News
In Brief:
EC releases updated Lamfalussy league table
Man launches HK retail fund
Hedge fund provider Man Investments has launched a principal-protected futures and options fund authorised by the Hong Kong Securities & Futures Commission and aimed at retail investors.
US companies face 57% increase in pension funding, says report
The passing by the US Congress of the Pension Protection Act earlier this month, which was signed into law by President George Bush yesterday, could result in some companies having to contribute 57% more to their pension funds, according to a report…
Moore Capital hires Schachter as head of risk management
Moore Capital has hired Barry Schachter as its director of quantitative resources, according to parties familiar with the hire. Schachter, who joined the US hedge fund in mid-June, will head its risk management, trade group analysis and financial…
Bank Islam signs first Islamic rate swap deal with StanChart
Bank Islam Malaysia has completed the world's first Islamic profit rate swap, a three-year 136 million ringgit ($36 million) deal with Standard Chartered Malaysia.
RBS debuts trading of electronic inflation swaps
The Royal Bank of Scotland (RBS) has launched electronic inflation swap trading within its single-dealer portal on Bloomberg.
Mizuho raids rival Nomura to boost equity derivatives unit
Mizuho International, the London-based international securities arm of the Japanese firm Mizuho, has appointed Mark White as head of equity derivatives sales and Antony Reeves as associate director, equity derivatives sales.
First non-deliverable RMB rate swap traded
HSBC and Standard Chartered Bank have traded what they believe to be the first renminbi (RMB) non-deliverable interest rate swap transaction. The RMB100 million ($12.5 million) transaction has a three-year tenor and involves Standard Chartered paying a…
Dresdner offers Ucits III-compliant volatility tracker funds
Dresdner Bank’s investment banking unit, Dresdner Kleinwort, and its private bank Kleinwort Benson, plan to launch two new equity volatility tracker funds in the next month. The funds will be listed via Dresdner Kleinwort’s Gresham defined funds platform…
SEC names new market regulation chief
Securities market expert Erik Sirri is to join the US Securities and Exchange Commission (SEC) as director of the market regulation division.
Citigroup rebuilds Asia commodities team
Citigroup has made several recent hires to its Asia commodities team in Singapore, mostly on the energy side. The US bank has been looking to add to the division since the departure to Merrill Lynch in April 2005 of commodities head Mark Long and most of…
Wachovia recruits new CDO distribution head
Wachovia Securities has hired Asif Khan in New York as its head of global structured credit product distribution
Barclays appoints European FX sales head
Barclays Capital has appointed Richard Longmore as managing director and head of European foreign exchange sales.
Cathay Pacific rides out high fuel costs
Cathay Pacific’s net fuel expenses rose by only 12.2% to HK$5.89 billion ($757 million) in the first half of 2006, compared with the same period last year, thanks to a stronger fuel hedging position. This was despite a 28.5% increase in the “average into…
Forex trader faces possible execution
A Vietnamese bank employee faces possible execution in Vietnam after losing some $5.4 million in allegedly unauthorised proprietary trading.