News
Currenex extends post-trade FX settlement and allocation
Multi-bank FX trading portal Currenex has added new features to its FXtrades service, improving the efficiency of its allocation and settlement processes and minimising post-trade errors, according to Lori Mirek, president and chief executive.
JCF to use Quantal analytics in bid to take on Barra
JCF Group, a provider of analytical models and software for investment managers, has launched a new risk measurement module within its flagship JCF Quant product in a bid to take on California-based Barra.
Rees resigns from Baring to head new quant team at Schroders
Stephen Rees has resigned from Baring Asset Management (BAM) to head a new investment process team at UK asset management firm Schroders.
Banks go live on CLS
Continuous Linked Settlement (CLS) - the long-awaited industry initiative to cut settlement risk for foreign exchange - will go live today.
Buy-side demands unmet, says survey
Buy-side foreign exchange clients want better service and communication from their sell-side counterparts, according to a survey made public last week.
CreditTrade and Reech to offer combined CDS data service
Electronic credit derivatives broker CreditTrade and financial software provider Reech Capital are combining pricing resources to offer a single service for valuing credit default swaps (CDSs).
SAP launches new Basel II functions for mySAP Banking
WALLDORF, GERMANY – German software services provider SAP said it is providing new functions for its mySAP Banking package to help banks meet the requirements of the risk-based Basel II capital accord and new international accounting standards in the…
Derivatives volumes soar in US, says OCC
Notional derivatives volumes held by US commercial banks increased by $3.8 trillion in second-quarter 2002, to $50.1 trillion - the second highest amount ever recorded, the US Office of the Comptroller of the Currency (OCC) reported yesterday in its…
Eurex to launch Europe’s first derivatives on ETFs
International derivatives exchange Eurex aims to launch Europe’s first futures and options on exchange-traded funds (ETFs) in November.
Credit protection for British Energy now trading on an upfront basis only
Credit protection for UK-based nuclear power company British Energy is now trading only on an upfront basis. Rating agency Standard & Poor’s lowered the long-term corporate credit and senior unsecured debt ratings on British Energy to BB from BBB after…
HSBC appoints London head of structuring for conduit securitisation
HSBC has appointed Craig Squire as head of structuring for London conduit securitisation, which involves the repackaging and securitisation of a number of asset pools via a single company, rather than the traditional use of special-purpose vehicles.
Chinese derivatives development appears far off
The timetable for the development of the Chinese regulated derivatives market, both domestically and for international investors, appears unclear, with the likelihood that foreign investors will not gain direct access to Chinese markets for several years…
SAP launches new Basel II functions for mySAP Banking
German software services provider SAP said it is providing new functions for its mySAP Banking package to help banks meet the requirements of the risk-based Basel II capital Accord and new international accounting standards in the European Union (EU).
Japan Credit Update: Japanese banks widen on Nikkei drop
Credit protection on Japanese banks widened by about 20 to 30 basis points (bp) this week, as the sharp drop in the country’s equity market put pressure on bank margins and financial ratios.
OTC power market down by 60% as firms switch to regulated markets
There has been a sharp decline in the number of over-the-counter gas and power contracts since the demise of Houston-based energy trader Enron. Firms initiating power trades are increasingly conducting them via exchanges or through their clearing…
Hedge funds targeted by Summit-CoVision alliance
Summit Systems, a New York-based trading, risk management and straight-through processing vendor, and CoVision Capital Group, an investment management firm, have partnered to provide an investment platform specifically geared towards hedge funds.
Swiss Re lands $75 million committed capital deal with US multi-line insurer
Swiss Re and Horace Mann Educators, an auto, homeowner and life insurance provider to US teachers with $1 billion in revenues, have struck a three-year $75 million committed-capital deal. By the terms of the deal, if Horace Mann incurs catastrophic…
Lehman Brothers hires Asian head of equities
Lehman Brothers has hired Timothy Throsby as managing director and head of equities for Asia.
Fimat looks to build alternative investment presence
Fimat Group, Société Générale’s brokerage subsidiary, has formed a New York-based Financial Services Group (FSG) to increase its presence in the alternative investment community.
ABN Amro appoints senior US FX strategist
ABN Amro has appointed Greg Anderson, previously senior global markets strategist at Fleet Bank Boston, as senior foreign exchange strategist in the US.
LCH’s SwapClear signs up new members
The London Clearing House (LCH) has signed up JP Morgan Chase, ABN Amro and Commerzbank Securities as new members for SwapsClear, its interbank interest rate swap trading service.
Basel experts agree securitisation treatment
Global banking experts have agreed proposals for treating the credit risks for banks of asset securitisation under the complex Basel II capital Accord.
Aima publishes sound practice hedge fund guide
The London-based Alternative Investment Management Association (Aima) and industry participants in the European hedge fund industry have published a guide to sound practices for European hedge fund managers.
OpenLink introduces Swift messaging capability
OpenLink, a New York-based trading and risk management software company, has released its Open Settlement Solution - an integrated Society for Worldwide Interbank Financial Telecommunication (Swift) messaging capability for its Findur system. Evaluating…