News
Eurex appoints new chief
Andreas Preuss was named chief executive of the international derivatives exchange Eurex after a meeting of the supervisory board at Deutsche Börse, which has a 50% stake in the exchange along with SWX Swiss Exchange.
Final report on compliance function at market intermediaries published
The technical committee (TC) of the International Organisation of Securities Commissions (Iosco) has published its final report on the compliance function at market intermediaries. The TC prepared this paper to set out a number of supplementary…
Swiss Finance hires former DrKW duo
Independent brokerage Swiss Finance has made two senior additions to its London office. Jason de Clerk has been hired to run the forwards desk, while Sultan Lone joins the firm to run its institutional sales team.
FSA head of risk review outlines Authority’s planned approach to implementation
Rosemary Hillary, head of risk review at the Financial Standards Authority (FSA) presented on the FSA's firm-specific implementation work in preparation for the Capital Requirements Directive (CRD). Hilary confirmed that the FSA is trying to put the…
American General restates derivatives by $41.5 million
American General Finance, the Indiana-based consumer loans specialist, has become the latest US company to restate its results because of mistakes in applying accounting rules. The company announced it would adjust income upwards by $41.5 million for the…
Mardig Haladjian
With more Islamic institutions looking for ratings, the general manager of the financial institutions group at Moody's in Cyprus explains how the agency rates these names versus conventional credits
GLG poaches Morgan Stanley's European strategy co-head
Ben Funnell has quit his position as co-head of European strategy in London to join GLG Partners as a fund manager. He will work on mixed-asset fund strategies alongside Noam Gottesman, a partner of the London-based hedge fund.
Temasek buys £2.3bn stake in Standard Chartered
Singaporean investment company Temasek Holdings has bought an 11.55% stake in Standard Chartered from the Tan Sri Khoo Teck Puat estate for around £2.3 billion. The move makes it the largest single shareholder in the London-based bank.
FSA publishes changes to handbook of rules
The FSA has published a handbook notice that details recent changes made by its board.
Langley quits Merrill Lynch to co-head corporate risk at BarCap
Barclays Capital has hired John Langley to join its London office in June as co-head of European corporate risk advisory. Langley is leaving Merrill Lynch, where he has worked for 11 years, most recently as head of the bank’s risk advisory group and co…
S&P predicts greater sovereign rating demand
Ratings on emerging market sovereigns will be a growth area, says the agency
Deutsche Bank names managing director for sharia subsidiary
Deutsche Bank has appointed Humayon Dar as managing director of its global sharia advisory service, Dar Al Istithmar (DI). He will run the unit's London office, taking over from the previous managing director Stefan Kirsch, who moves to Deutsche Bank’s…
DIFX names Larsson as chief executive
The Dubai International Financial Exchange (DIFX) has named Per Larsson as its next chief executive. He will take over later this year.
ASX bids A$2.3 billion for SFE
The Australian Stock Exchange (ASX) has bid A$2.3 billion ($1.6 billion) for SFE Corporation, which runs the Sydney Futures Exchange.
S&P to adopt Case-Shiller housing indexes for CME derivatives
Standards & Poor’s (S&P) plans to offer housing indexes, which will provide the basis for the Chicago Mercantile Exchange’s (CME) new breed of property derivatives.
End of the line for mass distribution?
The Markets in Financial Instruments Directive, which comes into force in November 2007 across the European market, could spell trouble for distributors that sell structured investments without offering advice. Amanda Lee reports
UK’s FSA to probe retail access to hedge funds
The UK’s Financial Services Authority (FSA) is to consult next year on widening the range of funds that can be marketed to retail investors, which should include new authorised funds of hedge funds.
HSBC promotes Brown to head of FX
HSBC has promoted Andrew Brown to global head of foreign exchange, a new position.
FSA publishes feedback on hedge fund risks
The Financial Services Authority (FSA) has published its feedback to discussion paper 05/4 Hedge Funds: A Discussion of Risk and Regulatory Engagement, which looked at the impact of hedge funds on the UK's wholesale market.
American Stock Exchange demutualises
The American Stock Exchange (Amex) is going to go public. Neal Wolkoff, the exchange’s chairman and chief executive, said: “We have been carefully examining the structure of the exchange for months. The board’s approval to take the initial step to…
Isda proposes net physical settlement
The International Swaps and Derivatives Association has released a draft of the net physical settlement supplement to the 2003 credit derivatives definitions, which aims to simplify the settlement of credit default swaps (CDSs) after a credit event.
BNP Paribas' Steinberg to head equity derivatives for the Americas
Todd Steinberg, previously deputy head of equity derivatives, Americas, at BNP Paribas in New York, has been promoted to head of the team, sources close to the French bank told RiskNews' sister publication, Structured Products Extra .
FSA to probe hedge fund valuations
The UK's Financial Services Authority is to investigate hedge fund managers who it said could be overstating their assets to gain larger bonuses.
Banks get stressed
The UK's Financial Services Authority has called on banks to improve stress testing of possible disruptive events, while the Basel Committee declared last year that firms must supplement their value-at-risk models with stress tests. But some bankers…