Barclays Capital announced that it has fully integrated Lehman Brothers' US foreign exchange and commodities businesses under the Barclays Capital name.
In FX, sales and trading have resumed in spot, forward and options products, now integrated with Barclays Capital's existing currency trading. Commodities trading previously conducted by Lehman Brothers in North America has similarly been incorporated into the comprehensive suite of commodity products and services offered by Barclays Capital.
"We are pleased to resume sales and trading in FX and commodities for Lehman Brothers clients," said Rich Ricci, Chief Operating Officer of Barclays Investment Banking and Investment Management businesses. "Our clients can expect the enhanced service and global reach that comes with a combination of two leading franchises." The successful integration of the FX and commodities businesses adds to Barclays Capital's existing strength as one of the world leaders in both markets. Ranked in the top three for global market share in FX in 2008[*], Barclays Capital offers a full range of products from vanilla FX to structured FX derivatives, along with an award-winning electronic platform, BARX. With superior execution across the entire spectrum of commodity products, Barclays Capital is widely recognized as one of the top three banks in overall commodities market share, and was named Commodities House of the Year by Risk Magazine in 2008.
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Monday, October 27, 2008
Monday, October 20, 2008
Structured Settlement Sale Prevents Home Foreclosure in Florida, According to J.G. Wentworth
J.G. Wentworth reported that the firm’s purchases of structured settlements during the third quarter of 2008 have increased versus purchases made during the third quarter of 2007.
Commenting on the increase, Randy Parker director of quality assurance for J.G. Wentworth, noted that among the higher volume of transactions are a larger number of cases where the seller is trying to overcome some form of financial distress which was not contemplated at the time they settled their lawsuit – including the possible loss of their home through foreclosure.
According to Mr. Parker, “Our client Janine D. living in Sarasota offers a typical example of some of the financial distress we are now seeing. Sudden and persistent illness undermined Janine’s ability to maintain her income. She had few other assets other than her settlement payments, but these were inadequate for the circumstances she found herself in.”
Janine D. said, “I have been unable to work due to an illness for the past 21 months and the bills were piling up. I had nowhere to turn to and could not find a job due to the constant in-and-out hospital visits.”
Through J.G. Wentworth, Janine D. was able to sell a portion of her regular monthly payments for 4 years in exchange for $16,000 in cash.
Source
Commenting on the increase, Randy Parker director of quality assurance for J.G. Wentworth, noted that among the higher volume of transactions are a larger number of cases where the seller is trying to overcome some form of financial distress which was not contemplated at the time they settled their lawsuit – including the possible loss of their home through foreclosure.
According to Mr. Parker, “Our client Janine D. living in Sarasota offers a typical example of some of the financial distress we are now seeing. Sudden and persistent illness undermined Janine’s ability to maintain her income. She had few other assets other than her settlement payments, but these were inadequate for the circumstances she found herself in.”
Janine D. said, “I have been unable to work due to an illness for the past 21 months and the bills were piling up. I had nowhere to turn to and could not find a job due to the constant in-and-out hospital visits.”
Through J.G. Wentworth, Janine D. was able to sell a portion of her regular monthly payments for 4 years in exchange for $16,000 in cash.
Source
Monday, October 13, 2008
Belgian banking map changes
Friday’s decision by the Netherlands government to nationalise Fortis’s banking and insurance businesses in the Netherlands left the Belgian government little choice than to nationalise the rest or urgently find a buyer to maintain confidence in the institution.
The result is a radically changed banking landscape in a country where banking had always been a dependably staid affair. Although Fortis did have a structured credit portfolio – some of which is being hived off in a separate vehicle as part of the BNP Paribas settlement – its chief undoing lay in the takeover last year of ABN Amro and a style of communication that subsequently eroded investor confidence.
Fortis’s disappearance leaves KBC, a well-capitalised retail-funded bancassurer of the old school, and Dexia, the Franco-Belgian lender that was subject to a €6.4bn ($8.6bn) bail-out by France, Belgium and Luxembourg last week, as the two sizeable banks left in Belgium.
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The result is a radically changed banking landscape in a country where banking had always been a dependably staid affair. Although Fortis did have a structured credit portfolio – some of which is being hived off in a separate vehicle as part of the BNP Paribas settlement – its chief undoing lay in the takeover last year of ABN Amro and a style of communication that subsequently eroded investor confidence.
Fortis’s disappearance leaves KBC, a well-capitalised retail-funded bancassurer of the old school, and Dexia, the Franco-Belgian lender that was subject to a €6.4bn ($8.6bn) bail-out by France, Belgium and Luxembourg last week, as the two sizeable banks left in Belgium.
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