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Goldman launches gold warrants for retail
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Tailoring internal models
Insurance special – Risk models
US deadlines for regulatory proposals revealed
The US plans to kick its Basel II regulation machine into gear fairly quickly, according to a source with regulatory connections.
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings on February 27, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard's Board (FASB) rule 123 on accounting for stock-based compensation.
JP Morgan Chase closes first Korean synthetic credit transaction
JP Morgan Chase has closed South Korea’s first synthetic credit transaction this week. The US investment bank has arranged a hybrid 10-year $30 million credit-linked note (CLN) with exposure to Korea Development Bank credit risk and the super senior swap…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard’s Board (FASB) rule 123 on accounting for stock-based compensation. FASB is expected to…
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings yesterday, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
CLS settles a trillion a day
NEW YORK — Continuous Linked Settlement, the new settlement service for foreign exchange, settled a record $1 trillion in FX payments on February 18.
Wall Street Hones BCP Testing
NEW YORK—Wall Street will be honing the coordination of its voluntary industry-wide testing of business continuity planning (BCP) this year, according to a representative of the Securities Industry Association's (SIA) BCP Industry Testing sub-committee…
Commerzbank, IBM Mull Outsourcing Deal
FRANKFURT—In what looks like a pioneering deal, Commerzbank is working out the details of an IT outsourcing arrangement with IBM that would see the vendor take on responsibility not just for low-level infrastructure, but complete management of major…
Fitch acquires IC2 First op risk database
Fitch Risk, a division of rating agency Fitch Ratings, has acquired the IC2 First (financial institutions risk scenario trends) database from financial services provider, Zurich Financial Services Group.
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
Refco launches alternative investments division
US futures broker Refco is launching an alternative investments division to sell structured products that incorporate hedge funds, futures, currency and various other derivatives.
Basel Committee Releases New Operational Risk Sound Practices Paper
The Risk Management Group of the Basel Committee on Banking Supervision today released the final 'Sound Practices for the Management and Supervision of Operational Risk'.
The Price May Not Be Right!
Significant events that occur after a market has closed—but before the fund is valued—may lead to consumers buying a fund at an incorrect price due to stale pricing.
South Korea reclassifies ELNs and warrants
South Korea’s Ministry of Finance and Economics (MOFE) has reclassified equity-linked notes (ELNs) and warrants as securities under the country's revised Securities and Exchange Act, according to an official at the MOFE. The move – which came into effect…
Citco Fund Services founder sets up new hedge fund administrator
Tony Stocks, former global director of fund services at Citco, has set up a new company, Tennyson Capital Partners, to offer a suite of integrated services to early stage hedge funds.
Basel Committee releases new op risk sound practices paper
The risk management group of the Basel Committee on Banking Supervision today released a final paper outlining a framework for the effective management and supervision of operational risk.
Fitch predicts global CDO market volatility to continue in 2003
Credit agency Fitch predicts that ratings volatility in the global collateralised debt obligation market is likely to continue this year, according to its latest report, ‘Global CDO Quarterly’.
BIS paper slams rating agencies
A new paper just published by the Bank for International Settlements' Monetary and Economic Department, titled 'Are credit ratings procyclical?' takes a critical view of rating agencies' activities.
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
Reuters plans to tackle Bloomberg in fixed income
Jon Robson, the new head of Reuters’ fixed-income business and former chief executive of Moneyline Telerate, plans to apply his strategy at Moneyline to Reuters in a bid to diminish rival Bloomberg’s share the market.
BIS paper advocates macroprudential regulation
A new paper published on the Bank for International Settlements website attempts to alter perceptions of financial institution regulation by looking at the discipline through a macroprudential framework.