Foreign exchange
S&P unveils new ratings model
International rating agency Standard & Poor's is to introduce a new partial guarantee model to help companies seeking to upgrade their credit ratings. The model marks a move away from the weak-link rating approach currently being used, where corporations…
S&P unveils new ratings model
International rating agency Standard & Poor's is to introduce a new partial guarantee model to help companies seeking to upgrade their credit ratings. The model marks a move away from the weak-link rating approach currently being used, where corporations…
Moody's integrates credit risk software with GFA
The Chicago Board of Trade (CBOT) launched its newest product, the 10-year interest rate swap future, today. The new instrument will trade in the agency/swap futures pit and on the CBOT's electronic trading platform.
CFTC makes amendments to CFMA 2000
The Commodity Futures Trading Commission (CFTC) has released the final rules relating to the trading of equity futures products in the United States. These rules implement provisions of the Commodity Futures Modernisation Act of 2000 (CFMA) that lift the…
BNP Paribas launches first leveraged funds CDO
The leveraged funds group at French banking group BNP Paribas has launched its first collateralised debt obligation (CDO) fund focusing exclusively on Western European Leverage Buy-outs (LBOs), in a bid to strengthen its asset management business.
Hong Kong banks set to struggle with Basel II
Many of Hong Kong’s banks could struggle to implement the new proposals for capital adequacy by the Basel Committee on Banking Supervision, due to their lack of sophisticated risk management systems, claimed consultants Deloitte Touche Tohmatsu at a…
Lehman joint venture to offer emerging market risk measurement
Wall Street investment bank Lehman Brothers and New York-based political risk research firm Eurasia Group have formed a joint venture to combine Lehman's fixed-income research with Eurasia's political science expertise.
DTCC seeks to address post Sept 11op-risk concerns
The Depository Trust & Clearing Corporation (DTCC), the world’s largest clearing company, has seized the initiative to address the issue of systemic operational risk concerns raised in the aftermath of the US terrorist attacks of September 11.
French banks stable following US attacks, says Moody's
International rating agency Moody’s said the credit quality of French banks will remain stable despite the uncertain economic climate in the aftermath of the September 11 attacks in the US. “The French banking sector continues to rank among the strongest…
Goldman signs up to Cognotec's Liquidity Linq
US investment bank Goldman Sachs will use foreign exchange e-commerce services provider Cognotec's Liquidity Linq Connect to offer foreign exchange pricing and execution services to firms currently signed up to Cognotec's foreign exchange dealing…
Cat bond activity set for ‘dramatic’ rise, claims Stonberg
The large pay-out expected by the reinsurance industry following the terrorist attacks of September 11, combined with a recent trend towards more capitalised investment banking firms, could stimulate a “dramatic increase” in the growth of the catastrophe…
Lehman to move main New York ops into one office
Lehman Brothers plans to move its entire New York operation into Morgan Stanley's new office tower at 745 Seventh Avenue as early as January 2002, officials at Lehman have told RiskNews’ sister publication FX Week (www.fxweek.com).
Decline in OTC derivatives for Singapore
Over-the-counter (OTC) derivatives turnover in Singapore has fallen 44% in the last three years, the Singapore Monetary Authority (MAS) has reported to the Bank for International Settlements (BIS). Average daily OTC derivatives turnover was $6.3 billion…
Euronext uncorks wine futures
The combined Paris, Brussels and Amsterdam bourse, Euronext, has started trading its wine futures contract, Winefex, after its launch date was postponed due to the September 11 terrorists attacks in the US. The publicly quoted exchange said it is trading…
S&P moves to rate hedge fund of funds
International rating agency Standard & Poor’s (S&P) has started to develop ratings criteria for securitisations of hedge fund of funds, due to growing interest in the past year from structured finance teams at investment banks.
Asia credit set to recover, claims ING Barings
Asian credit is set to recover by the end of the year, as domestic investors regain confidence and return to the region, according to ING Barings’ analysts, speaking at a press conference in Hong Kong today. Asian credit spreads have widened sharply in…
Garp founders to step down this week
Lev Borodovsky and Marc Lore, co-founders of the 16,000-member Global Association of Risk Professionals (Garp), will be removed as owners of the organisation within days. Under the terms of an agreement due to be reached this week, the New York- and…
Canada’s Royal Bank signs up to Algo Credit Evaluator
RBC Dominion Securities (RBC DS) has joined Bank One in conducting beta tests of Algorithmics' Algo Credit Evaluator (ACV), a credit evaluation tool developed by the Toronto-based risk analytics vendor.
Moody's forms Basel II advisory group
Moody’s Risk Management Services (MRMS) has formed a 'BIS II implementation advisory group' that will help clients establish internal credit rating approaches in line with changes to capital requirements for banks, proposed by the Basel Committee on…
Donation fuels Cambridge’s research ambitions
William Janeway, vice-chairman at Warburg Pincus, a leading New York private equity firm, has donated $10 million to the University of Cambridge’s Judge Institute business school. The money will fund research into the links between the risk management…
Preparing for the worst
Small and medium-sized banks in the US and Europe are bracing themselves for Basel II. Gallagher Polyn examines how these institutions plan to adapt to the new Accord.
Basel regulators cut op risk charge benchmark to 12%
BASEL - Global banking regulators formally acknowledged in late September some of the criticisms of their controversial proposal for an op risk capital charge. Their plan is to make large international banks set aside protective capital from 2005…
EU welcomes Basel regulators' op risk paper
BRUSSELS - The European Commission, the ruling body of the European Union, welcomed the decision of global banking regulators to reduce the benchmark for an op risk capital charge to 12% from 20%, said a commission spokesman.