News
CSFB reorganises derivatives structuring teams in Asia
Credit Suisse First Boston (CSFB) has reorganised its derivatives structuring teams in Asia in an effort to more closely integrate all areas of the business. As part of the move, the various derivatives structuring groups will now report to a single head…
Lull in credit derivatives volumes on September 11 anniversary
European credit derivatives volumes are seeing minimal trading today, the first anniversary of the terrorist attacks in the US.
Quality regulation is key for credit derivatives development, say bankers
Effective regulation emerged as a key theme for the development of the credit derivatives industry, according to an industry discussion forum hosted by inter-dealer broker CreditTrade in London last night.
Icap, Reuters sell their stakes in Blackbird
UK inter-dealer broker Icap and information company Reuters have sold their minority stakes in Charlotte, North Carolina-based electronic inter-dealer broker Blackbird. The development effectively ends 18 months of bitter dispute between Icap and…
ABN Amro Futures hires head of soft commodities in US
ABN Amro Futures Group, part of ABN Amro Clearing and Execution Services (AACES) division, has appointed John Koehne as head of soft commodities in the US.
Bank of China International chooses Sophis
BOC International Financial Products, a division of Hong Kong-listed Bank of China International, has selected risk management software company Sophis to support the front, middle and back office of its new derivatives unit.
Currenex extends post-trade FX settlement and allocation
Multi-bank FX trading portal Currenex has added new features to its FXtrades service, improving the efficiency of its allocation and settlement processes and minimising post-trade errors, according to Lori Mirek, president and chief executive.
JCF to use Quantal analytics in bid to take on Barra
JCF Group, a provider of analytical models and software for investment managers, has launched a new risk measurement module within its flagship JCF Quant product in a bid to take on California-based Barra.
Rees resigns from Baring to head new quant team at Schroders
Stephen Rees has resigned from Baring Asset Management (BAM) to head a new investment process team at UK asset management firm Schroders.
Banks go live on CLS
Continuous Linked Settlement (CLS) - the long-awaited industry initiative to cut settlement risk for foreign exchange - will go live today.
Buy-side demands unmet, says survey
Buy-side foreign exchange clients want better service and communication from their sell-side counterparts, according to a survey made public last week.
CreditTrade and Reech to offer combined CDS data service
Electronic credit derivatives broker CreditTrade and financial software provider Reech Capital are combining pricing resources to offer a single service for valuing credit default swaps (CDSs).
SAP launches new Basel II functions for mySAP Banking
WALLDORF, GERMANY – German software services provider SAP said it is providing new functions for its mySAP Banking package to help banks meet the requirements of the risk-based Basel II capital accord and new international accounting standards in the…
Derivatives volumes soar in US, says OCC
Notional derivatives volumes held by US commercial banks increased by $3.8 trillion in second-quarter 2002, to $50.1 trillion - the second highest amount ever recorded, the US Office of the Comptroller of the Currency (OCC) reported yesterday in its…
Eurex to launch Europe’s first derivatives on ETFs
International derivatives exchange Eurex aims to launch Europe’s first futures and options on exchange-traded funds (ETFs) in November.
Credit protection for British Energy now trading on an upfront basis only
Credit protection for UK-based nuclear power company British Energy is now trading only on an upfront basis. Rating agency Standard & Poor’s lowered the long-term corporate credit and senior unsecured debt ratings on British Energy to BB from BBB after…
HSBC appoints London head of structuring for conduit securitisation
HSBC has appointed Craig Squire as head of structuring for London conduit securitisation, which involves the repackaging and securitisation of a number of asset pools via a single company, rather than the traditional use of special-purpose vehicles.
Chinese derivatives development appears far off
The timetable for the development of the Chinese regulated derivatives market, both domestically and for international investors, appears unclear, with the likelihood that foreign investors will not gain direct access to Chinese markets for several years…
SAP launches new Basel II functions for mySAP Banking
German software services provider SAP said it is providing new functions for its mySAP Banking package to help banks meet the requirements of the risk-based Basel II capital Accord and new international accounting standards in the European Union (EU).
Japan Credit Update: Japanese banks widen on Nikkei drop
Credit protection on Japanese banks widened by about 20 to 30 basis points (bp) this week, as the sharp drop in the country’s equity market put pressure on bank margins and financial ratios.
OTC power market down by 60% as firms switch to regulated markets
There has been a sharp decline in the number of over-the-counter gas and power contracts since the demise of Houston-based energy trader Enron. Firms initiating power trades are increasingly conducting them via exchanges or through their clearing…
Hedge funds targeted by Summit-CoVision alliance
Summit Systems, a New York-based trading, risk management and straight-through processing vendor, and CoVision Capital Group, an investment management firm, have partnered to provide an investment platform specifically geared towards hedge funds.
Swiss Re lands $75 million committed capital deal with US multi-line insurer
Swiss Re and Horace Mann Educators, an auto, homeowner and life insurance provider to US teachers with $1 billion in revenues, have struck a three-year $75 million committed-capital deal. By the terms of the deal, if Horace Mann incurs catastrophic…
Lehman Brothers hires Asian head of equities
Lehman Brothers has hired Timothy Throsby as managing director and head of equities for Asia.