News
Summit Systems names prominent hires in New York
Software vendor Summit Systems has made a number of appointments for its New York office. The hires include the return of co-founder Kathy Perrotte to the vendor after a one-year sabbatical.
US banks increase investments in service and risk management technology, says report
US banks are increasing their spending on service and risk management technology, a new survey by the American Bankers Association (ABA) and TowerGroup has found.
Associations to perform economic capital model convergence study
According to the response to the US's advance notice of proposed rulemaking (ANPR), written jointly by the Bond Market Association (BMA) and the International Swaps and Derivatives Association, a number of trade associations are organising a study on the…
Technology news
Oil
CBOT chief again hits out at Eurex US
Chicago Board of Trade (CBOT) chairman Charles Carey urged the Commodity Futures Trading Commission to conduct a full and careful review of the application by Eurex to establish a US subsidiary yesterday. Carey’s comments are the latest in an ongoing…
Singapore’s OCBC signs technology deal with FSS
Oversea-Chinese Banking Corporation (OCBC), the Singapore-based financial services group, has entered an agreement with Financial Software Systems (FSS) for its foreign exchange margin trading business.
Industry veteran quits CFTC
Jane Kang Thorpe, director of the division of clearing and oversight of the Commodity Futures Trading Commission (CFTC), will leave the US regulator later this month. She leaves to take up a post as general counsel for the Dubai Regional Exchange (DRI).
US legislators question Basel II effectiveness
The Financial Services Committee of the US Congress said today it is not convinced that the current proposals under Basel II will be able to reflect modern risk management practices and eliminate regulatory arbitrage opportunities.
Energy swaps
Oil
US Senate rejects energy derivatives legislation
The US Senate yesterday voted down proposed legislation that sought to impose tighter controls over energy derivatives trading.
Totem and PwC terminate six-year relationship
UK derivatives pricing service provider Totem Market Valuations and international accounting firm PricewaterhouseCoopers (PwC) have ended a six-year co-operation relationship.
Bear Stearns snares another top credit derivatives executive
Bear Stearns has made another senior hire in its rapidly expanding credit derivatives department. Alex Reyfman will join the US investment bank in New York as managing director and head of credit derivatives research.
CBOT moves to dismiss Eurex lawsuit
The Chicago Board of Trade (CBOT) has filed a motion to dismiss a Eurex lawsuit, which alleged the CBOT and the Chicago Mercantile Exchange had violated the US Sherman Antitrust Act.
TFS launches online coal exchange
TFS, the inter-dealer broker of over-the-counter derivatives and physical products, has launched a global web-based dealing platform for the coal markets.
Rabobank to implement SunGard credit risk software
Rabobank will implement Credient MC2, a credit risk measurement package owned by SunGard Trading and Risk Systems, as a cheaper alternative than investing in a new credit system infrastructure.