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Securities Derivatives

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    Warren Buffett's Berkshire Hathaway is expected to report a decline in quarterly operating earnings for the third quarter, its fifth consecutive year-over-year quarterly drop. Berkshire's results will be released after tomorrow's (Friday) stock market close.

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    NYSE Euronext, the trans-Atlantic stock exchange operator, said third-quarter profit fell by 33 percent due merger costs, severance payments and a decline in European derivatives trading.

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    Warren Buffett has gotten greedy too quickly while everyone else takes too long to become fearful, suggests today's Wall Street Journal.  Peter Eavis writes that while Buffett has won "plaudits for some canny deals," there's also a dangerous pattern.  "Mr. Buffett looks to be committing his capital too early. On some bets, waiting might have gotten him better terms or more attractive entry prices."  According to Eavis, "Time for the Oracle to get a new crystal ball."

  • Government Regulation

    The future of financial regulation: An open letter to the next Treasury secretary, from the New York Times

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    Until last month, the Resolution Trust Corporation held a quiet place in American financial history. Less known is its role in pioneering and popularizing commercial mortgage backed securities.

  • The $62 trillion credit default swaps markets and other off-exchange financial instruments are not managed as well as they should be, Federal Reserve Chairman Ben Bernanke said Tuesday.

  • As the old Chicago Merc closes its doors to make way for a new floor, CME Chairman Terry Duffy explains why Chi-Town is the trading capital of the world.

  • The Wall Street Journal points out this morning that Warren Buffett has been increasingly selling derivatives, which he described a few years ago as "financial weapons of mass destruction."

  • CBOT Holdings, the parent of the Chicago Board of Trade, will merge its trading platforms with those of the Chicago Mercantile Exchange in the first quarter of next year in an attempt to cut costs, CBOT Chairman Charles Carey told CNBC Tuesday.

  • Business has continued to boom at the Chicago Board Options Exchange.  The exchange said after the market closed Monday that average daily volume during the month of June was up 24% to 3.5 million contracts, compared with 2.9 million contracts during June 2006.  Average daily volume jumped 20% during the second quarter.

  • Real estate financing is in the very early stages of a growth cycle and is one of the areas Barclays Capital is focusing on, says chief executive Bob Diamond. Speaking at the WEF meeting, Diamond also told CNBC that growth in the derivatives market is crucial to those in the risk-management business. (More)