News
Schwarzenegger pressed to give details of Ken Lay meeting
California-based lobby group, the Foundation for Taxpayer and Consumer Rights (FTCR), has asked Arnold Schwarzenegger, California’s governor-elect, to explain the substance of his private May 2001 meeting with Enron chief, Ken Lay. FTCR, a non-profit…
Eurex trying to take over the US futures market, says CBOT
The Chicago Board of Trade (CBOT) has accused its European rival Eurex of trying to take over the US futures market using intimidating tactics.
Geithner to replace McDonough at New York Fed
Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York. He replaces Bill…
S&P updates its CDO Evaluator
Rating agency Standard & Poor’s (S&P) has released the latest version of its CDO [collateralised debt obligation] Evaluator system, which is used by CDO structurers to evaluate the credit risk of their products.
Risk overhaul at US banks due to economic capital not Basel II, says Fed's D'Silva
Economic capital, not the impending introduction of Basel II, is driving risk management initiatives at US banks, according to the Federal Bank of Chicago's director for capital and market risk, Adrian D'Silva.
Barcap nabs Citigroup equity derivatives salesman
Barclays Capital, the investment banking division of Barclays Bank, has appointed Andrew Stonely from Citigroup as a director in equity derivatives sales. He will be responsible for developing the European equity derivatives flow business.
Algo to release flagship Basel II-compliant system in January
Canadian risk management systems vendor Algorithmics will release version 4.4 of its Algo Suite flagship product on January 15. Its enterprise-wide risk management system will include all the features necessary for Basel II regulatory capital reporting,…
China's regulator publishes new draft derivatives guidelines
The publication of China's long-awaited derivatives regulations has moved a step closer following the release of new draft guidelines by the country's regulator, the China Banking Regulatory Commission (CBRC).
Eurex’s US-based arm sues CME and CBOT
Chicago-based Eurex US has filed an antitrust action in the federal court against the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME). The CME has slammed the suit as being “without factual or legal foundation”, while the CBOT said it…
JP Morgan Chase and Morgan Stanley launch Trac-x Asia
JP Morgan Chase and Morgan Stanley have made yet another addition to the family of Trac-x global credit default swap indexes created by both firms, with the launch of Trac-x Asia.
Korean consumer default likely to affect Asian securitisation, says S&P
The deteriorating credit quality of South Korea’s securitised credit card portfolios has not only meant Korean asset-backed securities issuance has ground almost to a halt this year, but that it is likely to negatively affect consumer finance…
FSA warns of treasury management flaws
LONDON - The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
China’s regulator publishes new draft derivatives guidelines
The publication of China’s long-awaited derivatives regulations has moved a step closer, following the release of new draft guidelines by the country’s regulator, the China Banking Regulatory Commission (CBRC).
Basel II is a key driver for real-time info
Speakers at the Cable & Wireless roundtable on real-time information in mid-September all agreed that real-time information (RTI) would help banks manage liquidity, minimise risk and improve operational efficiencies. They also agreed that one of the key…
BarCap lures Joshi from CSFB
Barclays Capital (BarCap) has appointed Dixit Joshi as a managing director in its equity-linked products group. He will assume responsibility for running the UK bank’s global equity derivatives trading and arbitrage business.
Basel Accord finalisation delayed by six months
The Basel Committee on Banking Supervision announced today that the finalisation of Basel II will be postponed from year-end 2003 to mid-year 2004.
Pressure mounts on directors that fail to use hedging tools
A decision on the Equitable Life Assurance Society case in the UK is expected this month, on whether the company has the right to take its former non-executive directors to trial for failing to hedge risks.
SEC brings landmark case against teenage hacker
The Securities and Exchange Commission (SEC) has filed a complaint against a teenager that it alleges perpetrated a complex options scam. This is the first time the US regulator has brought a securities fraud case against an alleged hacker.
Basel Accord finalisation delayed by six months
The Basel Committee on Banking Supervision announced today that the finalisation of Basel II will be postponed from year-end 2003 to mid-year 2004. Such a delay was widely anticipated in light of the tone and volume of comments that the committee…
US SEC to begin work on Basel II rules
The US Securities and Exchange Commission (SEC) will soon issue a set of proposals, consisting of rule amendments and new rules, to create two separate voluntary regulatory frameworks for the supervision of broker-dealers and their affiliates on a…
New Isda credit derivatives chair warns against complacency
Derek Smith, head of US credit derivatives trading at Goldman Sachs and the new North American chair for the International Swaps and Derivatives Association's credit derivatives market practice committee, believes market participants need to beware of…
Etrade adds CME foreign exchange futures
Retail brokerage Etrade has added foreign exchange futures to its equities trading platform, through a link with the Chicago Mercantile Exchange’s Globex platform. This brings the total number of futures contracts available via Etrade to eight.
Fame extends data coverage of North American gas and power markets
Data technology software provider Fame has added IntercontinentalExchange (Ice) North American gas and power indexes to its software products.
S&P questions Basel II
NEW YORK - Standard and Poor's anticipates significant challenges for banks to quantify operational risk as outlined in Basel II, even though it expresses general support for the Accord as a whole.