News
US regulators issue Basel I improvement ANPR
US federal banking agencies have issued for public comment proposed changes to that country’s domestic risk-based capital framework. The advance notice of proposed rulemaking (ANPR) will apply to banks, bank holding companies and savings associations.
Insurance supervisors issue guidance on risk transfer
The International Association of Insurance Supervisors (IAIS) has issued a guidance paper on risk transfer. The guidance – officially adopted today at the association’s general meeting in Vienna - details potentially problematic areas on which national…
BlueBay names Khein as new COO
London-based BlueBay Asset Management has appointed Alex Khein as chief operating officer, a newly created position.
JP Morgan goes live on T-Zero
JP Morgan went live on T-Zero’s post-trade processing platform for credit derivatives on Monday. It is the first dealer to join the platform since Goldman Sachs initially used the technology after its trade with KBC Alternative Investment Management on…
NYSE calls for looser rules on derivatives trading
The SEC must relax its restrictions on broker-dealers to allow US markets to compete for derivatives business, New York Stock Exchange chief economist Paul Bennett told the US Senate yesterday.
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Jefferies hires head of commodity derivatives
Mazin Mirza has joined Jefferies Financial Products (JFP) as global head of commodity derivatives.
ECB warns of hedge fund risk to European banks
The European Central Bank (ECB) has warned that European banks could be vulnerable to credit market volatility through their growing exposure to hedge funds.
Refco plans breakup and files for Chapter 11
Refco is preparing to sell off its futures brokerage to an investor group led by JC Flowers, as it files for bankruptcy protection.
Drayson joins BNP Paribas as head of securitisation
Tim Drayson has joined BNP Paribas in London as global head of securitisation, with the job of improving the bank's performance in the European structured credit markets.
European Islamic Investment Bank prepares for 2006 launch
European Islamic Investment Bank (EIIB), planned to be Britain's first halal bank, has named its senior management team as it prepares for launch next year.
Iris hires ex-SunGard consultant to spearhead sales
Swiss risk management company Iris has appointed Roberto Olivieri as vice-president in its sales and marketing unit.
Barclays adds cross-currency swaps to Barx
Barclays Capital has added cross-currency basis swaps to its Barx service provided via the Bloomberg electronic trading platform.
Endex lists Belgian power forwards
Dutch electricity exchange Endex started listing Belgian power forwards today. Belgian utility Electrabel and German utility Essent did the first trade today, a November baseload contract.
Bloomberg builds FX options presence
Bloomberg is continuing to build up its portfolio of foreign exchange tools with the planned introduction of forex options trading.
Exchanges continue to clear Refco FCM’s trades, DTCC says broker-dealer operation winding down
The controversy surrounding Refco has not hindered operations at its futures commission merchant (FCM) subsidiary, according to derivatives exchanges.
US physical clearing firm gets credit support from CSFB
Investment bank Credit Suisse First Boston is to provide credit support for North American Energy Credit and Clearing’s (NECC’s) services in physical energy markets.
Fitch places 73 CDO tranches with Delphi exposure on negative rating watch
Fitch Ratings has placed 40 tranches from 15 public collateralised debt obligations (CDOs) and 33 tranches from 24 private CDOs on negative rating watch. The total exposure of these rated transactions is €1.27 billion.
High risk credits spark recovery swap revival
The high profile bankruptcy protection filing by US auto parts manufacturer Delphi last weekend and the subsequent downgrading of General Motors (GM) by Standard & Poor’s have heightened market interest in recovery swaps, say dealers.
China banks launch RMB interest rate swap
The People’s Bank of China (PBOC) has started giving out approvals on a deal-by-deal basis for renminbi-denominated interest rate swaps, with the Bank of China the first to arrange a transaction for a client, while another transaction between China…
Number of hedge funds to shrink in near future
Increased regulation will prompt fewer hedge fund start-ups and greater consolidation, according to panelists taking part in a discussion at a conference in New York yesterday.
Refco CEO charged with fraud
Phillip Bennett, until last week chairman and chief executive of brokerage firm Refco, has been charged with fraud after Refco accountants discovered debts of $430 million.
Lehman boosts structured product sales
Lehman Brothers has appointed Sophie Landry as executive director in its structured solutions group in London.
BNP Paribas launches Hong Kong retail credit-linked note
BNP Paribas is today launching its first retail structured note for the Hong Kong market. The Paris-based bank will offer capital guarantees on the performance of the 'Elite Series 1' credit-linked notes, which are issued by BNP Paribas Retail Note…