News
Ferc hires head of reliability division
US interstate energy regulator the Federal Energy Regulatory Commission (Ferc) has named Joseph McClelland as director of its Division of Reliability in the Office of Markets, Tariffs and Rates. McClelland will develop policies, programmes and strategies…
Sempra completes $1bn credit facility
Connecticut-based Sempra Energy Trading, the energy-trading unit of Sempra Energy, has completed a two-year committed credit facility for $1 billion to help finance the company’s global operations.
Fortis to enter energy trading with Xenon
Fortis Financial Services, the market trading affiliate of Fortis Bank, has selected Sakonnet Technology's Xenon trading and risk management application for its new energy trading activities in New York.
Société Générale subscribes to Fitch Risk’s Opvantage
French bank Société Générale has entered into a subscription agreement with Fitch Risk to access its financial institutions risk scenario trend (First) database.
Commerzbank's New York forex options head quits
Steve Rendon has left his position as head of foreign exchange options at Commerzbank in New York.
US regulators extend structured product proposal response period
The five leading US federal agencies have agreed a 30-day extension to the comment period on their proposals for sound practices covering complex structured finance activities.
CDS options emerge in Asia
Credit default swap (CDS) options on Asian names have emerged on broker screens, with two CDS option trades referenced to Hong Kong conglomerate Hutchison Whampoa trading through brokerage firm Icap in early June.
Banks make first Isda emissions trade
Investment banks Dresdner Kleinwort Wasserstein and Fortis Bank have made the first ever trade of European Union emission allowances (EUAs) using an annex to the International Swaps and Derivatives Association (Isda) Master Agreement.
RWE signs up to Raft
RWE, the German utility company, has signed up to use Raft’s credit risk management technology, Raft Credit. Raft International, the London-based risk technology company, did not disclose the size of the contract.
Merrill Lynch receives forex licence in South Korea
Merrill Lynch received a foreign exchange licence from the South Korean financial services regulatory body, the Financial Supervisory Commission (FSC), today. The licence allows the US securities dealer to expand its Korean business to the onshore forex…
First emissions trade concluded with Isda master support
Dresdner Kleinwort Wasserstein (DrKW) and Fortis Bank executed the first trade of European emission allowances using an International Swaps and Derivatives Association master agreement last week. London-based environmental and energy broker Evolution…
Basel Committee announces additional credit risk working groups
The Basel Committee on Banking Supervision announced today that it is launching three working groups, in partnership with the International Organization of Securities Commissions (Iosco), to explore a number of counterparty credit risk and trading book…
European Securitisation Forum proposes amendments to Italian law
Trade body the European Securitisation Forum (ESF) has called for a review of Italian securitisation laws to enhance growth and competitiveness.
SGX appoints new head of risk management and regulation
The Singapore Exchange (SGX) has named Yeo Lian Sim as its new head of risk management and regulation.
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week's news that New Orleans-based Entergy Corporation and Wichita's Koch Industries are considering selling their Houston-based energy trading business.
GFI to go public
GFI Group has announced its intentions to become a public company, filing for an initial public offering (IPO) with the US Securities and Exchanges Commission (SEC).
Tepco hedges weather
The Tokyo Electric Power Company (Tepko) has entered into weather derivatives contracts with both Tokyo Gas Company and Osaka Gas Company. The deals have been finalised in a bid to limit the effect on Tepco’s earnings from summer temperature conditions,…
DrKW appoints quant trading team
Dresdner Kleinwort Wasserstein (DrKW) has created a new quantitative trading team in London. It started trading this month and focuses on statistical arbitrage strategies.
US regulators extend structured product proposal response period
The five leading US federal agencies have agreed a 30-day extension to the comment period on their proposals for sound practices covering complex structured finance activities.
Regulatory fines moved into legal risk definition
According to a source close to the Basel Committee on Banking Supervision, the concept of legal risk will be explicitly broadened in the final version of the Basel II document, due out at the end of June – to include fines, penalties and punitive damages…
European Securitisation Forum proposes amendments to Italian law
Trade body the European Securitisation Forum (ESF) has called for a review of Italian securitisation laws to enhance growth and competitiveness.
PSE&G closes $600 million credit facility
Public Service Electric and Gas Company (PSE&G) has closed on a new $600 million revolving credit facility. This transaction is one of the first five-year revolvers in the power sector in recent years.
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week’s news that New Orleans-based Entergy Corporation and Wichita’s Koch Industries are considering selling their Houston-based energy trading business.
SGX appoints new head of risk management and regulation
The Singapore Exchange (SGX) has named Yeo Lian Sim as its new head of risk management and regulation.