News
UK banks unprepared
Many UK banks are still unprepared for the implementation of the new Basel Accord for risk-based capital allocations, according to Chase Cooper, a London-based operational risk and corporate governance solutions provider.
NAB to keep revised system
National Australia Bank (NAB) officials have no plans to replace their currency options trading platform in light of the recent $280 million (A$360 million) foreign exchange rogue trading scandal that has enveloped the bank over the last two months,…
MexDer launches options trading business
MexDer, the derivatives exchange of Mexico, celebrated the launch of its market for financial options yesterday.
UBS executes Bloomberg futures trades
UBS Investment Bank has become the exclusive executing broker for Bloomberg's Tradebook alternative trading system on the Chicago Board of Trade, Chicago Mercantile Exchange, Eurex and Euronext.liffe futures exchanges, reports Risknews’ sister…
Seven leave Dresdner in FX flight
Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month, reports Risknews’ sister publication FX Week .
Reuters buys remainder of Icor
Reuters has taken over Icor Brokerage's electronic foreign exchange options platform, reports Risknews’ sister publication FX Week . The news follows Reuters’ announcement last week that it has bought the remaining 50% stake in Icor it did not already…
Lehman raids Merrill team
Lehman Brothers has raided rival investment house Merrill Lynch for a team of three foreign exchange options dealers in London, sources close to the bank told Risknews’ sister publication FX Week .
Fed's Bies focuses guns on enterprise-wide compliance
Financial firms can only truly mitigate legal, reputation and regulatory risk by implementing enterprise-wide compliance programmes, said Federal Reserve Governor Susan Schmidt Bies in a pair of February speeches in New York City and a third speech in…
CBOT confirms talks to list Trac-x futures
The Chicago Board of Trade (CBOT) confirmed it is in talks with Dow Jones Indexes to list futures contracts on the Trac-x family of credit default swaps (CDS) indexes.
OM to provide trading system for Iberian energy market
Swedish technology vendor OM has entered an agreement with Adinfor/Ace, a Portuguese systems integrator, to provide a trading and clearing system to Operador do Mercado Ibérico de Energia Pólo Português (OMIP), the newly formed pan-Iberian electricity…
CME & Tullett to launch matching and clearing system
The Chicago Mercantile Exchange (CME) is to team up with UK-based broker Tullett Liberty to introduce an electronic trade-matching system. It will provide traders with integrated trading and clearing of exchange-listed products with forward rate…
Eurex to enter US equity index options market
Derivatives exchange Eurex has licensed a number of US equity indexes from index company Russell in its latest move into the North American derivatives market.
Mantas and IBM collaborate for trading abuse monitor
Mantas, a compliance technology provider for the financial services and telecommunications industries, has partnered with IBM to develop Mutual Fund Monitor, a system developed to enable fund managers to detect market timing, late trading, self-dealing…
Munich Re implements IAS 39 reporting
Reinsurance company Munich Re has become one of Europe’s first large financial institutions to bring its accounting in line with new International Accounting Standards Board (IASB) regulations that affect derivatives known as IAS 39.
Merrill Lynch hires head of Pacific Rim local currency trading
US investment bank Merrill Lynch has hired Stanley Zau as managing director, head of Pacific Rim local currency trading, responsible for fixed income, foreign exchange and derivatives trading in Asian local currencies.
SEC capital rules proposals provoke heavy industry criticism
The capital adequacy rules proposed by the US Securities and Exchange Commission (SEC) have ignited a flurry of criticism from both US and European commentators.
S&P introduces new CDO benchmarking tool
Rating agency Standard & Poor’s (S&P) has introduced a new tool for rating the performance of synthetic collateralised debt obligations (CDOs). Synthetic rated overcollateralisation (SROC) is a measure designed to let investors quantify the chance of a…
Deutsche in FX drive
Deutsche Bank has named Gordon Wallace and Nitin Gulabani as co-heads of global foreign exchange trading.
Enron's former head of options trading joins Mobius
Mark Jackson, the former head of options trading at failed energy company Enron, has joined Houston-based energy risk advisory firm Mobius Risk Group as senior vice-president of quantitative services.
EU Commission sets out its stall on CAD
The EU Commission published a feedback document on its website today on the responses to its third consultation paper on revisions to the Capital Adequacy Directive (CAD).
Larsen bows out of Icor
Jeff Larsen, founder of the online electronic inter-dealer broker Icor, has sold his remaining stake in the business and is stepping down as its chief executive.
US salaries moderately up
Foreign exchange dealers in the US saw slight increases in their wages this year, according to a new salary survey out this month, reports Risk’s sister publication, FX Week .
HKEx delays launch of derivatives clearing
The Hong Kong Stock Exchange (HKEx) has delayed the launch of its Derivatives Clearing and Settlement System (DCASS) until "early in the second quarter of this year", according to a report released by exchange officials, reports Risk’s sister publication…
NAB publishes report on options losses
The National Australia Bank (NAB) has published a report on the A$360 million ($262 million) options trading scandal, which blames weaknesses in risk management controls and inadequate management supervision for the losses.