News
SocGen opens Calgary office, launches Canadian energy-services partnership
SG Corporate & Investment Banking (SG CIB) has partnered with Calgary-based energy-sector investment dealer FirstEnergy Capital Corp to jointly offer energy-financing services to the firms’ Canadian clients. SG CIB, part of French bank Société Générale,…
Isda unveils master 'give-up' agreement for prime brokers and dealers
The New York-based International Swaps and Derivatives Association has created a master agreement for a hedge fund to ‘give-up’ its positions with a dealer and assign them to a prime broker.
Basel Committee issues home-host sharing guidelines for Basel II
The Basel Committee on Banking Supervision has issued a consultative document on enhancing home-host information sharing guidelines for banking supervisors to set up a framework for the effective cross-border implementation of the Basel II capital Accord.
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Man Group plc is a leading global provider of alternative investment products and solutions, as well as one of the world’s largest futures brokers. In the sectors in which it is active, particularly hedge funds, operational risk is the chief danger the…
Fraenkel joins DrKW as head of commodities
Martin Fraenkel has joined Dresdner Kleinwort Wasserstein in London as global head of commodities.
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BarCap takes on Duke trading book
Barclays Capital will acquire and manage the bulk of Duke Energy North America’s (DENA) power and gas derivatives contracts, as part of parent Duke Energy Corp’s takeover of US utility Cinergy.
ABN Amro completes first sector property derivatives trade
ABN Amro has completed a property derivatives deal based in part on the Investment Property Databank (IPD) UK retail index, in what it claims is the first to be based on a specific sector of the market.
BarCap takes over Duke's energy portfolio
Barclays Capital has taken on the energy portfolio of Duke Energy North America through a $700 million novation deal.
Wachovia hires Litke as new head of market risk
Charlotte-based Wachovia has lured Adam Litke from Barclays to become its new head of market risk, based in New York.
Weather broker Parker leaves Fimat
Weather broker Dan Parker left brokerage Fimat in mid-October, having joined the company earlier this year. He says he is currently “on the sidelines”, considering his next move. Fimat declined to comment on Parker’s departure.
Derivatives growth slows during first half, say BIS
Outstanding over-the-counter (OTC) derivatives volumes continued to rise in the first half of 2005, but their rate of growth has slowed, according to figures released today by the Bank for International Settlements in Basel.
Weather fund Pyrenees closes, traders set up weather desk at Sempra
Weather hedge fund Pyrenees Capital Management closed at the end of October, a year after its launch, and two of the company’s three staff have moved to energy trader Sempra Commodities to set up a new weather desk.
GFI, Icap and Tullett collaborate with DTCC on credit derivatives
Inter-dealer brokers GFI, Icap and Tullett Prebon have come together to launch what they call a 'multi-broker electronic checkout service' in conjunction with the Depositary Trust & Clearing Corporation (DTCC). Initially deployed as a one-year pilot…
Nice price for Ice as exchange floats
Atlanta-based energy-trading platform IntercontinentalExchange (Ice) hit the ground running as a public company today, pricing at $26 per share – at the top of its $24-$26 target range.
Weather broker Parker leaves Fimat
Weather broker Dan Parker left brokerage Fimat in mid-October, having joined the company earlier this year. He says he is currently “on the sidelines”, considering his next move. Fimat declined to comment on Parker’s departure.
EU adopts fair value derivatives accounting
The European Commission has brought in fair value accounting for derivatives, bringing the EU closer to full compliance with IAS 39 accounting standards.
European High Yield Association merges with BMA
The European High Yield Association (EHYA) is merging its operations with the Bond Market Association’s (BMA) European branch in London. This merger is expected to be effective January 1 2006.
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Gregory joins BarCap credit derivatives team
Jon Gregory has moved from BNP Paribas to Barclays Capital, where he will work as co-head of credit derivatives quantitative analysis.
Market value of investors’ US convertibles plummets 20%
The market value of institutional holdings of US convertible bonds has plunged nearly 20% during the past year, according to research by Greenwich Associates.
NAB drags brokers into forex options trading scandal
National Australia Bank (NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.
Calyon and Axa launch ‘Ocean’ credit CPPI notes
Calyon and Axa Investment Managers (IM) are set to join the slew of financial institutions offering 100% principle-protected notes based on a managed portfolio of synthetic credits.
Industry can't afford any more Basel II delays, says IIF
The Institute of International Finance (IIF) warned today in London that any further delays in implementing Basel II capital accord would cause serious problems.