Foreign exchange
HKMA to rule out AMA approach
Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory’s banks to use the advanced measurement approaches (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
Who Wants To Be a Compliance Officer?
High-profile scandals, hunting terrorist cash, and new regulations have made the role of compliance officer more demanding and less rewarding.
US Treasury and IRS ponder CDSs
The US Treasury and Internal Revenue Service (IRS) have responded to calls from taxpayers and industry groups concerned about the tax treatment of credit default swaps (CDSs) by issuing a notice requesting information from interested parties.
CME to launch Japanese weather derivatives contracts
The Chicago Mercantile Exchange (CME) will launch Tokyo and Osaka weather derivatives contracts on July 26, the first of such contracts to serve an Asian market.
Basel Committee announces "no action" on accounting issues
On Tuesday the Basel Committee on Banking Supervision issued a press release on the potential impact on regulatory capital of the implementation of certain International Financial Reporting Standards (IFRS).
EU Commission publishes "final" CAD text
The European Commission released its final version of the legislative text that will implement the Basel II framework within the European Union at the end of last week.
Wolverine to be market maker for Japanese weather futures
Wolverine Trading, the Chicago-based energy trading company, will be the lead market maker for Japanese weather futures soon to be offered by the Chicago Mercantile Exchange (CME).
US regulator doles out Enron fines
The US Commodity Futures Trading Commission (CFTC) has hit Enron and its former trader Hunter Shively with $35 million and $300,000 in civil fines respectively for gas price manipulation.
VAR: ready to explode?
The SEC plans to force US securities firms to tighten up their value-at-risk reporting. Its decision comes as VAR at the world’s leading financial services firms soared an average 25.8% last year. Who are the biggest risk-takers, and are risk managers…
Spitzer to drop RBC inquiry
Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews' sister publication FX Week has learned.
UK FSA writes AMA strategy anew
An official from the UK's Financial Services Authority (FSA) sketched in some details of the regulator's approach to the operational risk portions of Basel II implementation in that country at an operational risk conference held in early July in London.
Spitzer to drop RBC inquiry
Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews' sister publication FX Week has learned.
US forex committee issues broker points rules
The Foreign Exchange Committee, a US industry association affiliated to the Federal Reserve, last week issued new guidelines on broker ‘points’ – the issue at the heart of last year’s massive Wall Street forex fraud, reports RiskNews’ sister publication…
The flight from NAB continues
The flood of departures from National Australia Bank (NAB) continued last week as three senior institutional dealers left the bank in London and New York, reports RiskNews’ sister publication FX Week .
SEC’s hedge fund registration proposal draws fire at Senate
Senator Richard Shelby, chairman of the Senate Banking Committee, has said he remains concerned about proposals by the Securities and Exchange Commission (SEC) to regulate hedge funds.
A capital solution
Securitisation appears to offer clear regulatory capital benefits to owners of life insurance companies. Will other European banks follow Barclays' lead?
US Congressman calls for op risk redraft
A Congressman and members of the banking industry lambasted the operational risk capital charge in Basel II at a fresh set of hearings, The New Basel Accord: Private Sector Perspective, held in the House of Representatives' Financial Services Committee…
Industrials lack price risk skills, says risk adviser
Outsourcing of price risk management will be a major growth area over the next few years, as industrial companies lack the skills required to manage their commodity risk, said Chris Bowden, chief executive of price risk services firm Utilyx.
Hedge funds post positive results
The Hennessee Group, a New York-based investment adviser that consults hedge fund investors and monitors hedge fund managers, reported a return of 0.49% for hedge funds in June, bringing the 2004 year-to-date (YTD) return to 2.28% for the Hennessee Hedge…
Spitzer to drop RBC inquiry
Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews’ sister publication FX Week has learned.
Power financing up one third to $20 billion
Power was the best performing project finance sector in the first six months of 2004, up by a third compared with the same period last year, according to research by London based global banking analyst Dealogic. Power projects accounted for 39% of total…
Industrials lack price risk skills, says risk advisor
Outsourcing of price risk management will be a major growth area over the next few years, as industrial companies lack the skills required to manage their commodity risk, according to Chris Bowden, chief executive of price risk services firm Utilyx.
Only a Drill
On a clear day in May, financial firms simulated a worst-case scenario for an industry trying to prepare for the next 9/11.