News
JP Morgan Chase’s merger plans revealed
JP Morgan Chase’s (JPMC) plans to absorb Bank One’s global foreign exchange trading business became clear last week, following the completion of the US banks’ merger on July 1, reports RiskNews’ sister publication FX Week .
Morgan Stanley Investment Management snares quant head
Morgan Stanley Investment Management (MSIM) has recruited Sandip Bhagat as managing director and global head of quantitative strategies. He reports to Joseph McAlinden and is based in New York.
Meff creates risk tool
Meff, the Spanish derivatives exchange, has developed a software tool that enables users to calculate risk that takes into consideration the worst scenario resulting from a customer or account’s open position plus the combination of live orders, reports…
Pemex gains $1.25bn credit facility
Mexican oil company Pemex yesterday set up a credit facility of $1.25 billion, arranged by four firms, including French bank BNP Paribas.
Newsome leaves CFTC to head up Nymex
James Newsome has quit as chairman of the US Commodity Futures Trading Commission (CFTC) to head up the New York Mercantile Exchange (Nymex). Newsome’s resignation is effective from July 23, and he will be president of Nymex from August 2, replacing Bo…
APX restructures and hires senior staff
APX Group, which provides exchanges for natural gas and power trading across northwest Europe, will move London-based power exchange UKPX’s forwards market onto its own system on August 18. The group has also made several senior appointments following…
Newsome leaves CFTC to head up Nymex
James Newsome has quit as chairman of the US Commodity Futures Trading Commission (CFTC) to head up the New York Mercantile Exchange (Nymex), a CFTC spokesman told RiskNews’ sister publication Energy Risk . Newsome’s resignation is effective from July 23…
CME’s Falsafi promoted
The Chicago Mercantile Exchange’s (CME) Arman Falsafi has been promoted to managing director for Europe and Asia. Previously, she was head of Globex, the exchange’s electronic trading platform.
Grantham to set up hedge fund services firm
Veteran convertible bond analyst Jim Grantham is set to launch a firm called Conv.Biz, aimed at providing a range of services to hedge funds.
At ease with ethanol
Technology
Energy swaps
Tehnology
Competition up in US futures, but Eurex to struggle, says report
The entrance of Eurex to the US futures industry has improved the quality of the market, according to research company Celent.
Energy Risk launches weather derivatives survey
Energy Risk , the leading publication for energy trading and finance professionals, today launched its first annual weather derivatives survey.
Montréal Exchange and Oxen to offer energy clearing
The Canadian Derivatives Clearing Corporation (CDCC) - a wholly owned subsidiary of the Montréal Exchange (MX) - and the Alberta Watt Exchange, an Alberta-based energy exchange wholly owned by digital commodity exchange operator Oxen, are to provide…
El Paso sells four power plants
Houston-based energy company El Paso Corp is continuing its mass sell-off of assets by closing the sale of a further four power plants to Northern Star Generation. El Paso Merchant Energy, a business unit of El Paso Corp, sold the facilities on July 2…
FirstRand Bank gives ABN Amro CLS mandate
ABN Amro has been awarded a mandate by FirstRand Bank for third-party continuous-linked settlement (CLS) services in South Africa.
DrKW adds to sales and trading in Paris
Dresdner Kleinwort Wasserstein (DrKW) has made a number of sales and trading appointments within its capital markets team in Paris.
EC fails emissions scheme, says E&Y director
The European Commission’s failure to challenge eight EU national allocation plans undermines Europe’s ability to meet its carbon dioxide emissions reduction targets agreed under the Kyoto Protocol according to Ernst & Young’s director of emissions…
Canadian power utility selects SoftSmiths
Canadian utility Energie NB Power has signed up to use Houston-based SoftSmiths' Electronic Tagging Portal Suite (ETPS) and e-Link Integration solution to manage its energy delivery transactions.
Bank of America settles Enron case
Bank of America (BoA) has agreed to pay $69 million as part of an agreement to settle a class action lawsuit brought on behalf of purchasers of Enron securities and led by the Regents of the University of California (UC).
David Li joins Barclays quantitative group
David Li, a former quantitative researcher at Citigroup, has joined Barclays Capital in New York as its global head of quantitative analytics for credit derivatives.
Nomura builds up international credit group
Nomura International has made eight new appointments in London, New York and Hong Kong for its global credit group, which specialises in structured credit products and trading. The additions come as Nomura seeks to expand this particular business line in…
Calypso adds Mark-it’s Red
Technology company Calypso has integrated Mark-it Partners’ reference entity database (Red) into its trading systems.
Emerging slowly to Basel
Financial institutions in emerging markets are overly optimistic that they will implement Basel II on time, according to a survey conducted by the World Bank. The results were announced at the World Bank advanced risk management workshop in Washington,…