News
Static emissions price “does not reflect fundamentals”
The European emissions trading market, with its static price over the last four to five weeks, “is not a good market,” and does not reflect fundamentals, said Chris Rowland, managing director of utilities research at Dresdner Kleinwort Wasserstein.
Commerzbank to close FX trading and sales in London
Commerzbank is to close its trading and sales operations in London for foreign exchange.
Risk management salaries increase dramatically, says financial recruitment specialist
Salaries in risk management have increased significantly, according to Morgan McKinley, a financial recruitment firm. Demand for credit risk analysts has been particularly strong, but other areas such as operational risk and market risk continue to be…
Former Deutsche traders launch hedge fund
Two former Deutsche Bank traders have launched a New York-based hedge fund, becoming the latest in a string of former investment bank employees to enter the business.
TCW Group hires CDO manager
Los Angeles-headquartered asset manager, TCW Group, a subsidiary of Société Générale, has hired Edward Steffelin for its New York office.
More banks get China derivatives licences
More banks have won approval to trade derivatives onshore in China, with JP Morgan Chase and UFJ among the latest to be given the go-ahead from the China Banking Regulatory Commission (CBRC).
Isda taps new chairs
The International Swaps and Derivatives Association has elected a new chairman and vice-chairman. Jonathan Moulds, head of cross-product strategic trading at Banc of America Securities, has been elected chairman, while Michele Faissola, global head of…
BNP Paribas brings securitisation origination into financial institutions group
BNP Paribas has incorporated securitisation origination into its financial institutions debt capital markets (FIG DCM) team in order to strengthen and broaden coverage.
Barclays to issue commodity-backed CDO
Barclays Capital, the investment banking arm of London-based Barclays Bank, is to issue a synthetic collateralised debt obligation (CDO), backed by a series of commodity swaps.
Energy traders urged to pre-register for risk poll
Energy traders wishing to take part in Energy Risk/Risk’s 12th annual Commodity Rankings can now pre-register to vote to avoid missing important voter updates and deadlines in the magazines’ annual survey of the energy business.
Volkswagen announces first true sale securitisation
Volkswagen Bank announced this week its intention to securitise some €1.1 billion in auto loans using the German True Sale International (TSI) platform.
BarCap boosts illiquid credit trading
London-based investment bank, Barclays Capital, has hired Kevin Gribben as a director in its illiquid credit trading division.
US financial institutions face major challenges under Basel II, says Financial Insights
Financial institutions in the US face tremendous challenges under the new Basel Accord, also known as Basel II, according to Financial Insights, a financial services research firm based in Framingham, Massachusetts.
BNY sales head joins EFG Bank Group
Raymond O'Leary, formerly head of European forex sales at Bank of New York (BNY) in London, has joined EFG Bank Group, a private bank based in Geneva.
Non-US airlines profit from low-flying dollar
The weak dollar is giving airlines outside the US some relief from the impact of high fuel costs, according to their latest financial results, reports Risk’s sister publication, FXWeek .
RBS to offer interest rate swap trading through Bloomberg
Royal Bank of Scotland’s (RBS) London-based Financial Markets division has expanded its Bloomberg Electronic Trading offering by adding euro interest rate swaps.
BoA loses French corp sales dealer
Olivier Brouet has left Bank of America (BoA) in London, where he worked in FX sales to French corporates, reports FX Week , Risk ’s sister publication.
Lehman to offer onshore forex derivatives in South Korea
Lehman Brothers has transferred JS Kim, a senior vice-president in fixed income, from Tokyo to Seoul, in preparation for the launch of its onshore forex and interest rate derivatives business in the country, reports Risk’s sister publication, FX Week .
Fannie Mae earnings filing delayed
US mortgage agency Fannie Mae will not file its third-quarter earnings report on time, and may be hit with approximately a $9.0 billion loss if an investigation into its accounting practices reveals it did not qualify for hedge accounting, the…
HSBC revises research offerings
Global banking group HSBC has reshuffled the research offered by its research arm.
Chicago Climate Exchange approved to trade futures
The Chicago Climate Futures Exchange (CCFE) obtained approval from the US Commodity Futures Trading Commission (CFTC) last week to trade emissions futures contracts.
ABN Amro buys Portuguese securitisation company
Dutch bank ABN Amro has bought the Portuguese securitisation company Servimedia SGFTC from Banco Comercial Portugues (BCP), to consolidate servicing capabilities for securitisation clients in the region.
GFI announces Fenics link with UBS
GFI Group, the New York-based inter-dealer brokerage and software company, has made a deal with Swiss investment bank UBS, to link its currency options software with the bank’s screen-trading system.