News
Prebon Yamane's Singapore chairman to retire
John Ng, chairman of brokerage house Prebon Yamane (Singapore), is to retire from the firm following 29 years with the company.
Hong Kong Futures Exchange suspends international equity derivatives trading
The Hong Kong Futures Exchange is to suspend trading of its international stock futures and options, it was announced today.
Ex-Putnam CRO Martens joins TIAA-CREF
Erwin Martens, former chief risk officer at Putnam Investments, has joined the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) in the newly created position of executive vice-president forrisk management.
People swaps
Chappel replaces McCarthy as Williams CFO US energy major Williams has hired Donald Chappel (pictured) as senior vice-presidentand chief financial officer (CFO). He succeeds Jack McCarthy, who retired atthe end of 2002 after 10 years as CFO. Before this…
Abbey National snaps up Op risk solution from Raft
UK bank Abbey National has purchased raft radar, an operational risk management system from London-based software provider Raft International.
Basel Committee publishes additional QIS3 results
The Basel Committee on Banking Supervision has published additional statistical data from the third quantitative impact study (QIS3), which was originally released on May 5.
Fed's Ferguson says Basel II will apply to 20 US banks
The number of US banks expected to implement Basel II is now likely to be twice the number unveiled to a stunned international banking community during Congressional testimony in February, Roger Ferguson, vice-chairman of the US Federal Reserve, has told…
SuperDerivatives upgrades forex options pricing platform
SuperDerivatives, a London-based foreign exchange pricing company, has upgraded its currency options pricing system.
Icap thrives on market volatility
Icap, the largest inter-dealer broker of over-the-counter derivatives, has reported a 39% rise in profits to £123.7 million for the year ended March 31. The firm’s turnover rose 26% to £664.3 million as the firm thrived on market volatility, especially…
Boston Options Exchange links up with RadianzNet
The Boston Options Exchange (Box), an electronic equity derivatives market, will use US electronic network services supplier Radianz to connect the exchange’s trading system to RadianzNet, an internet protocol-based global financial extranet.
Fed’s Ferguson says Basel II will apply to 20 US banks
The number of US banks expected to implement Basel II is now likely to be twice the number unveiled to a stunned international banking community during Congressional testimony in February, Roger Ferguson, vice-chairman of the US Federal Reserve, has told…
Japan's four major banks post losses of $31bn for 2002
Japan's four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Carr Futures to close London FX
Carr Futures, Chicago-based institutional brokerage firm and part of Credit Agricole Indosuez, is closing its London foreign exchange desk on June 1 to form one 24-hour desk in New York, Risk's sister publication FX Week reports.
Japan’s four major banks post losses of $31bn for 2002
Japan’s four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Reuters FX under threat
Reuters is fighting back to secure its position in FX, following the announcement of an alliance between two rivals, reports Risk's sister publication FX Week .
Krung Thai Bank taps Reuters for risk system
Krung Thai Bank, Thailand’s largest state bank, has signed an agreement with Reuters, the global information and trading systems company, to provide a real-time trading room risk system and a back-office system to handle its processing and cash…
Eurex and BOTCC in global clearing accord
Eurex, the Swiss-German derivatives exchange, has signed up the US Board of Trade Clearing Corporation (BOTCC) to clear the contracts that will be traded on the futures exchange that Eurex plans to launch early next year. BOTCC customers will have direct…
HSBC recruits global head of currency options
HSBC has hired Matt Desselberger from Deutsche Bank as its global head of currency options. He succeeds Martyn Brush, who will serve in a new position as head of derivatives business management, responsible for the operational side of the derivatives…
German mortgage consortium to manage risk with Fermat
German mortgage bank Eurohypo has bought Paris-based Fermat’s risk management suite for regulatory risk, credit risk and asset and liability management.
Industry moves to appease investor credit conflicts of interest concerns
A group of leading trade associations today released a draft of “principles and recommendations” regarding the correct set-up of Chinese Walls within the credit divisions of US financial institutions. The move follows criticism from investors – notably…
JP Morgan Chase hires Asian credit and rates MD
JP Morgan Chase has snatched Kelvin Wong from Deutsche Bank, appointing him as a managing director in the credit and rates business and head of credit sales in Asia ex-Japan.
Bank risk disclosure improving, says Basel Committee
A new report from the Basel Committee on Banking Supervision says that, overall, banks are improving their disclosure of credit, market, operational and other risks in their annual reports.
Radwan working paper released
Alexander Radwan, a member of the European parliament (MEP) for Germany, released another draft of his working paper on the European Commission's capital adequacy directive (CAD) on May 20.
Credit derivatives disclosure still lacking, says Basel Committee
The disclosure by banks related to their credit mitigation techniques is still lacking, according to a survey released today by the Basel Committee on Banking Supervision. The survey analysed public disclosure by banks in 2001 and found that, although…