News
Former chairman of Australian regulator urges credit risk rethink
Banks need to move their focus from credit risk measurement to credit risk management, according to Jeffrey Carmichael, former chairman of the Australian Prudential Regulation Authority.
Traditional ratios fail to accurately measure liquidity
Traditional liquidity metrics “leave much to be desired”, said Leonard Matz, managing director of Kamakura Corporation, at an address at the World Bank in Washington, DC. His talk was part of a workshop on assessing, managing and supervising financial…
DrKW recruits corporate repo and collateral trader
Glenn Handley has joined German investment bank Dresdner Kleinwort Wasserstein from Barclays Capital to work within the credit financing and collateral trading (CFCT) team, part of the short-term products and treasury group in London.
Liquidity, not regulation, is key to avoid manipulation, says CFTC
Regulators should avoid the temptation to implement over-zealous regulation of the energy derivatives market, and instead encourage the development of liquidity, if market manipulation is to be avoided. That was the message delivered by Sharon Brown…
De Vitry warns of energy market regulatory pressures
Regulatory rules could adversely affect the development of a mature energy trading market, said Benoit de Vitry, global head of commodities and emerging markets rates at Barclays Capital in London, speaking at Energy Risk’s Houston conference.
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch, believes the clearing of over-the-counter energy derivatives contracts is in something of a ‘Catch 22’ predicament.
Hedge funds using more leverage, says Greenwich
Almost one third of 36 hedge funds surveyed by research company Greenwich Associates increased their use of leverage in the past year.
Regulators highlight the challenges of establishing internal credit ratings
Panelists at a World Bank conference in Washington, DC, yesterday outlined recommendations to banks in emerging markets considering implementing internal credit ratings systems.
Lehman Brothers hires in credit derivatives sales
Lehman Brothers has poached Marco Di Prima from JP Morgan Chase as managing director responsible for German equity capital markets and European credit derivatives sales.
Bank of Montreal hires in credit
Bank of Montreal (BOM) has made a number of appointments in London to strengthen its credit platform.
Credit Suisse Asset Management snares head of quant resources
Credit Suisse Asset Management (CSAM) has hired Joseph Cherian from Bank of America's fund management business as managing director to head the new quantitative resources group in New York.
Broker Prebon hires Innogy coal trader
London-based broker Prebon may have failed in its bid to lure three coal traders from fellow broker Icap, but it is continuing to build a coal team. In mid-May, Sharon Millar, who previously traded paper and physical coal at UK utility RWE Innogy, joined…
EU emissions trading to see moderate start, says survey
Companies expect emissions trading to experience a “moderate start” in the European Union (EU), before seeing a steady increase in volumes. This was the conclusion of a recent survey carried out by the Leipzig-based European Energy Exchange (EEX) and 3C,…
FEA unveils updated power exposure solution
Financial Engineering Associates (FEA), the Berkeley-based subsidiary of technology company Barra, today unveiled its @Energy/Power Generation 2.0 solution for power plant optimisation, risk exposure assessment and valuation
Liquidity, not regulation, is key to avoid manipulation, says CFTC
Regulators should avoid the temptation to implement over zealous regulation of the energy derivatives market, and instead encourage the development of liquidity, if market manipulation is to be avoided. That was the message delivered by Sharon Brown…
Bayer signs up for SunGard Adaptiv
Bayer, the German 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.
CBOT hosts symposium for Chinese futures professionals
The Chicago Board of Trade (CBOT) is hosting a two-week symposium, being attended by members of the Dalian Commodity Exchange (DCE), the China Securities Regulatory Commission (CSRC) and government officials.
Credit Suisse Asset Management snares head of quant resources
Credit Suisse Asset Management (CSAM) has hired Joseph Cherian from Bank of America's fund management business as managing director to head the new quantitative resources group in New York.
European power trading on the up, says Prospex report
European electricity trading volumes increased in 2003, with Germany seeing the biggest volumes, overtaking the Nordic region for the first time, according to a report from London-based Prospex Research, European Power Trading 2004 .
Deutsche loses top LatAm derivatives marketers
Deutsche Bank has lost two of its top derivatives marketers for Latin America. Hugo Faria, head of Latin American derivatives marketing and Mauricio Esquenazi, Faria’s deputy, have left for UBS and Credit Suisse First Boston, respectively.
Consistency issues must be resolved before Basel II implementation, says Bies
Major US banks have consistency problems that must be resolved before the implementation of Basel II, according to Susan Schmidt Bies, governor of the Federal Reserve Board and chair of the Banking Regulatory and Supervisory Committee.
European power trading on the up, says Prospex report
European electricity trading volumes increased in 2003, with Germany seeing the biggest volumes, overtaking the Nordic region for the first time. So says a new report from London-based Prospex Research, European Power Trading 2004 .
S&P places focus on energy merchant liquidity risk
Rating agency Standard & Poor’s is to issue new liquidity adequacy guidelines for US energy merchants, which are particularly vulnerable to large and sudden liquidity demands related to collateral calls.
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch believes that the clearing of OTC energy derivative contracts is in something of a ‘Catch 22’ predicament. “We need standardization of contract documentation to get to…