News
Fredrickson bows out as global head of rates at UBS
Tim Fredrickson has retired from UBS, where he headed the Swiss bank’s global interest rates business until the end of May.
Progress continues on EU single payment area
Frankfurt – The European Central Bank (ECB) is continuing its push for the creation of a single euro payments area (SEPA), and the private sector is working hard to keep up with the pace of change.
JP Morgan Chase and Morgan Stanley launch Trac-x Japan CDS index
US investment houses JP Morgan Chase and Morgan Stanley are merging their Japanese credit derivatives indexes Janice and MSJ-CDS, respectively, into Trac-x Japan, a new tradable index that tracks the 50 most liquid Japanese credit default swaps (CDS).
Wachovia bolsters CDS trading group
Wachovia Securities has hired two Bank of America credit default swap (CDS) specialists to bolster its credit derivatives trading team.
Isda publishes 2002 master agreement protocol
The International Swaps and Derivatives Association has published a protocol for the 2002 Isda master agreement.
Mizuho selects FNX for interest rate derivatives processing
Japan’s Mizuho Bank has licensed FNX’s Sierra System for use in processing interest rate futures and options.
DrKW adds to sales and marketing in Singapore
Dresdner Kleinwort Wasserstein (DrKW) has hired Dahai Wang as a vice-president in its sales and marketing team in Singapore.
JP Morgan Chase names Wilson chief risk officer
JP Morgan Chase today announced that Don Wilson, currently co-head of credit and rate markets, will become the bank’s chief risk officer (CRO) upon the retirement of Marc Shapiro, the bank's current vice chairman and CRO, at the end of September.
Daiwa Securities SMBC launches managed synthetic CDO
Tokyo-based Daiwa Securities SMBC has launched its first managed synthetic collateralised debt obligation (CDO). The deal is worth ¥5.4 billion and is referenced to a portfolio of 100 Japanese credits.
S&P to apply stress test to power firms
Standard & Poor’s (S&P) is to apply a stress test designed to measure how well power companies can stand price swings in volatile electricity markets. The move is part of the credit rating agency’s effort to combat criticism of rating agency failure to…
People swaps
SG reshuffles project finance and utilities divisions SG Corporate & Investment Banking, a subsidiary of Société Générale, has named Matthew Vickerstaff and Roger Bredder as the respective heads of project finance for Europe and the Americas. London…
Who will be on Basel II in the US?
Observers are wondering, now that the US regulatory agencies have released their advance notice of proposed rulemaking (ANPR), which banking institutions will be considered mandatory banks, and be forced to use the advanced credit and operational risk…
Hong Kong to adopt loose approach to Basel II
The Hong Kong Monetary Authority, the financial regulator for the special administrative region of China, will not be mandating that certain types of banks adopt certain portions of the revised Basel Accords, according to a speech by Simon Toping,…
Cantor hires Irvin Goldman from CSFB
Broker Cantor Fitzgerald has hired Irvin Goldman, former head of fixed-income sales and trading at Credit Suisse First Boston (CSFB), as president of its debt capital markets and asset management division.
Fed seeks public comment on Basel II
The Federal Reserve has issued an interagency advance notice of proposed rulemaking (ANPR) seeking public comment on the implementation of the new Basel Accord in the US.
Emerging market hedge funds post highest returns
Emerging market hedge funds continued to generate lucrative returns in June, averaging a 3.3% gain net of fees, according to the Van Global Hedge Fund Index.
Goldman helps Greece meet EU targets using large derivatives deal
US investment bank Goldman Sachs has structured a €10 billion swaps ($11 billion) contract to help the Greek government meet its European Union (EU) debt targets.
Turnbull quits Lehman for return to academia
Renowned quant Stuart Turnbull has left Lehman Brothers' fixed-income research group to return to academia. Turnbull has accepted the Bauer Professor of Finance chair, Bauer College of Business, at the University of Houston.
US regulators issue their advance notice of proposed rulemaking
US regulators published the much-awaited advance notice of proposed rulemaking (ANPR) late on Friday afternoon, after a meeting of the Board of Governors of the Federal Reserve.
Fimat to launch foreign exchange futures in Poland
Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related foreign exchange futures contracts in eastern Europe to widen its currency product portfolio for its institutional client base.
NYBOT appoints new CEO
The New York Board of Trade (NYBOT) has appointed its chairman, Charles Falk, to be its new president and chief executive officer (CEO). Falk has been acting in the position since the resignation of the previous CEO, Mark Fichtel, in April 2002.
IDEAglobal moves into credit derivatives
IDEAglobal, a Singapore-based market research company best known for its fixed-income commentary, is moving into credit derivatives.
Ferc says clearing house cooperation would boost energy sector
Increased co-operation among energy clearing houses in the US would help ‘jump-start’ the sector’s recovery, according to Lee-Ken Choo of the Federal Energy Regulatory Commission.
MMS launches one-stop credit service
Market data provider MMS International launched a real-time credit and derivatives commentary service last week, its first new service in five years.