News
Lehman hires for global options
Lehman Brothers has hired two options traders in a continued expansion of its global currency options team, reports Risk’s sister publication FX Week . Lars Ahlgreen, formerly of Credit Agricole Indosuez, is set to join in London in April as a senior…
Flesaker quits MBIA for Morgan Stanley
Bjorn Flesaker, head of quantitative risk at MBIA, has quit the monoline insurer to take up a senior quantitative analyst position at Morgan Stanley.
GEM and Systemwire to launch OTC derivatives trade matching system
London-based Systemwire has teamed up with New York-based Global Electronic Markets (GEM) to develop a new software platform for automated trade matching and rule-based trade validation, called FpML Mediator.
Flesaker quits MBIA for Morgan Stanley
Bjorn Flesaker, head of quantitative risk at MBIA, has quit the monoline insurer to take up a senior quantitative analyst position at Morgan Stanley.
Barclays Capital becomes PGM market maker
UK investment bank Barclays Capital yesterday began market making in platinum and palladium.
NAB releases Apra report
National Australia Bank has unexpectedly released in full a report by Australia’s banking regulator, the Australian Prudential Regulation Authority (Apra), on the A$360 million options trading debacle.
Nymex reshuffles board
Richard Schaeffer, executive director of global energy futures at Dutch bank ABN Amro, has been appointed vice- chairman of the board of the New York Mercantile Exchange (Nymex).
Merrill hires Joonkee Hong to head Korean debt markets
Merrill Lynch has hired Joonkee Hong from UBS as a managing director to head its debt markets in South Korea.
Deutsche appoints two to head US structured credit
Deutsche Bank has appointed two co-heads of structured credit trading for North America, Kevin Bell and Ross Taylor, who will be based in the bank’s New York office.
Arete expands database of structured products
StructuredRetailProducts.com, a derivatives and structured products website owned and maintained by London-based risk management consultancy Arete Consulting, has expanded its coverage with the addition of a database of more than 300 French products…
UK banks unprepared
Many UK banks are still unprepared for the implementation of the new Basel Accord for risk-based capital allocations, according to Chase Cooper, a London-based operational risk and corporate governance solutions provider.
NAB to keep revised system
National Australia Bank (NAB) officials have no plans to replace their currency options trading platform in light of the recent $280 million (A$360 million) foreign exchange rogue trading scandal that has enveloped the bank over the last two months,…
MexDer launches options trading business
MexDer, the derivatives exchange of Mexico, celebrated the launch of its market for financial options yesterday.
UBS executes Bloomberg futures trades
UBS Investment Bank has become the exclusive executing broker for Bloomberg's Tradebook alternative trading system on the Chicago Board of Trade, Chicago Mercantile Exchange, Eurex and Euronext.liffe futures exchanges, reports Risknews’ sister…
Seven leave Dresdner in FX flight
Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month, reports Risknews’ sister publication FX Week .
Reuters buys remainder of Icor
Reuters has taken over Icor Brokerage's electronic foreign exchange options platform, reports Risknews’ sister publication FX Week . The news follows Reuters’ announcement last week that it has bought the remaining 50% stake in Icor it did not already…
Lehman raids Merrill team
Lehman Brothers has raided rival investment house Merrill Lynch for a team of three foreign exchange options dealers in London, sources close to the bank told Risknews’ sister publication FX Week .
Fed's Bies focuses guns on enterprise-wide compliance
Financial firms can only truly mitigate legal, reputation and regulatory risk by implementing enterprise-wide compliance programmes, said Federal Reserve Governor Susan Schmidt Bies in a pair of February speeches in New York City and a third speech in…
CBOT confirms talks to list Trac-x futures
The Chicago Board of Trade (CBOT) confirmed it is in talks with Dow Jones Indexes to list futures contracts on the Trac-x family of credit default swaps (CDS) indexes.
OM to provide trading system for Iberian energy market
Swedish technology vendor OM has entered an agreement with Adinfor/Ace, a Portuguese systems integrator, to provide a trading and clearing system to Operador do Mercado Ibérico de Energia Pólo Português (OMIP), the newly formed pan-Iberian electricity…
CME & Tullett to launch matching and clearing system
The Chicago Mercantile Exchange (CME) is to team up with UK-based broker Tullett Liberty to introduce an electronic trade-matching system. It will provide traders with integrated trading and clearing of exchange-listed products with forward rate…
Eurex to enter US equity index options market
Derivatives exchange Eurex has licensed a number of US equity indexes from index company Russell in its latest move into the North American derivatives market.
Mantas and IBM collaborate for trading abuse monitor
Mantas, a compliance technology provider for the financial services and telecommunications industries, has partnered with IBM to develop Mutual Fund Monitor, a system developed to enable fund managers to detect market timing, late trading, self-dealing…
Munich Re implements IAS 39 reporting
Reinsurance company Munich Re has become one of Europe’s first large financial institutions to bring its accounting in line with new International Accounting Standards Board (IASB) regulations that affect derivatives known as IAS 39.