News
Merrill Lynch creates non-Japan Asia derivatives role
Merrill Lynch is creating a new position for its non-Japan Asia local currency foreign exchange and interest rate derivatives business to cater for client demand, a senior official said.
Long-awaited exposure draft on SPV consolidation released in US
The US Financial Accounting Standards Board (FASB) has released a long-awaited exposure draft on the consolidation of special purpose entities, or special purpose vehicles (SPVs). New rules for accounting for SPVs, a class that includes all CDOs, was…
NAB bolsters credit team
National Australia Bank (NAB) has bolstered its structured credit team with the addition of Peter Rothwell, who joined the Australian bank’s London office last week as senior trader.
RiskMetrics launches mutual fund evaluation service
RiskMetrics, the US-based risk management analytics provider, has released an equity mutual fund evaluation service that focuses on assigning performance measurements based on the risk of a mutual fund manager. The service, called 'Best and Worst' fund…
ING Financial Markets to use Credient for credit portfolio management
The Netherlands-based ING Group has selected SunGard Trading and Risk Systems' Credient application to support its credit portfolio management business.
Credits in the RED
Credit tech
Icap to broke e-forwards
Inter-dealer broker Icap is launching a forwards FX electronic broking platform internally, said Donald McLumpha, director of the electronic brokering division for London and Europe. He added that the service could be rolled out to clients over the…
CLS turns to vendors for cash injection
Vendors that want to stay up-to-date with Continuous Linked Settlement Services (CLS) and use its brand mark to market their related products will have to pay an annual fee of £2,500 ($3,825) from August, said a spokesperson at CLS in London.
Banks clambering to set up FX shops in Boston
Bear Stearns and Royal Bank of Scotland are among a raft of international banks setting up forex sales desks in Boston. The banks are attempting to take advantage of the centre's established pensions and mutual funds client base, market participants told…
Basel II credit risk charge to be lower with modifications, says survey
Banks using a more complex risk measurement approach under the Basel II bank Accord, once potential modifications are put in place, would have lower credit risk capital charges than under the current Basel I Accord. This is the view of global banking…
KWI joins national energy committee
Software provider KWI has become the latest company to join the executive committee of the National Energy Marketers Association (Nem), a trade body representing energy, telecoms and financial services marketers and consumers.
Fitch first to report CDO exposure to WorldCom
New York-based Fitch is the first rating agency to report WorldCom exposures on the collateralised debt obligations (CDOs) it has rated.
Job moves
QUOTE OF THE MONTH: - “Chairman Harvey Pitt [of the US Securities and Exchange Commission] and I are in close contact, and I sometimes hope that every conversation I have with him will be the last on the single-stock futures issue” James Newsome,…
