Structured products
UK's FSA takes issue with misselling and market timing
The investment management industry in the UK is under fire from the Financial Services Authority (FSA) on a number of fronts at the moment.
IA Englander launches research division
IA Englander, a New York-based equity and derivatives brokerage, has launched Englander Research, a division providing independent research and industry analysis on cash equities and derivatives.
Book extract > Introduction to the Basel II Handbook: A Guide for Financial Practitioners
In June 1999, the Basel Committee on Banking Supervision made its long-anticipated announcement to introduce a new capital adequacyframework to replace the 1988 Accord. 1
Rating agency concerned by self-referenced credit derivatives
Fitch Ratings said it expects to make “appropriate adjustments to liquidity and capital measures” for any company that purchases a self-referenced credit derivative.
A window on transparency
Hedge funds will no doubt start 2004 where they left off in 2003 - as the investment vehicles of choice for private and institutional investors looking for the best opportunities for decent returns.
Four more join iBoxx as CDS index market-makers in the US
Four more banks have become credit default swaps market-makers on iBoxx CDX, a tradable index of credit default swaps on 125 investment-grade US companies. This brings the total number of licensed market-makers to 15.
Mark-it set to offer new services as seven banks buy equity stakes
UK credit data provider Mark-it Partners plans to offer a convertible bond pricing service by the end of March, to complement its credit default swap, cash bond and syndicated loan pricing services. The move comes as seven of the company’s main backers…
S&P 500 pension plan funding to cost $57 billion over next two years
The cost of funding defined-benefit – company sponsored – pension plans at the top 500 listed companies in the United States will hit $24 billion this year and $33 billion in 2005, according to research by Credit Suisse First Boston (CSFB).
Quant of the year - Michael Gordy, US Federal Reserve Bank
Credit risk specialist who is highly influential with academics and practitioners alike.
Op risk systems come to the fore
Operational risk came to the fore in 2003. Major software suppliers such as SunGard and SAS entered the market through partnerships with or acquisition of early entrant developers, while a number of established trading and risk management systems…
US regulators warn financial institutions on supporting affiliated investment funds
The US Federal and Thrift Supervisory agencies have issued a policy statement warning financial institutions to be cautious of material risks inherent in supporting affiliated investment funds.
Basel I must be made more risk-sensitive for general banks, say Independent Community Bankers
The 1988 Basel Accord, also known as Basel I, must be improved to be more risk-sensitive for the benefit of community banks, said the Independent Community Bankers Association (ICBA), the Washington, DC-based membership organisation of 5,000 community…
Risk manager of the year - Richard Evans, Deutsche Bank
The head of group market risk's stress-testing approach has helped transform Deutsche Bank.
Banks grab distressed UK assets
Six European banks intend to buy around 10GW of distressed UK power assets usingfinancial instruments. But their main rival, MMC, says hard cash is needed towin the UK market. By James Ockenden
BOCI launches CLNs for retail investors in Hong Kong
Bank of China International (BOCI) has launched its first credit-linked investment product for Hong Kong’s retail investors.
US sets trend for high bonuses
Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December, reports Risknews ' sister publication FX Week .
Fimat launches volatility fund index
Fimat Group, the brokerage arm of SG, has launched the Fimat Volatility Arbitrage Median (FVAM) to represent the performance of various funds following volatility arbitrage strategies, reports Risknews ' sister publication FX Week .
Brokers look toshow their worth
Brokers are increasingly looking to provide energy price data. The choice may be wider, but are energy firms getting the credible data and analysis they need for intelligent price forecasts? Joe Marsh reports
The future of freight
The Baltic Exchange has recently shelved plans to offer freight derivatives,yet rising freight rates should aid the development of the embryonic forwardfreight agreement market. By Paul Lyon
Jean-Marc Bonnefous
Jean-Marc Bonnefous, BNP Paribas’ global head of commodity derivatives, says his unique division will keep it ahead of the game. By Paul Lyon
Open for business
Introduction
onwards and upwards
Analysts are predicting another good year for hedge funds, although managers will not have it all their own way - innovation will again be an essential factor in generating returns
Sterling economy enables funds to ride the greenback
Retail may be weak, but the strength of the UK economy and currency have caused funds to play it against the dollar
Convertibles set to exploit renewed bond issuance after disastrous 2003
Convertible managers could buy into new issues, but still face low volatility difficulties