News
Derivatives of increasing importance to ASX
The Australian Stock Exchange (ASX) has seen a 5% drop in net profit for the year to June 30, but revenues from derivatives trading, clearing and settlement rose 15% to $32.5 million, with 46,226 options contracts traded – 20% higher than the 38,519…
Amex hires risk watchdog to rein in losses
American Express Financial Advisors (AEFA), seeking to rebound from losses on its high-yield bond investments that forced it to take an $826 million pretax charge in July, has hired a head of investment risk management to oversee its investment…
Jospin raises the spectre of Tobin
French prime minister Lionel Jospin has resurrected the debate over the Tobin tax – a tax on international capital flows designed to discourage short-term currency speculation – by publicly supporting the concept in an address to the French nation.
Isda in bid to shift master agreements online
The International Swaps and Derivatives Association (Isda) has signed a deal with online negotiations software provider Beachfire to allow over-the-counter (OTC) derivatives master agreements to be negotiated online.
Derivatives keep Euronext on target
A 4% rise in derivatives trading activity helped pan-European exchange Euronext meet analyst expectations in its first set of results following an initial public offering earlier this year.
Changing of the guard at FpML.org board
A number of changeovers have taken place on the board of FpML.org, the non-profit organisation developing an XML- (extensible mark-up language) based standard for OTC derivatives trading.
Alliant Energy to use KWI
Wisconsin-based energy services provider Alliant Energy is to implement trading and risk management tools provided by Houston-based software firm KWI.
ICE to offer OTC clearing via London
The IntercontinentalExchange (ICE), a leading operator of over-the-counter (OTC) markets for oil, gas, power and metals, has teamed up with the London Clearing House (LCH) to offer OTC derivatives clearing to clients.
Basel issues best practice in audit function
The Basel Committee on Banking Supervision has issued a best practice paper on the need for co-ordination between banks, their internal and external auditors, and supervisors that highlights the responsibility board directors have with regard to risk…
Bear Stearns boosts European marketing effort
Bear Stearns International has poached two derivatives marketers from rivals BNP Paribas and Citigroup to build its European derivatives marketing effort.
OCC appoints two new directors
The US Options Clearing Corporation (OCC), the not-for-profit central US derivatives clearing organistion, has appointed Bear Stearns' Richard Lindsey and Charles Schwab's Stanley Lauchner to its board of directors.
MTS dealer-to-client platform BondVision debuts
Italian inter-dealer broker MTS has started trading on its internet dealer-to-client trading platform BondVision, with Eur248 million of government and agency securities traded yesterday. Average deals were Eur20 million, which EuroMTS deputy chief…
CME to start trading benzine futures next month
The Chicago Merchatile Exchange (CME) and internet marketplace CheMatch will start offering benzine futures contracts from 21 Septemeber. At the same time, the pair will also offer mixed xylene futures.
RMS adds Japan and Germany to weather system
Risk Management Solutions (RMS), the California-based provider of products and services for the management of natural hazard risks, has added Japanese and German temperature data to its Climetrix weather derivatives trading and risk management system.
CBOT offers mini Dow hedges
The Chicago Board of Trade (CBOT) will launch a mini-sized Dow futures contract based on the Dow Jones Industrial Average (DJIA) at the end of September via its a/c/e trading platform - created via a tie-up with European derivatives exchange Eurex.
Aquila outsources risk management expertise
North American energy company Aquila is to start outsourcing energy trading and risk management services to third parties, following the creation of a new unit, Radius Group.
Sydney Futures Exchange sees profits soar
The Sydney Futures Exchange (SFE) posted a net interim profit of A$11.1 million ($5.9) this year, almost hitting the same level as full-year 2000 when profits were $11.5 million. Included in the profits was $0.7 million from the sale of software by…
Liffe says no discussions held on LSE merger
Brian Williamson, chairman of the London International Financial Futures and Options Exchange (Liffe), has said that “no preliminary discussions” have taken place regarding a merger with the London Stock Exchange (LSE).
Volvo’s Jarlen denies credit derivatives deal
Magnus Jarlen, risk manager at Volvo Treasury, has denied trade press reports that Volvo has signed up to its first credit derivatives deal, saying that although the Swedish truck manufacturer had met with investment banks like JP Morgan Chase to discuss…
MBRM offers options on convertible bonds
Derivatives software firm MB Risk Management (MBRM) is to offer an online capability to price and risk-manage options on convertible bonds as a new feature to its Universal Convertibles Add-ins.
eSpeed boosts intellectual property portfolio
Cantor Fitzgerald spin-off eSpeed has stepped up its efforts to gain a competitive edge by purchasing the Lawrence patent, which protects the electronic bid-wanted auction model used by eSpeed and several of its competitors for trading municipal bonds…
Barclays Global Investors installs BlackRock's Aladdin
Barclays Global Investors (BGI) has enlisted BlackRock Solutions' Aladdin enterprise investment system for its fixed-income risk analytics and processing. The investment arm of the UK’s Barclays Bank went live with Aladdin for domestic active fixed…
apsWire expands board, gains regulatory go-ahead
OTC derivatives dealing platform SwapsWire will expand its board of directors from nine to 13, with shareholders Bank of America, Credit Agricole Indosuez and Lehman Brothers gaining board representation along with chief executive Andrew Brown.
TT becomes latest service provider casualty
Trading Technologies (TT), a multi-market trading screen technology provider for exchange-traded derivatives, has become the latest casualty of the global economic slowdown, and has unveiled restructuring plans that included 37 job losses and the closure…