News
UK banks advised to delay Basel compliance
UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
Deutsche Bank shuffles Asian credit team
Deutsche Bank has signalled its intention to target China’s derivatives market with the appointment of the bank’s Singapore-based head of integrated credit trading, Feng Gao, as co-head of its global markets business in China.
S&P launches loss estimation tool
Standard & Poor's Risk Solutions has launched LossStats Model – a tool for the estimation of loss-given default (LGD).
Gulf emerges between online and voice brokered forex trading, says Greenwich
A sharp divide exists between clients actively trading on electronic platforms and those that do not trade foreign exchange online, according to new research from US-based consultancy Greenwich Associates.
Former JP Morgan Chase fund trio make £55m
Three foreign exchange and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year, according to RiskNews ' sister publication, FX Week .
SIA calls for regulatory convergence between EU and US
The Securities Industry Association (SIA) has urged the Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (CESR) of the European Union (EU) to forge a framework to achieve regulatory convergence.
Integrate Basel II and Financial Reporting Standards, PwC urges banks
Financial firms should consider integrating compliance with Basel II and the International Financial Reporting Standards (IFRS) to avoid overspending on regulatory compliance, according to a report by PricewaterhouseCoopers (PwC).
Study reveals overspending on compliance
BearingPoint, a Virginia-based business-consulting firm, has released survey findings showing wasteful spending and duplication of efforts around risk management and financial transparency in leading financial institutions.
BNP Paribas Asset Management acquires fund of hedge funds business
BNP Paribas Asset Management is to acquire the Javelin fund of hedge funds business currently owned by ZCM Investor Capital, the US subsidiary of Swiss group Zurich Financial Services.
NPR on Basel II expected in late 2005, says OCC
The US regulatory agencies expect to release a notice of proposed rulemaking (NPR) on the new Basel Accord – Basel II – in late 2005 or at the beginning of 2006, according to John Hawke, US Comptroller of the Currency.
S&P launches loss estimation tool
Standard & Poor's Risk Solutions has launched LossStats Model – a tool for the estimation of loss-given default (LGD).
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
OneChicago hires project co-ordinator
OneChicago, the joint venture between the Chicago Board of Trade, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) to trade single-stock futures, has hired Mark Esposito as a project co-ordinator.
Barcap adds in equity derivatives
UK-based investment bank Barclays Capital has made two appointments to its equity derivatives team in London.
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
Wachovia expands structured credit team
Wachovia Securities, the corporate and investment banking arm of Charlotte-based financial services company Wachovia Corporation, has recruited five people to work within the structured credit products group.
Bank of America reoganises credit research
Bank of America is reorganising its credit research team and will now cover European and global credits from the US.
ScotPower’s £400m dollar hedging boon
International energy firm ScottishPower said last week it made £400 million ($728 million) from hedging its US dollar revenues.
DrKW adds to capital markets sales team in Singapore
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has hired Patrick Bei as a director in its capital markets sales team in Singapore.
Icap enters electronic futures fray
UK-based interdealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter, said Icap officials, reports Risknews’ sister publication, Trading Technology Week .
Morgan Stanley set to acquire Barra
Morgan Stanley Capital International (MSCI), a provider of equity, fixed-income and hedge fund indexes based in New York, will acquire California-based technology company Barra within 120 days, for approximately $816.4 million, or $41.00 a share, the…
BNP unit pushes STP for forex
BNP Paribas Securities Services is using CheckFree’s straight-through processing (STP) module to scale its processing services for foreign exchange transactions, reports Risknews’ sister publication, Trading Technology Week .
Regulators not keen to define "significant" international subsidiary
It is highly unlikely that Basel II regulators will have a precise definition of a "significant international subsidiary" in order to make it easier for internationally active banking organisations to determine which of their subsidiaries can calculate…
Norway's Statoil sets up emissions trading unit
Norwegian energy company Statoil has formed a unit for trading carbon dioxide emissions. The Oslo-based firm said: “The Norwegian emissions trading regime will govern Statoil’s involvement in the purchase and sale of carbon quotas.”