News
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…
Industry groups speak out on SEC rating agency rules
Financial industry bodies broadly greeted the Securities and Exchange Commission's proposed rules on approving nationally recognised statistical rating organisations (NRSROs), but voiced concern that the final rules could be too lax.
CME expands weather trading
The Chicago Mercantile Exchange (CME) will add weather derivatives contracts based on data from seven additional cities on June 20. From then, the exchange will list monthly and seasonal contracts based on weather data from 29 cities in Europe, Japan and…
Nymex to launch emissions futures on ClearPort
The New York Mercantile Exchange (Nymex) is to introduce sulphur dioxide (SO 2 ) and nitrogen oxide (NOx) futures contracts on Nymex ClearPort on June 19 for the June 20 trading session, the exchange said today.
Deutsche hires Nam for MBS trading
Keeyeol Nam, formerly a senior vice-president at RBS Greenwich Capital, has joined Deutsche Bank as a director responsible for mortgage derivatives trading.
CDS on ABS set for growth as documentation and sentiment improves
Asset-backed security (ABS) derivatives look set to gain increased popularity, firstly following the release of a template for ABS credit default swap (CDS) trading by the International Swaps and Derivatives Association, and second due to various bankers…
GFI launches oil and gas broking in London
Inter-dealer broker GFI has opened a London desk to broke crude and gas oil derivatives, including options, the company announced yesterday.
US economic data helps drive derivatives volumes – BIS
Stronger economic indicators in the US have pushed the derivatives markets into heightened activity this year, according to the quarterly review of the Bank for International Settlements (BIS), published yesterday.
US equity derivatives team quits Morgan Stanley
Nine members of Morgan Stanley’s US equity derivatives and structured product team quit to join Wachovia today. They join part of a staffing exodus from the US investment bank that its senior executives hope will be stemmed by yesterday’s resignation of…
RBS makes senior rates hire
Royal Bank of Scotland’s financial markets division has appointed Chris Fleming as head of rates flow and liquid products sales.
Trayport connects with IPE
London-based trading systems provider Trayport has entered into an independent software vendor partnership with London’s International Petroleum Exchange.