Feature
Canadian banks need to embrace change more than ever, finds PWC survey
Canada’s top six banks will need to embrace change to meet the challenges of the coming year, according to the findings of Canadian Banks 2006, PricewaterhouseCoopers’ (PwC) annual survey of the Canadian banking industry.
Corporation Bank in India to use Tier II bonds to meet capital requirements
The Corporation Bank has opened an issue of Tier II bonds of on private placement to meet its future capital adequacy requirements.
Reserve Bank of Australia publishes review of financial stability
The Reserve bank of Australia (RBA) has stated in its review of financial stability that the Australian banking system remains well capitalised and highly profitable, with bad debt levels that are low by both historical and international experience. Yet…
Product Innovations offers G7D
UK-based Product Innovations has launched the Aria Global 7 Diversifier (G7D) in conjunction with the issuers Société Générale (SG) and another unamed A+ rated issuer. The 100% capital guaranteed G7D invests in seven global asset classes: global equities…
FSA updates proposals on product disclosure for investment products
The FSA has scrapped proposals for a full package of new disclosure material. These proposals were to include replacing the current Key Features Document (KFD) with a 'Quick Guide', setting out key product information and replacing the current Key…
NumeriX teams up with Brilliance
NumeriX, a multi-platform, cross-asset derivatives pricing and risk management software provider, has signed an agreement with Brilliance Software Corporation, a provider and integrator of pricing and risk management systems for financial products. Under…
CESR calls for evidence on the consolidation of market transparency data
The Committee of European Securities Regulators (CESR) has called for evidence on the consolidation of market transparency data.
Nasdaq announces new risk management products
Nasdaq has announced that it plans to add new risk management products to its current offering within its trading platform. These products will be designed for clearing firms, prime brokers, sponsored access providers, proprietary trading firms and…
Isda issues follow-up to Novation Protocol
The Novation Protocol II differs from the original in being open-ended
Deutsche appoints managing director for Sharia subsidiary
Deutsche Bank has appointed Humayon Dar as managing director of its global Sharia advisory service Dar Al Istithmar (DI). Dar will be based in London and reports to the company board of directors.
UK’s FSA to probe retail access to hedge funds
The UK’s Financial Services Authority (FSA) is to consult next year on widening the range of funds that can be marketed to retail investors which will include new authorised funds of hedge funds.
FSA provides overview of approach to CRD
The FSA presented an overview of the authority’s approach to the Capital Requirements Directive (CRD) at its CRD implementation conference. Hector Sants, managing director of wholesale and institutional markets, highlighted the biggest developments in…
CEBS opens consultation for additional technical guidance
The Committee of European Banking Supervisors (CEBS) has started a public consultation on additional technical guidance for the application of the supervisory review process under the Capital Requirements Directive (CRD).
PROFILE: Merrill Lynch and FIS bridge the retail gap
The US distribution channels for structured products are undergoing a transformation. Investment banks are now offering their products to the external securities brokers and dealers. And Following the partnership between JP Morgan and Fidelity earlier…
The right tool for the job
The use of derivatives and structured products in mutual funds is on the increase, especially since the liberalisation of the UK's authorised collective investment scheme and the introduction of Ucits III. But is the asset management industry equipped to…
Memorandum of understanding for financial stability updated
The FSA, along with the Treasury and the Bank of England, has updated the memorandum of understanding (MoU) for financial stability. Specifically, the three regulators updated the response frameworks for managing both financial crises and major…
Amex set for demutualisation
The American Stock Exchange (Amex) today said its Board of Governors has approved a course of action that would begin the process to convert the exchange from a not-for-profit corporation into a for-profit corporation - the initial step in the process of…
NBG launches first FTSEEurofirst product in Greece
National Bank of Greece (NBG) has chosen FTSEurofirst 80 for its new structured retail product, Magnolia, making it the first FTSEurofirst product to be issued in Greece.
EXCLUSIVE: BNP Paribas’ Steinberg promoted to head of equities and derivatives, Americas
Todd Steinberg, previously deputy head of equity derivatives, Americas, for BNP Paribas in New York, has been promoted to head of equities and derivatives, sources close to the French bank confirm. He succeeds Amine Belhadj who relocates to London as…
PROFILE: Fortis to expand structured products offering
Fortis Bank says it plans to expand its range of structured products in response to the growing investor appetite for exotic and hybrid investments. Under the plan, scheduled for completion in 2010, the bank will increase its current, mainly credit…
Seeking risk transfer
In response to regulatory pressures, European insurers are boosting their efforts to transfer risk to the capital markets. Increasingly, insurance firms are using securitisation as part of their capital management strategies. Rachel Wolcott looks at the…
BCBS: Compliance risk management is key to financial stability
Arnold Schilder, chairman of the Basel Committee on Banking Supervision (BCBS) accounting task force, has stated that compliance risk is becoming the most important risk driver to credit institutions.
Bank of India considering raising Tier II capital to meet Basel II requirements
The Bank of India (BoI) has received approval to raise hybrid Tier II capital under its medium-term notes (MTN) programme from the Reserve Bank of India (RBI). The BoI has not yet decided on the amount or whether it will be innovative debt or…
More clarity offered on Mifid
The European Union has published draft implementation rules on its Markets in Financial Instruments Directive (Mifid), giving Europe's financial institutions greater clarity on how to comply with the directive. But some bankers have criticised the…