News
UK speeds towards Basel II implementation
LONDON – Momentum is gathering at the UK’s Financial Services Authority (FSA) for the implementation of Basel II in the island nation.
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US banks hold $91 trillion in derivatives, says OCC
The notional volume of derivatives held by US banks rose by $3.2 trillion to $91.1 trillion in the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
Linklaters strengthens Asian securitisation teams
Linklaters has added four more lawyers to its Asian structured finance and securitisation practice, set up earlier this month under Paul Kruger.
Schwab quits Barclays to return to AIG
AIG Financial Products, the derivatives arm of the American International Group, has hired Matthew Schwab as managing director in its investor coverage group.
Misys profits from increased bank IT spending
Software and services provider Misys will report higher revenues and profits from its banking division next month, as banks continue to increase their IT budgets.
ECX and Powernext team up on carbon trading
French electricity exchange Powernext and the Amsterdam-based European Climate Exchange (ECX) have agreed to jointly offer carbon futures and spot contracts. The partnership is complimentary, because ECX lists a futures contract and Powernext offers a CO…
Merrill Lynch nabs 23 derivatives marketers from JP Morgan
Merrill Lynch’s raid on JP Morgan Chase’s derivatives marketing unit has resulted in 23 derivatives marketers joining the US securities dealer. The move represents one of the largest derivatives team defections seen in Europe and appears to contradict JP…
Refco buys Cargill Investor Services
New York-based financial services group Refco has agreed to buy Cargill Investor Services (CIS) from its parent, agricultural group Cargill, for up to $400 million.
CBOT moves closer to IPO
Chicago Board of Trade (CBOT) shareholders have overwhelmingly supported a second vote to clear the path for a possible flotation of the futures and options exchange.
Belize loses $3m on cross-currency swap with Citigroup
The government of Belize has revealed that a dollar/yen interest rate swap left it on the wrong side of changes in the strength US dollar - and more than $3 million out of pocket.
TriOptima run eliminates $880 billion in surplus CDS
Five software runs conducted this month by the Scandinavian service company TriOptima have resolved $880 billion in outstanding single-name and index credit default swaps (CDS).
Axiom agrees to buy out partners
The dispute over control of derivatives brokerage Axiom Global Partners has been settled. The company has agreed to buy out two dissident shareholders and reappoint former chief executive James Cawley to run the credit derivative brokerage.
Isda expands CDS template range
The International Swaps and Derivatives Association has published another template for credit default swaps (CDS) on asset-backed securities (ABS), this time permitting pay-as-you-go settlement.
GFI names traders to spearhead property derivatives venture
Two veteran GFI brokers are set to start work developing a property derivatives trading desk as part of a joint initiative between the brokerage and real estate services group CB Richard Ellis (CBRE). Michael Levi and Paul Ogden will start work when the…
Former LME regulatory head joins Nymex Europe
Alan Whiting, formerly in charge of regulation at the London Metals Exchange (LME), has joined Nymex Europe as a non-executive director.
Holterman to lead Wells Fargo derivatives team
Wells Fargo has promoted Gordy Holterman to head of financial products trading, in charge of all the derivatives operations of its securities investment group division. Holterman will report to head of strategic investment David Weber.
Wilmington adds new head of derivatives
Wilmington Trust Investment Management (WTIM) has named Stephen Davenport as its head of derivatives, a newly created position.
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Dubai picks Pochara to head commodities exchange
Framroze Pochara, formerly a vice-president of the Indian national stock exchange (NSE), has joined the Dubai Gold and Commodities Exchange (DGCX) as chief executive. The exchange is set to start trading before the end of this year.
RBS beefs up equity derivatives distribution
The Royal Bank of Scotland has raided its rivals’ sales desks by hiring three directors in equity derivative sales to cover Germany, Italy and Scandinavia. The move signals the Edinburgh-headquartered bank’s intent on improving its distribution…
China bond forwards represent move to more open market
The start of trading in bond forwards in China is a necessary step towards a more open market, but underlying markets are still too illiquid to allow other derivatives to be traded, said HSBC treasurer for China David Liao.
Axiom risks dissolution over dispute
Two of the three founders of New York-based derivatives broker Axiom Global Partners have moved to have the firm dissolved, in the latest part of a power struggle that appears to have caused the bulk of its staff to resign. The move follows an earlier…
TSX and Eurex plan derivatives expansions
The Toronto Stock Exchange (TSX) is keen to enter the derivatives market as soon as it can, chief executive Richard Nesbitt said yesterday. Meanwhile, Eurex confirmed it would list foreign exchange futures from September 23 this year, the only major…