Feature
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…
GFH and QIB to launch investment bank in Qatar
Bahrain-based Gulf Finance House (GFH) and Qatar Islamic Bank (QIB) are to launch Qatar’s first dedicated Islamic investment bank. A formal application for authorisation and a license was submitted last month to the Qatar Financial Centre Regulatory…
Goldman Sachs offers commodity-linked certificates
Goldman Sachs has launched two six-year certificates that are linked to an equally weighted basket of the GSCI Agriculture Excess Return Index and the GSCI Livestock Excess Return Index. Both products are listed on the London Stock Exchange (LSE).
Allen & Overy reorganises in Asia
Law firm Allen & Overy has further broadened its derivatives and structured finance group in Hong Kong and China with partners Paul Cluley and Joseph Tse and associates Fion Ha, Karen Lee and Joanna Chan.
RBC launches Hedge 250 Index
RBC’s Alternative Assets Group, a business unit of RBC Capital Markets, has launched the RBC Hedge 250 Index. The RBC Hedge 250 Index is comprised of 250 individual funds – which is up to six times greater than the number of funds referenced by other…
SGAM launches ETFs on FTSEurofirst
SGAM Alternative Investments, a subsidiary of Societe Generale group, has launched two new structured exchange-traded funds (ETFs) based on the FTSEurofirst 80 index.
Hong Kong prepared for implementation with major financial capitals
Simon Topping, executive director of banking policy at the Hong Kong Monetary Authority (HKMA), has stated that Hong Kong will be ready to implement Basel II in tandem with London, Paris, Frankfurt and Tokyo. According to Topping, timely implementation…
MiFID Level 2 text on the table
BRUSSELS – In early February, the European Commission tabled formal draft proposals for the Markets in Financial Instruments Directive (MiFID) Level 2 text, detailing new trade reporting and transparency requirements for securities industry participants.
The fat tail
Minh-Tri Nguyen and Martin Ottmann aim to quantify op risk with multi-stage curve fitting and extreme value theory applied with the loss distribution approach
Federal Reserve stresses the importance of good disclosure to investor confidence
Accounting and auditing scandals have led to an increased resolve on the part of governmental, regulatory and business to reinforce and improve standards-setting processes and disclosure practices by companies, according to the vice-chairman of the board…
FSA publishes second CRD paper
LONDON – The UK Financial Services Authority indicates its intention to implement both the qualitative and quantitative aspects of the Basel II framework robustly in its new consultation paper on the Capital Requirements Directive , published in late…
IRA report shows US banks would require more capital under Basel II
In contrast to the fourth Quantitative Impact Study (QIS 4), a report from Institutional Risk Analytics (IRA) suggests that the largest US banks will be required to hold more capital under Basel II than under current minimum capital requirements. “Basel…