News
NAB revises FX options losses to A$360 million
National Australia Bank (NAB) has revised its pre-tax losses arising from unauthorised foreign exchange options trading to A$360 million ($277.4 million), double last week’s initial estimate.
Bank SinoPac to use Fenics for currency options pricing
One of Taiwan’s largest financial institutions, Bank SinoPac, has bought the Fenics system for pricing and analysing currency options.
CreditVantage launches European credit risk database
CreditVantage, a division of Fitch Risk specialising in credit risk software, has launched a new resource for European credit risk data, called the European Loan Loss Database (ELLD).
Derivatives both a help and a danger, says BoE deputy governor
Derivatives are both a help and a danger to global financial stability, according to the deputy governor of the Bank of England, Andrew Large.
IAS 39 still unacceptable, says European official
Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International Accounting…
Liffe to offer three-month Eurodollar contracts
The London International Financial Futures & Options Exchange (Liffe), part of pan-European exchange Euronext, will offer three-month Eurodollar futures and options contracts starting on March 18.
Boston Options Exchange set for launch this Friday
The Boston Options Exchange (Box), a joint venture by the Boston Stock Exchange, Interactive Brokers Group and the Bourse de Montreal, is on course for launch this Friday (January 30) after successful completion of tests this weekend, a spokeswoman told…
G-10 trade keeps Citi earnings stable
Opportunities in the Group of 10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong foreign exchange earnings in 2003, reports Risknews' sister publication, FX Week .
NAB chief admits weaknesses
National Australia Bank (NAB) chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud, reports Risknews' sister publication, FX Week .
Brickell’s name withdrawn as candidate to head Ofheo
Mark Brickell, a derivatives expert who was set to become the head of the Office of Federal Housing Enterprise Oversight (Ofheo), has withdrawn his name from consideration for the post. Brickell formally requested President George Bush withdraw his name…
Sponsor's event > Breakfast Briefing on Implementing the IRB Approach
Join SunGard and PRMIA for a breakfast briefing on successfully implementing the IRB approach in Madrid on 10 February 2004.
Derivatives both a help and a danger, says BoE deputy governor
Derivatives are both a help and a danger to global financial stability, according to the deputy governor of the Bank of England, Andrew Large.
CBOT settles ownership dispute
The Chicago Board of Trade has agreed to settle a lawsuit over minority members’ ownership rights, paving the way for proposed restructuring of the US futures exchange into a for-profit company.
LME delays introduction of plastic futures
The London Metal Exchange’s (LME) plans to introduce plastic futures in the third quarter this year have been delayed. The exchange now expects the contracts to start trading in the forth quarter.
Risk Advisory Group hires new experts
The Risk Advisory Group (Trag), a UK-based business intelligence and investigations consultancy, has made senior appointments in its corporate investigations and security risk management divisions.
Nandapurkar defects to Eurex US from CME
Eurex US – a new futures exchange that is expected to gain regulatory approval from the Commodity Futures Trading Commission (CFTC) by the end of March – has appointed Satish Nandapurkar as its chief executive.
CreditVantage launches new probability-of-default software
CreditVantage, a division of Fitch Risk specialising in credit risk software, has launched the CRS Corporate PD Model, a package that calculates the probability of default.
BNP Paribas recruits in metals trading team
French bank BNP Paribas has recruited Russ Plackett as a senior metals trader to work in its London office.
CreditVantage launches new probability-of-default software
CreditVantage, a division of Fitch Risk specialising in credit risk software, has launched the CRS Corporate PD Model, a package that calculates the probability of default.
Risk Advisory Group hires new experts
The Risk Advisory Group (Trag), a UK-based business intelligence and investigations consultancy, has made senior appointments in its corporate investigations and security risk management divisions.
IA Englander launches research division
IA Englander, a New York-based equity and derivatives brokerage, has launched Englander Research, a division providing independent research and industry analysis on cash equities and derivatives.
Parsley joins PNC
William Parsley - former head of the global books trading group and co-head of North American interest rates trading group at JP Morgan Chase – has joined the PNC Financial Services Group as treasurer and chief investment officer.
Rivals plan to match Boston Options Exchange model
Incumbent competitors to the all-electronic Boston Options Exchange (Box), which received SEC approval to operate last week, said they would match its controversial price-improvement feature, according to RiskNews ' sister publication Trading Technology…
South Korea moves to limit NDF trading by onshore banks
The South Korean Ministry of Finance and Economics (Mofe) has introduced new regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by onshore banks. The move is aimed at reducing the volatility in the Korean won exchange…