News
Sumitomo closes Japan’s first CDO backed by structured finance transactions
Tokyo-based Sumitomo Trust and Banking (STB) has closed Japan's first synthetic collateralised debt obligation (CDO) referenced to a semi-managed portfolio of structured finance transactions. The deal was worth ¥70 billion ($591 million).
El Paso board fights off shareholder revolt
The management of embattled energy company El Paso defeated a shareholder-sponsored initiative on Tuesday that would have replaced its current board of directors.
Lehman launches more minibonds in Hong Kong
Lehman Brothers has launched retail minibonds linked to the credit of Hong Kong conglomerate Hutchison Whampoa today, making it the fourth time the bank has launched such a product in the Hong Kong Special Administrative Region.
Law firm launches new collateral legal risk management service
Derivative Services, an affiliate of the international law firm Allen & Overy, has launched a legal risk management service aimed at addressing the complex legal analysis required to take on collateral for derivatives transactions.
BNP Paribas capital management team disbanded
The small team of quants in BNP Paribas’ capital management unit for fixed income has disbanded. The team, which had more than its fair share of personal differences, nonetheless published 10 technical papers in Risk during a five-year period. These…
GFI targets corporates for options pricing
New York-based inter-dealer broker GFI has launched a new online foreign exchange options pricing service targeting corporates and other lower-volume forex users.
Banks counter IAS39 threat
Banks are developing new structuring models for corporate clients to ensure the IAS39 accounting standards do not result in a reduction of complex foreign exchange hedging activity, Risk's sister publication FXWeek reports.
Banks counter IAS39 threat
Banks are developing new structuring models for corporate clients to ensure the IAS39 accounting standards do not result in a reduction of complex foreign exchange hedging activity, Risk 's sister publication FXWeek reports.
Commerzbank appoints Shottes to trade credit derivatives
Commerzbank Securities has appointed Paul Shottes to its credit derivatives group in New York.
SEB globalises options
Swedish bank SEB has globalised its foreign exchange options business in anticipation of Sweden's entry into the eurozone, reports Risk 's sister publication FX Week .
Deutsche boosts commodities business in Asia
Deutsche Bank has hired Richard Ng as vice-president and commodities marketer for the bank’s global markets business unit in Singapore.
HKEx to hire World Bank director as COO
Hong Kong Exchanges and Clearing (HKEx) plans to hire Patrick Conroy, director of the financial sector global partnerships group at the World Bank, as chief operating officer (COO) of the exchange.
JP Morgan Chase launches buy-side risk management product
JP Morgan Chase is launching a new risk management service, MorganRisk, to enable buy-side clients to gauge market risk in their own investment portfolios using the same proprietary methodologies used by the US bank.
SG to be first to market with UK currency warrants
SG, the investment banking arm of Société Générale, will issue the first currency warrants in the UK next week. The move follows the release of warrants linked to oil, gold and house price moves by Goldman Sachs, SG’s biggest rival in this area.
Japanese credit spreads tighten, especially in electronics
The cost of credit protection on Japanese corporate debt tightened across the board this week, with spreads in the electronics sector particularly narrower, although volumes were thin.
Fannie Mae issues statement on derivatives accounting policy
US mortgage agency Fannie Mae issued a statement today highlighting its policy on derivatives accounting, in a move to distance itself from the controversy that has enveloped rival mortgage agency, Freddie Mac.
Risk USA 2003: Schachter hits out at hedge fund disclosure
Barry Schachter, head of risk management at US hedge fund Sac Capital Advisors, believes quantitative hedge fund information disclosure to investors is relatively meaningless, and that they would be better served by disclosures about the risk management…
Regulators could stifle retail derivatives development, warns speaker
Overly strict financial regulations could stifle the development of derivatives products for retail investors, warned a keynote speaker at an international derivatives conference today, co-hosted by the Futures and Options Association (FOA) and the…
Risk USA 2003: Loan managers increasingly rely on credit derivatives, says CIBC's Bennett
Stephen Bennett, global head of portfolio management at Canadian Imperial Bank of Commerce (CIBC), believes credit derivatives are playing an increasingly important role in the loan market, both as hedging instruments and by helping facilitate mark-to…
Risk USA 2003: convertible bond replication soon possible, says hedge fund chief risk officer
Prospects for the replication of convertible bonds with other corporate securities and their derivatives are improving, said Jim Vinci, chief risk officer of Greenwich, Connecticut-based convertible bond arbitrage fund Paloma Partners, at the Risk USA…
Delayed trac-x Europe launches today
Trac-x Europe, part of a family of credit default swap indexes being assembled by JP Morgan Chase and Morgan Stanley, debuted trading today. A funded format is due to start trading the week of June 30. This follows a delay of about six weeks.
JP Morgan Chase launches buy-side risk management product
JP Morgan Chase is launching a new risk management service, MorganRisk, to enable buy-side clients to gauge market risk in their own investment portfolios using the same proprietary methodologies used by the US bank.
Colonial First State loses head of hedge funds
Damien Hatfield, head of hedge funds at Australia’s Colonial First State, one of the country’s leading investment managers, has left the firm to set up a joint venture company.
FNX opens South-east Asian hub
FNX, the Pennsylvania-based risk management software company, has established a regional support centre in Bangkok, Thailand.