Feature
Hong Kong’s SFC to tackle mis-selling
Hong Kong securities industry watchdog the Securities and Futures Commission (SFC) issued a report on 29 March, which sets out the regulatory challenges and risks that the SFC faces and the strategies to address them. One of the key objectives in the…
Fed releases NPR for US Basel II implementation
The Federal Reserve has released the notice of proposed rulemaking (NPR) for the delayed implementation of Basel II in the US. In this first draft, the Federal Reserve approved a proposal that bank regulators hope will ensure banks maintain prudent…
BNP Paribas launches Shield products
BNP Paribas has launched the BNP Paribas Shield products – a suite of three listed funds. All three funds offer investors a defined redemption price for each share bought. However, the return of each of these funds is linked to the final level of an…
Citigroup private bank opens first office in mainland China
Citigroup has opened its first private bank office in mainland China. The new Shanghai Private Bank Office, which operates as a unit of Citibank, will offer approved foreign currency products to Chinese and foreign residents and approved currency…
UBS integrates Noriba
UBS will fully integrate its wholly-owned subsidiary Noriba into the firm by the end of 2006. UBS founded Noriba, headquartered in Bahrain, in 2002. Noriba specialises in institutional and high-net-worth private clients seeking Sharia compliant…
Merrill Lynch launches fixed income structuring unit
Merrill Lynch in the US has set up a unit which will focus on all aspects of structuring for fixed income products, excluding cash and synthetic collateralised debt obligations.
BIS publishes supervisory expectations of vendor products in IRB processes
The Bank for International Settlements has published its eighth newsletter on the views of the Basel Committee Accord Implementation Group's Validation (AIGV) Subgroup relating to the use of vendor products within internal ratings-based (IRB) approaches…
FSA outlines four main issues for Basel II implementation
Matthew Elderfield, head of the FSA’s major retail groups division, has outlined the key issues for Basel II as well as thematic priorities of the authority’s approach to banking supervision.
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…