News
BoA axes global head of forex exotics role amid restructuring
Bank of America (BoA) has cut three management positions, including its head of global exotics, as part of an ongoing strategy to consolidate global foreign exchange trading and sales, a senior official at the bank in New York told RiskNews ’ sister…
Spanish exchange-traded equity derivatives volumes soar
Growth in equity derivatives trading, especially single-stock futures, helped Madrid-based mF Group post a 22.7%year-on-year increase in the number of contracts traded for the first quarter of 2003. The group is comprised of the three leading Spanish…
Japan credit default spreads resume tightening due to CDO activity
Japan’s credit default swaps market resumed its tightening trend with protection sellers coming back to the market as the new fiscal year started, dealers said today. Recent spread widening offered some arbitrage opportunities related to collateralised…
Hong Kong and Shanghai exchanges in energy derivatives venture
The Hong Kong Exchanges and Clearing Limited (HKEx) and the Shanghai Futures Exchange (SHFE) have signed a memorandum of understanding to develop an Asian energy derivatives market, the exchanges said today.
HKEx names new chief executive
The Hong Kong Exchanges and Clearing Limited (HKEx) has named Paul Chow as its new chief executive, effective on May 1, replacing Kwong Ki Chi.
European Commission publishes consultation results
Brussels - Over 100 written responses to a consultation on a new framework on capital requirements for banks and investment firms have been published on the European Commission's website.
BIS publishes raft of papers
The Bank for International Settlements published online a number of papers that cover a variety of aspects of the Basel II proposals. The papers were presented at a workshop organized by the Basel Committee and the Banca D'Italia in late March.
Barclays Capital hires Lacour to head vol trading
Barclays Capital has hired Franck Lacour as global head of equity derivatives volatility trading.
Derivatives marketer Major to head ABN financial markets advisory
Greg Major, head of derivatives marketing for Asia-Pacific at Dutch bank ABN Amro, is relocating from Singapore to London to take on a new position as global head of financial markets advisory (FMA).
Risk 2003 Europe: Liquidity risk best practice needed, says Nordea’s Hansen
The absence of either established best practice or sufficient academic theory in the area of liquidity risk management is problematic, said Mads Smith Hansen at the eighth annual Risk Europe conference in Paris yesterday.
Risk Europe 2003: Still no "best practice" for integrating economic and regulatory capital, says Buerger
There is still no "best practice" approach to implementing an effective risk management framework that integrates economic and regulatory capital requirements, Peter Buerger, head of group risk control at Germany's Commerzbank, told delegates attending…
Landesbanken to offer credit loss database to third parties
Three of Germany's largest Landesbanken and the consultancy BearingPoint are planning to bring a credit loss database (CLD) that they are developing jointly to the market in the second half of this year. The tool is being designed to comply with the new…
Risk Europe 2003: High credit volatility is here to stay, says Lehman’s Rieder
The high volatility of the US credit markets witnessed in the past couple of years will become a permanent market feature in the future, according to Rick Rieder, head of global credit at Lehman Brothers. Rieder, a keynote speaker at Risk ’s eighth…
Isda AGM: Japanese derivatives slowdown due to poor health of financial intermediaries, says Broadman
A slowdown in outstanding derivatives volumes in Japan over the last few years can be partly attributed to the poor financial health of the country’s intermediaries and banks, according to Bart Broadman, vice-chairman and head of credit and rate markets…
Isda AGM: Two new directors elected to Isda board
The International Swaps and Derivatives Association has elected two new directors to its board during its annual general meeting in Tokyo today.
Dresdner hires marketer for Korea market
German investment bank Dresdner Kleinwort Wasserstein has hired Charles Jo as director and marketer in its capital markets sales and marketing team.
Majority of major corporates using derivatives - Isda
An overwhelming majority of the world’s largest 500 companies use derivatives to hedge their risks, according to the first corporate derivatives survey by the International Swaps and Derivatives Association (Isda), published at the association’s 18th…
Risk Europe 2003: Still no “best practice” for integrating economic and regulatory capital, says Buerger
There is still no “best practice” approach to implementing an effective risk management framework that integrates economic and regulatory capital requirements, Peter Buerger, head of group risk control at Germany’s Commerzbank, told delegates attending…
Barra to lay off 9% of workforce
Barra, the Berkeley, California-based risk management technology vendor, is to reduce its workforce by approximately 9%, from 519 employees to 470 employees worldwide.
Isda AGM: BOJ reiterates intention to purchase corporate ABS
The Bank of Japan (BOJ) today reiterated its intention to buy asset-backed securities from small and medium sized companies in an unprecedented move to remedy the ills of the Japanese financial system.
FSA and BBA lose key staff
LONDON - Both the Financial Services Authority (FSA), the UK's financial regulator, and the British Bankers Association (BBA), a major industry association, have lost key operational risk staff.
Risk conference panellists issue warnings on US Basel position
Panellists on a roundtable devoted to the subject of the revisions to the Basel capital accords issued dire warnings about the implications of the US decision not to implement Basel II in its full form, but rather to select about 10 "internationally…