News
LME lines up Axa's Brydon as new chairman
The London Metal Exchange (LME) has appointed Donald Brydon, chairman of Axa Investment Managers, as an independent, non-executive director.
Allegheny sells $405m of energy supply contract to Goldman Sachs
Allegheny Energy yesterday took a step towards reducing its exposure to energy trading by selling an energy supply contract to a subsidiary of Goldman Sachs for $405 million.
Deutsche unveils IT 'vision' for derivatives
Deutsche Bank has started a radical overhaul of its derivatives technology that, internally, it is calling its 'vision programme’ for derivatives. The bank has now entered the first six months of an ambitious three-year programme designed to overhaul the…
Barra upgrade targets investment professionals
Barra, the Berkeley, California-based risk management technology vendor, has released a new version of its web-based risk analysis tool BarraOne, designed to make risk management more accessible to a broader range of investors.
Basel may advise banks on outsourcing
The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week.
Third-party CLS take-up slows
Take-up of the continuous-linked settlement (CLS) service by third-party banks is slowing as a result of time-consuming back-office changes and a waning sense of urgency, CLS project managers told RiskNews ' sister publication, FX Week .
JP Morgan, Citigroup pay $255 million in Enron, Dynegy settlement
The Securities and Exchange Commission (SEC) today settled enforcement proceedings brought against JP Morgan Chase and Citigroup. Both firms’ settlements pertain to Enron-related proceedings brought by the SEC. Under the agreements, JP Morgan Chase will…
Saxo adds futures trading with Refco
Danish investment bank Saxo Bank has added futures coverage to SaxoTrader, its online trading platform, as part of a partnership with Refco Overseas, the European arm of New York-based Refco Group.
Cap arb hedging techniques not "universally accepted", says Morgan Stanley
Common techniques for weighting the delta used in capital arbitrage trades – which typically involve buying credit protection while simultaneously selling equity put options on the same name – are “by no means universally accepted”, according to research…
Merrill rebuilds local markets trading team
Merrill Lynch has rebuilt a six-strong local markets trading team in London during the past month, after natural attrition whittled the original team down to one.
Basel may advise banks on outsourcing
The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlements (BIS) official told RiskNews ' sister publication, FX Week .
Op risk still at an early stage, says FSA
Operational risk remains at an early stage of development compared with other areas of risk management, a review by the Financial Services Authority (FSA), the UK regulator, has found.
North American and Japanese Tracx to debut today
JP Morgan Chase and Morgan Stanley will jointly launch two North American and one Japanese version of their Tracx credit default swap (CDS) index product today.
SunGard names Alex Wolff as MD for its BancWare service
SunGard Trading and Risk Systems has named Alex Wolff as head of the company’s Europe, Middle East and Africa region. Wolff will help market Sungard’s BancWare service in the region.
Op risk still at an early stage, says FSA
Operational risk remains at an early stage of development compared with other areas of risk management, a review by the Financial Services Authority (FSA), the UK regulator, has found.
US defaults down, recoveries up, says Fitch
The default rate in the United States has fallen 69%, while recovery rates went up by 50% in the first half of 2003, according to Fitch Ratings.
Mark-It poaches Lombard's Davenport for Project Red
UK credit pricing provider Mark-It Partners has poached Penny Davenport from rival London-based valuations service provider Lombard Risk Systems. Davenport will be responsible for integration and management of the company's Project Red credit derivatives…
CMS BondEdge adopts Audit Integrity’s surveillance tool for accounting anomalies
CMS BondEdge, a provider of fixed-income portfolio analytics, has adopted Audit Integrity’s quantitative rating system, which helps evaluate a firm’s financial accounting and governance practices.
Moody's KMV integrates credit risk management
Moody's KMV has announced the integration of its credit risk products – RiskCalc and Credit Monitor – into one credit risk management platform.
Moody’s KMV integrates credit risk management
Moody’s KMV has announced the integration of its credit risk products – RiskCalc and Credit Monitor – into one credit risk management platform.
CBOT to use Rolfe’s RANorder Pro as front-end system
The Chicago Board of Trade (CBOT) has entered an agreement with UK technology company Rolfe and Nolan to use its RANorder Pro as a trading front-end system.
CDOs “generally unaffected” by Mirant and Loral bankruptcy filings, says Fitch
Rating agency Fitch has examined the collateralised debt obligations (CDO) that it rates for exposure to troubled companies Mirant and Loral and concluded that they are “generally unaffected” by their bankruptcy filings.
CME reports record earnings
Chicago Mercantile Exchange Holdings, the parent company of the Chicago Mercantile Exchange (CME), yesterday reported record revenues and earnings for the second quarter of 2003, spurred by strong trading volumes in its three largest product categories:…
Sarbanes grills Brickell over Ofheo nomination
The US Senate Banking Committee held a hearing on Mark Brickell's nomination for director of the Office of Federal Housing Enterprise Oversight (Ofheo), the regulator for government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, this afternoon.