News
Moody’s warns investors on digital CDS ‘moral hazard’
Moody’s Investors Service today warned investors to be wary of potential ‘moral hazard’ associated with the proliferation of digital credit default swaps (CDS).
Trading master agreement updated for UK power
The London-based Futures and Options Association (FOA) has released new standardised power trading documentation for the UK.
Freddie Mac names new fixed-income investment head
Freddie Mac has hired Patricia Cook to head its fixed-income investments. Cook, who will report to Richard Syron, Freddie Mac’s chairman and chief executive, joins from JP Morgan Fleming Asset Management, where she was chief investment officer for global…
SEC’s hedge fund registration proposal draws fire at Senate
Senator Richard Shelby, chairman of the Senate Banking Committee, has said he remains concerned about proposals by the Securities and Exchange Commission (SEC) to regulate hedge funds.
BNP Paribas makes structured rates hire
BNP Paribas has hired Kara Lemont Sportelli for its fixed-income derivatives structuring group. Lemont Sportelli will focus on engineering exotic interest rate and hybrid derivatives products for investors and liability managers. She is based in London…
Top energy software vendors to be revealed
Energy traders have just one day left to vote in the biggest ever poll of energy technology users, the Energy Risk User Choice Awards 2004.
Industrials lack price risk skills, says risk adviser
Outsourcing of price risk management will be a major growth area over the next few years, as industrial companies lack the skills required to manage their commodity risk, said Chris Bowden, chief executive of price risk services firm Utilyx.
CME appoints lead market-maker for fertiliser futures
The Chicago Mercantile Exchange (CME) has named Agriliance as the lead market-maker for the exchange’s new fertiliser contracts traded on Globex, the exchange’s electronic trading platform.
Hedge funds post positive results
The Hennessee Group, a New York-based investment adviser that consults hedge fund investors and monitors hedge fund managers, reported a return of 0.49% for hedge funds in June, bringing the 2004 year-to-date (YTD) return to 2.28% for the Hennessee Hedge…
CME appoints lead market maker for fertiliser futures
Chicago Mercantile Exchange (CME ) yesterday said that Agriliance will be the lead market maker for the exchange’s new fertiliser contracts traded on Globex, the exchange’s electronic trading platform. Minnesota-based Agriliance markets crop nutrients,…
Shell appoints governance advisers
Energy major Royal Dutch/Shell Group yesterday appointed investment banks Citigroup and Rothschild as financial advisers to the steering committee reviewing its structure and governance.
Edison needs "broad EDF shoulders" says exec
A senior executive at Italian utility Edison has said the company would benefit from a takeover by a larger European utility, possibly Electricité de France (EDF). “Edison is too small in the long run to always remain independent,” he says. “So we need…
Deutsche hires director in strategic equity transactions group
Tim Maynard has joined Deutsche Bank’s strategic equity transactions group as a director, based in the London office.
Bank of America loses global markets head in Asia
Goetz Eggelhoefer, former managing director and head of global markets, Asia, at Bank of America in Singapore, has left to join the Rohatyn Group, an emerging market hedge fund started by ex-JP Morgan Chase trader Nick Rohatyn.
SG promotes fixed income and derivatives chief
SG, the corporate and investment banking arm of French bank Société Générale, has promoted Grégoire Varenne to head of fixed income and derivatives, commodities and treasury for Europe and Asia.
Spitzer to drop RBC inquiry
Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews’ sister publication FX Week has learned.
Power financing up one third to $20 billion
Power was the best performing project finance sector in the first six months of 2004, up by a third compared with the same period last year, according to research by London based global banking analyst Dealogic. Power projects accounted for 39% of total…
Industrials lack price risk skills, says risk advisor
Outsourcing of price risk management will be a major growth area over the next few years, as industrial companies lack the skills required to manage their commodity risk, according to Chris Bowden, chief executive of price risk services firm Utilyx.
JP Morgan Chase’s merger plans revealed
JP Morgan Chase’s (JPMC) plans to absorb Bank One’s global foreign exchange trading business became clear last week, following the completion of the US banks’ merger on July 1, reports RiskNews’ sister publication FX Week .
Morgan Stanley Investment Management snares quant head
Morgan Stanley Investment Management (MSIM) has recruited Sandip Bhagat as managing director and global head of quantitative strategies. He reports to Joseph McAlinden and is based in New York.
Meff creates risk tool
Meff, the Spanish derivatives exchange, has developed a software tool that enables users to calculate risk that takes into consideration the worst scenario resulting from a customer or account’s open position plus the combination of live orders, reports…
Pemex gains $1.25bn credit facility
Mexican oil company Pemex yesterday set up a credit facility of $1.25 billion, arranged by four firms, including French bank BNP Paribas.
Newsome leaves CFTC to head up Nymex
James Newsome has quit as chairman of the US Commodity Futures Trading Commission (CFTC) to head up the New York Mercantile Exchange (Nymex). Newsome’s resignation is effective from July 23, and he will be president of Nymex from August 2, replacing Bo…
APX restructures and hires senior staff
APX Group, which provides exchanges for natural gas and power trading across northwest Europe, will move London-based power exchange UKPX’s forwards market onto its own system on August 18. The group has also made several senior appointments following…