Treasurers take a closer look

DERIVATIVES CONTROLS

LEADING ARTICLE: Barings and the Bank

The full implications of the Barings crisis are still incalculable. That its effects will be severe - and costly - nobody should doubt. It is 20 years since the Bank of England last organised a full-blown rescue like the one it has been orchestrating over the weekend. As on that occasion, all those involved will be waiting nervously for the reaction of the financial markets when they reopen again today.

New spotlight on derivatives

MPs are to begin an investigation of the potential dangers of the spiralling derivatives market in the next few weeks, as latest figures show that turnover in exchange-traded derivatives grew by 45 per cent worldwide in 1994.

PIA puts up fees

The Personal Investment Authority, the new financial services regulator, yesterday announced fee increases of up to 13.2 per cent for its life company members. Financial advisers face a smaller rise, of 7.7 per cent. The PIA's expected running costs, at £21.7m, are slightly less than the amount first set out in its prospectus last year.

Quotations appeal

Yesterday's decision was the outcome of the first appeal by the Pru against censure by the Stock Exchange over the Mick Newmarch share options affair.

Multi-strategy : WHAT'S NEW

Man Glenwood, the joint venture between ED&F Man and the US-based Glenwood Investment, is launching the Man Glenwood Multi-strategy Fund. It aims to invest in a range of assets, including stocks, bonds and derivatives. Shares are on offer at $100

Share disclosure rules tightened

City regulators announced new disclosure rules yesterday aimed at discouraging attempts to artificially drive down the share prices of the electricity generators before the imminent big power sell-off.

Gerrard reaps rewards of getting out of gilts

A 138 per cent rise in earnings from derivatives broking and fund management helped to push profits at Gerrard & National, the financial group, ahead by pounds 4m to pounds 14.4m in the first half.

A fortune in futures lures locals to Liffe: Correction

Wrong local

City & Business: Charities should opt out

THE Charity Commissioners, in their infinite wisdom, are considering whether to allow charities to play the derivatives markets. Of course, they do not couch it so flippantly; these are not speculators, after all, they are respectable institutions with a legal duty to protect their beneficiaries' funds.

Stock Exchange to tackle problem of short selling

THE STOCK Exchange will later this month issue a consultative document on the problems that arise from 'short selling', the speculative selling of shares the vendor does not own.

World banks told to tighten control over derivatives

BASLE (Reuter) - A key international panel of banking regulators has issued guidelines on managing risk in the booming dollars 18,000bn global market in derivatives.

Knight for trial

The former fugitive Ronnie Knight, 60, was sent for trial at the Old Bailey charged with the violent theft of pounds 5,961,097. He is also charged with receiving money from a raid on a Security Express depot in 1983.

Short selling offers hope to Eurotunnel

THE controversial pounds 858m Eurotunnel rights issue, which is in danger of becoming a disastrous flop, may be rescued by the fact that large institutions will need the newly created shares to cover short positions they are in as a result of persistently selling them.

View from City Road: A welcome note of calm on derivatives

The tail has been wagging the dog again. The market makers may justify this week's nervy swings in equities by fears about higher interest rates et al, but actual trading has been painfully thin. Rather the share price gyrations of the past 48 hours have been primarily driven by activity - at least some of it presumably speculative - in the derivatives markets.
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