News
Green light for merger of Den Norske and Gjensidige Nor
The Norwegian government has given the go-ahead for a merger of two of the country’s largest financial institutions, Den Norske Bank and Gjensidige Nor. The new company will be called DnB Nor.
Canada tightens derivatives disclosure regulation
The Canadian Securities Administrators (CSA) has approved new rules designed to more adequately cover certain derivatives transactions.
Wachovia picks Centerprise for Operational Risk Management
Wachovia Corporation has selected Centerprise Services for the North Carolina-based bank's firm-wide operational risk management services.
Gartmore recruits dedicated derivatives specialists
UK-based Gartmore Investment Management has added two dedicated derivatives specialists to its London-based investment team.
Euronext.Liffe ready to launch off-exchange USF trading facility
Pan-European derivatives and stock exchange Euronext.Liffe is tomorrow set to launch a matching facility that lets institutional customers pre-negotiate bi-lateral trades on universal stock futures (USF).
Hedge funds find investors on their side in SEC registration debate
After months of dialogue with hedge funds, funds of funds and prime brokers, the SEC released its much anticipated report on the hedge funds industry. But its recommendations have met with widespread scepticism.
Delayed Zeebrugge gas documentation due in Q1 2004
The delayed standard agreements for trading natural gas instruments at the Zeebrugge gas hub are set for release in the first quarter of next year, said Peter Taff, director of European operations at UK utility Centrica and a member of the Zeebrugge…
Lehman appoints heads of equity sales in Europe
Lehman Brothers has appointed David Bizer, head of European equity derivatives sales, to the newly appointed position of co-head of equity sales in Europe. He also retains his current position and responsibilities, said Lehman, and is joined by Mark…
LCH wins LSE clearing contract
The London Stock Exchange (LSE) has signed a new clearing services agreement with the London Clearing House (LCH), bringing to an end a period of intense competition with Eurex for the contract.
British MP blames France and Germany for holding back EU energy liberalisation
Martin O’Neill, MP and chairman of the UK’s Trade and Industry Select Committee, today said that French and German politicians are holding back the development of a liberalised European energy market. In turn this will hamper development of a mature…
Hedge funds record Q3 net inflows of $24.6bn
The hedge fund industry attracted net new investment of $24.6 billion during the third quarter, up from $13.8 billion in the previous quarter, according to figures released today by the Tass Research unit of Tremont Capital Management.
ING hires head of financial markets in Taiwan
ING Financial Markets has hired Jeson Yih-Liang Liu, as director and head of financial markets in Taiwan. Liu will report to Percy Rueber, head of financial markets, Asia and Wu Ching-mai, country manager for Taiwan.
SG promotes forex options staff
French investment bank SG has promoted a number staff within the foreign exchange options business of its debt finance group.
UBS ousts Citi from top spot in forex
UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters conducted by RiskNews sister publication FX Week .
Op Risk database reveals fraud costs
Fraud is a far greater operational risk than banks have been prepared to admit, according to data compiled by Aon, the insurance company.
CME cuts European fees
The Chicago Mercantile Exchange (CME) has slashed transaction fees for all products traded electronically on Globex in Europe, bringing its costs in line with rivals the Chicago Board of Trade (CBOT) and Eurex. However, the cut of 73% to 44 cents, from…
Reuters adds SuperDerivatives to 3000 Xtra
Reuters has added SuperDerivatives’ currency options pricing system to its 3000 Xtra platform, as part of its efforts to boost its position in the treasury markets.
ISE adds Morgan Stanley executive to board
The International Securities Exchange (ISE) has appointed Thomas Cardello, managing director responsible for global electronic derivatives marketing within the institutional equity division at Morgan Stanley, to its board.
CME sees record electronic forex trades
Electronic foreign exchange trading on the Chicago Mercantile Exchange's (CME) Globex platform has exceeded 100,000 contracts a day for the first time.
Nordic Financial Systems appoints new consultants
Gothenburg-based consultants Nordic Financial Systems (NFS) has appointed two new treasury consultants.
Clemmons quits XL Weather; resigns WRMA presidency
Lynda Clemmons, president and chief operating officer of Connecticut-based XL Weather & Energy, has left the weather risk and energy trading company. XL officials said Clemmons did not renew her employment contract and that they do not know her future…
HVB extends relationship with Front
Germany's HypoVereinsbank (HVB) has formed a new partnership with Front Capital Systems, the Swedish trading systems operating unit of SunGard. It will result in close collaboration between the two companies in IT development.
SwapsWire launches automated credit derivatives confirmation service
SwapsWire, the UK-based electronic trading platform backed by 23 leading international banks, has developed an automated confirmation-delivery system for credit default swaps (CDS). It believes the service should ultimately reduce processing time from…
Basel II Accord will reshape global banking, says Mercer Oliver Wyman
The implementation of the new Basel Accord, also called Basel II, will reshape the global banking industry, according to a report to be released this week by Mercer Oliver Wyman, a New York-based financial services strategy and risk management consulting…