Foreign exchange
Merrill to settle its forex trades via Citi
Citigroup has won a coveted deal to settle Merrill Lynch’s forex trades on its behalf on the new Continuous Linked Settlement (CLS) service for FX.
Goldman down, Bear Stearns up in Q1 forex
Goldman Sachs last week reported reduced foreign exchange revenues within its fixed-income, currency and commodities (FICC) division for Q1, although other US investment banks fared better.
Time for buy-side IT push
Buy-side firms now recognise the strategic benefits and operational efficiencies that technology can bring. And, despite adverse market conditions, Fritz McCormick of Celent Communications believes IT investment is set for continued growth, especially…
A disaster waiting to happen
Despite the threat of increased terrorist attacks and war with Iraq, financial institutions are still struggling to find the funds to invest in appropriate business continuity plans.
Basel's CDO solution
As the Basel Committee on Banking Supervision continues its stately progress towards a revised capital Accord, one area remains under debate: the proposed capital rules for asset securitisations.
Driving down fixed costs
Outsourcing could be the key to institutions keeping up with the cost of installing technologies able to cope with CLS, Basel II and STP, and could provide a vital comfort zone in future-proofing your IT.
G30 - Moving in the right direction
The latest G30 report on global clearing and settlement offers more than a few worthwhile suggestions. But Kristina West says there is still much to be done before the industry will wholly embrace the recommendations.
FiXing op risk
In a post-Rusnak era, operational risk management is a high priority. Could the Financial Information eXchange messaging standard provide a safety net?
Why risk IT?
Ever more complex investment risks with crushing liability factors and increased client scrutiny demand new and highly sophisticated technology, says Adrian Pay of LatentZero.
Terrorism insurance - Modelling the unthinkable
In November, the US government passed a law requiring all insurers to underwrite terrorism risk, forcing them to find a way to price this exposure. Could terrorism risk models be the answer?
Tailoring internal models
Swiss Re's Pablo Koch Medina, Frank Krieter and Stephan Schreckenberg highlight the key features and main limitations of internal risk models for insurers.
Meeting Basel II head on
Regulators are urging banks to update their rating methodologies in preparation for Basel II. Fitch Risk's Treeve Coomber thinks his new product will help to meet this challenge.
Gold hedging falls further out of vogue
The world’s top 84 gold producers cut their collective hedging positions in fourth-quarter 2002 by 4.9 million ounces, in response to a rising gold price and an increased appetite for pure gold exposure, according to a hedging survey released this week…
ECB highlights dangers of over-concentrated market
FRANKFURT — Market consolidation and a reliance on electronic trading could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.
ECB highlights dangers of over-concentrated FX market
Market consolidation and a reliance on electronic trading in the foreign exchange markets could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.
EU supervisory committee to be established
The European Commission is establishing a supervisory committee designed to promote convergence among EU nations in the adoption of the Basel Accord revisions and the related EU Capital Adequacy Directive (CAD), according to Jean-Claude Thebault, head of…
NY Fed’s Rutledge outlines US plans, IRB goals
William Rutledge, executive vice-president of the New York Federal Reserve Bank, outlined the next steps US regulators will take to implement the Basel Accords in the US.
In need of reassurance
The knock-on effects of the crisis in equities has hit the insurance sector particularly hard – so much so that UK regulatory body the FSA has been forced to step in and allow certain insurers to breach mimimum solvency ratios.
European demand for op risk talent set to surge in 2003
LONDON — Executive recruiters are seeing a strong rise in interest in hiring operational risk talent for commercial and investment banks, and dozens of fresh mandates.
Enron charged with gas and broadband manipulation
The US Commodity Futures Trading Commission (CFTC) yesterday finally charged bankrupt energy trader Enron and a former company vice-president with manipulating natural gas prices. Also yesterday, federal authorities arrested on fraud charges two Enron…
Lehman to structure South Korean equity-linked securities
Lehman Brothers plans to structure 2.5 trillion won ($2 billion) of South Korean equity-linked securities to be issued and sold by two domestic securities firms in South Korea. The move follows regulatory changes at the end of February that allowed…
Modelling the unthinkable
Terrorism insurance
Tailoring internal models
Risk models