News
ABN Amro launches electronic CDS trading platform
ABN Amro, the Dutch banking group, has launched an auto-execution trading platform for the credit default swaps (CDS) market. The system will be available through Bloomberg terminals.
Refco hires OTC energy broking team
The European arm of New York-based financial services firm Refco has hired two brokers to form an over-the-counter (OTC) energy derivatives team. Glen Ward and Andrew Riddell join Refco Overseas in London from US broker Amerex’s London office.
Williams to retain energy trading business
Oklahoma-based energy company Williams said late last week it will continue operating its energy trading business, having failed to sell the rest of the wholesale power division. The company is focusing on long-term supply contracts and doing only a very…
DrKW’s head of emerging markets debt quits for Nexstar
New York–based emerging market investment firm, Nexstar Capital Partners, has hired Peter Carril as a portfolio manager and managing partner.
Refco hires OTC energy broking team
The European arm of New York-based financial services firm Refco has hired two brokers to form an over-the-counter (OTC) energy derivatives team. Glen Ward and Andrew Riddell join Refco Overseas in London from US broker Amerex’s London office.
EU Rules may shake up equity data
In a move that shows no good deed goes unpunished, industry associations and insiders want to nix a current European Union proposal to improve trade reporting transparency because the new regulation will have a host of unintended consequences.
Basel II simplifies management of credit portfolios, says BIS
Basel II will facilitate early detection of the quality of a credit portfolio because it allows for progressive estimation of the probability of default (PD) of borrowers, according to the Basel Committee on Banking Supervision.
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Basel II's advanced measurement approach (AMA) requires that the operational risk capital charge be allocated to banks' international subsidiaries. This means that individual banks will have to run multiple AMA models to meet multiple local regulatory…
Goldman Sachs buys more US power plants
Goldman Sachs has added to its portfolio of US physical energy assets by buying equity interests in 12 power plants and a natural gas pipeline for $656 million from bankrupt Maryland-based National Energy & Gas Transmission (NEGT). The investment bank…
Agence France Trésor selects Ubitrade’s Tradix system
Agence France Trésor (AFT), the French debt and treasury management institution, has selected Ubitrade’s treasury management system, Tradix, after putting the contract out to tender in 2003.
NRG Energy to sell another power plant
Minnesota-based NRG Energy has agreed the sale of its 1,160 megawatt (MW) generating plant in Minooka, Illinois to an affiliate of asset acquisition company LS Power. NRG has the right to buy back a 40% interest in the project within a 10-year period,…
Mercer Oliver Wyman hires senior director for Italian office
Mercer Oliver Wyman, the New York-based financial services consultancy, has appointed a senior director for its 20-person Italy Office.
Dow Jones expands hedge fund index offerings
Dow Jones Indexes is to add another index to its strategy benchmark Dow Jones Hedge Fund Indexes (DJHFI) series. Beginning in October, DJHFI will publish the Dow Jones Hedge Fund Strategy Benchmark Equity Long/Short (US), which complements the five…
Dow Jones expands hedge fund index offerings
Dow Jones Indexes is to add another index to its strategy benchmark Dow Jones Hedge Fund Indexes (DJHFI) series. Beginning in October, DJHFI will publish the Dow Jones Hedge Fund Strategy Benchmark Equity Long/Short (US), which complements the five…
Nomura hires head of pass-through desk
Nomura Securities International has hired Peter Leonard to head the pass-through trading desk that trades mortgage-backed securities. He will also trade the 30-year conventional position.
Calyon to outsource liquidity
Calyon is in discussions with other un-named banks to outsource currency trading to them, reports RiskNews' sister publication FX Week .
SG names co-heads of fixed income and derivatives
SG, the investment banking arm of Société Générale, has named two co-heads of the fixed income and derivatives operations in Europe and Asia to fill the vacancy left by Grégoire Varenne, who moves on to the company’s debt finance executive committee.
BNP Paribas fund unit selects Riskdata
The London-based fund-of-hedge-fund manager, BNP Paribas Fauchier Partners (BNPFP) and its joint venture partner, Fauchier Partners, have selected Riskdata’s FOFiX risk management system for their fund portfolio.
UK FSA calls off 'Systems and Controls', industry irate
The UK's Financial Services Authority announced at the September meeting of the Operational Risk Standing Group (ORSG) that it would be delaying, until further notice, the implementation of the Prudential Sourcebook text for 'systems and controls'.
Offshore wind to be big business, says new Fitch MD
Offshore wind projects and the newly expanded European Union will both bring good opportunities to Fitch Ratings over the coming 18 to 24 months, according to the Fitch Energy Group’s new European, Middle East and Africa (EMEA) managing director Andrew…
Energy users to join Italian power exchange by 2005
Energy consumers are now expected to start trading on the Italian wholesale power exchange by the start of 2005, said Paolo Ghislandi, secretary-general of Aiget, the Milan-based Italian association of energy traders and suppliers.
ING secures derivatives licence in China
Dutch financial group ING has secured a derivatives licence to operate in the Chinese city of Shanghai.
DTCC expands matching and confirmation services
The Depository Trust and Clearing Corporation (DTCC) is to expand its matching and confirmation facility, dubbed Deriv/Serv, to include equity derivatives.
NZ regulator warns over Basel II
New Zealand's top banking regulator advocated the implementation of a strong corporate governance framework by host regulators under Basel II in a mid-August speech. New Zealand's foreign-owned banking system is considered to be a model host regulator.