News/Regulation
Isda and Liba protest against CAD3 divergences from Basel II
The International Swaps and Derivatives Association (Isda) and the London Investment Banking Association (Liba) have released their joint response to the European Union's third capital adequacy directive (CAD3). The response was delivered at non-public…
State Treasury of Finland joins growing Trema client list
Swedish technology firm Trema added to its growing list of eurosystem clients last week, with the announcement that the State Treasury of Finland has implemented Trema's Finance Kit to manage state debt.
Feinstein asks CFTC to investigate gas pricing manipulation
Dianne Feinstein, the Democrat senator for California, yesterday urged the Commodity Futures Trading Commission (CFTC) to work with the Federal Energy Regulatory Commission (FERC) to investigate whether there has been manipulation of the US natural gas…
US-based Basel opponents cry "foul" on commercial real estate
Small and medium-sized US banks will be hit hard by the treatment of commercial real estate under the proposed revisions to the Basel Accord, according to Sarah Moore, chief operating officer of the Colonial Bank Group, a regional US bank, at…
"Substantial flaws still remain" in Basel II, says CSFB's Ervin
"While there is much to admire in the new [Basel II] rules, there are also many elements that raise serious concern," said Wilson Ervin, a managing director and head of the firm's strategic risk management department of Credit Suisse First Boston, who…
US deadlines for regulatory proposals revealed
The US plans to kick its Basel II regulation machine into gear fairly quickly, according to a source with regulatory connections.
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings on February 27, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard's Board (FASB) rule 123 on accounting for stock-based compensation.
Substantial flaws remain in Basel II, says CSFB's Ervin
Wilson Ervin, head of the strategic risk management department at Credit Suisse First Boston, yesterday said that there are causes for concern in the Basel II proposals. "While there is much to admire in the new [Basel II] rules, there are also many…
Formation of WBOT blows off course
Atlanta-based Weather Board of Trade (WBOT) has missed its planned February 2003 launch date, and its viability has been called into a question by a number of market participants. The online weather derivatives exchange originally planned to launch in…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard’s Board (FASB) rule 123 on accounting for stock-based compensation. FASB is expected to…
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings yesterday, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
Insurers to sue Worldwide Weather Trading for fraud
A number of insurance companies have been granted the go-ahead by the Nassau County Court in New York to launch a lawsuit against Worldwide Weather Trading (WWT), alleging the company fraudulently sold weather derivatives policies. The plaintiffs will…
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
Refco launches alternative investments division
US futures broker Refco is launching an alternative investments division to sell structured products that incorporate hedge funds, futures, currency and various other derivatives.
Basel Committee Releases New Operational Risk Sound Practices Paper
The Risk Management Group of the Basel Committee on Banking Supervision today released the final 'Sound Practices for the Management and Supervision of Operational Risk'.
Basel Committee releases new op risk sound practices paper
The risk management group of the Basel Committee on Banking Supervision today released a final paper outlining a framework for the effective management and supervision of operational risk.
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
BIS paper advocates macroprudential regulation
A new paper published on the Bank for International Settlements website attempts to alter perceptions of financial institution regulation by looking at the discipline through a macroprudential framework.