News
ADB outsources derivatives collateral management to ABN Amro
The Asian Development Bank (ADB) has outsourced its derivatives collateral management activities to ABN Amro. In addition, ABN Amro Mellon Global Securities Services will act as global custodian for all ADB's collateral securities.
DrKW adds to credit derivatives team in Tokyo
Dresdner Kleinwort Wasserstein (DrKW) has hired TJ Cheng as a vice-president in its credit derivatives and securitisation team in Tokyo.
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank's (NAB) treasury division.
SEC probes NYSE report
The Securities and Exchange Commission (SEC) has opened an investigation into matters raised in a December 2003 report to the New York Stock Exchange (NYSE's) Board of Directors, prepared by independent counsel Dan Webb.
Basel Committee alters securitisation, credit risk mitigation, and clarifies Pillar II approaches
The Basel Committee on Banking Supervision issued a statement yesterday altering its approaches to securitisation and credit risk mitigation in Pillar I.
Australian regulatory body to investigate risk management controls at NAB
The Australia Prudential Regulatory Authority (APRA) is launching an investigation into the risk management controls at National Australia Bank’s (NAB) treasury division. This follows the bank's announcement on Tuesday that it faces losses of up to A$180…
NAB credit rating unaffected by FX options losses, says S&P
The credit rating of National Australia Bank is unaffected following the disclosure of unauthorised foreign exchange transactions, rating agency Standard & Poor's (S&P) said today.
Isda gives cautious welcome to Basel Committee progress report
The International Swaps and Derivatives Association today issued a cautious welcome to the Basel Committee on Banking Supervision’s latest progress report on the state of the new capital adequacy directive, Basel II.
Clifford Chance to advise on weather risk products
International law firm Clifford Chance has created an environmental and climatic trading group, comprised of weather law specialists, to capitalise on the uncertainty surrounding the EU greenhouse gas emissions trading directive. The directive came into…
Rating agency concerned by self-referenced credit derivatives
Fitch Ratings said it expects to make “appropriate adjustments to liquidity and capital measures” for any company that purchases a self-referenced credit derivative.
JP Morgan Chase set to increase lead as largest US derivatives bank
JP Morgan Chase, the bank with the largest exposure to derivatives in the US, is set to increase its lead with the takeover of Bank One. The derivatives exposure of the combined banks will approach $35.5 trillion, nearly 54% of the combined value of the…
EU Commission considers changes to op risk framework
The EU Commission is considering modest changes to the operational risk framework of its proposed capital adequacy directive (CAD), in response to comments received to its most recent draft, according to a source within the organisation.
BITS publishes new guidelines for Financial Services Aggregation
BITS, a Washington, DC-based non-profit consortium of 100 of the largest financial institutions in the US, has published new voluntary guidelines for financial services aggregation that promote sound, private and secure services.
NAB credit rating unaffected by FX options losses, says S&P
The credit rating of National Australia Bank is unaffected following the disclosure of unauthorised foreign exchange transactions, rating agency Standard & Poor’s (S&P) said today. The losses, expected to result in pre-tax forex option losses of A$180…
CME gets go-ahead to offer Globex trading in Australia
Australian market participants can now access the Chicago Mercantile Exchange and its products, after the Australian government gave a licence to the CME’s electronic trading platform, Globex.
Euronext.Liffe appoints non-executive director
Euronext.Liffe, the derivatives arm of Amsterdam-based pan-European exchange Euronext, has appointed Catherine Meyer to its board as a non-executive director.
NAB to lose up to A$180 million on unauthorised FX options trades
National Australia Bank (NAB) is set to lose up to A$180 million ($140 million) from unauthorised foreign exchange option trades, despite efforts to improve its operational risk management in the past couple of years.
Four more join iBoxx as CDS index market-makers in the US
Four more banks have become credit default swaps market-makers on iBoxx CDX, a tradable index of credit default swaps on 125 investment-grade US companies. This brings the total number of licensed market-makers to 15.
CME buys Liquidity Direct
The Chicago Mercantile Exchange (CME) has acquired Chicago-based Liquidity Direct Technology, a private company that owns a patent-pending system for trading complex options.
Basel II just the beginning for operational risk monitoring in banks, says Fitch
Compliance with Basel II is only the first step in the management of operational risk in financial institutions, according to Fitch Ratings, an international rating agency.
IIF makes further demands of Basel Committee
The Institute of International Finance (IIF), a Washington, DC-based trade association of more than 350 banks, has sent a letter to the Basel Committee on Banking Supervision asking for further concessions in the final Basel II document.
Mark-it set to offer new services as seven banks buy equity stakes
UK credit data provider Mark-it Partners plans to offer a convertible bond pricing service by the end of March, to complement its credit default swap, cash bond and syndicated loan pricing services. The move comes as seven of the company’s main backers…
Refco enters South Korea
US futures broker Refco has bought Korean futures broker HanMag Futures. It said it will retain all the South Korean firms's existing staff and plans to expand further during 2004.
Telekurs Financial triples VDF delivery
Swiss market data vendor Telekurs Financial has begun distributing its valor data feed (VDF) three times each day to ensure that the three main global timezones each have access to the most up-to-date data.