News
Raroc pioneer now questions use of risk analytics
Dan Borge, who developed the first widely used enterprise-wide risk management system, risk-adjusted return on capital (or Raroc) while head of global research and corporate strategy at Bankers Trust in the 1970s and 1980s, now questions whether…
Risk Italia 2003: Italian covered warrants market will recover
The Italian covered warrants market will recover, despite recent falling volumes, said Marco Montanari, head of the Italian covered warrants market at SG, speaking today at Risk 's inaugural Risk Italia conference in Milan.
Kiodex adds more energy forwards curves
Kiodex, a New York-based energy risk management technology company, told delegates at an EPRM congress in Houston yesterday that it will add five new forward curves to its global market data offering.
Icap to broker economic derivatives
Icap has agreed to broker the parimutuel auction-based economic derivatives jointly developed by Deutsche Bank and Goldman Sachs, the firms announced today. Icap will offer the full range of economic derivatives, including vanilla and digital options and…
US power sector slows decline - Fitch
The US power sector has seen little more than a “deceleration in the rate of its decline” in 2003, according to Richard Hunter, managing director of rating agency Fitch’s global power group.
Compliance systems are key to reputational risk, says Sullivan & Cromwell’s Cohen
Regulators look to the strength of a firm’s compliance system when deciding how aggressively to pursue it for rule violations, according to Rodgin Cohen, chairman of law firm Sullivan & Cromwell. Cohen, a well-known legal expert in bank acquisitions,…
Risk Italia 2003: Growing proficiency in risk management allows more risk, says Cocco
Increasing proficiency by risk managers is allowing financial institutions to run more risk, according to Pierfrancesco Cocco, head of risk management at Banca Monte di Paschi di Siena. Speaking today at Risk’s inaugural Risk Italia conference in Milan,…
Citi has war chest but high standards, CFO says
Citigroup has “stored excess capital” to allow it to make acquisitions during periods when price-earnings multiples in the financial services industry are depressed, as is currently the case, according to Todd Thomson, chief financial officer at the New…
Fitch pushes for more competitive bidding after CDO credit events
Fitch Ratings is recommending that future synthetic collateralised debt obligations (CDOs) are structured with more competitive bidding processes for determination of recovery rates following credit events.
Risk Italia 2003: Banks to increasingly use securitisation for risk management
The securitisation market may be increasingly used in the future to manage the risk position of banks, said Marc Zanelli, head of the securitisation group at CSFB in Milan, speaking today at Risk’s inaugural Risk Italia conference, also in Milan.
Isda adds 4pm setting to HK$ IsdaFix
The International Swaps and Derivatives Association has included an additional fixing time of 4pm for its Hong Kong dollar IsdaFix swap rate service.
Singapore’s UOBAM manages third synthetic CDO
Singapore’s UOB Asset Management (UOBAM) has once again moved into the synthetic collateralised debt obligation (CDO) market, managing its third transaction deal in eight months. This time, Goldman Sachs is the co-arranger of the transaction with UOB,…
Enron will not centralise risk management for InternationalCo
Failed energy trader Enron plans to package together the majority of its international assets into a company known as InternationalCo, the shares of which will be distributed to its creditors. But Houston-based Enron spokesman John Ambler today told…
Industry leaders revive client-facing forex options teams
Top-tier banks are moving to set up core groups of client-facing options specialists, turning away from a previous trend to re-train all sales dealers to have derivatives expertise.
Ferc calls for risk manager vigilance
William Hederman, director of the office of market oversight and investigations (OMOI) at the US Federal Energy Regulatory Commission (Ferc), today urged energy risk managers to alert his office to any suspicious market practices.
ABN Amro delves into global OTC oil and gas derivatives
Dutch bank ABN Amro has started to offer its clients oil and gas hedging services, as part of its financial markets business, which incorporates debt capital markets, structured lending and risk management activities.
Reuters teams with Barra to offer buy-side risk analytics
Reuters, the UK information company, has teamed up with Berkeley, California-based risk management technology vendor, Barra, to integrate Reuters’ buy-side market data with Barra’s risk analytics products for the investment community.
Deutsche Bank hires head of institutional sales in Asia
Deutsche Bank has hired Denis McCarthy as director and head of institutional sales, Asia, for its global equity derivatives business.
Creditex co-founder McEvoy leaves company
John McEvoy, co-founder and co-chief executive of credit default swap and structured credit broker Creditex, based in New York, has left the firm "to pursue other personal and professional opportunities".
CME launches more weather contracts
The Chicago Mercantile Exchange (CME) will introduce six additional weather futures and options contracts at the end of the month. The CME’s new seasonal degree day index futures and options will offer coverage in the November-to-March heating season and…
New CDO issuance picked up in April, says Goldman
The collateralised debt obligation (CDO) market witnessed a turnaround in new issuance in April, according to research from Goldman Sachs in New York. But the year-to-date new issue of CDOs in the US and European markets is still down by more 20% and 50%…
Japanese credit default swaps trading centres around convertibles
Most of the trading in Japan’s credit default swaps market centred around names with outstanding convertible bonds in quiet trading this week.
Goldman launches warrants on UK house prices
Goldman Sachs will launch warrants linked to the UK residential housing market tomorrow, the investment bank said in statement today.
Emerging markets credit derivatives index debuts
JP Morgan Chase has begun formally showing prices on its Emerging Markets Derivative Index (EMDI) – a tradable portfolio of five-year credit default swaps (CDS).