News
HSBC fine ‘warning shot’ to industry, experts say
HSBC's $1.9 billion fine a sign that regulators have 'real bite'
HSBC appoints head of financial crime compliance
The new role follows a restructuring at HSBC in light of money laundering penalties
BNP Paribas loses global and European sales heads
Eric le Brusq and Amaury des Deserts are leaving BNP Paribas to pursue other opportunities
Majority of firms expect to up IT spend in 2013
Nearly 60% of financial institutions say they will increase spending on technology next year – and new regulatory requirements are a big driver
Goldman $1.5m fine for rogue trading loss ‘insufficient’, says Chilton
CFTC's Bart Chilton criticises the commission's fine, saying it should be at least five times higher
Commission targets January start for long-term guarantees assessment
Commission targets January start for long-term guarantees assessment
Phase-in of Solvency II a threat to level playing field, warn insurers
Phase-in of Solvency II a threat to level playing field, warn insurers
FVA should be included in derivatives pricing, say survey respondents
Nearly two thirds of survey respondents disagree with Hull and White’s argument that funding valuation adjustment should be ignored
Segreti leaves inflation for prime services role at Barclays
Ralph Segreti set to lead agency derivatives origination at Barclays, with Adam Law taking over the inflation business
Nucor praised for pursuing natural hedge
US steel maker’s acquisition of natural gas assets is seen as viable long-term hedge and an alternative to derivatives
Simon Klein and Nizam Hamid exit Lyxor Asset Management; Klein rejoins Deutsche Bank
Head of ETF strategy at French ETF provider exits as Arnaud Llinas is named global head of ETFs & Indexing in Paris
FSA outlines plans for Libor reform
Regulator will directly oversee calculation of benchmark rate
People: Amrolia and Felson promoted in Deutsche Bank reshuffle
Deutsche Bank veterans Amrolia and Felson to lead new fixed income and currencies unit; de Boissard promoted to investment banking co-head at Credit Suisse; fixed income chief Hoornweg leaves UBS
Investment in infrastructure set to rise as insurers seek yield
Swiss Re infrastructure deal shows developing appetite of insurers to finance long-term projects
Rolls-Royce faces SFO prosecution over corruption in Asia
UK manufacturer submits reports to Serious Fraud Office on bribery in China, Indonesia and elsewhere
UK government promises more effort on cyber defence
Cabinet office minister warns of growing threat to UK banks from online attack
CRD IV at risk of non-compliance because of national exemptions, MEP warns
MEP Kay Swinburne warns that CRD IV is becoming too diluted by national exemptions
Member revolt forces SwapClear to revamp margin model
CCP is not collecting enough collateral, member firms say. New model is being reviewed by FSA
Small reinsurers ‘shortening bond durations’ to protect against interest rate volatility
Companies prepared to take ALM mismatch to access higher yields on reinvestment
BAML Asia commodities chief to leave
BAML Asia-Pacific commodities head Tsai is leaving the firm, say industry sources
HKMA mulls over charging for mandatory trade reporting service
The Hong Kong Monetary Authority has begun discussions with OTC derivative market players on whether to charge for use of its trade reporting service
New standard CSA to launch before end of the year
New standard CSA aims to reduce valuation disputes by eliminating the embedded optionality that exists in the current document
Lack of certainty over OTC clearing location a problem for Asia asset managers
Asset managers in Asia are being hindered in preparing for OTC clearing by a lack of clarity over location
Banks plan to relaunch off-balance-sheet derivatives units
At least six banks are talking to lawyers and rating agencies about reviving derivatives product companies, although AAA ratings may now be off the table