News
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.
Utilities shift towards longer-term hedging
US and Canadian regulated utilities are increasingly looking to put on longer-term hedges, even more than three years out in some cases. Such was one of the findings of an informal survey of the audience at a utility risk-management conference in Chicago…
Markit unveils European ABS pricing service
UK data services provider Markit has launched a same-day pricing service for European asset-backed securities (ABS).
Man buys Refco for $282m; Bennett indicted
A federal judge approved Man Group's purchase of the broking business of the bankrupt Refco financial services group yesterday for $282 million in cash, plus debts. Meanwhile, Refco's former chief executive Phillip Bennett was indicted for eight counts…
New senior management for Barclays Global Investors
Barclays Global Investors has recruited several new senior managers as the firm grows and its previous head of equity investments resigns.
Deutsche Bank names new Middle East hedge fund sales chief
Deutsche Bank's hedge fund arm has appointed Mohammed Abdulmalik as its head of sales for the Middle East.
BNP Paribas’ Allorent to retire; Janbon and Gerardin promoted
BNP Paribas has restructured its senior management following the retirement of Bernard Allorent, global head of risks, and Philippe Blavier, head of corporate and investment banking.
Derivatives exchanges eye Asia, address large trader problem
Derivatives exchanges in Europe and the US view Asia as a significant future source of growth in trading activity. “Asia is the next wave of growth for our industry,” said Craig Donohue, chief executive of the Chicago Mercantile Exchange (CME), speaking…
Asset managers warn of growing oversight burden
Compliance with new Securities and Exchange Commission (SEC) rules to be brought in next year under the Investment Advisers Act has doubled the cost of oversight at some US asset managers, a survey has found.
US investors’ use of equity derivatives grows
Greenwich Associates says that US institutional investors are increasing their use of equity derivatives overall, though their use of some complex products is waning.
TFS hires ex-weather broker to emissions desk
Tradition Financial Services (TFS) has hired Frederique Leverett, formerly a weather derivatives broker, for its London-based emissions desk.
Tullett and DTZ form property derivatives partnership
Interdealer broker Tullett Prebon has teamed up with property adviser DTZ to develop the property derivatives markets in the UK and Europe.
La Fayette picks Riskdata for fund of hedge funds
La Fayette Investment Management will use Riskdata's FOFiX software to manage risk for its funds of hedge funds.
Delphi credit event fixing set at auction
An auction to generate cash settlement prices for index credit derivatives referencing defaulted bonds of US-based automotive parts manufacturer Delphi was held today.
Sponsor's article> Yorkshire Building Society Selects SunGard For Basel II Capital Management
London, UK– November 2, 2005– SunGard today announced that UK-based Yorkshire Building Society (YBS) is extending its relationship with SunGard with the selection of SunGard’s Basel II Capital Manager for retail, wholesale and securitization credit risk…
Powernext launches weather indexes
French electricity exchange Powernext – in partnership with Météo France (the French meteorological office) – today started offering national European temperature indexes.
CFO Burns to leave Mirant after Chapter 11
Michele Burns, who has overseen the recent Chapter 11 restructuring of US energy marketer Mirant, will leave the company once it has emerged from bankruptcy.
LSE profits fall on derivatives write-off
The London Stock Exchange announced its profits for the first half of the year had fallen by a third due to a drop in the value of its EDX derivatives unit.
CDO market to hit $2 trillion by end of 2006, Celent says
According to research by Celent, the notional size of the collateralised debt obligation (CDO) market should reach $2 trillion by the end of next year. In the analysis, the New-York-based consultancy argued that dealers will have to specialise their…
ABN Amro and Axa close Synergie credit note
ABN Amro and Axa Investment Managers (Axa IM) have closed a principal-protected long/short credit note called Synergie, which has been sold to institutional investors in Europe, Asia and the Middle East.
New mutual funds successfully mimic hedge fund performance
Rydex Investments, a Maryland-based investment advisor with $13 billion worth of assets under management, said two mutual funds it launched at the end of September are succeeding in giving a broader base of investors access to hedge fund-like strategies…
SEC puts GE's derivatives use under formal scrutiny
The Securities and Exchange Commission (SEC) has started a formal investigation into General Electric's use of derivatives.
BNP launches second Dynamo credit CPPI
BNP Paribas is launching the second series of Dynamo hybrid cash and credit derivative notes, which will again be managed by Crédit Agricole Asset Management (CAAM).
Tradition adds two to its repo team
London-based interdealer broker Tradition has added two senior brokers to its repo team in response to increasing demand for the product.