News
Red backers confirm exclusive talks with Mark-it
Deutsche Bank, Goldman Sachs and JP Morgan, the backers of a credit derivatives reference entity database called Red, have confirmed they are in exclusive talks to sell their database to UK start-up company Mark-it Partners.
Sumitomo capital raising sparks Japanese bank spread widening
Japanese bank credit protection spreads widened this week as a capital-raising exercise by Sumitomo Mitsui Banking Corp (SMBC) sparked renewed fears that banks were trying to shore-up capital reserves ahead of their year-end results.
Ex-Aquila weather traders find new jobs
Ravi Nathan, formerly head of weather trading at Missouri-based energy company Aquila, is to join insurance firm ACE, heading its weather risk management division out of its Philadelphia office. Meanwhile, six of his former Aquila colleagues are set to…
Merrill reaches agreement with SEC over Enron
Merrill Lynch has reached an agreement with the US Securities and Exchange Commission (SEC) to pay an $80 million fine as a result of its dealings with Enron.
ThyssenKrupp downgrade prompts spread widening
The cost of protection on ThyssenKrupp widened by up to 150bp in trading this morning, following its downgrade to junk by rating agency Standard and Poor’s. The downgrade prompted renewed fears about the pension liabilities faced by Thyssen and 11 other…
Bank of America platform integrates derivatives financing capabilities
Bank of America has launched a new prime brokerage platform, integrating equity swap capabilities with traditional prime brokerage services.
Fortis launches its first managed synthetic CDO
In a deal led by Royal Bank of Scotland's Financial Markets arm, Fortis Investment Management has launched its first managed synthetic collateralized debt obligation (CDO).
JP Morgan restructures equities business
JP Morgan Chase has restructured its global equities business by moving Carlos Hernandez, previously head of global equity capital and derivatives markets, to head North American equity capital markets.
EIB to outsource derivatives collateral management
The European Investment Bank (EIB), the financing institution of the European Union, is set to outsource its derivatives collateral management activities to Dutch bank ABN Amro.
Japan's UFJ Bank to issue synthetic CLO in March
Japan’s UFJ Bank is preparing to launch a balance sheet synthetic collateralised loan obligation (CLO) referenced to a pool of loans extended by UFJ Bank to Japanese small and medium sized companies, worth ¥1 trillion ($8.4 billion). The synthetic CLO,…
Deutsche launches commodity indexes
Deutsche Bank has launched two new indexes that track the performance of a small set of liquid commodities.
Standing to leave JP Morgan
Rob Standing, London-based head of JP Morgan Chase's interest rates business, is to leave the firm to join London Diversified Fund, a $1 billion fixed-income hedge fund he set up while at Chase Manhattan in 1995.
Deutsche Börse and Swapstream to co-host trading platform
Deutsche Börse and London-based independent service provicer Swapstream have teamed up to offer a 'neutral' trading platform for swaps and other over-the-counter derivatives.
Malaysian bourse delays launch of single-stock futures
The Malaysia Derivatives Exchange (MDEX) has postponed the launch of single-stock futures (SSFs) contracts following a decision to further review the implications of trading the products on the main stock market. SSFs were initially scheduled for launch…
KPMG Study highlights regional differences in Basel implementation
According to a recently released global study by the consulting arm of KPMG, the the international auditing firm, there are significant differences in how financial institutions in the US and Europe are preparing for the coming Basel Accord revisions.
ABN Amro revamps financial markets operations
ABN Amro has combined its global financial markets unit with its loan products division, as part of a major overhaul of its financial markets business.
Credit spreads tighten due to CDO upsurge
Credit default swap spreads tightened this week as the continued upswing in collateralised debt obligation (CDO) issuance pulled in offers, and limited debt-issuance reduced demand for credit protection.
AIR releases US temperature database
AIRWeather, a division of Boston-based natural hazard modelling company AIR Worldwide Corporation, yesterday released PerfecTemp Hourly, claiming that it is the first cleaned and reconstructed hourly station temperature database for the US. PerfecTemp…
Patsystems names two non-executive directors
UK electronic trading software company, patsystems, today named Stewart Millman as non-executive chairman and Richard Last as a non-executive director.
Three more Korean securities firms receive derivatives licences
Three additional securities firms have received authorisation to trade over-the-counter (OTC) derivatives in South Korea following regulatory changes last July that opened up the OTC derivatives market to the country's securities houses.
Fitch unveils OpVantage version 5.0
Fitch Risk, a unit of rating agency Fitch, plans to release a March update of its OpVar software, which provides a database of operational loss events and software that helps banks better model operational risk.
Korea's SK Life acquires Kamakura market risk system
SK Life Insurance, one of South Korea's largest life insurance companies, has licensed Honolulu-based risk management technology firm Kamakura's market risk system, Kamakura Risk Manager. The deal marks the 10th Korean client for Kamakura.
IAS will inject volatility into financial statements, says S&P
The required adoption of International Accounting Standards (IAS) for publicly listed European Union banks by 2005 is set to boost not only the transparency, but also the volatility of these institutions' financial statements in coming years, rating…
IAS will inject volatility into financial statements, says S&P
The required adoption of International Accounting Standards (IAS) for publicly listed European Union banks by 2005 is set to boost not only the transparency, but also the volatility of these institutions' financial statements in coming years, rating…