News
Dubai picks Pochara to head commodities exchange
Framroze Pochara, formerly a vice-president of the Indian national stock exchange (NSE), has joined the Dubai Gold and Commodities Exchange (DGCX) as chief executive. The exchange is set to start trading before the end of this year.
RBS beefs up equity derivatives distribution
The Royal Bank of Scotland has raided its rivals’ sales desks by hiring three directors in equity derivative sales to cover Germany, Italy and Scandinavia. The move signals the Edinburgh-headquartered bank’s intent on improving its distribution…
China bond forwards represent move to more open market
The start of trading in bond forwards in China is a necessary step towards a more open market, but underlying markets are still too illiquid to allow other derivatives to be traded, said HSBC treasurer for China David Liao.
Axiom risks dissolution over dispute
Two of the three founders of New York-based derivatives broker Axiom Global Partners have moved to have the firm dissolved, in the latest part of a power struggle that appears to have caused the bulk of its staff to resign. The move follows an earlier…
TSX and Eurex plan derivatives expansions
The Toronto Stock Exchange (TSX) is keen to enter the derivatives market as soon as it can, chief executive Richard Nesbitt said yesterday. Meanwhile, Eurex confirmed it would list foreign exchange futures from September 23 this year, the only major…
Industry groups speak out on SEC rating agency rules
Financial industry bodies broadly greeted the Securities and Exchange Commission's proposed rules on approving nationally recognised statistical rating organisations (NRSROs), but voiced concern that the final rules could be too lax.
CME expands weather trading
The Chicago Mercantile Exchange (CME) will add weather derivatives contracts based on data from seven additional cities on June 20. From then, the exchange will list monthly and seasonal contracts based on weather data from 29 cities in Europe, Japan and…
Nymex to launch emissions futures on ClearPort
The New York Mercantile Exchange (Nymex) is to introduce sulphur dioxide (SO 2 ) and nitrogen oxide (NOx) futures contracts on Nymex ClearPort on June 19 for the June 20 trading session, the exchange said today.
Deutsche hires Nam for MBS trading
Keeyeol Nam, formerly a senior vice-president at RBS Greenwich Capital, has joined Deutsche Bank as a director responsible for mortgage derivatives trading.
CDS on ABS set for growth as documentation and sentiment improves
Asset-backed security (ABS) derivatives look set to gain increased popularity, firstly following the release of a template for ABS credit default swap (CDS) trading by the International Swaps and Derivatives Association, and second due to various bankers…
GFI launches oil and gas broking in London
Inter-dealer broker GFI has opened a London desk to broke crude and gas oil derivatives, including options, the company announced yesterday.
US economic data helps drive derivatives volumes – BIS
Stronger economic indicators in the US have pushed the derivatives markets into heightened activity this year, according to the quarterly review of the Bank for International Settlements (BIS), published yesterday.
US equity derivatives team quits Morgan Stanley
Nine members of Morgan Stanley’s US equity derivatives and structured product team quit to join Wachovia today. They join part of a staffing exodus from the US investment bank that its senior executives hope will be stemmed by yesterday’s resignation of…
RBS makes senior rates hire
Royal Bank of Scotland’s financial markets division has appointed Chris Fleming as head of rates flow and liquid products sales.
Trayport connects with IPE
London-based trading systems provider Trayport has entered into an independent software vendor partnership with London’s International Petroleum Exchange.
European Commission to examine energy-sector competition
The European Commission (EC) today launched an inquiry into competition in natural gas and electricity markets, in response to concerns from consumers and new market entrants about the development of wholesale markets and limited consumer choice.
RBS appoints head of inflation trading
The Royal Bank of Scotland (RBS) has appointed Chris Thomas as head of sterling inflation trading and deputy head of its inflation trading business.
Sponsor's article > At long last...
After more than a decade of active deployment at major institutions, simulation-based estimation of counterparty credit exposure is on track to become part of the Basel II regulatory capital regime.1 David Rowe notes, however, that its impact on…
Nymex to form Dubai oil futures exchange
The New York Mercantile Exchange (Nymex) and Dubai Holding are to form the Dubai Mercantile Exchange (DME) to trade sour crude and fuel oil in early 2006, the New York exchange announced today.
Isda publishes Asia ex-Japan equity derivatives agreement
The International Swaps and Derivatives Association has published a master equity derivatives confirmation agreement contract for inter-dealer trades in the Asia-Pacific region excluding Japan.
Clearing service launches for physical power in US
North American Energy Credit and Clearing (NECC), the Clearing Corporation (CCorp) and Atlanta-based commodity-trading platform IntercontinentalExchange (Ice) have launched a physical clearing service for the US energy markets.
Evolution to open Calgary office in July
Energy broker Evolution Markets will open an office in Calgary, the centre of the Canadian energy-trading markets, in early July.
Greenspan fears investor backlash against hedge funds and CDOs
Federal Reserve chairman Alan Greenspan believes investors' pursuit of improving yields by investing in hedge funds and complex investment products – notably collateralised debt obligations (CDOs) – may spark a backlash when the results fail to perform…
Nord Pool names new head of financial markets, launches new contract
Oslo-based electricity exchange Nord Pool has made two new appointments and is about to launch a new contract for hedging the power price difference between the German and Nordic power markets.