News
Fimat to launch volatility arbitrage index
Fimat, the brokerage subsidiary of Société Générale, plans to launch what it claims will be the first volatility arbitrage strategies index by the end of the first quarter.
US listed equity option competition set for increase
Competition in the US equity options market is set to increase with the electronic linkage of five exchanges.
ABN and Deutsche roll out iBoxx 100-linked note
ABN Amro and Deutsche Bank have joined forces to launch a credit default swap product linked to the iBoxx 100 index. The iBoxx 100 note reflects the performance of the top 100 names in the iBoxx euro corporate overall index, weighted by their duration…
Morgan Stanley says restructuring will not be required for capital relief
A subcommittee will recommend to the Basel Committee on Banking Supervision that capital relief from credit derivative hedging should not require the inclusion of restructuring as a credit event, Morgan Stanley analysts said in a report yesterday.
Top dealers plot ‘Project Red’ revival
The backers of ‘Project Red’, a credit derivatives reference entity database (Red) set up by top dealers Deutsche Bank, Goldman Sachs and JP Morgan to remove basis risk in credit trading, have conditionally agreed to sell the service to UK credit risk…
BIS puts spotlight on credit risk transfer
In a report published today, the Bank for International Settlements (BIS) highlighted disclosure, concentration and the role of ratings agencies as key features of the credit risk transfer market that may need to be addressed with regulation.
Bank of America to set up global forex structuring team
Bank of America plans to set up a global foreign exchange structuring team with the appointment of Eric Ohayon from Lehman Brothers.
Italian securitisation volumes slightly up on last year
The Italian securitisation market saw minimal growth last year, according to reports from the two major rating agencies Moody’s and Standard & Poor’s (S&P). Moody’s estimated a total of €36.7 billion in credit risk transferred – a 16% rise compared with…
Japan credit default swap spreads wider on weak stocks
Japanese credit default swap spreads were generally wider this week following weakness in stock prices, but dealers said participants with short positions have helped support the derivatives market and dampened the widening trend.
Kiodex adds forex capability to energy trading platform
Kiodex, a New York-based energy risk management technology company, has released an updated version of its flagship web-based platform, the Kiodex Risk Workbench. Enhancements include a foreign exchange risk management module, new value-at-risk and…
Egar fends off competitors to grab Sberbank risk management contract
The Savings Bank of the Russian Federation (Sberbank), Russia's largest bank, has selected Egar Technology’s Focus product for its trading, treasury, operations and risk management needs. Egar Technology, a New York-based supplier of trading and risk…
Managed synthetic CDOs to grow rapidly in 2003, says Fitch
A new report by credit rating agency Fitch Ratings has predicted rapid growth in managed synthetic collateralised debt obligations (CDOs) this year.
Primus appoints Li as credit market strategist
Primus Financial Products, a New York-based wholesale provider of credit risk protection, has hired Rongfeng 'Becky' Li as a credit market strategist.
BNP Paribas to launch multi-dealer Japanese credit index
French Bank BNP Paribas is preparing to launch a new credit index in Japan that tracks the 50 most liquid Japanese names in the country’s credit default swap market.
Merrill hires Galishoff to head proprietary mortgage arbitrage desk
Merrill Lynch has hired Alan Galishoff, previously head of the collateralised mortgage obligation (CMO) desk at JP Morgan Chase, to head its newly created mortgage relative value business.
UBS Warburg hires ex-Goldman prime brokerage head
Swiss investment bank UBS Warburg has hired Alex Ehrlich, the influential ex-head of Goldman Sachs' prime brokerage business, as its head of international hedge fund services.
SuperDerivatives reaches out to buy-side with new interface
SuperDerivatives, a London-based company offering pricing systems for currency options, has added a ‘buy-side’ interface for its currency options pricing system.
Credit spreads widen as equity continues falling
Falling equities and the increased likelihood of conflict in Iraq continued to drive spreads wider in the credit derivatives market this week.
BIS puts spotlight on credit risk transfer
In a report published today, the Bank for International Settlements (BIS) highlighted disclosure, concentration and the role of ratings agencies as key features of the credit risk transfer market that may need to be addressed with regulation.
SEC enforcement director to join law firm
Bill Baker, formerly associate director of the division of enforcement at the US Securities and Exchange Commission (SEC), is to join Latham & Watkins as a partner in the law firm's Washington, DC, office, on February 18.
CreditTrade launches credit derivatives web service
CreditTrade, the London-based inter-dealer broker and provider of credit derivatives data, has launched its new web-based data service, CreditTrade Insight.
OneChicago offers free analytics to boost SSF trading
OneChicago, a joint venture between Chicago’s three largest exchanges, will offer customers a new research and analytics system today called OneChicago Analytics.
Fimat to launch global hedge fund index
Fimat Global Fund Services, the prime brokerage arm of Fimat International Banque, plans to add to the growing number of hedge fund indexes in the market with the launch of a volatility arbitrage hedge fund index in the next few weeks.
European securitised credit risk transfer set to rise by 15%, says Moody’s
The amount of credit risk transferred in European securitisation deals will increase 15% to €400 billion this year, credit rating agency Moody’s predicted today.