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CGE will face antitrust suits: rival
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Ferc addresses reliability
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Technology news
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Ex-Merrill Lynch energy trader pleads guilty to fraud
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University of California adds four to Enron lawsuit
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Nybot in Nymex sights
The New York Mercantile Exchange (Nymex) plans to buy the New York Board of Trade (Nybot) as part of its expansion and acquisition drive, according to Nymex president Robert Collins.
CFTC amends rules governing FCMs
Futures commission merchants (FCMs) in the US will be permitted to enter into repurchase agreements and collateral management programmes using customer-deposited securities, following a rule amendment by the Commodity Futures Trading Commission (CFTC).
SGX traders launch proprietary trading venture
Traders on the Singapore Exchange (SGX) have formed an in-house proprietary trading venture to increase market liquidity. The Arbitrage Project, a limited company, will begin trading on February 9 and will consist of eight proprietary traders.
Barclays Capital strengthens in forex sales
Barclays Capital has hired two directors to work in the foreign exchange sales team. The UK-based bank said it would focus on broadening US corporate sales coverage.
RBS nabs securitisation head from Merrill Lynch
Vincent Dahinden, former head of corporate securitisation and collateralised debt obligations (CDOs) at Merrill Lynch in London, has joined Royal Bank of Scotland (RBS).
Basel II will reduce securitisation by banks, but won’t alter bank ratings, says Fitch Ratings
The implementation of the more risk-reflective Basel II will reduce the attraction of securitisation as a means of lowering banks’ regulatory capital requirements, but is unlikely to change the ratings of originating banks, according to a special report…
China releases derivatives guidelines
China’s banking regulator has finally published its long-awaited derivatives guidelines, bringing to an end 18-months of stop-start consultations with the banking sector and removing some of the legal uncertainties that have plagued the country’s…
ING exits Asian equities
ING Group is currently in talks with Australia’s Macquarie Bank over the sale of its Asian equity sales, trading, research and equity capital markets businesses. The bank plans to retain its equity derivatives business in the region.
DrKW appoints head of hybrid capital
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has appointed Mark Woolley from Goldman Sachs as head of hybrid capital.
FBE launches European master agreement amendment
The European Banking Federation (FBE) has launched a derivatives annex to its European master agreement – legal documentation to confirm derivatives trades in the eurozone.
Citi launches website for European investors
Citigroup has launched a new website targeted at European retail and institutional investors in warrants and certificates.
New asset management risk software vendor launched
A new technology company called Independent Risk Monitoring has been launched to provide asset management companies with risk software.
Eurex gains CFTC approval for US derivatives exchange
Eurex will launch its US-regulated derivatives market, Eurex US, on February 8, following approval from US regulator the Commodity Futures Trading Commission (CFTC) today.
HSBC signs up for Norkom risk software
HSBC has bought the Alchemist risk management system from Dublin-based software company Norkom Technologies.
Energy swaps
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CBOT steps up war with Eurex
The Chicago Board of Trade (CBOT) will launch three electronically traded German debt futures contracts in what appears an escalation in the exchange’s war with European rival Eurex. It has also reduced transaction fees for its customers that…
FNX debuts module for structured bonds
FNX is taking its first step towards providing a centralised risk backbone for trading desks, with the release of a module that governs structured bonds and emerging market debt. The module will be offered as an add-on for FNX’s flagship Sierra system.
More banks putting capital into research
ABN Amro and Barclays Capital are among the increasing number of banks putting money on their trade recommendations for foreign exchange, reports Risknews’s sister publication FX Week . Both have allocated money to start trading on model portfolios this…
SG bolsters European credit business
SG, the investment banking arm of French bank Société Générale, has appointed Michel Granchi as director of credit sales. He will be responsible for developing the bank’s hedge fund business.