News
Merrill Lynch receives forex licence in South Korea
Merrill Lynch received a foreign exchange licence from the South Korean financial services regulatory body, the Financial Supervisory Commission (FSC), today. The licence allows the US securities dealer to expand its Korean business to the onshore forex…
First emissions trade concluded with Isda master support
Dresdner Kleinwort Wasserstein (DrKW) and Fortis Bank executed the first trade of European emission allowances using an International Swaps and Derivatives Association master agreement last week. London-based environmental and energy broker Evolution…
Basel Committee announces additional credit risk working groups
The Basel Committee on Banking Supervision announced today that it is launching three working groups, in partnership with the International Organization of Securities Commissions (Iosco), to explore a number of counterparty credit risk and trading book…
European Securitisation Forum proposes amendments to Italian law
Trade body the European Securitisation Forum (ESF) has called for a review of Italian securitisation laws to enhance growth and competitiveness.
SGX appoints new head of risk management and regulation
The Singapore Exchange (SGX) has named Yeo Lian Sim as its new head of risk management and regulation.
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week's news that New Orleans-based Entergy Corporation and Wichita's Koch Industries are considering selling their Houston-based energy trading business.
GFI to go public
GFI Group has announced its intentions to become a public company, filing for an initial public offering (IPO) with the US Securities and Exchanges Commission (SEC).
Tepco hedges weather
The Tokyo Electric Power Company (Tepko) has entered into weather derivatives contracts with both Tokyo Gas Company and Osaka Gas Company. The deals have been finalised in a bid to limit the effect on Tepco’s earnings from summer temperature conditions,…
DrKW appoints quant trading team
Dresdner Kleinwort Wasserstein (DrKW) has created a new quantitative trading team in London. It started trading this month and focuses on statistical arbitrage strategies.
US regulators extend structured product proposal response period
The five leading US federal agencies have agreed a 30-day extension to the comment period on their proposals for sound practices covering complex structured finance activities.
Regulatory fines moved into legal risk definition
According to a source close to the Basel Committee on Banking Supervision, the concept of legal risk will be explicitly broadened in the final version of the Basel II document, due out at the end of June – to include fines, penalties and punitive damages…
European Securitisation Forum proposes amendments to Italian law
Trade body the European Securitisation Forum (ESF) has called for a review of Italian securitisation laws to enhance growth and competitiveness.
PSE&G closes $600 million credit facility
Public Service Electric and Gas Company (PSE&G) has closed on a new $600 million revolving credit facility. This transaction is one of the first five-year revolvers in the power sector in recent years.
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week’s news that New Orleans-based Entergy Corporation and Wichita’s Koch Industries are considering selling their Houston-based energy trading business.
SGX appoints new head of risk management and regulation
The Singapore Exchange (SGX) has named Yeo Lian Sim as its new head of risk management and regulation.
SG strengthens equity derivatives sales
SG, the investment banking arm of Société Générale, has appointed Fredrik Langley and Raman Khosla to its equity derivatives structured products sales team in London. Both take the title executive director, a new position within the group.
WRMA elects new president
The Weather Risk Management Association (WRMA) today said that its vice-president, Brian O'Hearne, has stepped up to serve as the association's president. O'Hearne is also president and chief executive of Kansas City-based GuaranteedWeather.
Europe unprepared for emissions trading
The European Emissions Trading Scheme (ETS) will not begin on time, and will fail to deliver the promised results, according to a survey by Ernst & Young.
WRMA elects new president
The Weather Risk Management Association (WRMA) today said that its vice president, Brian O’Hearne, has stepped up to serve as the association’s president. O’Hearne is also president and chief executive of Kansas City-based GuaranteedWeather.
Banc of America Securities expands in credit derivatives
Charlotte-based Banc of America Securities has hired Peter Nguyen from Credit Suisse First Boston (CSFB) as head of credit derivatives specialist sales. He will lead the credit derivatives sales effort to hedge funds, banks and other frequent credit…
National Australia Bank makes two appointments in Asia
National Australia Bank (NAB) has made two senior appointments in Asia. Matthew Blackwell arrives as head of structured products for Asia, and Shinya Fukumoto joins as director and head of capital markets, Japan.
Poste Italiane to sue JP Morgan Chase
Two months after Risk broke the story of Poste Italiane’s derivatives losses as a result of exotic transactions with JP Morgan Chase and other banks, the large Italian state-owned post and financial services company is suing the US bank for €40 million.
Publication date for Basel II confirmed
A source within the Basel Committee on Banking Supervision has confirmed that the final Basel II document will be published on June 26.
MEPs critical of the EU CAD return to parliament
In the face of one of the most difficult election environments for European parliamentary elections, two MEPs will be returning who have historically led the anti-Basel movements in that legislative body.