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Fitch to acquire Algorithmics
Fitch Group announced today that it is to acquire Algorithmics, a leader in enterprise risk management. The transaction, valued at $175 million, is expected to close in January 2005. The transaction is subject to customary regulatory approvals.
Fitch to buy Algorithmics
Fitch Group, parent of credit rating agency Fitch Ratings, is to acquire New York-based risk management software provider Algorithmics. The purchase, valued at $175 million, is expected to close in January, said Fitch today.
Derivatives exchanges look to expand market-making capabilities
Eurex, the electronic derivatives exchange, has widened the scope of its European equity options market-making (MM) programme.
EnBW starts reporting CO 2 trades to EEX
EnBW Trading today became the eighth company to report its carbon emission trades to the European Energy Exchange (EEX) for the exchange’s CO 2 price index. EnBW Trading is a subsidiary of Karlsruhe-based German utility EnBW Energie Baden-Württembergin.
Nomura continues equity derivatives build-up
Nomura, the Japanese securities firm, has continued its drive to create a strong European equity derivatives department, by unveiling a number of new hires.
Credit correlation model debuts on Bloomberg
Morgan Stanley’s credit correlation model has been made available on Bloomberg today. The model can be used to price basket and single-tranche credit derivatives.
GE Commercial Finance Energy Financial Services to arrange and underwrite debt
Energy companies now have another option when it comes to choosing who will help finance a project or arrange a debt placement for them. GE Commercial Finance Energy Financial Services is to broaden its role as an equity and debt investor to include…
Fitch’s corporate derivatives usestudy finds lack of transparency
Fitch Ratings’ recent study of hedgeaccounting and disclosure amongcorporates has revealed a somewhatsurprising lack of public disclosure of derivativesuse. The study focused mainlyon US corporates that have been reportingunder FAS 133 – the accounting…
Software glitch halts CBOE trading
The Chicago Board Options Exchange (CBOE) suffered an interruption in its order routing and dissemination reporting last Wednesday.
Risk management is not just about quantitative models, says Schmidt Bies
Effective risk management is more than technical skills in building internal models, and needs qualitative factors of experience and sound judgement, according to governor Susan Schmidt Bies of the US Federal Reserve.
Barx proves catalyst for electronic swaps, says Icap’s Spencer
The move by UK investment bank Barclays Capital to offer live interest rate swaps prices via Bloomberg terminals is the catalyst that will drive the electronic trading of interest rate swaps, according to Icap chief executive Michael Spencer.
China Aviation gets six week breather
China Aviation Oil (CAOSCO) has been granted a six week extension by the High Court of Singapore to its deadline to submit its scheme of arrangement restructuring plan, due today. The new deadline is January 21, 2005.
European Commission blocks acquisition of Gás de Portugal
The European Commission has blocked the joint acquisition of Gás de Portugal (GDP), the country’s incumbent gas company, by Energias de Portugal (EDP) and Italian energy company Eni, because it would impede competition.
Oil price falls despite Opec cut
Oil prices fell Friday afternoon despite a decision by the Organisation of Petroleum Exporting Countries (Opec) to rein in current oversupply, effectively taking 1 million barrels a day off the market.
Agencies warn banks of risks in bank-owned life insurance
US financial regulators (the Agencies) have released a joint statement warning financial institutions that the purchase and risk management of bank-owned life insurance (BOLI) must be consistent with safe and sound banking practices.