News
UK FSA 'lacks interest' in dialogue with industry over FCA
Industry insiders have warned a UK Treasury Select Committee hearing that the FSA has shown a distinct lack of interest in dialogue over the FCA
RBS launches multi-asset Maze note
Note links to equities, bonds, precious metals and commodities and aims to perform in a range of market conditions
FSA chairman wrong to say product complexity equals unsuitability, says industry
Structured product executives say Adair Turner is missing the point by focusing on product form rather than function in his recent Mansion House speech
Deleveraging gathers pace as Asian investors favour cash and liquid assets
Increased risk aversion and a more negative outlook have spurred offloading of risk and deleveraging among Asian investors, who are now opting for liquid assets such as cash bonds and shorter-dated products
Asia Risk Congress 2011: Clashes with CFOs more likely as CRO role gains prominence in Asia
The role of a chief risk officer (CRO) is becoming increasingly relevant at institutions in Asia – sometimes creating friction with the CFO. And Chinese CROs face additional challenges, according to participants at an Asia Risk Congress 2011 CRO…
UBS 'rogue trading' prompts call for new regulation
Recent events at UBS have prompted one industry expert to call for a specific rogue-trading regulation
FBI arrests Gupta in Galleon insider-trading case
Rajat Gupta surrendered to the FBI on October 26 after being accused of leaking information to Galleon founder Raj Rajaratnam
Solvency II-type requirements for pension funds could be ‘catastrophic’ - LCP
A Solvency II-type regime for pension funds could increase UK funding requirements by £500 billion and lead to company insolvencies, warns consultancy
Industry split over CCPs' ability to face new risks
There is discord in the industry over whether CCPs will be able to deal with the risks of clearing OTC derivatives as mandated by new regulation
Finra fines UBS $12 million for failing to adequately supervise short sales
Fine from Finra is latest indicator of UBS's control and supervisory issues
The Hartford appoints Rupp as chief risk officer
Fortune 500 group The Hartford appoints new executive vice-president and chief risk officer
Asia Risk Congress 2011: CCP users need tactical collateral planning due to Basel III capital squeeze
The increasing need for liquid, high grade assets under Basel III capital requirements will likely squeeze liquidity in the types of eligible collateral required by central counterparty (CCP) clearings, meaning end-users of CCPs need to tactically plan…
Denmark’s new retail risk labels 'too broad and inflexible'
Danish regulations that divide investments into three categories of risk are too broad and will stunt structured products activity, say market participants
CFTC will publish its own Volcker rule language, says Sommers
Supervisor will publish its own Volcker rule for consultation – although little progress has been made so far, says CFTC commissioner
ETFS criticises iShares call to rename ETCs
ETF Securities has criticised iShares' proposals to rename some commodities products, but says that if ETPS are re-labelled, physically backed ETFs that lend securities should be in the same category as swap-backed products
Economic depression is world's top risk, says Towers Watson ranking
The global financial environment continues to show imbalances, and is not in a good position to withstand shocks, says Tim Hodgson
HK regulator clarifies extraterritorial impact of OTC derivatives rules
A senior official at the Hong Kong securities watchdog says some exceptions are likely to be made to proposed new extraterritoriality rules on mandatory clearing and reporting OTC derivatives in Hong Kong
Eiopa to publish Pillar 3 and Orsa consultations as FSA warns of reporting ignorance
UK regulator's Raffle says non-executive directors do not understand the consequences of Solvency II reporting
Asia Risk Congress 2011: Solvency II hampering European insurers in Asia
Solvency II insurance rules have created an ‘unlevel playing field’ for risk-based capital structures in the Asia-Pacific region, with European insurers uncompetitive in some areas compared with Asian and north American peers
Hong Kong to start OTC derivatives clearing and reporting in January 2013 – HKMA's Lau
Hong Kong will “tentatively” introduce centralised clearing and reporting for OTC derivatives in January 2013, said Edmond Lau, HKMA executive director, at the Isda Asia-Pacific Conference 2011
Asia Risk Congress 2011: ‘Strong baseline supervision’ a domestic priority, says CBRC head
Chinese banking watchdog director-general Luo Ping says China should continue with its conservative regulatory approach, which insulated it against the worst effects of the global financial crisis
‘No way’ Asia can meet CCP deadline; probably the same for Europe
Panellists speaking at a derivatives industry event in Hong Kong believe Asia is unlikely to meet its obligations to have full mandatory clearing in 14 months – the deadline established in the 2009 G-20 agreement. They say a lack of regulatory clarity is…
Asia Risk Congress 2011: Offshore renminbi bonds held back by illiquidity in longer tenors
Investors and issuers remain concerned about China's capital account liberalisation programme, and their ability to hedge longer-term risk
FSA fines Credit Suisse £5.95 million for failings in Scarp sales
Credit Suisse "deeply regrets" the systems and controls failings in its sale of Scarps between 2007 and 2009