News
Quantitative finance "not a theory", says Derman
Emanuel Derman criticises the increasingly abstract and mathematical nature of quantitative finance
ICB capital levels would hurt UK banks, critics say
Report recommends a worst-case capital level of 22.5% for large ring-fenced retail banks and UK-headquartered systemically-important banks
Hellman & Friedman to buy OpenLink
New-York-based commodity software firm OpenLink has announced its owners The Carlyle Group will sell it to a US private equity firm
Nordic region sees surge in securitised derivatives and structured product issuance
Market volatility and increased competition in Nordic markets drive trading spike in securitised derivatives and number of structured products
Mifid draft resuscitates CCP open access battle
CCP open access debate rears its head once again in draft rules spun out of Mifid
US Treasury lifts sanctions on Libyan oil subsidiaries
OFAC removes ban on transactions with several Libyan oil company subsidiaries
UK's ICB report a further complication for banks
The ICB's final report gives banks another layer of capital requirements to deal with
Société Générale CDS spreads recover after shaky start
French banks see further spread widening, before disclosure by Société Générale on its eurozone sovereign exposure prompts a turnaround for that bank
Investors urged to adopt a financial risk-based approach to environmental, social and governance factors
The financial crisis has led to a greater awareness of the need for a much broader analysis of corporate performance and risk that encompasses environmental, social and governance (ESG) factors, rather than merely focusing on quarterly returns, say…
OTC derivatives reform will lead to algo boom, banks predict
Dodd-Frank and Sefs set to encourage growth in algorithmic execution of OTC derivatives, say dealers
Long Swiss franc players hit by SNB move
Sudden depreciation of the Swiss franc, following an SNB announcement last Tuesday that it would buy unlimited amounts of foreign currency, has left some participants nursing hefty losses
Foster pleads guilty to $22m fraud
Former vice-president of Citigroup's treasury finance department admits embezzlement
Hong Kong regulator moves to authorise renminbi products under RQFII
Hong Kong regulatory platform ready to approve RQFII products; China’s central bank says priority to be given to Hong Kong-based subsidiaries of mainland banks and fund managers
ICB's ring-fencing may spell the end for free banking
Industry experts fear ring-fencing of banks' retail operations as proposed in the ICB's interim report may spell the end for free banking in the UK
A-share ETF investors to face higher tracking error due to SFC collateral rule change
A new rule from the securities regulator, effective September 12, means some Hong Kong-listed A-share ETFs will have to fully collateralise counterparty risk exposure from their P-note issuers. The move could cause existing investors to rethink their…
SFOA conference: Eurex supports central bank access for CCPs
Derivatives clearing houses should be able to rely on central bank liquidity support, says Eurex exec at SFOA annual conference
Basel Committee's Walter dismisses reports of LCR overhaul
Basel Committee is working on criteria to decide what counts as a liquid asset, but secretary general says no decisions have yet been taken on how – or whether – to change the LCR
Credit Suisse loses senior Asia prime broking staff; names replacements
Asia-Pacific head of flow financing for prime services departs Credit Suisse with Dereke Seeto named as his replacement
Daiwa makes cutbacks to derivatives team
Japanese bank loses senior derivatives personnel across Asian and London offices; blames Japan earthquake and market uncertainty
Isda to review close-out value definitions
Absence of a standard approach is stifling attempts to value termination clauses, dealers complain
Insurers lack confidence in Solvency II data
Only 21% are highly confident about model data quality
SNB faces battle to maintain franc currency floor
Swiss National Bank pledges to set minimum euro exchange rate at Sfr1.20, but analysts express concern over central bank’s ability to maintain exchange rate floor
Australian regulator moves to implement Basel III two years early
The Australian banking regulator has proposed the country’s banks meet new Basel III capital and liquidity rules two years ahead of G-20 commitments. The proposal has drawn immediate criticism from the Australian Bankers’ Association
First Bribery Act prosecution low-key test for new law
UK's first case brought under the Bribery Act provides an anti-climatic start to the new regime