Infrastructure
Hedge Funds’ Double-Edged Sword
To meet investor and regulator concerns, many hedge funds must provide more transparency--while still keeping their strategies close to the vest.
Sending Stock Certificates to the Shredder
Increasing shareholder acceptance of electronic proof of ownership is giving a big push to efforts to dematerialize physical stock certificates.
Law firm launches new collateral legal risk management service
Derivative Services, an affiliate of the international law firm Allen & Overy, has launched a legal risk management service aimed at addressing the complex legal analysis required to take on collateral for derivatives transactions.
Basel II heralds a new ‘golden age’ for risk, says BofE's Jackson
Basel II is creating a new lingua franca for risk that will usher in a “golden age” of risk management, said Patricia Jackson, special adviser to the Bank of England, at Risk magazine’s Basel II Forum in London today. The debates surrounding the wording…
JP Morgan Chase launches buy-side risk management product
JP Morgan Chase is launching a new risk management service, MorganRisk, to enable buy-side clients to gauge market risk in their own investment portfolios using the same proprietary methodologies used by the US bank.
CP3 Comment: Why be standardised?
It seems such a short time ago that we were building a new capital Accord, which would incentivise banks to improve their risk management and encourage them to move along the spectrum of the new Accord's three stages. How rapidly things can change.
Risk USA 2003: Schachter hits out at hedge fund disclosure
Barry Schachter, head of risk management at US hedge fund Sac Capital Advisors, believes quantitative hedge fund information disclosure to investors is relatively meaningless, and that they would be better served by disclosures about the risk management…
Risk USA 2003: Loan managers increasingly rely on credit derivatives, says CIBC's Bennett
Stephen Bennett, global head of portfolio management at Canadian Imperial Bank of Commerce (CIBC), believes credit derivatives are playing an increasingly important role in the loan market, both as hedging instruments and by helping facilitate mark-to…
A new direction
Taiwan
Risk USA 2003: Schachter hits out at hedge fund disclosure
Barry Schachter, head of risk management at US hedge fund Sac Capital Advisors, believes quantitative hedge fund information disclosure to investors is relatively meaningless, and that they would be better served by disclosures about the risk management…
Risk USA 2003: Loan managers increasingly rely on credit derivatives, says CIBC's Bennett
Stephen Bennett, global head of portfolio management at Canadian Imperial Bank of Commerce (CIBC), believes credit derivatives are playing an increasingly important role in the loan market, both as hedging instruments and by helping facilitate mark-to…
Carr kicks off quant presentations at Risk USA in Boston
Peter Carr, recipient of Risk 's 2003 quant of the year award, discussed the pricing and hedging of volatility derivatives in the first of a series of quantitative modelling talks at Risk USA today.
European buy side still lags in risk management
The findings of a recent survey show that buy-side firms have increased their focus on risk management, but are still well behind their sell-side counterparts.
CSFB debuts Cindi
Credit Suisse First Boston (CSFB) has launched a pair of credit default swap indexes called the Credit Indexed-Note Default Index (Cindi).
Lehman to launch credit default swap indexes
Lehman Brothers plans to launch a number of credit default swap indexes covering the US, Europe and Japanese credit default swaps (CDS) market by July.
UBS Warburg to join CJ 50 index
UBS Warburg has become the fifth credit derivatives dealer to contribute to the CJ 50 index, a joint venture product that tracks Japan's 50 most liquid credit default swaps.
Speed The Recovery
Half of the time it now takes for Evergreen Investments to restore its data in its offsite data center is spent driving to the disaster recovery site.
The Corporate Action Challenge
Concern (often justified) over the maturity of third-party systems and the lack of industry standards is putting the brakes on the progress of corporate-action automation.
More dealers sign up to new credit derivatives matching service
BNP Paribas, Bear Stearns, Credit Suisse First Boston, Goldman Sachs and UBS Warburg are the latest dealers to sign up to a new global credit default swap (CDS) matching service, which the Depository Trust & Clearing Corporation (DTCC) plans to launch…
Sarbanes-Oxley Prompts JP Morgan Upgrade
The firm says that for years industry proxy voting systems have been so poor that automation hasn't been worth the effort - until now.
Exchange-traded derivatives trading rebounds, says BIS
Aggregate turnover of exchange-traded derivatives rebounded in the first quarter of 2003, according to the Bank for International Settlements (BIS).
Bidding principles
Robert Almgren and Neil Chriss show how principal bid programme trades can be priced and evaluated as part of a trading business. By annualising the price impacts and variances of such trades, they construct an information ratio measure that can be used…
Buying your way out of trouble
UK high-street retailer Littlewoods has saved £1.5 million through an energy risk management and procurement programme. Utilyx’s Nigel Cornwall looks at how other companies can reduce energy costs through purchase programmes
David Mooney
With 34 trading offices active in 40 countries, Swiss commodity trading house Trafigura is no small concern. But while the firm – perhaps best known for its oil, petroleum products and metals trading activities – employs some 600 energy traders worldwide…