News
Barclays Capital snares dollar interest rate traders
Barclays Capital has hired three traders to work in its dollar interest rate derivatives team in New York.
Dutch regulator approves trading on Eurex US
The Dutch financial regulator has given approval for Netherlands-based traders to use Eurex US, the new Chicago-based futures and options exchange.
Launch of US Treasuries market index imminent, futures contract to follow
The Chicago Board of Trade (CBOT) and Dow Jones Indexes will launch a US Treasuries market index next week, with the Chicago exchange to list a futures contract based on the index during the second half of 2004.
RBS recruits Tokyo prop forex trader
UK-based Royal Bank of Scotland (RBS) has recruited Luke Waddington as a proprietary foreign exchange trader to work in its Tokyo office.
Singapore’s UOB launches multi-sector CDO
Singapore’s United Overseas Bank (UOB) Asset Management has turned its hand to asset-backed securities, with the launch of a $1 billion managed multi-sector collateralised debt obligation (CDO) deal.
EU adopts linking directive for emissions trading
The European parliament today voted to adopt the directive linking the European Union emissions trading scheme to other trading systems and CO2 reduction projects. The parliament agreed on a text for the linking directive earlier this month.
Governments face carbon allocation legal action
European governments face legal action from industry if they fail to provide carbon allocation plans by the end of the year, according to Peter Vis of the climate change unit of the European Commission.
Deutsche Bank reorganises credit derivatives business
Deutsche Bank will reorganise its securitised products group (SPG), the bank said yesterday. It will merge its collaterised debt obligation business with credit hybrid business within the SPG group.
Bear Stearns strengthens Japanese fixed income
US investment bank Bear Stearns has strengthened its fixed-income presence in Tokyo with the hire of Masakazu (Max) Kobayashi as head of fixed-income sales and strategic finance.
Liffe hit by Euribor rates derivatives surge
Surging trading volumes this year, specifically on short-term interest rate (Stir) futures and options products, caused processing capacity problems at the London Financial Futures and Options Exchange (Liffe), according to RiskNews’ sister publication,…
Fitch formalises corporate governance's impact on credit risk
Fitch Ratings has formalised and released its framework for reviewing corporate governance. The rating agency characterises governance's impact on credit ratings as an important element in the assessment of a company's credit quality.
HSBC names new London chief
HSBC will have a new head of European and Middle Eastern foreign exchange in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role, reports RiskNews' sister publication, FX Week .
ABN Amro hires VP of financial institutions forex distribution in Singapore
Dutch bank ABN Amro has hired Rayson Hazra as vice-president of financial institutions foreign exchange distribution in Singapore.
Forex profits soar as funds up risk
Citigroup and State Street both reported surges in first-quarter foreign exchange revenue last week on the back of increased activity from fund managers, senior officials told RiskNews’ sister publication, FX Week .
Jenkins set to leave Barcap
Gary Jenkins, one of the most experienced and respected analysts in European credit research, looks set to leave Barclays Capital after the appointment of Mark Howard as the firm’s new head of credit research.
Morgan Stanley poaches DrKW credit head in Tokyo
Morgan Stanley has hired Mark Mallia as an executive director to be the senior trader and product manager for US and European bond and credit default swaps in Asia time, according to Robert Breden, executive director in the fixed-income division of the…
Gold producer hedge book back to 1996 level
The global gold producer hedge book contracted by 310 tonnes in 2003, according to the latest figures from Gold Fields Mineral Service (GFMS). The reduction leaves it standing, on a delta-adjusted basis, at 2,166 tonnes.
Fitch formalises corporate governance’s impact on credit risk
Fitch Ratings has formalised and released its framework for reviewing corporate governance. The rating agency characterises governance’s impact on credit ratings as an important element in the assessment of a company’s credit quality.
Lehman snares investment banking chief
US investment bank Lehman Brothers has hired Jérôme Calvet as managing director and co-head of investment banking in France.
SIA proposes ways for mutual-fund fees disclosure
The Securities Industry Association has proposed a system of Web-based and toll-free telephone disclosure of brokerage firms' relationships with mutual-fund companies. SIA said this would provide investors with thorough, easy-to-understand disclosure of…
SIA announces business continuity guidelines for "Unexpected Market Close"
The Securities Industry Association's Data Management Division has announced guidelines to direct the industry in order routing, clearing and settling equities and options during an unexpected market close.
UK banks can save money by delaying Basel II implementation, says Cass research
Delaying compliance with the New Basel Accord would save UK banks substantial amounts of money, according to research by Cass Business School of London.
Vega recruits US trading head
Vega Asset Management USA, the US branch of Madrid-based hedge fund Vega Asset Management, has hired Rajiv Sobti to head its North American trading operations in New York.
Bear Stearns adds to credit derivatives team in Tokyo
Bear Stearns has hired Edouard Hervey, previously a credit default swaps trader at BNP Paribas in Hong Kong, as managing director in Tokyo.