News
Energy companies face ‘crunch time’ for accounting compliance
PricewaterhouseCoopers (PWC) believes time is running out for energy and utility companies to get to grips with the pending implemenation of the International Financial Reporting Standards (IFRS).
Fimat launches OTC brokerage in Tokyo
Fimat, the retail brokerage arm of French bank Société Générale, has launched a new over-the-counter brokerage service in Japan offering Nikkei options and single stock options.
BarCap to make markets in iBoxx and Trac-x
Barclays Capital will start making markets on the iBoxx credit default swap index, and will offer notes linked to the index. It also said it would make markets in the Trac-x range of indexes.
IIF calls for Basel and IASB co-operation; warns on Basel II deadline
The Institute of International Finance (IIF), an association of leading banks, has called for more co-operation and discussion on bank capital accounting issues between the Basel Committee on Banking Supervision and the International Accounting Standards…
IIF calls for Basel and IASB co-operation; warns on Basel II deadline
The Institute of International Finance (IIF), an association of leading banks, has called for more co-operation and discussion on bank capital accounting issues between the Basel Committee on Banking Supervision and theInternational Accounting Standards…
Sydney Futures Exchange to introduce New Zealand equity derivatives
The Sydney Futures Exchange (SFE) has signed an agreement with the New Zealand Exchange (NZX) to develop New Zealand equity derivatives to be listed on the SFE by March 2004.
DoJ forces Merrill to disclose future structured product deals
In a deal struck with the US Department of Justice (DoJ) over charges of conspiracy with Enron, Merrill Lynch has agreed sweeping reforms that will require all complex structured finance transactions effected by a third party with the bank to be…
Banks back FXall prime brokerage messaging hub
Currency trading portal FXall has secured the support of seven leading banks to develop a shared messaging hub for notification of prime brokerage deals.
Eurex to launch US exchange in February
Eurex plans to launch its long-anticipated US futures and options exchange in Chicago on February 1. At a press conference this morning in Chicago, Eurex chief executive officer Rudolf Ferscha said Eurex filed this morning with the US Commodity Futures…
China opts out of Basel II
China's banking regulator, the China Banking Regulatory Commission (CBRC), has opted out of Basel II, declaring that the country's financial institutions won't be ready to adopt the new Accord by the end-2006 deadline.
Forex options software boosts exotics appetite, say bankers
The use of independent foreign exchange options pricing software by corporates may have narrowed banks' margins, but it has given a substantial boost to the exotics market, bankers told RiskNews sister publication FX Week .
Bank West aims for advanced IRB
The Australian Prudential Regulation Authority (APRA) has stated that it expects its four largest banks – ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac – to adopt the most advanced approaches to measuring credit and operational…
Global foreign exchange head leaves RBS
David White, global head of foreign exchange at Royal Bank of Scotland (RBS) in London left the bank on September 5, according a spokesperson for the bank in London. The spokesperson declined to comment on White's sudden departure after many years at the…
DrKW adds to New York sales effort
Dresdner Kleinwort Wasserstein (DrKW) has continued its sales build-up with four new hires to its team in New York this month, said a spokesperson for the bank.
BoNY expands hedge fund services in Dublin
The Bank of New York (BoNY) is expanding its European hedge fund services with the hire of Ian Headon as group manager for alternative investment services in Dublin.
PNC selects SunGard asset/liability tool
Pennsylvania-based PNC Financial Services Group (PNC) is set to implement SunGard Trading and Risk Management's BancWare Convergence product for asset/liability and balance-sheet management.
US banks reveal 'mandatory' status in CP3 comments
Many US banks chose to reveal that they were designated so-called 'mandatory banks' in their responses to the third consultative paper (CP3), issued by the Basel Committee on Banking Supervision in late April.
Basel II delay looking increasingly likely
The financial industry's drums are beating strongly for a further delay to the implementation deadlines for Basel II, and such a delay is beginning to look increasingly likely, according to those close to the Basel Committee on Banking Supervision.
Black-Scholes models lose favour for employee stock options
Companies around the world are likely to come under increasing pressure to change their valuation methodologies for employee stock option schemes from traditional Black-Scholes models to binomial approaches, according to the research department of Bear…
SG expands range of UK currency warrants
SG, the investment banking arm of French bank Société Générale, has launched warrants on the US dollar/yen and euro/US dollar currencies on the London Stock Exchange’s warrants market. SG said it also plans to launch warrants on the Japanese Nikkei 225…
ABN Amro shakes up forex division
ABN Amro’s current global head of foreign exchange options, Douglas Bongartz-Renaud, will transfer to a new role in the bank’s wholesale banking business as part of a reorganisation set to take place over the coming months, a source close to the bank…
Raft of dealers set to market-make Trac-x
A raft of investment banks will start making markets in Trac-x - the global suite of credit default swap indexes created by the merger of the Morgan Stanley's Tracers and JP Morgan Chase's Jeci indexes in April – within the next two weeks.
IBM rolls out SuperDerivatives for currency options
IBM has signed a multi-licence contract with London-based foreign exchange pricing company SuperDerivatives. The company will roll out the SuperDerivatives pricing system for currency options to the IT company's treasury team based in Armonk, New York.
BarCap hires Passaretta in LatAm derivatives drive
Barclays Capital, the investment banking division of UK bank Barclays, has appointed Gianluca Passaretta as director and head of Latin America interest rate derivatives trading.