SPAIN

Four years after Lehman Brothers suffered the largest bankruptcy in US history, a former vice president at the investment bank has warned the financial system is on a ‘collision course' for another 2008-style event.

BlackRock's absolute return manager Mark Lyttleton is due to return to his post next week after an extended break from the industry.

The UBS trader who allegedly lost the bank $2.3bn by exceeding his trading limits and faking deals has been labelled a "master fraudster" by prosecutors at court today.

The FTSE continued to make huge gains in afternoon trading, reaching its highest level since late March after the Federal Reserve unveiled its third round of quantitative easing.

PIMCO's Bill Gross, the manager of the world's biggest bond fund, has cut his stake in US Treasuries by 12%, ahead of a crucial meeting by the Fed later when it may announce further quantitative easing.

J.P. Morgan Asset Management's Nick Gartside bought Spanish 10 year debt as the ECB's bond buying plan, announced last week, means he now knows "the rules of the game".

Ecclesiastical is launching RDR-ready institutional share classes across its range of six funds.

The Bank of England's chief economist Spencer Dale has warned printing more money "might do more harm than good" and could cause harm for the future.

Glencore has revised the terms of its proposed merger with Xstrata again, following a backlash from shareholders on Friday over the terms of the deal.