Foreign exchange
Risk conference panellists issue warnings on US Basel position
Panellists on a roundtable devoted to the subject of the revisions to the Basel capital accords issued dire warnings about the implications of the US decision not to implement Basel II in its full form, but rather to select about 10 "internationally…
Op risk database in tug-of-war
Two operational risk management firms are claiming ownership of the same external loss database.
Debate and controversy mark Op Risk 2003 events
Delegates at the fifth annual Operational Risk and Risk magazine operational risk conferences in London and New York this March were treated to what one speaker described as a "smorgasboard" of discussions on the subject. Attendees could choose from…
Risk Europe 2003: Government debt not subject to traditional risk management requirements, says de Forges
Government debt, while affected by volatility risk in particular, nevertheless cannot be subject to the risk management approaches and constraints of other businesses, according to Sylvain de Forges, chief executive of Agency France Tresor, the French…
Trichet calls for more transparency, especially for credit derivatives
Jean-Claude Trichet, governor of the Bank of France, said transparency is essential to prevent a "herd mentality" in the financial market that can create artificial swings in market prices.
Hong Kong banks ready SARS contingency plans
Banks are readying contingency plans for FX trading in Hong Kong, as a potentially fatal pneumonia virus grips the trading centre.
Berating the raters
Last year the rating agencies were slammed in certain quarters for reacting too slowly to market events; this year, there are complaints that the agencies have overcompensated by reacting too fast. So what level of responsiveness will satisfy the bond…
Trichet calls for more transparency, especially for credit derivatives
Jean-Claude Trichet, governor of the Bank of France, said transparency is essential to prevent a “herd mentality” in the financial market that can create artificial swings in market prices. During a keynote address at the Professional Risk Managers’…
Swapstream and SwapsWire join forces for interest rate swaps processing
Swapstream, a trading platform for swaps and over-the-counter derivatives, has reached an agreement to interface with SwapsWire, the industry-backed integrated electronic processing network for derivatives. Deals executed on Swapstream by banks and…
People moves
People
The Mastery Of Disaster
New technologies, clear plans and practice can help any Wall Street firm better prepare itself for a disaster the size and scope of the events of Sept. 11, 2001.
Sweating the Small Stuff
Preparing for catastrophes is only part of it. More frequently (albeit less extensively), firms are testing their readiness for water main breaks, subway strikes and power outages.
JP Morgan Chase launches Janice to track Japanese credit derivatives
JP Morgan Chase has launched a new index that will track Japanese credit default swaps. Called JPMorgan All Nippon Index of Credit, or Janice, the index is the average of the spreads on the 45 most liquid credit default swaps of Japanese companies and…
JP Morgan Chase and Morgan Stanley team to launch new credit indexes
JP Morgan Chase and Morgan Stanley plan to issue a raft of new 'Tracx' credit default swap indexes over the coming 12 months. The two have already launched their own versions of such products under the names Hydi and Jeci for JP Morgan Chase, and Tracers…
Book extract > Regulatory Issues on Credit Ratings
The art (and some science) of credit rating has been in place, at least in the US, for almost a century now. In the Foreword we learned that credit rating as a process has its humble beginnings in the early 1900s in conjunction with theburgeoning market…
Book extract > Regulatory Use of Credit Ratings: Implications for Banks, Supervisors and Markets
Barbara C. Matthews is Banking Advisor and Regulatory Counsel to the Institute of International Finance, Inc. (IIF). The views presented in this chapter, however, are her personal views and do not necessarily represent the views of the IIF or its members…
UBS: QIS3 results in increased capital, is not "fair"
UBS, the Switzerland-based financial institution, says its overall capital will increase under the Basel Accord revisions, as currently outlined in the third quantitative impact study (QIS3). In addition, other institutions have had the same results, the…
Hong Kong retail credit-linked bond is latest victim of 'atypical pneumonia'
SHK Fund Management, a unit of Hong Kong conglomerate Sun Hung Kai, has postponed the sale of a retail minibond linked to the credits in the Standard & Poor’s 100 Index, due to the deteriorating social and economic environment in Hong Kong caused by the…
BaselAlert.com launches new books section
BaselAlert.com today launches a new section of the website devoted to books . This section will contain special offers, book reviews, and selected excerpts.
A liquidity haircut for hedge funds
Cutting edge: Liquidity risk
BIS report highlights asset managers' role in inefficient markets
The structure of incentive schemes may limit the ability or willingness of institutional asset managers to act as a natural counterbalance to mispricing, according to the Committee on the Global Financial System (CGFS) – a G-10 central bank forum that…
Associations send repo VAR protest to Basel Committee
US and UK industry associations have sent a joint letter to the Basel Committee on Banking Supervision expressing their "disappointment" that the multipliers for portfolio value-at-risk modelling of repo counterparty exposure will not be altered in the…
What everybody ought to know about this credit business
CDS guide: introduction