News
AIB repays €26 million for overcharging
Allied Irish Banks (AIB) is repaying €26 million ($32 million) it overcharged clients on 3 million foreign exchange deals, after a regulator slammed the bank in a report last week, reports RiskNews’ sister publication, FX Week .
Dow Jones iTraxx CDS indexes launched for Asia, Australia and Japan
A new series of Asian credit default swaps (CDS) indexes have been launched today in Asia, Australia and Japan, combining the dealers behind the Dow Jones Trac-x, iBoxx and CJ 50 indexes under a single index umbrella.
Evolution looks west with Unger
Evolution Markets is expanding to provide brokerage services to the California emissions trading markets. Leading the company’s efforts in San Francisco is Samantha Unger, one of the California emissions markets’ most experienced brokers.
BNP closes revolving credit facility for Sempra Energy Trading
French bank BNP Paribas has closed a $1 billion multicurrency secured revolving credit facility for four borrowers forming part of Sempra Energy Trading, the commodity-trading unit of San Diego-based Sempra Energy.
Brown-Hruska to serve as CFTC acting chairman
Sharon Brown-Hruska has been appointed by US president George Bush to serve as acting chairman of the Commodity Futures Trading Commission (CFTC). Brown-Hruska was previously a CFTC commissioner and will take over the duties of outgoing chairman, James…
RiskMetrics’ re-capitalisation tops venture capital deal table
A cash injection into RiskMetrics Group of $122 million by private equity investors last month was the largest venture capital deal of the second quarter.
China's Bank of Communications gets approval for derivatives business
The Bank of Communications said it has received approval from the China Banking Regulatory Commission to start financial derivatives business.
Gupta to co-head credit trading at RBS
Sanjeev Gupta, formerly a managing director for credit derivatives at Credit Suisse First Boston (CSFB), has come out of retirement to help spearhead the build-up of Royal Bank of Scotland’s (RBS) integrated credit business in the US.
BNZ enters energy trading
The Bank of New Zealand (BNZ) has launched an energy risk management desk. The plan is to target the bank’s corporate client base who need hedging solutions for their energy, base metals and agricultural commodities exposures, said Wayne Jolly, BNZ’s…
Nomura creates energy capital markets group
Japanese bank Nomura has created an energy capital markets group based in New York and London. The group will focus on the strategic acquisition of assets and financing of investments in energy and related infrastructure.
Nymex and Tiffe consider weather derivatives
Both the New York Mercantile Exchange (Nymex) and The Tokyo International Financial Futures Exchange (Tiffe) are considering launching weather contracts.
ABN Amro launches MiniSwaps contracts
ABN Amro has launched miniature versions of interest rate swaps contracts targeted at companies, fund managers and institutions that are prevented from trading derivatives for regulatory or other reasons.
HKMA to rule out AMA approach
Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory's banks to use the advanced measurement approaches (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
Schachter quits Sac for BAM
Barry Schachter, a prominent name in the financial engineering industry, has left his role as head of risk management at $4 billion hedge fund Sac Capital Advisors to join rival Balyasny Asset Management (BAM).
HKMA to rule out AMA approach
Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory’s banks to use the advanced measurement approaches (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
SG appoints head of European cash CDOs
French investment bank SG, which is part of Société Générale, has appointed Teimuraz Barbakadze from Merrill Lynch as its head of European cash collateralised debt obligations (CDOs).
Tiffe ponders weather derivatives contracts
The Tokyo International Financial Futures Exchange (Tiffe) plans to list Japanese weather contracts, and is in talks with several parties over the contract details and marketing processes, a Tiffe official said.
US Treasury and IRS ponder CDSs
The US Treasury and Internal Revenue Service (IRS) have responded to calls from taxpayers and industry groups concerned about the tax treatment of credit default swaps (CDSs) by issuing a notice requesting information from interested parties.
SG to launch Footsie reverse tracker warrant
SG, the investment banking arm of Société Générale, will tomorrow launch warrants on the London Stock Exchange (LSE) that track the share prices of the UK’s top 100 companies but in reverse.
CME to launch Japanese weather derivatives contracts
The Chicago Mercantile Exchange (CME) will launch Tokyo and Osaka weather derivatives contracts on July 26, the first of such contracts to serve an Asian market.
Basel Committee announces "no action" on accounting issues
On Tuesday the Basel Committee on Banking Supervision issued a press release on the potential impact on regulatory capital of the implementation of certain International Financial Reporting Standards (IFRS).
EU Commission publishes "final" CAD text
The European Commission released its final version of the legislative text that will implement the Basel II framework within the European Union at the end of last week.
Interest rate risk principles released by Basel Committee
The Basel Committee on Banking Supervision released "Principles for the management and supervision of interest rate risk" late last week.
Wolverine to be market maker for Japanese weather futures
Wolverine Trading, the Chicago-based energy trading company, will be the lead market maker for Japanese weather futures soon to be offered by the Chicago Mercantile Exchange (CME).