News
De Vitry warns of energy market regulatory pressures
Benoit de Vitry, global head of commodities and emerging markets rates at Barclays Capital in London, today said that regulatory rules could adversely impact the development of a mature energy trading market.
Bayer signs up for SunGard Adaptiv
Bayer, the Leverkusen-based pharmaceuticals and chemicals company, has chosen Sungard’s Adaptiv trading and risk management product to support its commodity, foreign exchange and fixed-income trading operations.
SEC asked to defend Puhca policies
Two US Congressmen have expressed concern about the workings of the Public Utility Holding Company Act (Puhca) and the ability of the US Securities and Exchange Commission (SEC) to police Puhca-regulated energy companies.
Nymex to clear contracts on OTC oil and gas options
The New York Mercantile Exchange (Nymex) and broker Icap are set to launch an electronic market in options on oil and gas inventory statistics. The over-the-counter options will be offered through an auction process and cleared by Nymex.
Price reporting is improving, says CCRO director
Confidence in the energy markets is returning partially thanks to an improvement in the price reporting practices of energy companies, according to Robert Anderson, executive director of the US-based Committee of Chief Risk Officers (CCRO).
SG announces new oil and gas head for China
Bruce Hu has joined SG, the investment banking arm of Société Générale, in Beijing as vice-president of oil and gas.
Axa launches credit-equity volatility arbitrage fund
Axa Investment Managers has launched the second generation of its credit-equity volatility arbitrage fund, called Axa Kappa.
Barclays poaches head of German fixed-income sales from CSFB
Omar Selim, formerly head of German fixed-income sales for Credit Suisse First Boston, is to join Barclays Capital.
EU finalising its proposal for Basel II framework, says EU official
The European Union is in the final stages of completing its proposal for the new European framework for Basel II, Alexander Schaub, director general of the EU internal market directorate has said
Forex forwards head leaves Citigroup
Vincent de Lorenzo, head of foreign exchange forwards trading at Citigroup in New York, left the bank earlier this month, a source at Citigroup told RiskNews' sister publication, FX Week .
AIB rapped for overcharging for forex deals
Allied Irish Banks (AIB) sailed into another forex controversy last week, as it emerged the bank has been overcharging for forex deals for the past eight years, reports RiskNews' sister publication, FX Week .
CBOT makes protocol and ticker changes
The Chicago Board of Trade’s (CBOT) new quote vendor network (QVN) has prompted an overhaul of how the exchange distributes data from Dow Jones Indexes (DJI) as well as changes to CBOT’s ticker plant, reports RiskNews' sister publication, Inside Market…
Notional outstanding OTC contracts near $200 trillion
The total estimated notional amount of outstanding over-the-counter derivatives contracts stood at $197.1 trillion at the end of December, according to data released today by the Bank for International Settlements (BIS).
LCH Clearnet set to clear US trades
LCH Clearnet, Europe's largest derivatives clearing house, has won approval from the US Commodity Futures Trading Commission to clear financial futures and options contracts on US exchanges.
US agencies seek feedback on structured finance guidelines
Five US federal agencies have issued a statement describing internal controls and risk management procedures designed to help financial institutions identify and address risks associated with complex structured finance activities.
Montreal Exchange opens hub in London
Canada’s Montreal Exchange will open a telecommunications hub in London before the end of March, Luc Bertrand, the exchange’s chief executive, said this week. This would enable UK-based traders to gain direct access to its electronic platform.
IIF comments on recent Basel announcement
The Institute of International Finance (IIF), a global association of financial institutions, issued a statement yesterday welcoming the proposals that the Basel Committee on Banking Supervision published the day before, but also noted that more work…
BarCap appoints head of foreign exchange strategy
David Woo will take charge of foreign exchange strategy as a director for Barclays Capital in London, effective June 9.
Wall Street Systems launches new structured products software
New York-based software vendor Wall Street Systems has launched two new systems, one focusing on credit derivatives while the other handles structured products.
Basel II proposal out in June; AMA/IRB approaches to be delayed
Yesterday, the Basel Committee on Banking Supervision confirmed that it will release the New Basel Accord, also known as Basel II, at the end of June 2004. But the Committee said the implementation of the advanced measurement approach (AMA) for…
Advanced IRB Basel II approach delayed
The Basel Committee on Banking Supervision said the implementation of the advanced internal ratings-based approach (IRB) for credit risk and the advanced measurement approach (AMA) for operational risk would be delayed until the end of 2007. This will…
Banca Intesa consolidates credit derivatives systems
Banca Intesa has selected London-based Tamesis’ trading and risk management system for its credit derivatives operations.
Van Hedge Fund Advisors hires quant to head risk management
Zhiyi Song has joined Nashville-based hedge fund information provider Van Hedge Fund Advisors International as vice-president to head the company’s risk management department.
Hong Kong focuses on Basel Sound Practices on OpRisk Management
Hong Kong will focus on implementing the Basel Sound Practices for Operational Risk Management rather than the Advanced Measurement Approaches (AMA), according to Simon Topping, executive director for Banking Policy at the Hong Kong Monetary Authority.