News
SG takes role in Chinese capital-guaranteed fund
Chinese fund management firm Harvest has launched the country’s fourth capital-guaranteed fund in conjunction with Shanghai Pudong Development Bank and SG, part of French bank Société Générale. The fund, launched last week, is the first to involve a…
Senior Barclays swaps trader to set up hedge fund
Alan Burnell, head of European swaps and government bond trading at Barclays Capital, is leaving the bank to set up a hedge fund.
Spectron and Braemar join forces for freight desk
Energy broker Spectron and ship broker Braemar Seascope have formed a partnership called Braemar Spectron, to broker forward freight agreements (FFAs) concentrating initially on dry freight in London.
NAB hires group risk chief
National Australia Bank (NAB) has appointed a new group chief risk officer as part of an ongoing drive to improve the company’s risk management practices.
SEC to examine for Basel II compliance, says Donaldson
The Securities and Exchange Commission (SEC) is on course to examine investment bank holding companies (IBHCs) for risk-based capital requirements under the new Basel Accord, also known as Basel II, according to SEC chairman William Donaldson.
Foreign exchange chief joins Pru exit queue
Howard Carr, head of foreign exchange and commodities at Prudential Bache in London, has quit his position, sparking fears for the future of the bank's forex desk in the city.
Duke sells part-built power plant to Nevada Power
The big US energy asset sell-off continued late last week, when Nevada Power Company bought a part-built 1,200 megawatt power plant for $182 million from Duke Energy. North Carolina-based Duke will receive proceeds and tax benefits of $330 million from…
Calpine to provide Newmarket with energy services
Calpine Energy Services (CES), part of California-based power company Calpine Corp, is to provide energy services to Newmarket Services Company. Newmarket is a newly formed subsidiary of New York- and London-based asset acquisition firm MMC Energy and…
CBOT develops liquidity analytics tool
The Chicago Board of Trade (CBOT) will introduce a new market data display application this week, in an effort to provide greater market transparency and help participants make better intraday trading decisions.
Basel II could raise tensions between global banks and sovereign states
The new Basel Accord for bank safety, also known as Basel II, is likely to raise the level of tension between global banks and sovereign states, according to governor Ben Bernanke of the Federal Reserve Board of Governors.
Nymex European launch imminent
Nymex aims to launch an open outcry exchange in Europe, most likely initially in Dublin using Nybot’s Finex facilities, according to president James Newsome.
SG expands Italian derivatives business
SG, the investment banking unit of French bank Société Générale, has expanded its institutional derivatives sales force in Italy by merging its equities arm with its interest rate and credit divisions.
RBS hires head of US dollar options trading
RBS Greenwich Capital has appointed Michael Lyublinsky as global head of US dollar option trading in its interest rates division.
CSFB appoints derivatives sales director for Germany
Credit Suisse First Boston (CSFB) has hired Konstantin Krebs as a director of fixed-income derivatives sales.
Rio quits Commerzbank to head Swapstream
Swapstream, a medium- and long-term interest rate swaps trading platform, has appointed Stéphane Rio as chief executive. Rio was previously head of rates trading at Commerzbank for five years, and replaces Marcus Grubb, who left Swapstream in early July…
Cairn Capital adds asset-backed specialist
Cairn Capital, a London-based advisory and investment firm specialising in structured credit, has hired Jenna Collins as an analyst. Collins, who will join Cairn in November, was an asset-backed securities analyst at Merrill Lynch in London.
UK standards setter pushes for full implementation of IAS 39
The UK’s Accounting Standards Board (ASB) believes UK companies should implement International Accounting Standard 39 in its entirety, despite a European Union decision to water down the hedge accounting rule across Europe.
18 EU states urged to implement energy law
Most European Union countries have not transposed the internal-market electricity and natural gas directives into national law, according to the European Commission. The commission today sent formal letters to 18 of the 25 EU member states asking them to…
Nymex names head of new strategy department
John D’Agostino will head up a new department at the New York Mercantile Exchange, which will focus on strategic options for expansion and growth. The exchange has promoted D’Agostino to vice-president of strategy and business development from manager…
BNP restructures European credit research
BNP Paribas, the French banking group, has restructured its credit research division after three members were poached by Lehman Brothers in September.
KIDB-Icap gets approval to launch Korean interdealer broking business
Icap, the world’s largest interdealer broker, said its Korean joint venture KIDB-Icap has received final approval from the Ministry of Finance and Economy to launch a new interdealer broking business.
Basel II revised default correlation values reflect industry experience, says Fitch
Basel II revised credit card default correlation values will be crucial guidelines to credit portfolio analysis under the IRB approach, says Fitch Ratings, a rating agency based in New York.
Deutsche gets China derivatives licence
Deutsche Bank has become the latest institution to gain a licence to trade derivatives onshore in China. A Deutsche official in Singapore told RiskNews that the China Banking Regulatory Commission (CBRC) gave the German bank the go-ahead yesterday.