent," says the US Army tank commander Don "Wardaddy" Collier

News
The Edge and his wife, Morleigh Steinberg, at the Academy Awards in 2014
peopleGuitarist faces protests over plan to build mansions in Malibu
News
peopleFox presenter gives her less than favourable view of women in politics
Property
One bedroom terraced house for sale, Richmond Avenue, Islington, London N1. On with Winkworths for £275,000.
property
Career Services

Day In a Page

Independent Travel
Vietnam & Cambodia
Pompeii, Capri & the Bay of Naples
Bruges
India & Nepal
Japan
Berlin, Dresden, Meissen & Colditz
Prices correct as of 17 October 2014
Wilko Johnson, now the bad news: musician splits with manager after police investigate assault claims

Wilko Johnson, now the bad news

Former Dr Feelgood splits with manager after police investigate assault claims
Mark Udall: The Democrat Senator with a fight on his hands ahead of the US midterm elections

Mark Udall: The Democrat Senator with a fight on his hands

The Senator for Colorado is for gay rights, for abortion rights – and in the Republicans’ sights as they threaten to take control of the Senate next month
New discoveries show more contact between far-flung prehistoric humans than had been thought

New discoveries show more contact between far-flung prehistoric humans than had been thought

Evidence found of contact between Easter Islanders and South America
Cerys Matthews reveals how her uncle taped 150 interviews for a biography of Dylan Thomas

Cerys Matthews on Dylan Thomas

The singer reveals how her uncle taped 150 interviews for a biography of the famous Welsh poet
DIY is not fun and we've finally realised this as a nation

Homebase closures: 'DIY is not fun'

Homebase has announced the closure of one in four of its stores. Nick Harding, who never did know his awl from his elbow, is glad to see the back of DIY
The Battle of the Five Armies: Air New Zealand releases new Hobbit-inspired in-flight video

Air New Zealand's wizard in-flight video

The airline has released a new Hobbit-inspired clip dubbed "The most epic safety video ever made"
Pumpkin spice is the flavour of the month - but can you stomach the sweetness?

Pumpkin spice is the flavour of the month

The combination of cinnamon, clove, nutmeg (and no actual pumpkin), now flavours everything from lattes to cream cheese in the US
11 best sonic skincare brushes

11 best sonic skincare brushes

Forget the flannel - take skincare to the next level by using your favourite cleanser with a sonic facial brush
Paul Scholes column: I'm not worried about Manchester United's defence - Chelsea test can be the making of Phil Jones and Marcos Rojo

Paul Scholes column

I'm not worried about Manchester United's defence - Chelsea test can be the making of Jones and Rojo
Frank Warren: Boxing has its problems but in all my time I've never seen a crooked fight

Frank Warren: Boxing has its problems but in all my time I've never seen a crooked fight

While other sports are stalked by corruption, we are an easy target for the critics
Jamie Roberts exclusive interview: 'I'm a man of my word – I'll stay in Paris'

Jamie Roberts: 'I'm a man of my word – I'll stay in Paris'

Wales centre says he’s not coming home but is looking to establish himself at Racing Métro
How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?

A crime that reveals London's dark heart

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?
Meet 'Porridge' and 'Vampire': Chinese state TV is offering advice for citizens picking a Western moniker

Lost in translation: Western monikers

Chinese state TV is offering advice for citizens picking a Western moniker. Simon Usborne, who met a 'Porridge' and a 'Vampire' while in China, can see the problem
Handy hacks that make life easier: New book reveals how to rid your inbox of spam, protect your passwords and amplify your iPhone

Handy hacks that make life easier

New book reveals how to rid your email inbox of spam, protect your passwords and amplify your iPhone with a loo-roll
KidZania lets children try their hands at being a firefighter, doctor or factory worker for the day

KidZania: It's a small world

The new 'educational entertainment experience' in London's Shepherd's Bush will allow children to try out the jobs that are usually undertaken by adults, including firefighter, doctor or factory worker