News
Task force formed on transatlantic derivatives trade
US and EU regulators have set up a task force to help integrate regulated derivatives markets on each side of the Atlantic.
Deutsche Bank expands US structuring desk
Deutsche Bank has expanded its US retail structuring desk by hiring Christopher Yeagley as head of the desk and Scott Milner as a vice-president in retail structuring.
CBOT receives merger bids
With an initial public offering (IPO) due in the next few months, the Chicago Board of Trade has received several merger bids from an unnamed source.
Austrian Energy Exchange launches emissions trading
The Austrian Energy Exchange, EXAA, joined the ranks of European exchanges trading emissions yesterday with its first spot auction of European Union CO 2 allowances (EUAs).
FRS to buy Providus compliance software
FRS, a division of S1 Corporation, is to buy the Providus risk management and compliance arm of Zions Bancorporation for $800,000.
November launch for Dubai exchange
The Dubai Gold and Commodities Exchange (DGCX) will open for trading in November this year, chairman David Rutledge said today.
Swiss Re to launch emissions desk
Global reinsurance firm Swiss Re will set up an emissions desk in within a month, says Chris Walker, New York-based managing director of the greenhouse gas risk solutions team at the company.
Bank of England says back office delays still a risk
Delays in trade confirmations are still a problem in credit derivatives trading and expose the industry to unnecessary risk, according to a report by the Bank of England.
UK speeds towards Basel II implementation
LONDON – Momentum is gathering at the UK’s Financial Services Authority (FSA) for the implementation of Basel II in the island nation.
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US banks hold $91 trillion in derivatives, says OCC
The notional volume of derivatives held by US banks rose by $3.2 trillion to $91.1 trillion in the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
Linklaters strengthens Asian securitisation teams
Linklaters has added four more lawyers to its Asian structured finance and securitisation practice, set up earlier this month under Paul Kruger.
Schwab quits Barclays to return to AIG
AIG Financial Products, the derivatives arm of the American International Group, has hired Matthew Schwab as managing director in its investor coverage group.
Misys profits from increased bank IT spending
Software and services provider Misys will report higher revenues and profits from its banking division next month, as banks continue to increase their IT budgets.
ECX and Powernext team up on carbon trading
French electricity exchange Powernext and the Amsterdam-based European Climate Exchange (ECX) have agreed to jointly offer carbon futures and spot contracts. The partnership is complimentary, because ECX lists a futures contract and Powernext offers a CO…
Merrill Lynch nabs 23 derivatives marketers from JP Morgan
Merrill Lynch’s raid on JP Morgan Chase’s derivatives marketing unit has resulted in 23 derivatives marketers joining the US securities dealer. The move represents one of the largest derivatives team defections seen in Europe and appears to contradict JP…
Refco buys Cargill Investor Services
New York-based financial services group Refco has agreed to buy Cargill Investor Services (CIS) from its parent, agricultural group Cargill, for up to $400 million.
CBOT moves closer to IPO
Chicago Board of Trade (CBOT) shareholders have overwhelmingly supported a second vote to clear the path for a possible flotation of the futures and options exchange.
Belize loses $3m on cross-currency swap with Citigroup
The government of Belize has revealed that a dollar/yen interest rate swap left it on the wrong side of changes in the strength US dollar - and more than $3 million out of pocket.
TriOptima run eliminates $880 billion in surplus CDS
Five software runs conducted this month by the Scandinavian service company TriOptima have resolved $880 billion in outstanding single-name and index credit default swaps (CDS).
Axiom agrees to buy out partners
The dispute over control of derivatives brokerage Axiom Global Partners has been settled. The company has agreed to buy out two dissident shareholders and reappoint former chief executive James Cawley to run the credit derivative brokerage.
Isda expands CDS template range
The International Swaps and Derivatives Association has published another template for credit default swaps (CDS) on asset-backed securities (ABS), this time permitting pay-as-you-go settlement.
GFI names traders to spearhead property derivatives venture
Two veteran GFI brokers are set to start work developing a property derivatives trading desk as part of a joint initiative between the brokerage and real estate services group CB Richard Ellis (CBRE). Michael Levi and Paul Ogden will start work when the…
Former LME regulatory head joins Nymex Europe
Alan Whiting, formerly in charge of regulation at the London Metals Exchange (LME), has joined Nymex Europe as a non-executive director.