News
Mark-it signs up 16 credit derivatives houses
UK credit data company Mark-it Partners said today that it has signed up 16 of the largest credit derivatives houses to use its credit reference entity database, Red.
JP Morgan Chase and Morgan Stanley launch Trac-x Australia
JP Morgan Chase and Morgan Stanley launched the Trac-x Australia index today, the latest addition to the Trac-x global suite of credit default swap indexes created by both firms.
CME to list European weather contracts; jettisons weatherXchange plan
The Chicago Mercantile exchange (CME) will begin to offer European weather derivatives, referenced on five cities’ temperatures, from October 3.
Volkswagen steps up currency hedging
European car manufacturer Volkswagen (VW) has increased its use of foreign exchange hedging, after seeing its profits in the first half sink by 55% year-on-year, in part due to the strength of the euro.
Interest rate products dominate OTC derivatives growth in H1
The over-the-counter vanilla interest rate derivatives market grew 24% in the first six months of the year, to $123.90 trillion in notional outstanding, according to the International Swaps and Derivatives Association.
Isda and Fix join forces
The International Swaps and Derivatives Association and messaging service provider Fix Protocol have formed a joint working group to share information on the development of their respective FpML and Fix messaging standards.
DrKW establishes equity derivatives prop trading desk
Dresdner Kleinwort Wasserstein (DrKW) has made several appointments to a new proprietary trading desk within its equity products group.
Nissan Motor takes Reuters risk system
Japanese car manufacturer Nissan Motor has bought Reuters’ Kondor trade-processing risk and trade management product, Kondor+.
UK banks failing SMEs on hedging
More than half of UK businesses with exposure to currency transactions totalling £20 million per year are failing to hedge their exposure, according to research produced by currency services firm Travelex in the UK. The lack of protection is due to a…
FSA official slams UK banks' preparedness for Basel II
UK banks are further behind in their preparations for Basel II than the UK's Financial Services Authority expected them to be, said Ian Tower, head of the risk review department of the prudential standards division of the regulator at a London conference…
US Supervisor confirms 11 "mandatory" banks
A top US supervisor has confirmed, in a conversation with a BaselAlert.com editor, that there are in fact 11 banks that have been told they will have to adopt the advanced credit and operational risk approaches under Basel II.
State Street launches dedicated hedge fund group
State Street Global Advisors (SSgA), the investment management arm of institutional fund manager State Street Corporation, has created a dedicated group for its hedge fund services, in a bid to cash in on increasing market demand for alternative…
Kyte Group snaps up Ubitrade derivatives system
The Kyte Group, a London-based financial services group, has bought a futures and options back-office system from Ubitrade, a French trading and risk management software company.
Energy companies face ‘crunch time’ for accounting compliance
PricewaterhouseCoopers (PWC) believes time is running out for energy and utility companies to get to grips with the pending implemenation of the International Financial Reporting Standards (IFRS).
Fimat launches OTC brokerage in Tokyo
Fimat, the retail brokerage arm of French bank Société Générale, has launched a new over-the-counter brokerage service in Japan offering Nikkei options and single stock options.
BarCap to make markets in iBoxx and Trac-x
Barclays Capital will start making markets on the iBoxx credit default swap index, and will offer notes linked to the index. It also said it would make markets in the Trac-x range of indexes.
IIF calls for Basel and IASB co-operation; warns on Basel II deadline
The Institute of International Finance (IIF), an association of leading banks, has called for more co-operation and discussion on bank capital accounting issues between the Basel Committee on Banking Supervision and the International Accounting Standards…
IIF calls for Basel and IASB co-operation; warns on Basel II deadline
The Institute of International Finance (IIF), an association of leading banks, has called for more co-operation and discussion on bank capital accounting issues between the Basel Committee on Banking Supervision and theInternational Accounting Standards…
Sydney Futures Exchange to introduce New Zealand equity derivatives
The Sydney Futures Exchange (SFE) has signed an agreement with the New Zealand Exchange (NZX) to develop New Zealand equity derivatives to be listed on the SFE by March 2004.
DoJ forces Merrill to disclose future structured product deals
In a deal struck with the US Department of Justice (DoJ) over charges of conspiracy with Enron, Merrill Lynch has agreed sweeping reforms that will require all complex structured finance transactions effected by a third party with the bank to be…
Banks back FXall prime brokerage messaging hub
Currency trading portal FXall has secured the support of seven leading banks to develop a shared messaging hub for notification of prime brokerage deals.
Eurex to launch US exchange in February
Eurex plans to launch its long-anticipated US futures and options exchange in Chicago on February 1. At a press conference this morning in Chicago, Eurex chief executive officer Rudolf Ferscha said Eurex filed this morning with the US Commodity Futures…
China opts out of Basel II
China's banking regulator, the China Banking Regulatory Commission (CBRC), has opted out of Basel II, declaring that the country's financial institutions won't be ready to adopt the new Accord by the end-2006 deadline.
Forex options software boosts exotics appetite, say bankers
The use of independent foreign exchange options pricing software by corporates may have narrowed banks' margins, but it has given a substantial boost to the exotics market, bankers told RiskNews sister publication FX Week .