News
Attacks emphasise need for continuity planning
The terrorist attacks on the World Trade Center on September 11 proved the value of business continuity plans and disaster recovery centres. Much of Wall Street has been able to conduct business with some semblance of normality, although firms like…
Largest Greek bank deploys risk technology
The National Bank of Greece (NBG), Greece’s largest financial institution, has decided to deploy Algorithmics’ Risk Watch application as an enterprise-wide risk management system in an effort to better manage credit and liquidity risks, and capital…
Nymex’s problems continue
One unexpected victim of market disruption following the events of 11 September has been the New York Mercantile Exchange's (Nymex) new Brent futures contract – a key weapon in the exchange’s battle for supremacy with London’s International Petroleum…
RBS boosts swaps team
The Royal Bank of Scotland (RBS) has hired Benoit Seguret as a senior interest rate swaps trader in its financial markets division.
Mark leaves CIBC to launch consultancy
Robert Mark has resigned as vice chairman and chief risk officer at the Canadian Imperial Bank of Commerce in Toronto to launch a consulting firm and pursue academic interests, the bank said.
Front launches new patnership programme
Trading and risk management technology provider Front Capital Systems has launched a new project to better deploy and implement risk management software in financial institutions.
Twist publishes new FX standard and adds members
Twist (the treasury workstation integration standards team), an industry initiative set up to standardise integration between treasury and FX systems, has published the second version of its FX interface standard.
UK corporates taking more risks
UK companies are adopting a more risk-taking stance in making their business decisions, and perceive risk management as a beneficial tool to gain competitive advantage, according to a survey by professional services company Deloitte & Touche.
Insurance risk needs complete rethink, says Munich Re
The world’s largest reinsurance company, Munich Re, believes that risk management associated with the primary insurance and reinsurance sectors needs to be “completely rethought”, following the terrorist attacks in the US last week. The German reinsurer,…
Basel regulators put op risk charge below 15%
Global banking regulators will cut to below 15% from 20% the benchmark figure on which they intend basing the controversial operational risk capital charge they propose for large international banks from 2005.
Rolfe & Nolan removes Lodge as CEO
UK derivatives systems vendor Rolfe & Nolan has ousted its chief executive officer, John Lodge, as part of an effort to boost confidence among its customers and shareholders. The company, which has seen its share price plunge over the past two years,…
Rating agencies to keep an eye on the banking sector
The world’s three key rating agencies have released statements about the possible repercussions on the banking sector of last week’s tragic attacks in New York. Moody’s said it is not contemplating any immediate rating downgrades for European banks…
Liffe adds more Universal Stock Future contracts
The London International Financial Futures and Options Exchange (Liffe) is introducing 30 new Universal Stock Futures (USFs), to be available for trading from October 31. The new contracts will push the total number of Liffe's USFs to 95, giving them a…
Isda moves to stabilise derivatives markets
The International Swaps and Derivatives Association has issued guidelines to help traders close outstanding equity derivatives positions following the major disruptions to financial markets caused by last week’s terrorist attack on the World Trade Center.
Fed arranges swap deals to smooth liquidity
The US Federal Reserve has agreed temporary swap arrangements with the European Central Bank (ECB), the Bank of England and the Bank of Canada designed to help international banks meet any shortfall of dollars needed to settle market positions created by…
SEC buy-backs eased to counter short-sellers
The Securities and Exchanges Commission (SEC) has had some tough choices to make in the aftermath of last Tuesday’s terrorist outrage. In addition to coping with the decimation of its New York offices at 7 World Trade Center, the SEC has had to grapple…
Biltoo joins CreditTrade
Krishna Biltoo has joined London-based credit derivatives trading platform CreditTrade as its new head of product development.
Patsystems' de Cock ousted from CEO role
Jacques de Cock has stepped down as chief executive officer of London-based trading software company patsystems. David Jones, who was appointed to the board as non-executive director in January 2001, takes over as chief executive. Patsystems said de Cock…
Equity derivatives markets brace for US opening
The equity options markets were rudderless this week, with the lack of implied volatilities for the US market – used for marking and pricing options – effectively grinding options trading to a halt.
Nymex falls back on internet service
The New York Mercantile Exchange (Nymex), closed since Tuesday due to its proximity to the World Trade Center, plans to fall back on an untried internet-based service to give clearing members access to energy and metals futures contracts price discovery.
S&P affirms ‘AAA’ ratings on US clearings
The US's central securities depository, the Depository Trust Company (DTC), and three clearing bodies, the National Securities Clearing Corporation (NSCC), the Options Clearing Corporation (OCC) and the Board of Trade Clearing Corporation (BOTCC), have…
DrKW offers real-time capability on ops/tracker service
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has made new real-time functionality available on ops/tracker, its online settlements enquiry tool.
RBS appoints Burtonshaw as head of finance technology
The Royal Bank of Scotland's (RBS) financial markets division has made Peter Burtonshaw its new head of finance technology with immediate effect.
AFS Group to establish London office
Amsterdam-based interdealer broker AFS Group is establishing a London-based office that will initially focus on offering equity derivatives.