Bear Stearns
Synthetic ABS is hot property
The emergence of credit default swaps on ABS has led to the development of an index of these securities. Nadia Damouni looks at the prospects for this rapidly evolving corner of the market
Standard confirmation for preferred CDS hammered out
Eight dealers have agreed upon standard documentation for preferred credit default swap (CDS) transactions. The new standards will likely enhance liquidity of the nascent market.
CDS IndexCo and Markit launch synthetic US CMBS index
CDS IndexCo and Markit have launched CMBX, a range of synthetic credit default swap (CDS) indexes of US commercial mortgage-backed securities (CMBS), which will trade from today.
Bear Stearns names risk chiefs
Investment bank Bear Stearns has named Michael Alix as chief risk officer and Robert Neff as his deputy.
NYSE fines Bear Stearns $1.5 million
The New York Stock Exchange (NYSE) has fined Bear Stearns $1.5 million for various violations of its trading rules.
Bear Stearns names risk chiefs
Investment bank Bear Stearns has named Michael Alix as chief risk officer and Robert Neff as his deputy.
Questioning the numbers
Model risk has become a key focus for financial institutions. But how do dealers ensure their models are implemented correctly and that they accurately reflect the risks an institution is running? By Laurence Neville
Major dealers issue joint letter to Fed on credit derivatives
The New York Federal Reserve meeting with 14 major dealers on September 15 appears to have succeeded in coercing the industry into taking more concerted action to tackle the mounting problems in credit derivatives confirmation backlogs. Following the…
Isda’s ‘novation protocol’ aims to tackle derivatives backlogs
The world's major derivatives dealers have signed up to the International Swaps and Derivatives Association’s long-awaited ‘Novation Protocol’, which seeks to facilitate the transfer of existing trades to third parties.
MarketAxess launches CDS index trading platform
MarketAxess has launched a multi-dealer credit default swap (CDS) index trading service in London and New York. The New York-based company is targeting end-users to use the service.
Is Basel II a hurdle too far for US broker-dealers?
Broker-dealers in the US are having to cope with the SEC's capital requirements, while still being somewhat in the dark about the upcoming Basel II framework. By Choongo Moonga
Isda backs Bear Stearns appeal against Enron
The International Swaps and Derivatives Association and the Bond Markets Assocation (BMA) have backed Bear Stearns' latest attempt to keep hold of $25.9 million in payments on a stock forward agreement, in the face of Enron's attempt to recover it.
Amend Basel II Trading Book Proposals, Basel Committee urged
American broker-dealers are opposed to some of the proposals recently published by the Basel Committee to improve the management of market risks.
Market Axess and DTCC team up to offer CDS index trading system
Electronic bond trading platform company MarketAxess has teamed up with the Depository Trust & Clearing Corporation's (DTCC) and 11 global dealers to create an electronic client-to-dealer trading platform for credit default swap (CDS) indexes. The CDS…
Bear Stearns to implement new risk reporting data system
Prompted by increased trading volumes and regulation, Bear Stearns is currently in the final stages of testing a data management system for use in its risk reporting.
Private bankers buying more FX-linked structured products
Private bankers are buying an increasing number of structured products linked to currency movements in a bid to provide more attractive yields to their clients.
BNP restructures European credit research
BNP Paribas, the French banking group, has restructured its credit research division after three members were poached by Lehman Brothers in September.
Barclays Capital makes senior credit sales appointment in New York
Barclays Capital, the investment banking division of the UK’s Barclays Bank, has hired John Lovisolo as a managing director in its North American credit derivatives and structured product sales team.
Bear supplies Optima with risk system
Bear Measurerisk, a technology subsidiary of Bear Stearns Asset Management, is to supply Optima Fund Management with risk monitoring and reporting systems.
Gupta to co-head credit trading at RBS
Sanjeev Gupta, formerly a managing director for credit derivatives at Credit Suisse First Boston (CSFB), has come out of retirement to help spearhead the build-up of Royal Bank of Scotland’s (RBS) integrated credit business in the US.
CDS options emerge in Asia
Credit default swap (CDS) options on Asian names have emerged on broker screens, with two CDS option trades referenced to Hong Kong conglomerate Hutchison Whampoa trading through brokerage firm Icap in early June.
Van Hedge Fund Advisors hires quant to head risk management
Zhiyi Song has joined Nashville-based hedge fund information provider Van Hedge Fund Advisors International as vice-president to head the company’s risk management department.
Bear Stearns strengthens Japanese fixed income
US investment bank Bear Stearns has strengthened its fixed-income presence in Tokyo with the hire of Masakazu (Max) Kobayashi as head of fixed-income sales and strategic finance.
Bear Stearns adds to credit derivatives team in Tokyo
Bear Stearns has hired Edouard Hervey, previously a credit default swaps trader at BNP Paribas in Hong Kong, as managing director in Tokyo.