News
HypoVereinsbank protection costs widen after poor Q3 results
Poor third-quarter results released by HypoVereinsbank on Wednesday prompted the cost of credit protection for the German banking group’s senior, five-year debt to widen 30 basis points to 140/165bp by trading mid-session today. HypoVereinsbank’s net…
Delay to Japanese bad-loan proposals stymies bank swaps trading
The decision by the Japanese government this week to delay the release of drastic proposals to tackle the country’s decade-long, non-performing loan problem, caused protection on Japanese bank debt to trade slightly wider, with bid-offer spreads…
Global defaults fall for first time in two years, says S&P
Global default rates fell in the third quarter for the first time in two years, signalling that the flood of corporate defaults that began in the late 1990s has peaked, according to ratings agency Standard & Poor’s.
Delayed Basel II securitisation paper expected shortly
BASEL – Global banking regulators hope to issue very shortly the delayed discussion paper on asset securitisation in the context of the complex Basel II capital accord that’s aimed at making the world’s banking system safer.
Super-senior risk buyer’s role seen as vital in managed synthetics
The future growth in managed synthetic collateralised debt obligation (CDO) deal-flow is dependent on the willingness of counterparties to sell super-senior risk protection to CDOs, said Jeff Huffman, a London-based executive director in Goldman Sachs’…
Three firms receive OTC derivatives trading licences in South Korea
Three local South Korean securities houses have received licences to trade over-the-counter (OTC) derivatives following regulatory changes that opened up the country's OTC market to securities firms in July.
Credit Lyonnais extends DerivaTech to Asia
French bank Credit Lyonnais has extended the use of US-based software house DerivaTech's foreign exchange options pricing system to its branches in Korea, Taiwan and India.
Weather risk market remains buoyant, claims Clemmons
The global weather risk market is still healthy, despite high profile departures from the market, speakers told delegates at Risk 's WeatherRisk conference in London today.
Delayed Basel II securitisation paper expected shortly
Global banking regulators hope to issue very shortly the delayed discussion paper on asset securitisation in the context of the complex Basel II capital accord that is aimed at making the world’s banking system safer.
BarCap lures Aguais from Algorithmics
Barclays Capital, the investment banking division of Barclays Bank, has lured Scott Aguais from enterprise risk management vendor Algorithmics, to work as its new head of credit risk methodology in London.
ABB protection no longer available on a client-only basis
Credit protection on the debt of ABB is no longer available even on a client-only basis, major dealers said today.
Lombard launches collateral management application
London-based risk management software company Lombard Risk Systems yesterday launched FirmRisk Collateral, a collateral management application developed for financial and non-financial institutions.
e-FX may affect liquidity and volatility, BIS says
Market participants fear the rise of electronic trading may adversely affect liquidity and volatility in the forex markets, according to the Bank for International Settlements (BIS).
Kofex and CME sign MOU
The Korea Futures Exchange (Kofex) and the Chicago Mercantile Exchange (CME) have signed a memorandum of understanding (MOU) to pursue joint business development initiatives in derivatives products.
Seoul Securities to acquire CJ Futures in South Korea
Seoul Securities, the South Korean brokerage firm majority owned by George Soros's Quantum International Fund, has entered into a preliminary agreement to purchase CJ Futures from food and consumer products company, CJ Corporation, according to Thomas…
BTM transfers derivatives teams to securities house
Japan’s Bank of Tokyo-Mitsubishi (BTM) is in the process of transferring its derivatives operations to its newly formed securities house subsidiary, Mitsubishi Securities, in an attempt to provide a wider array of structured products to investors.
US launch of single-stock futures delayed
OneChicago, the US electronic futures exchange, has postponed the first day of trading of single-stock and narrow-based stock indexes to November 8. The exchange, a joint venture of the Chicago Board Options Exchange, the Chicago Board of Trade and the…
Most UK investment banks cannot measure op risk, survey finds
Less than one third of senior wholesale financial services executives are confident that their employers can measure operational risk, according to the results of research by the Institute of Financial Services (IFS), a UK provider of educational support…
Morgan unveils managed bespoke credit investment product
JP Morgan Chase has completed what it claims is the first of a new generation of credit derivatives investment deals.
Risk conference speakers predict more gloom for CDO buyers
The problems of the collateralised debt obligation (CDO) business have been highlighted at Risk magazine’s Credit Risk Summit 2002, which opened in London today.
RMS publishes daily weather derivatives data
Risk Management Solutions (RMS), a California-based provider of software for the management of natural hazard risks, has begun publishing daily weather market price data on the internet.
Cicada Offers Data Cleansing Service Options
Cicada, a consultant and provider of data cleansing and validation services, can now offer financial firms a mix of data cleansing and maintenance options.
De Vries takes on global FX for ING Financial Markets
Ted de Vries, Amsterdam-based global head of ING Financial Markets, has taken over direct responsibility for global foreign exchange, the bank said last week.
BondsInAsia may add Singapore, Hong Kong futures to electronic trading
Web-based electronic trading platform BondsInAsia is hoping to add Singapore and Hong Kong futures to its product range in the medium-term, according to the platform’s chief executive, Albert Cobetto.