Foreign exchange
Basel Committee to publish new paper on group allocation issue
The Basel Committee on Banking Supervision will issue a paper outlining its approach to the group allocation issue shortly after the scheduled mid-January meetings of that group and (separately) the Capital Task Force.
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. The losses, expected to result in pre-tax forex option losses of A$180…
NAB to lose up to A$180 million on unauthorised FX options trades
National Australia Bank (NAB) is set to lose up to A$180 million ($140 million) from unauthorised foreign exchange option trades, despite efforts to improve its operational risk management in the past couple of years.
Basel II just the beginning for operational risk monitoring in banks, says Fitch
Compliance with Basel II is only the first step in the management of operational risk in financial institutions, according to Fitch Ratings, an international rating agency.
IIF makes further demands of Basel Committee
The Institute of International Finance (IIF), a Washington, DC-based trade association of more than 350 banks, has sent a letter to the Basel Committee on Banking Supervision asking for further concessions in the final Basel II document.
Mark-it set to offer new services as seven banks buy equity stakes
UK credit data provider Mark-it Partners plans to offer a convertible bond pricing service by the end of March, to complement its credit default swap, cash bond and syndicated loan pricing services. The move comes as seven of the company’s main backers…
Refco enters South Korea
US futures broker Refco has bought Korean futures broker HanMag Futures. It said it will retain all the South Korean firms's existing staff and plans to expand further during 2004.
Quant of the year - Michael Gordy, US Federal Reserve Bank
Credit risk specialist who is highly influential with academics and practitioners alike.
Banks expenditure on Basel II compliance to hit $2 billion by 2005, says Datamonitor
Datamonitor, a London-based international business information company, estimates that European banks will spend up to $2 billion as they struggle to address onerous Basel II requirements.
Nuclear stockpile
The US Nuclear Regulatory Commission has come under fire for not adequately monitoring the decommissioning funds of nuclear power plants. But the NRC says the criticism is unwarranted. By Paul Lyon
DTCC set to launch automated payment reconciliation service
The Depository Trust and Clearing Corporation (DTCC) will this month introduce an automated payment reconciliation service. The move is one of a number of initiatives the US company has planned for the coming months aimed at reducing risk and improving…
Op risk systems come to the fore
Operational risk came to the fore in 2003. Major software suppliers such as SunGard and SAS entered the market through partnerships with or acquisition of early entrant developers, while a number of established trading and risk management systems…
’Tis the season...
Abstract: Aurelian Tröndle presents a general framework for modelling prices of storable and non-storableenergy assets, which sheds light on different market fundamentals, and showshow energy market volatility is seasonal and anything but stable. The…
UBS takes 20% of active third-party CLS business with Saxo deal
UBS believes it has gained a 20% share of the third-party business conducted via the continuous-linked settlement (CLS) system. UBS said Denmark's Saxo Bank went live on the service today.
US regulators warn financial institutions on supporting affiliated investment funds
The US Federal and Thrift Supervisory agencies have issued a policy statement warning financial institutions to be cautious of material risks inherent in supporting affiliated investment funds.
GFI delays new Asian services
New York-based inter-dealer broker and market data supplier, GFI, has delayed its plans to offer new local currency volatility services in the Asia-Pacific region, Risk’s sister publication Inside Market Data has learned.
Risk manager of the year - Richard Evans, Deutsche Bank
The head of group market risk's stress-testing approach has helped transform Deutsche Bank.
Sponsor's article > Banks look for savings with ORM
Operational risk management (ORM) is now under the spotlight with banks realising that there are savings to be made, according to a recent survey by SunGard Trading and Risk Systems. SunGard also found that Basel II is a significant driver for ORM…
Sponsor's article > SunGard Enhances Basel II Offering with Acquisition of WhiteLight
SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), and SymphonyRPM today announced that SunGard has acquired the WhiteLight Basel II solution and as a result, WhiteLight's SymphonyRPM development team.
Banks grab distressed UK assets
Six European banks intend to buy around 10GW of distressed UK power assets usingfinancial instruments. But their main rival, MMC, says hard cash is needed towin the UK market. By James Ockenden
US sets trend for high bonuses
Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December, reports Risknews ' sister publication FX Week .
Fimat launches volatility fund index
Fimat Group, the brokerage arm of SG, has launched the Fimat Volatility Arbitrage Median (FVAM) to represent the performance of various funds following volatility arbitrage strategies, reports Risknews ' sister publication FX Week .
Brokers look toshow their worth
Brokers are increasingly looking to provide energy price data. The choice may be wider, but are energy firms getting the credible data and analysis they need for intelligent price forecasts? Joe Marsh reports