News
Fitch formalises corporate governance’s impact on credit risk
Fitch Ratings has formalised and released its framework for reviewing corporate governance. The rating agency characterises governance’s impact on credit ratings as an important element in the assessment of a company’s credit quality.
Lehman snares investment banking chief
US investment bank Lehman Brothers has hired Jérôme Calvet as managing director and co-head of investment banking in France.
SIA proposes ways for mutual-fund fees disclosure
The Securities Industry Association has proposed a system of Web-based and toll-free telephone disclosure of brokerage firms' relationships with mutual-fund companies. SIA said this would provide investors with thorough, easy-to-understand disclosure of…
SIA announces business continuity guidelines for "Unexpected Market Close"
The Securities Industry Association's Data Management Division has announced guidelines to direct the industry in order routing, clearing and settling equities and options during an unexpected market close.
UK banks can save money by delaying Basel II implementation, says Cass research
Delaying compliance with the New Basel Accord would save UK banks substantial amounts of money, according to research by Cass Business School of London.
Vega recruits US trading head
Vega Asset Management USA, the US branch of Madrid-based hedge fund Vega Asset Management, has hired Rajiv Sobti to head its North American trading operations in New York.
Bear Stearns adds to credit derivatives team in Tokyo
Bear Stearns has hired Edouard Hervey, previously a credit default swaps trader at BNP Paribas in Hong Kong, as managing director in Tokyo.
UK banks advised to delay Basel compliance
UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
Deutsche Bank shuffles Asian credit team
Deutsche Bank has signalled its intention to target China’s derivatives market with the appointment of the bank’s Singapore-based head of integrated credit trading, Feng Gao, as co-head of its global markets business in China.
S&P launches loss estimation tool
Standard & Poor's Risk Solutions has launched LossStats Model – a tool for the estimation of loss-given default (LGD).
Gulf emerges between online and voice brokered forex trading, says Greenwich
A sharp divide exists between clients actively trading on electronic platforms and those that do not trade foreign exchange online, according to new research from US-based consultancy Greenwich Associates.
Former JP Morgan Chase fund trio make £55m
Three foreign exchange and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year, according to RiskNews ' sister publication, FX Week .
SIA calls for regulatory convergence between EU and US
The Securities Industry Association (SIA) has urged the Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (CESR) of the European Union (EU) to forge a framework to achieve regulatory convergence.
Integrate Basel II and Financial Reporting Standards, PwC urges banks
Financial firms should consider integrating compliance with Basel II and the International Financial Reporting Standards (IFRS) to avoid overspending on regulatory compliance, according to a report by PricewaterhouseCoopers (PwC).
Study reveals overspending on compliance
BearingPoint, a Virginia-based business-consulting firm, has released survey findings showing wasteful spending and duplication of efforts around risk management and financial transparency in leading financial institutions.
BNP Paribas Asset Management acquires fund of hedge funds business
BNP Paribas Asset Management is to acquire the Javelin fund of hedge funds business currently owned by ZCM Investor Capital, the US subsidiary of Swiss group Zurich Financial Services.
NPR on Basel II expected in late 2005, says OCC
The US regulatory agencies expect to release a notice of proposed rulemaking (NPR) on the new Basel Accord – Basel II – in late 2005 or at the beginning of 2006, according to John Hawke, US Comptroller of the Currency.
S&P launches loss estimation tool
Standard & Poor's Risk Solutions has launched LossStats Model – a tool for the estimation of loss-given default (LGD).
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
OneChicago hires project co-ordinator
OneChicago, the joint venture between the Chicago Board of Trade, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) to trade single-stock futures, has hired Mark Esposito as a project co-ordinator.
Barcap adds in equity derivatives
UK-based investment bank Barclays Capital has made two appointments to its equity derivatives team in London.
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
Wachovia expands structured credit team
Wachovia Securities, the corporate and investment banking arm of Charlotte-based financial services company Wachovia Corporation, has recruited five people to work within the structured credit products group.
Bank of America reoganises credit research
Bank of America is reorganising its credit research team and will now cover European and global credits from the US.