News
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…
Treasury increases budget to fight financial crime
The Bush Administration has proposed a 12.7% increase in its budgetary allocation to the Financial Crimes Enforcement Network (FinCEN) to strengthen the country’s financial war on terror and other financial crimes.
NAB finds A$185m in losses from foreign currency options trading
Internal investigations at the National Australia Bank (NAB) have revealed that A$185 million ($140 million) in pre-tax losses were made by unauthorised foreign currency options trading.
Isda gives cautious welcome to Basel Committee progress report
The International Swaps and Derivatives Association today issued a cautious welcome to the Basel Committee on Banking Supervision’s latest progress report on the state of the new capital adequacy directive, Basel II.
NAB finds A$185m in losses from foreign currency options trading
Internal investigations at the National Australia Bank (NAB) have revealed that A$185 million ($140 million) in pre-tax losses were made by unauthorised foreign currency options trading.
ADB outsources derivatives collateral management to ABN Amro
The Asian Development Bank (ADB) has outsourced its derivatives collateral management activities to ABN Amro. In addition, ABN Amro Mellon Global Securities Services will act as global custodian for all ADB's collateral securities.
DrKW adds to credit derivatives team in Tokyo
Dresdner Kleinwort Wasserstein (DrKW) has hired TJ Cheng as a vice-president in its credit derivatives and securitisation team in Tokyo.
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank's (NAB) treasury division.
SEC probes NYSE report
The Securities and Exchange Commission (SEC) has opened an investigation into matters raised in a December 2003 report to the New York Stock Exchange (NYSE's) Board of Directors, prepared by independent counsel Dan Webb.
Basel Committee alters securitisation, credit risk mitigation, and clarifies Pillar II approaches
The Basel Committee on Banking Supervision issued a statement yesterday altering its approaches to securitisation and credit risk mitigation in Pillar I.
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank’s (NAB) treasury division. This follows the bank's announcement on Tuesday that it faces losses of up to A$180…
NAB credit rating unaffected by FX options losses, says S&P
The credit rating of National Australia Bank is unaffected following the disclosure of unauthorised foreign exchange transactions, rating agency Standard & Poor's (S&P) said today.
Isda gives cautious welcome to Basel Committee progress report
The International Swaps and Derivatives Association today issued a cautious welcome to the Basel Committee on Banking Supervision’s latest progress report on the state of the new capital adequacy directive, Basel II.
Clifford Chance to advise on weather risk products
International law firm Clifford Chance has created an environmental and climatic trading group, comprised of weather law specialists, to capitalise on the uncertainty surrounding the EU greenhouse gas emissions trading directive. The directive came into…
Rating agency concerned by self-referenced credit derivatives
Fitch Ratings said it expects to make “appropriate adjustments to liquidity and capital measures” for any company that purchases a self-referenced credit derivative.
JP Morgan Chase set to increase lead as largest US derivatives bank
JP Morgan Chase, the bank with the largest exposure to derivatives in the US, is set to increase its lead with the takeover of Bank One. The derivatives exposure of the combined banks will approach $35.5 trillion, nearly 54% of the combined value of the…
EU Commission considers changes to op risk framework
The EU Commission is considering modest changes to the operational risk framework of its proposed capital adequacy directive (CAD), in response to comments received to its most recent draft, according to a source within the organisation.
BITS publishes new guidelines for Financial Services Aggregation
BITS, a Washington, DC-based non-profit consortium of 100 of the largest financial institutions in the US, has published new voluntary guidelines for financial services aggregation that promote sound, private and secure services.