News
Forex options software boosts exotics appetite, say bankers
The use of independent foreign exchange options pricing software by corporates may have narrowed banks' margins, but it has given a substantial boost to the exotics market, bankers told RiskNews sister publication FX Week .
Bank West aims for advanced IRB
The Australian Prudential Regulation Authority (APRA) has stated that it expects its four largest banks – ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac – to adopt the most advanced approaches to measuring credit and operational…
Global foreign exchange head leaves RBS
David White, global head of foreign exchange at Royal Bank of Scotland (RBS) in London left the bank on September 5, according a spokesperson for the bank in London. The spokesperson declined to comment on White's sudden departure after many years at the…
DrKW adds to New York sales effort
Dresdner Kleinwort Wasserstein (DrKW) has continued its sales build-up with four new hires to its team in New York this month, said a spokesperson for the bank.
BoNY expands hedge fund services in Dublin
The Bank of New York (BoNY) is expanding its European hedge fund services with the hire of Ian Headon as group manager for alternative investment services in Dublin.
PNC selects SunGard asset/liability tool
Pennsylvania-based PNC Financial Services Group (PNC) is set to implement SunGard Trading and Risk Management's BancWare Convergence product for asset/liability and balance-sheet management.
US banks reveal 'mandatory' status in CP3 comments
Many US banks chose to reveal that they were designated so-called 'mandatory banks' in their responses to the third consultative paper (CP3), issued by the Basel Committee on Banking Supervision in late April.
Basel II delay looking increasingly likely
The financial industry's drums are beating strongly for a further delay to the implementation deadlines for Basel II, and such a delay is beginning to look increasingly likely, according to those close to the Basel Committee on Banking Supervision.
Black-Scholes models lose favour for employee stock options
Companies around the world are likely to come under increasing pressure to change their valuation methodologies for employee stock option schemes from traditional Black-Scholes models to binomial approaches, according to the research department of Bear…
SG expands range of UK currency warrants
SG, the investment banking arm of French bank Société Générale, has launched warrants on the US dollar/yen and euro/US dollar currencies on the London Stock Exchange’s warrants market. SG said it also plans to launch warrants on the Japanese Nikkei 225…
ABN Amro shakes up forex division
ABN Amro’s current global head of foreign exchange options, Douglas Bongartz-Renaud, will transfer to a new role in the bank’s wholesale banking business as part of a reorganisation set to take place over the coming months, a source close to the bank…
Raft of dealers set to market-make Trac-x
A raft of investment banks will start making markets in Trac-x - the global suite of credit default swap indexes created by the merger of the Morgan Stanley's Tracers and JP Morgan Chase's Jeci indexes in April – within the next two weeks.
IBM rolls out SuperDerivatives for currency options
IBM has signed a multi-licence contract with London-based foreign exchange pricing company SuperDerivatives. The company will roll out the SuperDerivatives pricing system for currency options to the IT company's treasury team based in Armonk, New York.
BarCap hires Passaretta in LatAm derivatives drive
Barclays Capital, the investment banking division of UK bank Barclays, has appointed Gianluca Passaretta as director and head of Latin America interest rate derivatives trading.
Another dealer joins CJ 50 Index
Japan’s Aozora Bank has become the eighth credit derivatives dealer to join the CJ 50 Index, a multi-dealer credit index which tracks the 50 most liquid credit default swaps in Japan.
Summit markets new porfolio product
New York-based transaction processing technology company, Summit Systems, has started to aggressively market its new portfolio processing product, Summit FT. The web-based product offers instant delivery of real-time information across a range of primary…
Tokio Marine launches autumn foliage-linked derivatives
Japan’s Tokio Marine and Fire Insurance has launched autumn foliage-linked derivatives contracts referenced to the country’s daily precipitation index.
Derivatech wins first options risk software deal in China
Bank of China has licensed FX options software from US-based vendor Derivatech, in what marks the country’s first forex risk management software deal.
Escoffier replaces Annandale as SG’s head of UK derivatives
David Escoffier, formerly head of distribution for equity derivatives structured products at Société Générale in the Americas, has replaced Charles Annandale as head of equity derivatives in the UK.
BNP Paribas transfers Lazell to London as head of debt capital markets for European corporates
French banking group BNP Paribas has named Brian Lazell as head of debt capital markets in Europe for corporate borrowers. Lazell will transfer to London from Hong Kong, where he was head of credit markets, Asia-Pacific. In London, he will report to Paul…
Barclays links up with Mark-it
Barclays Capital has signed up to provide global historical and current credit derivatives data to Mark-it Partners, a UK credit data company. In return, the bank will have access to Mark-it’s credit price services, including daily mark-to-market data…
iBoxx launches €500 million of notes
Bond and credit default swap index company iBoxx yesterday debuted a €500 million issue of diversified notes as the latest of its credit default swap-based products.
Bank of Bermuda selects Reech FastVal for derivatives valuation
The Bank of Bermuda has selected Reech FastVal for its global fund services (GFS) division, which provides fund administration services to the alternative funds industry. Reech FastVal will be used to provide independent valuation or validation of the…
Icap extends use of Kalahari software
Inter-dealer broker Icap has extended its use of pricing software company Kalahari’s derivatives pricing system ‘Kace’ to its Singapore, Hong Kong and Sydney offices.