News
Crosbie quits Moody’s KMV
Peter Crosbie, head of California-based credit risk management company KMV before it was taken over by rating agency Moody’s for $210 million in April last year, has left the combined business, Moody’s KMV. His replacement, Douglas Woodham – a long…
CDO activity sparks tightening in default swap prices
Trading in the European credit default swap market this week was brisk, with traders stating they had seen good liquidity in the market and narrowing spreads following the holiday break.
Pan-European structured financing trend expected in 2003
A pan-European, multi-jurisdictional approach to securitisations is set to become a key growth area in 2003, according to Fernando Bautista, a partner with international law firm Freshfields Bruckhaus Deringer. Bautista believes the traditional approach…
CCROs to recommend standard clearing agreement
The Committee of Chief Risk Officers (CCRO) yesterday said it is recommending a standard agreement to facilitate trading of energy contracts through clearing houses and other multi-lateral trading platforms in the United States. Founded in March 2002 by…
More synthetic securitisation expected in Singapore in 2003
Singapore is likely to see more synthetic securitisation deals in 2003, according to Diane Lam, a Hong Kong-based director in Standard & Poor’s structured finance group.
Algo’s Dembo joins Prmia ‘blue ribbon panel’
Ron Dembo, founder and president of Algorithmics, the Canadian risk management software and advisory company, has joined the ‘blue ribbon panel” of advisors to the Professional Risk Managers’ International Association (Prmia).
Isda publishes new master agreement
Industry trade body the International Swaps and Derivatives Association has produced a new ‘master agreement’, a legal contract designed to standardise over-the-counter derivatives deals. It is the first time the document has been revised since 1992
Synthetics likely to dominate CDO issuance in 2003
Despite growing senior funding costs, the relative cheapness of super-senior swap funding should ensure that synthetic investment-grade issuance continues to outpace cash deals in 2003, according to Bank of America.
RMS adds new European and US temperature data
Risk Management Solutions (RMS), a California-based provider of software for the management of natural hazard risks, has expanded the number of weather databases in its Climetrix weather derivatives trading and risk management system in Europe and the…
Barclays Capital hires director of forex sales in Asia
Barclays Capital, the investment banking division of Barclays Bank, has hired Henry Yeong as director of foreign exchange sales, based in Singapore.
Euronext pays CME $7.5m to settle Wagner patent dispute
Pan-European exchange Euronext will pay the Chicago Mercantile Exchange (CME) $7.5 million related to settlement of an indemnification dispute. The dispute revolves around the CME’s $15 million deal in August last year with electronic brokerage eSpeed…
ABA sets up new op risk committee
The American Bankers Association (ABA) has created a new operating risk committee to help bankers reduce losses and comply with new capital requirements laid out in Basel II, the new regulatory capital accord being devised by the Basel Committee on…
Ice sues Nymex over alleged abuse of monopoly power
Energy trading platform Intercontinental Exchange (Ice) is suing its rival, the New York Mercantile Exchange (Nymex), over alleged abuse of monopoly power in the energy trading markets.
ABA sets up new op risk committee
The American Bankers Association (ABA) has created a new operating risk committee to help bankers reduce losses and comply with new capital requirements laid out in Basel II, the new regulatory capital accord being devised by the Basel Committee on…
Japan credit default swaps in quiet start to New Year
Credit default swaps on Japanese names were unchanged on Monday, as market participants came back for a half day after the long New Year holiday.
US Senate calls for structured finance probe
The structured finance businesses of leading financial institutions in the United States are set to face a major business practice investigation during the next six months, with top US regulators set to introduce a new code of governance for structured…
High derivatives data traffic plagues market networks
There are growing fears that market data vendors and their networks may face capacity problems due to a sharp increase in derivatives market data traffic caused by jumps in price updates and data feeds from exchanges.
SGX relaxes listing requirements for structured warrants
A year after Hong Kong resurrected its warrants market by relaxing listing requirements, the Singapore Exchange (SGX) has eased its own listing rules for covered warrants in a bid to boost the local market.
Tokyo-Mitsubishi replaces European derivatives head
Tokyo-Mitsubishi International, the international investment banking arm of Japan’s Bank of Tokyo-Mitsubishi (BTM), has made its New York head of capital markets, Shingo Ninomaru, head of financial derivatives and securitisations in London.
Tullett and Starsupply merge oil businesses
Brokers Tullett Liberty and Starsupply Energy have merged their oil businesses to create what they claim is one of the largest energy broking operations worldwide.
NYSE to recalculate Composite index as basis for ETF
The New York Stock Exchange (NYSE) plans to rebalance its broad-based Composite index, in a move that should herald the introduction of an NYSE Composite exchange-traded fund (ETF) later this year.
US Risk Management Association appoints new operational risk head
Charles Taylor has been appointed director of operational risk at the 88-year-old Risk Management Association (RMA), based in Philadelphia, a 3,000-member organisation catering primarily to US commercial banks, community banks and some global investment…
Eurex dismisses imminent US expansion rumours
European derivatives exchange Eurex today dismissed rumours that it is accelerating its strategy to expand in the US.
JP Morgan Chase takes $400m surety bond hit
JP Morgan Chase has settled its high-profile legal dispute with 11 of the world’s leading insurers, over payment of surety bonds issued by the insurers that guaranteed prepaid commodity forward contract obligations between now-bankrupt energy trader…