News
Korean consumer default likely to affect Asian securitisation, says S&P
The deteriorating credit quality of South Korea’s securitised credit card portfolios has not only meant Korean asset-backed securities issuance has ground almost to a halt this year, but that it is likely to negatively affect consumer finance…
FSA warns of treasury management flaws
LONDON - The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
China’s regulator publishes new draft derivatives guidelines
The publication of China’s long-awaited derivatives regulations has moved a step closer, following the release of new draft guidelines by the country’s regulator, the China Banking Regulatory Commission (CBRC).
Basel II is a key driver for real-time info
Speakers at the Cable & Wireless roundtable on real-time information in mid-September all agreed that real-time information (RTI) would help banks manage liquidity, minimise risk and improve operational efficiencies. They also agreed that one of the key…
BarCap lures Joshi from CSFB
Barclays Capital (BarCap) has appointed Dixit Joshi as a managing director in its equity-linked products group. He will assume responsibility for running the UK bank’s global equity derivatives trading and arbitrage business.
Basel Accord finalisation delayed by six months
The Basel Committee on Banking Supervision announced today that the finalisation of Basel II will be postponed from year-end 2003 to mid-year 2004.
Pressure mounts on directors that fail to use hedging tools
A decision on the Equitable Life Assurance Society case in the UK is expected this month, on whether the company has the right to take its former non-executive directors to trial for failing to hedge risks.
SEC brings landmark case against teenage hacker
The Securities and Exchange Commission (SEC) has filed a complaint against a teenager that it alleges perpetrated a complex options scam. This is the first time the US regulator has brought a securities fraud case against an alleged hacker.
Basel Accord finalisation delayed by six months
The Basel Committee on Banking Supervision announced today that the finalisation of Basel II will be postponed from year-end 2003 to mid-year 2004. Such a delay was widely anticipated in light of the tone and volume of comments that the committee…
US SEC to begin work on Basel II rules
The US Securities and Exchange Commission (SEC) will soon issue a set of proposals, consisting of rule amendments and new rules, to create two separate voluntary regulatory frameworks for the supervision of broker-dealers and their affiliates on a…
New Isda credit derivatives chair warns against complacency
Derek Smith, head of US credit derivatives trading at Goldman Sachs and the new North American chair for the International Swaps and Derivatives Association's credit derivatives market practice committee, believes market participants need to beware of…
Etrade adds CME foreign exchange futures
Retail brokerage Etrade has added foreign exchange futures to its equities trading platform, through a link with the Chicago Mercantile Exchange’s Globex platform. This brings the total number of futures contracts available via Etrade to eight.
Fame extends data coverage of North American gas and power markets
Data technology software provider Fame has added IntercontinentalExchange (Ice) North American gas and power indexes to its software products.
S&P questions Basel II
NEW YORK - Standard and Poor's anticipates significant challenges for banks to quantify operational risk as outlined in Basel II, even though it expresses general support for the Accord as a whole.
US SEC to begin work on Basel II rules
The US Securities and Exchange Commission (SEC) will soon issue a set of proposals, consisting of rule amendments and new rules, to create two separate voluntary regulatory frameworks for the supervision of broker-dealers and their affiliates on a…
Time-series pioneers share Nobel Prize for Economics
Recipients’ work on the analysis of time-series data has provided powerful mathematical tools for research in derivatives pricing, risk management and economics
BarCap appoints head of US fixed-income strategy
Barclays Capital, the investment banking arm of the UK's Barclays Bank, has hired Bulent Baygun from Citigroup/ Salomon Smith Barney (SSB) as director and head of US fixed-income strategy.
ISE starts trading index options
New York-based electronic equity options market, the International Securities Exchange (ISE), has started offering US index options.
Schwarzenegger promises market-based energy programme
Arnold Schwarzenegger, newly elected governor of California, has vowed to use market-based approaches to address the state's ailing wholesale energy markets.
Forum codifies Chinese Walls in credit trading
The Joint Market Practices Forum - an ad hoc group of four market trade associations – has produced a set of principles and recommendations tackling the contentious issue of Chinese Walls between credit trading and lending functions.
Luminary Capital Management goes live with FNX risk system
New York-based Luminary Capital Management, a global macro hedge fund, has gone live with technology provider FNX’s Sierra trade management system.
SuperDerivatives hires North America director of sales
SuperDerivatives, the London-based currency options pricing systems vendor, has appointed Carmine Ricciardi as director of sales for North America.
Forum codifies Chinese Walls in credit trading
The Joint Market Practices Forum - an ad hoc group of four market trade associations – has produced a set of principles and recommendations tackling the contentious issue of Chinese Walls between credit trading and lending functions.
Rothschild enters oil risk sector
Heading the senior team is Martin Fraenkel, previously managing director of JPMorgan Chase's global commodities group in London. Fraenkel has recruited hissenior team from outside Rothschild. KamalInvestment bank Rothschild has entered the oil risk…