News
EU Commission releases study
The long-delayed European Commission study has at last been published today. Conducted by PricewaterhouseCoopers, the study examines the economic impact of the new Basel and EU capital adequacy proposals on the EU financial services sector.
MIT’s Stephen Ross backs expensing proposals
Stephen Ross says the US Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have done a good job vis-a-vis proposals for the mandatory expensing of employee stock options.
Regulatory changes good news for investors
Forthcoming changes in the accounting practices of banks, imposed by regulators through Basel II and International Financial Reporting Standards (IFRS), will “make balance sheets speak up", according to Jean-Bernard Caen, group capital manager at Belgian…
DrKW hires six in hedge fund sales
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has made six additions to its hedge fund sales team in recent weeks. All six take the title of director and will be based in London.
Lehman hires credit derivatives structurer in Tokyo
Lehman Brothers has hired Jimmy Kan as a senior vice-president to run its derivatives structuring group in Tokyo.
Primus Guaranty seeks IPO
Bermuda-based credit default swaps marketer Primus Guaranty has registered a statement with the Securities and Exchange Commission for a proposed initial public offering of its common shares.
Risk managers warned of ‘liquidity black holes’
‘Liquidity black holes’ are being caused by the development of increasingly sophisticated risk analysis software, according to Avinash Persaud, investment director at Dublin-based Global Asset Management.
Kemp takes foreign exchange helm at Merrill
Morgan Stanley foreign exchange chief Stephen Kemp is set to take on the continued build-up of Merrill Lynch’s forex business, following the resignation of co-head of global foreign exchange and rates Michael DeSa, reports RiskNews' sister publication FX…
Banks draw up EU25 battle plans for FX
Far-sighted banks and brokers are drawing up their foreign exchange battle plans for the Europe that will be enlarged by the ten new member states joining this weekend, reports RiskNews' sister publication FX Week .
Lyxor launches government bond tracker
Lyxor Asset Management, a Paris-based subsidiary of French bank Société Générale, has released a euro-denominated index tracking the performance of the eurozone government bond market.
Isda called on to improve OTC commodities market
Elaine Whiting, head of global over-the-counter commodities transaction documentation and management at Barclays Capital, yesterday called for assistance from financial institutions to create operations 'metrics' for OTC commodities markets.
DrKW hires head of cash CDOs
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has appointed Robert Walsh from Credit Suisse First Boston (CSFB) as director and head of cash collateralised debt obligations (CDOs).
Amrolia returns to Deutsche Bank
Zar Amrolia has returned to Deutsche Bank as global head of bank sales for foreign exchange and commodities.
Creditex adds Mark-it’s ‘Red’
Credit derivatives broker Creditex is to incorporate pricing data provider Mark-it Partner’s reference entity database (Red) into its trading and information platform.
Natexis first CLS third-party bank in France
Natexis Banques Populaires has become the first continuous-linked settlement (CLS) third-party participant in France.
Barclays Capital snares dollar interest rate traders
Barclays Capital has hired three traders to work in its dollar interest rate derivatives team in New York.
Dutch regulator approves trading on Eurex US
The Dutch financial regulator has given approval for Netherlands-based traders to use Eurex US, the new Chicago-based futures and options exchange.
Launch of US Treasuries market index imminent, futures contract to follow
The Chicago Board of Trade (CBOT) and Dow Jones Indexes will launch a US Treasuries market index next week, with the Chicago exchange to list a futures contract based on the index during the second half of 2004.
RBS recruits Tokyo prop forex trader
UK-based Royal Bank of Scotland (RBS) has recruited Luke Waddington as a proprietary foreign exchange trader to work in its Tokyo office.
Singapore’s UOB launches multi-sector CDO
Singapore’s United Overseas Bank (UOB) Asset Management has turned its hand to asset-backed securities, with the launch of a $1 billion managed multi-sector collateralised debt obligation (CDO) deal.
EU adopts linking directive for emissions trading
The European parliament today voted to adopt the directive linking the European Union emissions trading scheme to other trading systems and CO2 reduction projects. The parliament agreed on a text for the linking directive earlier this month.
Governments face carbon allocation legal action
European governments face legal action from industry if they fail to provide carbon allocation plans by the end of the year, according to Peter Vis of the climate change unit of the European Commission.
Deutsche Bank reorganises credit derivatives business
Deutsche Bank will reorganise its securitised products group (SPG), the bank said yesterday. It will merge its collaterised debt obligation business with credit hybrid business within the SPG group.
Bear Stearns strengthens Japanese fixed income
US investment bank Bear Stearns has strengthened its fixed-income presence in Tokyo with the hire of Masakazu (Max) Kobayashi as head of fixed-income sales and strategic finance.