News
OpRisk Europe: FSA made a mistake with the AMA, panellist claims
The UK Financial Services Authority should have forced large, sophisticated banks to adopt the advanced measurement approach to operational risk, risk manager argues
Fallout from JP Morgan loss will hit energy markets: IEA
JP Morgan’s recent $2 billion trading loss could toughen a trio of Dodd-Frank Act rules, potentially hurting energy markets, the International Energy Agency says
US senator calls for VAR overhaul
Speaking to Risk after JP Morgan boss testifies on $2 billion loss, US Senate banking committee member Kay Hagan says risk modelling and reporting need overhaul
OpRisk Europe: Capitalise on op risk interest, conference told
A current focus on operational risk by senior management should be grasped by op risk teams to make key improvements
OpRisk Europe: Keep the risk team small, panel says
Smaller op risk teams mean that the message gets across better, conference is told
JP Morgan loss was bungled attempt to cut Basel III RWAs, says Dimon
Loss-making unit's RWAs would have tripled under Basel III, JP Morgan chief executive says - but attempting to cut capital burden made its hedges more complex
OpRisk Europe: FSA’s Sheen warns on data quality
Operational risk managers need to bear in mind that loss data has limitations, says the FSA’s Andrew Sheen
OpRisk Europe: Biggest operational risk posed by people, survey finds
Respondents to a survey at the OpRisk Europe conference overwhelmingly point to people as the biggest operational risk
OpRisk Europe: No race to the bottom on derivatives, says CFTC’s Chilton
CFTC due to release interpretive guidance note within a week, which aims to clarify extraterritorial application of its rules
Brent crude seen at $50/bbl by Q3 in worst-case scenario: Credit Suisse
Credit Suisse has released a research note today that highlights the potential for oil prices to fall to levels last seen during the 2008 crisis
OpRisk Europe: Harmonised rules must preserve flexibility, panellists say
Speakers at OpRisk Europe conference call for balance between harmonisation and national freedom
Aviva confirms new UK life CRO
Former life CFO replaces Dix as regional restructuring continues
Risk.net poll: Industry divided over plan to scrap VAR
Poll on Basel Committee proposal to ditch VAR attracts close to 1,000 votes - with a narrow victory for critics of the metric
Outflows for gold ETPs despite high equity market volatility
During May 2012 the price of gold dropped over 6% and investors withdrew over €1 billion from gold ETPs
Securitisation market seeks SPV clearing carve-out
Securitisation would be "a lot less viable" if SPVs do not qualify for clearing exemption, says Isda
Meteor hires Stuff to lead listed product distribution
David Stuff has joined Meteor Investment Solutions only weeks after leaving the UK structured products team at Royal Bank of Scotland
US and EU banks face different Basel III floors
Regulators propose overhaul of US capital framework in long-awaited response to Basel III and Basel 2.5 - but there are differences to the European version of the rules
Banks continue to ramp up in offshore RMB
Top-tier banks are continuing to invest in their offshore renminbi trading capabilities, despite the recent dip in Chinese growth and the challenge of persuading clients to use the new currency and boost liquidity
CIMB nabs Royal Bank of Scotland’s Asia Pac CRO
Malaysian bank beefs up its risk management capabilities with recruitment of RBS chief risk officer
On the move
On the move
GDF Suez Trading opens Singapore office
GDF Suez Trading, a division of French utility GDF Suez, has opened a trading office in Singapore
Aviva UK life CRO to move roles
Move follows continuing restructuring of insurer’s regional framework
Spanish banks allowed to ignore default risk for sovereign bonds
Banco de España is one of a number of European supervisors allowing its banks to ignore a Basel 2.5 requirement to model default risk on government bonds
Srikant Dash joins Bloomberg to create index business
Days after leaving S&P Indices, Srikant Dash has joined Bloomberg to lead and create a new index business