News
Moody’s KMV integrates credit risk management
Moody’s KMV has announced the integration of its credit risk products – RiskCalc and Credit Monitor – into one credit risk management platform.
CBOT to use Rolfe’s RANorder Pro as front-end system
The Chicago Board of Trade (CBOT) has entered an agreement with UK technology company Rolfe and Nolan to use its RANorder Pro as a trading front-end system.
CDOs “generally unaffected” by Mirant and Loral bankruptcy filings, says Fitch
Rating agency Fitch has examined the collateralised debt obligations (CDO) that it rates for exposure to troubled companies Mirant and Loral and concluded that they are “generally unaffected” by their bankruptcy filings.
CME reports record earnings
Chicago Mercantile Exchange Holdings, the parent company of the Chicago Mercantile Exchange (CME), yesterday reported record revenues and earnings for the second quarter of 2003, spurred by strong trading volumes in its three largest product categories:…
Sarbanes grills Brickell over Ofheo nomination
The US Senate Banking Committee held a hearing on Mark Brickell's nomination for director of the Office of Federal Housing Enterprise Oversight (Ofheo), the regulator for government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, this afternoon.
FSA shakes up capital rules for UK insurers
The UK's main financial regulator, the Financial Services Authority (FSA), has released proposals for a shake-up of its capital regime for non-life insurers.
Single-tranche synthetics drive CDO volumes
Collateral debt obligation issuance was up 24% in the first six months of 2003 despite the credit derivatives market’s unusually tight spreads due to a flood of bespoke single-tranche synthetics, according to CDO analysts at Lehman Brothers.
Institute of Risk Management appoints King
UK-based educational body and members organisation, the Institute of Risk Management (IRM), has appointed David King as its new executive director. King is on secondment from UK insurer Royal & SunAlliance (R&SA) for an initial period of one year.
Sarbanes grills Brickell over Ofheo nomination
The US Senate Banking Committee held a hearing on Mark Brickell’s nomination for director of the Office of Federal Housing Enterprise Oversight (Ofheo), the regulator for government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, this afternoon…
FSA shakes up capital rules for UK insurers
The UK's main financial regulator, the Financial Services Authority (FSA), has released proposals for a shake-up of its capital regime for non-life insurers.
BarCap launches first single-dealer electronic platform for euro swaps
Barclays Capital (BarCap) and Bloomberg today launched the first single-dealer online platform for trading interest rate swaps. The platform will allow BarCap’s clients to trade vanilla euro-denominated interest rate swaps across various maturities via…
Reuters sues Bloomberg over alleged FX patent infringement
US trading technology firm Bloomberg could be forced to stop using parts of its foreign exchange matching and conversational dealing technology if its UK rival Reuters succeeds in a patent infringement lawsuit.
Moulds promoted in BoA debt reshuffle
Jonathan Moulds, global head of interest rates, treasuries and agencies business at Bank of America, will now assume responsibility for the US bank’s foreign exchange business and local debt operations in Asia and Mexico, according to an internal memo…
Former Goldman head quant moves to Morgan Stanley
Former head of credit risk quantitative modelling at Goldman Sachs, Eduardo Canabarro has joined Morgan Stanley’s fixed-income quantitative modelling team.
Moody’s KMV releases RiskCalc for Korean private firms
Moody’s KMV has released RiskCalc Korea, a web-based model for estimating the probability of default or expected default frequencies (EDF) on obligations of non-financial Korean private companies.
City of Los Angeles files lawsuit against Reliant
The City of Los Angeles has filed a $218 million lawsuit against Houston-based Reliant Energy and its successor companies, alleging breach of contract and conspiracy to drive up the price of natural gas.
Cad 3 will hit asset manager profits, says Mercer Oliver Wyman
The European Union's proposed third capital adequacy directive (Cad 3) will force European asset managers to hold significantly more capital than at current levels.
Reputation is the biggest risk, says PwC
Reputational risk is now the biggest single risk financial institutions face, according to professional services firm PricewaterhouseCoopers (PwC).
Cad 3 will hit asset manager profits, says Mercer Oliver Wyman
The European Union’s proposed third capital adequacy directive (Cad 3) will force European asset managers to hold significantly more capital than at current levels. This will reduce their profitability, and could prompt a shake-out in the industry,…
Reputation is the biggest risk, says PwC
Reputational risk is now the biggest single risk financial institutions face, according to professional services firm PricewaterhouseCoopers (PwC).
Prediction Dynamics names ex-Goldman's Flood in development role
Prediction Dynamics (PD), the quantitative trading software company, has hired former Goldman Sachs trader Stephen Flood as business development manager.
Fredrickson bows out as global head of rates at UBS
Tim Fredrickson has retired from UBS, where he headed the Swiss bank’s global interest rates business until the end of May.
Progress continues on EU single payment area
Frankfurt – The European Central Bank (ECB) is continuing its push for the creation of a single euro payments area (SEPA), and the private sector is working hard to keep up with the pace of change.
JP Morgan Chase and Morgan Stanley launch Trac-x Japan CDS index
US investment houses JP Morgan Chase and Morgan Stanley are merging their Japanese credit derivatives indexes Janice and MSJ-CDS, respectively, into Trac-x Japan, a new tradable index that tracks the 50 most liquid Japanese credit default swaps (CDS).