News
EBRD selects S&P portfolio risk tool
The European Bank for Reconstruction and Development (EBRD) has chosen Standard & Poor’s (S&P) portfolio risk tracker (PRT) tool for its treasury operations. The move represents a blow to rivals Moody’s KMV and RiskMetrics, whose product, CreditManager,…
RBS offers freight derivatives
Royal Bank of Scotland (RBS) has started offering shipping derivatives, in the form of forward freight agreements (FFAs) linked to the transport costs of bulk commodities to its client base.
BoNY and Wilshire offer risk management services
The Bank of New York (BoNY) and California-based investment management and technology firm, Wilshire Associates, have formed a partnership to provide risk management services.
Wharton launches first fund of hedge funds
London-based Wharton Asset Management, which has $4 billion of assets under management, has introduced its debut fund of hedge funds.
Basel II praised for ERM framework
The new Basel Accord (Basel II) provides the most comprehensive enterprise-wide risk management (ERM) framework for banks because it provides for operational risk management that goes far beyond compliance, says Virginia Garcia, senior analyst at…
CME opts for European-style options
The Chicago Mercantile Exchange (CME) is converting all its standard equity index options from American to European-style options.
Credit derivatives professionals slam IAS
Financial market participants have slammed International Accounting Standard 39 (IAS 39) for financial hedge instruments, according to a British Bankers’ Association (BBA) credit derivatives survey.
Basel II simplifies management of credit portfolios, says BIS
Basel II will facilitate early detection of the quality of a credit portfolio because it allows for progressive estimation of the probability of default (PD) of borrowers, according to the Basel Committee on Banking Supervision.
RBS offers freight derivatives
Royal Bank of Scotland (RBS) has started offering shipping derivatives, in the form of forward freight agreements (FFAs) linked to the transport costs of bulk commodities to its client base.
Lehman raids BNP Paribas’ credit team
Lehman Brothers has taken three new credit strategists from BNP Paribas. The US firm has made Alan Capper chief strategist, along with David Brickman, and named Gregory Venizelos as a research analyst. They will be London-based, reporting to John Wilson,…
FSA vague on AMA waiver pack approach
The UK Financial Services Authority is remaining tantalisingly vague about its potential approach to a waiver pack for those banks who wish to apply for the advanced measurement approach (AMA), say industry executives.
Deutsche Bank hires head of European insurance origination
Deutsche Bank has hired Mark Woolley to head up the German bank's European insurance origination department, part of the company’s debt capital markets division.
Oneok gets new $1bn financing and agrees to buy US gas co
Oklahoma-based energy company Oneok has obtained a five-year, $1 billion credit line from a group of banks to fund asset purchases. The company has also agreed to buy pipeline operator Northern Plains Natural Gas Company from asset acquisition company…
Ameren on course to buy Illinois Power Company
US energy company Ameren Corp has received Illinois Commerce Commission approval to buy Illinois Power Company (IP) from Houston energy company Dynegy. The $2.3 billion deal – which is scheduled to be completed in the fourth quarter – still requires…
Lloyds TSB hires liquidity risk and balance sheet manager
Lloyds TSB, the UK bank, has hired Mark Preston as a new managing director in its financial markets unit that manages liquidity risk and balance sheet requirements.
Icap launches repo benchmark index
Icap, the London based inter-dealer brokerage, has launched a range of indexes for the repo market.
Atmos Energy gets go-ahead to buy TXU gas ops for $1.9bn
Texas-based natural gas company Atmos Energy is set to buy the gas distribution and pipeline operations of TXU Gas, the largest gas utility in Texas, on October 1. TXU Gas will still exist as part of TXU Corp, a non-regulated retail electricity provider …
JP Morgan Chase’s Dublon retires
Dina Dublon, chief financial officer at JP Morgan Chase, will leave the bank she has worked at for 23 years. She will be replaced by former Bank One executive, Michael Cavanagh, who is a close associate of Jamie Dimon, the combined group’s chief…
Credit derivatives up 44% to $5.44 trillion, says Isda
Credit derivatives notionals stood at $5.44 trillion at the end of June, a jump of 44% compared with the end of last year, according to an International Swaps and Derivatives Association (Isda) survey.
Belhadj leads BNP Paribas’ charge into US flow business
Amine Belhadj, who has helped BNP Paribas expand its derivatives business in Europe and Tokyo, is now attempting to replicate that success in the Americas in his new role as head of equities and derivatives, Americas at BNP Paribas in New York.
Williams to retain energy trading business
Oklahoma-based energy company Williams said it will continue operating its energy trading business, having failed to sell the rest of its wholesale power division.
Aquila completes $330m refinancing and pays off $430m loan
Kansas City-based energy company Aquila has made further moves to reduce its debt with two new 364-day unsecured financings: a $110 million revolving credit facility and a $220 million term loan facility. The company borrowed the full amount under the…
Peabody promotes head of US coal and emissions trading
Missouri-based coal company Peabody Energy has promoted Raphael Pierce to vice-president of trading at its Peabody Coaltrade subsidiary. He will continue to head up US coal and emissions trading, but with added responsibilities.
Eaton named head of RBS risk financing and repackaging
Royal Bank of Scotland has appointed Scott Eaton as head of risk management and repackaging in its capital markets business.