News
Morgan unveils managed bespoke credit investment product
JP Morgan Chase has completed what it claims is the first of a new generation of credit derivatives investment deals.
Risk conference speakers predict more gloom for CDO buyers
The problems of the collateralised debt obligation (CDO) business have been highlighted at Risk magazine’s Credit Risk Summit 2002, which opened in London today.
RMS publishes daily weather derivatives data
Risk Management Solutions (RMS), a California-based provider of software for the management of natural hazard risks, has begun publishing daily weather market price data on the internet.
Cicada Offers Data Cleansing Service Options
Cicada, a consultant and provider of data cleansing and validation services, can now offer financial firms a mix of data cleansing and maintenance options.
De Vries takes on global FX for ING Financial Markets
Ted de Vries, Amsterdam-based global head of ING Financial Markets, has taken over direct responsibility for global foreign exchange, the bank said last week.
BondsInAsia may add Singapore, Hong Kong futures to electronic trading
Web-based electronic trading platform BondsInAsia is hoping to add Singapore and Hong Kong futures to its product range in the medium-term, according to the platform’s chief executive, Albert Cobetto.
ICE launches market data company
IntercontinentalExchange (ICE), the Atlanta-based electronic commodity trading platform, has established a company to exclusively distribute its market data, officials said last week.
Bank Thai signs up to FNX’s Sierra
Bank Thai - a bank established by the Thai government in 1998 when it consolidated the assets of Union Bank of Bangkok with Krung Thai Thanakit Finance and Securities and 12 other finance companies - has selected FNX’s Sierra Treasury system for its…
DrKW names new head of convertible asset swap trading
Dresdner Kleinwort Wasserstein (DrKW) has appointed Yannick Naud as head of convertible asset swap trading in London.
Thomson reorganises in Europe and targets low-cost data provision
Thomson Financial Europe has promoted its sales and trading head, Donal Smith, to the newly created position of chief operating officer as part of a reorganisation today that centralises sales, application and product management, and customer services…
Julius Baer offers alternative to options hedging
Switzerland’s Bank Julius Baer is expanding its equity product range by introducing investments that give downside capital protection by imitating options hedging on a portfolio.
Regulators call on banks to focus on cross-border e-banking risks
BASEL - Banks need to integrate cross-border electronic banking risks into their overall risk management framework, the Basel Committee said in a paper released today.
Japanese CDOs hit record levels, but investors may receive raw deal
The issuance of Japanese collateralised debt obligations could hit a record ¥3 trillion ($25 billion) this year, but investors may not be receiving enough spread for the risks they face, according to a report this week by Moody’s Investors Service.
Gensec structures first South African weather derivatives contract
ZZ2 Ceres, one of South Africa’s largest fruit and vegetables businesses, has become the first company in the country to use weather derivatives. Its frost protection contract was structured by Gensec Bank, and runs from October 14 to November 30 2002…
Japanese credit default swaps liquidity dries up
Trading in credit default swaps in Japan remained largely directionless this week in the absence of any significant end-client flow, and amid continued uncertainty regarding the government’s plans for the country’s ailing banks.
Cost of protection for Sears surges following poor earnings
The cost of credit protection for US retailer and financial services group Sears sharply widened 150 basis points to 400/480bp, following a negative earnings statement yesterday. Worsening problems with credit-card debt prompted Sears to report a…
British TV companies to use innovative structured equity in merger
A new kind of convertible share that includes path-dependent optionality will be offered to investors as part of the merger plans of UK commercial television companies Granada and Carlton Communications.
DBS pair scoop Asia Risk risk manager of the year award
Two risk managers at the Development Bank of Singapore (DBS) have picked up Asia Risk’s first risk manager of the year award. Oon Kum Loon, who was head of group risk management at the bank until July, and is now chief financial officer, shared the award…
Samsung Securities poaches Goldman specialist Choi
Korea’s Samsung Securities has poached Alex Choi from Goldman Sachs to head its newly established capital markets division in Seoul. Choi was previously executive director for liabilities management at Goldman Sachs in Hong Kong.
BarCap lures forex structurer Siddiqi from Deutsche
Barclays Capital, the investment banking unit of Barclays, has lured Lutfey Siddiqi from Deutsche Bank to work as its global head of foreign exchange structuring.
Schachter quits Caxton for Sac Capital Advisors
Barry Schachter, a prominent name in the financial engineering industry, has left his position as head of enterprise-wide risk management at hedge fund Caxton Corporation to work for rival Sac Capital Advisors.
BNP Paribas closes eighth Japan synthetic CDO via Serena Finance
French bank BNP Paribas has closed an arbitrage synthetic collateralised debt obligation (CDO) referenced to a portfolio of credit default swaps worth a total notional amount of ¥144 billion ($1.16 billion), according to Stéphane Delacote, the bank’s…
Credit Agricole in risk and derivatives hiring spree
French bank Credit Agricole Indosuez has added a number of hires to its fixed-income and risk groups, following the restructuring of its fixed-income department in early September. Marc Romano and Vincent Fleury join the French bank as co-heads of its…
Dynegy exits trading and cuts jobs
Dynegy became the latest big-name US energy company to confirm its withdrawal from the worldwide energy-trading arena in October, as attempts to find a partner for its trading business failed.