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FSA puts flu on the agenda
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Producers shrink gold hedge books
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CFTC claims hedge funds involved in forex fraud
The US Commodity Futures Trading Commission has charged two New York hedge funds with defrauding investors by claiming non-existent foreign exchange futures trades.
Enron trial opens in Houston
The fraud trials of Enron chief executives Kenneth Lay and Jeffrey Skilling began yesterday in Houston.
Citigroup hires Browning as head of forex
Citigroup has hired Marcus Browning, formerly head of forex options at Merrill Lynch, as its first global head of forex trading.
Macquarie fined over futures contract
Macquarie Bank has been fined A$20,000 by Australian regulators for breaking Sydney exchange rules on futures trading.
Travelex bolsters US risk solutions unit
Foreign exchange specialist Travelex has boosted its US risk solutions group with two new hires and two internal transfers.
GFI takes on Refco Paris brokers
US broker GFI has named three former Refco brokers to head its new Paris office.
Corrie and Kyriakos-Saad latest to quit JP Morgan
John Corrie and Fawzi Kyriakos-Saad, who currently head equity and credit respectively at JP Morgan in London, have joined the mass exodus of investment banking staff that have left the bank in the past 12 months.
Questioning the numbers
Model risk has become a key focus for financial institutions. But how do dealers ensure their models are implemented correctly and that they accurately reflect the risks an institution is running? By Laurence Neville
Kamakura expands CDS information service
Kamakura has added credit default swap (CDS) correlations for 16,000 CDS to its online credit information service.
BarCap adds industry name to plastics business
Barclays Capital has bolstered its plastics business with the appointment of David Paul as director of commodity sales in London. Paul joins from the New York based brokerage firm Refco, where he was global head of plastics futures trading.
Nybot lists financials on CBOT
The New York Board of Trade (Nybot) has entered into a non-binding agreement with the Chicago Board of Trade (CBOT), allowing its financial products to be traded on CBOT’s electronic platform.
Back offices must be reformed to reduce risk, says FSA
The Financial Services Authority (FSA), the UK’s financial markets regulator, has said that it is still concerned about backlogs in the credit derivatives market despite improvements, and has warned that banks need to further develop the robustness of…
Tokyo Stock Exchange hires technology head
The Tokyo Stock Exchange (TSE) has hired Yoshinori Suzuki as its chief information officer - a newly created position.
Copper scandal prompts SRB to ban trading
China is to ban units within its State Reserves Bureau (SRB) from trading in equity, foreign exchange, corporate bonds and derivatives, according to newswire reports in Beijing.
Swiss Re hires weather specialist for advisory team
Swiss Re has hired Brian O’Hearne as a managing director of North American environment and commodity markets within its capital management and advisory arm in New York.
Griffith named as new DGCX chairman
The Dubai Gold and Commodities Exchange has named Colin Griffith as its new chairman, replacing David Rutledge.
PPF should not ignore CDSs, Isda says
The UK Pension Protection Fund (PPF) should recognise credit default swaps (CDSs) when assessing the risk attached to pension funds' investments, the International Swaps and Derivatives Association argued today.
Deutsche cuts out $1 trillion in risk drive
Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its forex business to make it more profitable.
Italian stock exchange moves towards IPO
The Borsa Italiana, the Milan-based stock exchange, is preparing for flotation, in a move that could speed up consolidation among European exchanges.