News
Euronext.liffe launches physically delivered universal stock futures
Euronext.liffe yesterday began to offer four physically delivered universal stock futures in an effort to boost the trading volumes of these contracts. The remaining 111 universal stock futures offered by Euronext.liffe are cash settled. Universal stock…
Banking body says Basel II will treat securitisation unfairly
The European Securitisation Forum (ESF), a banking industry body, said the proposed Basel II capital Accord, proposed by banking regulators, stands to unfairly penalise their business.
Banks not effectively applying risk tools, says report
Many banks are not effectively applying risk tools when pricing and structuring deals, according to research and consultancy company PA Consulting.
Lehman closes $500 million Asian investment-grade arbitrage synthetic CDO
Lead manager Lehman Brothers said today it has closed a $500 million five-year Asian investment-grade arbitrage synthetic collateralised debt obligation (CDO) through special-purpose vehicles Asia IG CDO Limited and Asia IG CDO LLC. The portfolio manager…
Banking body says Basel II will treat securitisation unfairly
The European Securitisation Forum (ESF), a banking industry body, said the proposed Basel II capital Accord, proposed by banking regulators, stands to unfairly penalise their business.
Fitch predicts more gloom for US energy companies
US power and gas companies face another grim year in 2003 as liquidity risk, market weakness and litigation and regulatory concerns seem set to continue, according to a new report by rating agency Fitch.
Dongwon Securities poaches JP Morgan Chase banker
South Korea’s Dongwon Securities has hired BJ Kim, an ex-JP Morgan Chase banker, as executive vice-president to boost the firm’s over-the-counter derivatives capabilities. Previously, Kim was head of credit markets at JP Morgan Chase in Seoul.
Risk managers set to benefit from drive to address FX operational risks
Foreign exchange risk managers are waking up to new ways of addressing operational risk in the FX markets, Paul Fisher, head of the foreign exchange division at the Bank of England, told delegates at FX Week 's first congress in London this morning. As a…
Financial institutions ill equipped to deal with credit risk developments, says D’Silva
The changing attitudes to credit risk among banks amounts to a "cultural revolution", Adrian D'Silva, director of capital markets supervision for the Federal Reserve Bank of Chicago, told delegates at a credit risk management conference in Vienna today…
UBS shuts Houston energy trading desk
UBS is to close its Houston-based energy trading desk, laying off an undetermined number of staff. But the Swiss bank also said it will move some of Houston’s 380 energy staff to its Stamford, Connecticut, office, where energy trading will continue.
New trading allegations hit El Paso
Allegations that Houston-based El Paso swapped power contracts with Morgan Stanley to avoid a restatement of earnings sent shares of the troubled energy company tumbling today.
Committee of Chief Risk Officers releases best practices recommendations
The Committee of Chief Risk Officers (CCROs), the Washington DC-based association for energy company risk managers, yesterday released its best practice recommendations, urging merchant energy companies to increase market transparency.
OneChicago to expand product range
US single-stock futures (SSFs) trading company OneChicago plans to expand its product suite on Friday (November 22)with 22 more stock listings. It will also introduce futures on ‘Diamonds’ – shares in an exchange-traded fund (ETF) that is designed to…
Ice addresses energy trading market concerns with two new hires
Atlanta-based online commodities exchange IntercontinentalExchange (Ice), has appointed two new directors as part of its plans to address concerns about the health and legitimacy of the energy trading markets. Ann Cresce has been appointed assistant…
UK opposed to allowing wider op risk insurance role in European capital rules
UK regulators are opposed to the wider use of operational risk insurance to reduce capital charges under complex new European Union (EU) safety rules for banks and investment firms, regulatory sources said.
Citigroup wins FX Week strategy award
Citigroup’s FX strategy team took the top spot in FX Week's best bank in FX research and strategy award, ousting last year’s winner Deutsche Bank into second place.
Financial institutions have scope for improvement in risk management, says PwC
Leading financial institutions are moving towards a more holistic and integrated approach to risk management, but need to continue to improve their risk management processes, according to a new survey from financial services firm PricewaterhouseCoopers …
Credit protection for German financial institutions remains stable
The cost of credit protection for German financial institutions, including Deutsche Bank, Dresdner Bank and insurer Allianz, remained relatively stable today, despite negative rating outlook changes from Moody’s.
UK opposed to allowing wider op-risk insurance role in European capital rules
LONDON – UK regulators are opposed to the wider use of operational risk insurance to reduce capital charges under complex new European Union (EU) safety rules for banks and investment firms, regulatory sources said.
Basel II helps German banks focus on risk, says Moody's
A renewed focus on profitability and strategic refocusing among German banks leads Moody's Investors Service to believe that “the country's banks will not undergo a systemic crisis”, the rating agency said in a report on the German banking sector,…
GFI and Lombard launch credit derivatives mark-to-market partnership
Inter-dealer broker GFI said today it has formed a new credit derivatives pricing alliance with Lombard Risk Systems, a London-based risk management technology company.
Eurex launches futures and options on exchange-traded funds
Eurex, the European derivatives exchange, yesterday provided investors with a new hedging tool by launching futures and options on exchange-traded funds (ETFs).
EU capital rules remain on tight deadline
European Union (EU) plans for implementing the complex Basel II bank safety rules remain on a very tight schedule, and yesterday's issue of a EU progress report is a positive step, officials at European banking organisations said.
SunGard appoints new Asia-Pacific president
Pennsylvania-based risk technology vendor SunGard has appointed John Wilson as president of the company’s Asia-Pacific business. Wilson will take over the reins from Matt Mandalinci, who has been appointed president of SunGard eProcess Intelligence,…