News
Hatstadt leaves Merrill after less than a year
Philippe Hatstadt, a managing director and head of structured credit derivatives trading at Merrill Lynch in New York, has resigned.
ISE appoints vice-presidents
The International Securities Exchange (ISE) has elected Thomas Bendixen as vice-president of corporate initiatives and Robert Cornish as vice-president of automation and development.
Philippine National Bank installs Misys’ Opics
The Philippine National Bank (PNB) has installed Misys Wholesale Banking Systems’ treasury, derivatives and capital markets product, Opics. This should reduce risk and increase efficiency as part of improvements to its IT infrastructure.
Merrill Lynch reshuffles Asian debt and equity operations
US investment bank Merrill Lynch has created an integrated Pacific Rim debt and equity strategic solutions group, combining its debt and equity solutions groups to offer asset and liability services under the same umbrella.
UBS signs global data deal with Reuters
The investment banking arm of Switzerland’s UBS has signed a global deal with Reuters that will ensure its risk management systems receive market data in real time.
Foreign exchange restructuring at Merrill Lynch
A major restructuring of Merrill Lynch’s foreign exchange management is under way, according to sources close to the bank in New York, reports Risk’s sister publication, FX Week .
NAB names new chairman
National Australia Bank (NAB) has appointed Graham Kraehe as chairman following the resignation of Charles Allen from the bank. The move comes just over a month after the bank announced that it was set to lose an initial estimate of A$180 million from…
FXCM hits back at CFTC charge
Online trading firm Forex Capital Markets (FXCM) hit back at the Commodity Futures Trading Commission (CFTC) last week, after the regulator charged it with liability for an allegedly fraudulent trading firm, reports Risk’s sister publication FX Week .
Blewitt to head BoA’s structured product sales
Bank of America has promoted Dik Blewitt to head of structured sales, reporting to Mike McLaughlin, head of global structured products at the US bank and Bob Johnson, head of asset securitisation and investment-grade sales.
Top six HK banks may adopt IRB
As many as six Hong Kong banks may implement the internal ratings-based approach (IRB) to Basel II by the end of 2006, potentially accounting for as much as 50% of Hong Kong's banking assets, says Simon Topping, executive director of banking policy at…
CME takes aggressive measures to promote electronic trading
The Chicago Mercantile Exchange (CME) has announced a number of initiatives designed to facilitate a shift of trading of its Eurodollar futures contracts away from traditional open outcry to electronic trading on its Globex platform.
Default rate in EU to decelerate further, says S&P
Default rates in the European Union (EU) are set to decline further, following a dramatic decrease last year, said rating agency Standard & Poor’s (S&P).
IASB to create advisory group
The International Accounting Standards Board (IASB) is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable for…
US Congressman blasts Basel II while supervisors forge ahead
A US Congressman sent waves of panic across Europe when he announced at a fringe event of the World Economic Forum in Davos, Switzerland in late January that he had serious reservations about whether the US would ever adopt Basel II.
Bank of Israel signs up for SuperDerivatives
The Bank of Israel, Israel’s central bank, has adopted UK-based technology vendor SuperDerivatives' foreign exchange option pricing and analytics system.
Nymex to clear OTC average-price options
The New York Mercantile Exchange (Nymex) has received permission from the Commodity Futures Trading Commission to clear a number of over-the-counter mid-price commodity options.
Moody’s KMV launches loan mark-to-market tool
Moody’s KMV has launched a new web-based analytics tool that allows loan portfolio managers to value loans called CreditMark.
Prmia and Zoologic form risk training partnership
The Professional Risk Managers International Association (Prmia) has teamed up with a US financial training company, Zoologic, to offer customised financial training to risk managers.
Prebon re-enters credit derivatives market
Prebon Marshall Yamane has opened a credit derivatives desk in London, having sold its original team to CreditTrade, the online credit derivatives trading portal, in February 2000.
Nymex expands listings for gold and silver
The New York Mercantile Exchange (Nymex) will extend the length of long-dated gold and silver option contracts to 60 months from February 25. The previous limit was 24 months.
Deutsche closing gap on Citi?
Deutsche Bank could be about to close the forex-earnings gap with rival Citigroup, if foreign exchange figures match the 33% dollar-terms improvement in its debt group, announced last week, reports Risk's sister publication FX Week .
Morgan Stanley forex co-head retires
Morgan Stanley has made Philip Newcomb sole global head of foreign exchange, following the retirement of Peter Murray at the end of January, reports Risknews ' sister publication FX Week . Murray, who was based in London, and Newcomb, based in New York,…
IASB to create advisory group
The International Accounting Standards Board (IASB) is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable for…
Eurex US opens for business
Eurex US, the American arm of the European futures exchange, began trading in Chicago at 7pm CST on Sunday night, having been given clearance to begin operations on February 4.