News
BarCap expands corporate risk management advising team
Barclays Capital (BarCap), the investment banking arm of Barclays Bank, has hired three new staff to work in its corporate risk management and advisory team in New York.
Sumitomo Corporation installs FNX’s Sierra
Japan’s Sumitomo Corporation has installed FNX’s Sierra System to support its strategy of complete straight-through processing (STP) for its commodities, exchange-traded products and swap-trading operations.
Credit derivatives set to hit $10 trillion by 2007, says Deutsche’s Misra
The credit derivatives market is set to hit $10 trillion in notional value within five years, with the number of actively traded credit default swaps set to double by 2007 to 600, according to Deutsche Bank’s global head of integrated credit trading…
Refco signs up as non-bank member to JP Morgan Chase’s CLS service
Refco Capital Markets has selected JP Morgan Chase as its provider of continuous-linked settlement (CLS) services.
Prebon plans to open US credit derivatives desk
Inter-dealer broker Prebon Yamane is planning to open a credit derivatives desk in the US, following its setting up of Asia-Pacific and Europe credit derivatives trading desks.
SunGard to offer integrated energy risk system
SunGard Energy Systems, an operating group of Pennsylvania-based SunGard, plans to offer a single integrated suite of energy risk and trading systems called Entegrate.
State Street hires options chiefs in Asia and Europe
State Street has hired two regional foreign exchange options managers in newly created positions overseeing Asia and Europe.
Deutsche adds e-options
Deutsche Bank will go live with foreign exchange options on its autobahnFX trading platform in January, in response to client demand, a bank official told RiskNews ' sister publication FX Week .
JP Morgan Chase hires portfolio options trader
JP Morgan Chase has re-hired Joakin Diedricks to look after global portfolio options within the foreign exchange trading group in London.
Geithner to replace McDonough at New York Fed
Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York.
Risk overhaul at US banks due to economic capital not Basel II, says Fed's D'Silva
Economic capital, not the impending introduction of Basel II, is driving risk management initiatives at US banks, according to the Federal Bank of Chicago's director for capital and market risk, Adrian D'Silva.
Algo to release flagship Basel II-compliant system in January
Canadian risk management systems vendor Algorithmics will release version 4.4 of its Algo Suite flagship product on January 15.
Independent third-party to take over Trac-x imminently
JP Morgan and Morgan Stanley are in the final stages of negotiations to hand over their credit derivatives index product Trac-x to an independent third-party. The move will happen “within a matter of days”, Andrew Palmer, head of credit derivatives…
Schwarzenegger pressed to give details of Ken Lay meeting
California-based lobby group, the Foundation for Taxpayer and Consumer Rights (FTCR), has asked Arnold Schwarzenegger, California’s governor-elect, to explain the substance of his private May 2001 meeting with Enron chief, Ken Lay. FTCR, a non-profit…
Eurex trying to take over the US futures market, says CBOT
The Chicago Board of Trade (CBOT) has accused its European rival Eurex of trying to take over the US futures market using intimidating tactics.
Geithner to replace McDonough at New York Fed
Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York. He replaces Bill…
S&P updates its CDO Evaluator
Rating agency Standard & Poor’s (S&P) has released the latest version of its CDO [collateralised debt obligation] Evaluator system, which is used by CDO structurers to evaluate the credit risk of their products.
Risk overhaul at US banks due to economic capital not Basel II, says Fed's D'Silva
Economic capital, not the impending introduction of Basel II, is driving risk management initiatives at US banks, according to the Federal Bank of Chicago's director for capital and market risk, Adrian D'Silva.
Barcap nabs Citigroup equity derivatives salesman
Barclays Capital, the investment banking division of Barclays Bank, has appointed Andrew Stonely from Citigroup as a director in equity derivatives sales. He will be responsible for developing the European equity derivatives flow business.
Algo to release flagship Basel II-compliant system in January
Canadian risk management systems vendor Algorithmics will release version 4.4 of its Algo Suite flagship product on January 15. Its enterprise-wide risk management system will include all the features necessary for Basel II regulatory capital reporting,…
China's regulator publishes new draft derivatives guidelines
The publication of China's long-awaited derivatives regulations has moved a step closer following the release of new draft guidelines by the country's regulator, the China Banking Regulatory Commission (CBRC).
Eurex’s US-based arm sues CME and CBOT
Chicago-based Eurex US has filed an antitrust action in the federal court against the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME). The CME has slammed the suit as being “without factual or legal foundation”, while the CBOT said it…
JP Morgan Chase and Morgan Stanley launch Trac-x Asia
JP Morgan Chase and Morgan Stanley have made yet another addition to the family of Trac-x global credit default swap indexes created by both firms, with the launch of Trac-x Asia.
Korean consumer default likely to affect Asian securitisation, says S&P
The deteriorating credit quality of South Korea’s securitised credit card portfolios has not only meant Korean asset-backed securities issuance has ground almost to a halt this year, but that it is likely to negatively affect consumer finance…