Foreign exchange
IAS 39 still unacceptable, says European official
Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International Accounting…
NAB revises FX options losses to A$360 million
National Australia Bank (NAB) has revised its pre-tax losses arising from unauthorised foreign exchange options trading to A$360 million ($277.4 million), double last week's initial estimate.
IT spend focusing on ROI
Return on investments (ROI) – not merely regulatory compliance – will drive the increase in information technology (IT) investments in the top global banks in 2004, according to Group 1 Software, a Maryland-based financial services data solutions…
FSA reviews insurer capital
Final comments and suggestions have been received by the Financial Services Authority (FSA) following the publication of consultation documents CP190 and CP195, which aim to improve capital adequacy among non-life and life insurers. The proposals could…
NAB revises FX options losses to A$360 million
National Australia Bank (NAB) has revised its pre-tax losses arising from unauthorised foreign exchange options trading to A$360 million ($277.4 million), double last week’s initial estimate.
CreditVantage launches European credit risk database
CreditVantage, a division of Fitch Risk specialising in credit risk software, has launched a new resource for European credit risk data, called the European Loan Loss Database (ELLD).
Derivatives both a help and a danger, says BoE deputy governor
Derivatives are both a help and a danger to global financial stability, according to the deputy governor of the Bank of England, Andrew Large.
IAS 39 still unacceptable, says European official
Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International Accounting…
G-10 trade keeps Citi earnings stable
Opportunities in the Group of 10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong foreign exchange earnings in 2003, reports Risknews' sister publication, FX Week .
NAB chief admits weaknesses
National Australia Bank (NAB) chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud, reports Risknews' sister publication, FX Week .
Sponsor's event > Breakfast Briefing on Implementing the IRB Approach
Join SunGard and PRMIA for a breakfast briefing on successfully implementing the IRB approach in Madrid on 10 February 2004.
Derivatives both a help and a danger, says BoE deputy governor
Derivatives are both a help and a danger to global financial stability, according to the deputy governor of the Bank of England, Andrew Large.
UK's FSA takes issue with misselling and market timing
The investment management industry in the UK is under fire from the Financial Services Authority (FSA) on a number of fronts at the moment.
IA Englander launches research division
IA Englander, a New York-based equity and derivatives brokerage, has launched Englander Research, a division providing independent research and industry analysis on cash equities and derivatives.
Book extract > Introduction to the Basel II Handbook: A Guide for Financial Practitioners
In June 1999, the Basel Committee on Banking Supervision made its long-anticipated announcement to introduce a new capital adequacyframework to replace the 1988 Accord. 1
South Korea moves to limit NDF trading by onshore banks
The South Korean Ministry of Finance and Economics (Mofe) has introduced new regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by onshore banks. The move is aimed at reducing the volatility in the Korean won exchange…
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank's (NAB) treasury division.
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank’s (NAB) treasury division. This follows the bank's announcement on Tuesday that it faces losses of up to A$180…
NAB credit rating unaffected by FX options losses, says S&P
The credit rating of National Australia Bank is unaffected following the disclosure of unauthorised foreign exchange transactions, rating agency Standard & Poor's (S&P) said today.
Clifford Chance to advise on weather risk products
International law firm Clifford Chance has created an environmental and climatic trading group, comprised of weather law specialists, to capitalise on the uncertainty surrounding the EU greenhouse gas emissions trading directive. The directive came into…
Rating agency concerned by self-referenced credit derivatives
Fitch Ratings said it expects to make “appropriate adjustments to liquidity and capital measures” for any company that purchases a self-referenced credit derivative.
EU Commission considers changes to op risk framework
The EU Commission is considering modest changes to the operational risk framework of its proposed capital adequacy directive (CAD), in response to comments received to its most recent draft, according to a source within the organisation.
BITS publishes new guidelines for Financial Services Aggregation
BITS, a Washington, DC-based non-profit consortium of 100 of the largest financial institutions in the US, has published new voluntary guidelines for financial services aggregation that promote sound, private and secure services.
A window on transparency
Hedge funds will no doubt start 2004 where they left off in 2003 - as the investment vehicles of choice for private and institutional investors looking for the best opportunities for decent returns.