News
Hedge funds see first capital outflows in two years
Alternative investment strategies saw their first quarterly net outflow in more than two years in the last quarter of 2002, capping a year in which $16.3 billion in assets were added to hedge funds, according to research compiled by Tremont.
Korea First Bank installs Reuters Kondor+
Korea First Bank (KFB), one of South Korea's smallest commercial banks, has implemented Reuters Kondor+ risk and trade management system.
US options broker lures Feinberg from CIBC
New York-headquartered Israel A Englander, the largest options broker in the US, has hired Peter Feinberg as executive vice-president.
Insurers to sue Worldwide Weather Trading for fraud
A number of insurance companies have been granted the go-ahead by the Nassau County Court in New York to launch a lawsuit against Worldwide Weather Trading (WWT), alleging the company fraudulently sold weather derivatives policies. The plaintiffs will…
Stuttgart exchange to give German investors access to Euronext ETF
German investors will have access to Euronext exchange-traded funds (ETFs) from next month, following a selling agreement between the pan-European exchange and Boerse Stuttgart.
Eurex expands basis trading facility
Eurex will expand its over-the-counter basis trading facility to include selected euro bonds issued by member states of the European Monetary Union on Monday, said the derivatives exchange in a statement. The new facility is designed to complement…
Fitch acquires IC2 First op risk database
Fitch Risk, a division of rating agency Fitch Ratings, has acquired the IC2 First (financial institutions risk scenario trends) database from financial services provider, Zurich Financial Services Group.
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
Ex SunGard staffers enter bid to buy Rolfe & Nolan
Novora, a company founded by former derivatives processing technology executives at SunGard Data Systems, has teamed up with venture capital firm Battery Ventures to analyse a possible bid for struggling UK back-office technology company Rolfe & Nolan.
Isda pushed for electronic documentation of complex swaps
The International Swaps and Derivatives Association today released its recommendations for financial products markup language (FpML) version 2.0 for rates products.
Board of Trade Clearing Corporation elects three board members
The Board of Trade Clearing Corporation (BOTCC), based in Delaware, has re-elected two members and elected a new member to its board of governors.
Ahold credit protection trading on upfront-only basis
Credit protection for Dutch retailer Ahold is now trading on an upfront basis only following the company's admission of accounting irregularities.
Refco launches alternative investments division
US futures broker Refco is launching an alternative investments division to sell structured products that incorporate hedge funds, futures, currency and various other derivatives.
Basel Committee Releases New Operational Risk Sound Practices Paper
The Risk Management Group of the Basel Committee on Banking Supervision today released the final 'Sound Practices for the Management and Supervision of Operational Risk'.
South Korea reclassifies ELNs and warrants
South Korea’s Ministry of Finance and Economics (MOFE) has reclassified equity-linked notes (ELNs) and warrants as securities under the country's revised Securities and Exchange Act, according to an official at the MOFE. The move – which came into effect…
Citco Fund Services founder sets up new hedge fund administrator
Tony Stocks, former global director of fund services at Citco, has set up a new company, Tennyson Capital Partners, to offer a suite of integrated services to early stage hedge funds.
Basel Committee releases new op risk sound practices paper
The risk management group of the Basel Committee on Banking Supervision today released a final paper outlining a framework for the effective management and supervision of operational risk.
Fitch predicts global CDO market volatility to continue in 2003
Credit agency Fitch predicts that ratings volatility in the global collateralised debt obligation market is likely to continue this year, according to its latest report, ‘Global CDO Quarterly’.
Fitch acquires IC2 First op risk database
Fitch Risk, a division of rating agency Fitch Ratings, has acquired the IC2 First (financial institutions risk scenario trends) database from financial services provider, Zurich Financial Services Group.
CME to launch single index on seven currencies against US dollar
The Chicago Mercantile Exchange (CME) will launch its new ‘CME$Index’ futures contract, an index of seven foreign currencies against the US dollar, on March 3. The contract is intended to provide end-users with a broad tool to gain or reduce their…
SunGard bolstered by 2002 acquisitions
SunGard reported positive financial results last week, but analysts noted that, stripped of the acquired companies’ revenues, SunGard’s 'organic' revenue increase for 2002 was 1% for the year, and the company’s revenue actually decreased 1% during the…
Mercer snaps up Oliver Wyman
Mercer, a consulting division of New York-listed Marsh & McLennan, has bought specialist risk management and financial service practice consultants Oliver Wyman & Company for an undisclosed sum.
Merrill hires forex derivatives marketer
Jim Crimmins will join Merrill Lynch in New York early in March as a senior foreign exchange and interest rates derivatives marketer. This is a new position, which will "add strength" to the team, said a spokesperson at the bank in New York.
DST acquires State Street’s risk management unit Askari
DST International, the software arm of US investment management services provider DTI Systems, has acquired State Street’s risk management software arm Askari for an undisclosed sum.