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An internal audit by Achmea Hypotheekbank has revealed that some of the mortgages transferred to its covered bond company do not comply with the eligibility criteria stated in the programme prospectus, the bank said last week.

Bank of Ireland, which already issues Irish asset covered securities backed by Irish mortgages, has set up a Eu15bn UK mortgage covered bond programme under which it has launched eight series with a volume of £500m each.

Given the way that credit default swaps are utilised to price primary debt issues and hedge exposure by some types of investors, the regulations proposed by Securities and Exchange Commission chairman Christopher Cox could have a marked effect on the bond market.

It was a Cherry Coke moment to savour. Warren Buffett, by legend the most successful investor alive, on Tuesday lunchtime had his feet on his desk and was chewing on some nuts and drinking coke when the call from Goldman Sachs came in.

The credit default swaps market this week faced the gravest test of its short existence as regulators and politicians queued up to blame it for the banking crisis, and threatened stifling new regulations.

Osman Semerci, who ran Merrill Lynch’s global fixed income, currencies and commodities business until he left the bank following the first of its multi-billion dollar writedowns last October, has hired one of his former key lieutenants for his new hedge fund.

Barclays will maintain Lehman Brothers' market indices.

>> Some Drew Down Lehman Loans Ahead Of Filing

Lehman Brothers' Lehman Commercial Paper arm, which was not included in the parent company's Chapter 11 filing, released a statement on IntraLinks Wednesday confirming its ability to complete its administrative-agent role.

After an unprecedented week, market players needed a drink, or two, or three.

Market players are waiting to find out how the Barclays acquisition of Lehman Brothers' North American investment banking and capital markets group will shake out.