News
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…
Deutsche Bank names head of EM debt trading
Deutsche Bank has appointed Kay Haigh as head of emerging market debt trading in London.
Spectron brokers first 2012 CO 2 allowance trade
The first 2012 European CO 2 allowances (EUAs) have been traded through energy broker Spectron.
TSE plans $529m trading system upgrade
After a year of operational embarrassment, the Tokyo Stock Exchange plans to spend $529 million on upgrades to its electronic trading platform.
Allen & Overy expands Chinese derivatives team
Allen & Overy is to continue the expansion of its team covering derivatives in Hong Kong and on the Chinese mainland. The international legal firm said the development of the derivatives market in China had led to an increased demand for specialised…
Refco faces more woes as FX unit sale falls through
Bankrupt financial services group Refco has failed to sell its foreign exchange brokerage, and its securities broking arm has been ordered to pay $122 million compensation to a Russian customer.
FSA releases second bulletins on CRD
The FSA has published its second set of Capital Requirements Directive (CRD) implementation bulletins for banks, building societies and investment firms. This newsletter aims to help institutions identify key points in the consultation paper, as well as…
BNP Paribas hires Bystrom for new ETF options trading role
BNP Paribas has hired Dan Bystrom as head of exchange-traded fund (ETF) options trading in New York, in a newly created role.
Fortis to expand structured products offering
Fortis Bank is to expand its range of structured products in response to the growing investor appetite for exotic and hybrid investments. Under the plan, scheduled for completion in 2010, the bank will increase its current, mainly credit-focused offering…
Institute of Op Risk up and running
LONDON – The Institute of Operational Risk, long in the planning stages, is now gathering momentum, according to Philip Martin, director of the organisation.
Interest in hybrid securitisations with leveraged loan CDSs grows
Hybrid collateralised loan obligations (CLO) deals with a leverage loan credit default swap (CDS) component are increasing in number, according to Vishwanath Tirupattur, a New York-based vice-president at Morgan Stanley, who spoke at Fitch Ratings’…
Credit Suisse expands de Boissard's role to include forex
Credit Suisse has expanded Gael de Boissard's position to include management of its global foreign exchange sales and trading business, in addition to his current role as co-head of fixed income for Europe at the bank’s London office.
FSF warns of weak credit risk management
After a two-day meeting in Sydney, the Financial Stability Forum has warned that the credit derivatives industry is still poorly prepared for a crisis, although the financial industry as a whole remains strong.
Further delays hit US Basel II implementation
WASHINGTON, D.C. – The US process for Basel II was thrown into chaos yet again by the passage of a new law on the Federal Deposit Insurance Corporation that includes provision for a one-year study. The net effect of the legislation is said to be the…
SunGard to offer UBS algorithmic trading
Software provider SunGard will offer its customers access to Swiss delaer UBS' algorithmic trading product from today.
Deutsche begins market-making leveraged loan CDS
Deutsche Bank's London office has begun to trade credit default swaps based on European leveraged loans (LCDS) this week. The German bank had executed trades before, but it is now actively making markets and showing pricing runs for more than 20 names.
Isda AGM Singapore: MAS warns about back-office frailties
Banks must continue to improve their infrastructure for the settlement of derivatives trades to keep pace with developments in the front office, said speakers at the International Swaps and Derivatives Association’s annual general meeting in Singapore…
Isda AGM Singapore: Dana CDS index protocol published
The International Swaps and Derivatives Association has published a protocol solution to facilitate the settlement of credit derivatives trades involving Dana Corporation, which filed for bankruptcy on March 3, 2006.
Merrill Lynch structured credit director defects to Deutsche Bank
Deutsche Bank has lured Jay Bryant from Merrill Lynch to work as a director in its collateralised debt obligations (CDOs) division in New York. He joins after nine years at Merrill Lynch, where he most recently held the position of director of structured…
Isda AGM Singapore: Two new Isda board directors elected
The International Swaps and Directive Association (Isda) elected 10 directors, including two newly elected to the role, at its annual general meeting in Singapore today.
Isda AGM Singapore: Isda working on sharia-compliant documentation
The International Swaps and Derivatives Association is working to develop formal documentation for sharia-compliant derivatives transactions, chief executive Robert Pickel told RiskNews at an interview at the association’s annual general meeting in…
Isda AGM Singapore: Isda launches FpML services
The International Swaps and Derivatives Association will launch financial products markup language (FpML) services to support the use of the business information exchange protocol used to facilitate electronic dealing and processing of privately…