News
CalPERS presses ahead with $37 million STP plan
The California Public Employees Retirement System is moving forward with its $37 million four-year straight-through processing project, despite the delay of the T+1 deadline, and the economic conditions that have shrunk the fund manager’s assets under…
Banks in 50 countries will complete Basel II QIS 3 survey
Two hundred and sixty-five banks from nearly 50 countries have agreed to take part in the key third quantitative impact study, QIS 3, that seeks information on how the complex Basel II capital accord will affect banks, the world’s top international…
Mizuho to launch ¥1.27 trillion CuBic One synthetic CLO
Mizuho Corporate Bank, a unit of Japan's Mizuho Holdings, is launching a ¥1.27 trillion ($10.4 billion) three-year synthetic balance sheet collateralised loan obligation (CLO), via special purpose vehicle CuBic One Limited. Mizuho International and…
Lehman takes a proprietary route to STP integration
US investment bank Lehman Brothers will rely on proprietary technology rather than industry standards to achieve straight-through processing (STP), Patrick Maher, Lehman vice-president of operations technology told delegates at Waters Magazine’s 2002…
Banks in 50 countries will complete Basel II QIS 3 survey
CAPE TOWN, SOUTH AFRICA – Two hundred and sixty-five banks from nearly 50 countries have agreed to take part in the key third quantitative impact study, or QIS 3, that seeks information on how the complex Basel II capital accord will affect banks, the…
Single bank capital accord for all banks is impossible, says Basel Committee chief
CAPE TOWN, SOUTH AFRICA – Differences between banking systems make it impossible to conceive of a single bank protective capital accord that would work for all banks in all countries, the world’s top international banking regulator said today.
ORX loss database operational by the end of the year
FRANKFURT, GERMANY - The Operational Riskdata eXchange Association (ORX), a not-for-profit venture to pool op risk loss data resources, expects its operational risk database to be operating by the end of 2002, Fred Peemoeller, chief risk officer,…
Insurers to have largest exposure to credit derivatives by 2004, says BBA
Insurance companies are expected to overtake banks for market share in the global credit derivatives market within a couple of years, according to a new report published by the British Bankers' Association (BBA) today.
US corporate hedging declines, says AFP
A majority of US corporate respondents to a recent survey by the Maryland-based Association of Finance Professionals (AFP) reported that overall hedging activity has declined, with a third citing derivatives accounting rule FAS 133 as the reason for the…
Isda worried about OTC regulation threats
The International Swaps and Derivatives Association is still voicing concern about attempts by US Californian Democrat senator Dianne Feinstein to regulate the energy and commodity derivatives market.
SunGard's credit risk system scores a second client
Credient, SunGard Trading and Risk Systems' new credit portfolio analysis and counterparty exposure tracking system, has secured its second client, WestLB. Its first was ING.
Isda concerned about Basel II cross-border operation
The biggest concern arising from the Basel II capital Accord is how it will operate for banks across national borders, says Tanya Castell, London-based head of investment bank UBS Warburg’s risk policy group and the chair of the International Swaps and…
JP Morgan says downgrade will impact derivatives business
JP Morgan Chase’s credit rating agency downgrades yesterday will affect its derivatives business, the bank told RiskNews at the end of the London trading day today.
Deloitte study finds 25% of financial firms have no risk oversight
More than a quarter of the world's financial institutions - primarily commercial and retail banks and insurers - have no independent risk oversight function, according to a new survey by professional services firm Deloitte & Touche.
Insurers enter the credit derivatives restructuring debate
A group of insurance companies active in the credit derivatives market has submitted a letter to the International Swaps and Derivatives Association suggesting language changes to the trade association’s restructuring definitions. The insurers are…
JP Morgan default swaps hit as bank receives double-downgrade
The cost of credit protection on JP Morgan Chase debt has surged more than 25 basis points following a profit warning from the US investment bank and downgrades from rating agencies Fitch Ratings and Standard & Poor's.
JP Morgan Chase woes prompt limited spread contagion
JP Morgan Chase’s profit warning and two rating agency downgrades yesterday, which prompted its debt protection costs to widen as much as 26 basis points to 100bp, has caused only a minimal impact on other financial credit derivatives spreads.
Single-bank capital accord impossible for all banks, says Basel chief
Differences between banking systems make it impossible to conceive of a single-bank protective capital accord that would work for all banks in all countries, the world’s top international banking regulator said today.
European fund managers seek united voice on EU laws
LONDON – Two leading trade bodies representing European fund managers are looking at ways of providing a united voice on European Union (EU) laws and rules affecting them, including the EU’s third capital adequacy directive or Cad 3.
Banks should use Basel II delays to improve retail-lending systems
NEEDHAM, MASSACHUSSETTS - Banks should use the time gained by delays to the Basel II bank accord to plan for the replacement of systems that can’t handle the ever-increasing volume of loans to the retail sector, a report by banking technology consultants…
Icap retains Washington lobbyists
UK inter-dealer broker Icap has retained the services of a professional lobbying company in Washington to combat negative political sentiment and ensure the broker’s interests are fully represented on Capitol Hill.
Deutsche launches Cristals credit index note
Deutsche Bank has launched a five-year index-linked credit note. The underlying index for the new security will be the euro corporates overall index provided by iBoxx – the credit index consortium.
European fund managers seek united voice on EU laws
Two leading trade bodies representing European fund managers are looking at ways of providing a united voice on European Union (EU) laws and rules affecting them, including the EU’s proposed third capital adequacy directive, Cad 3.
Rabobank defends its credit rating following downgrade
Dutch financial services co-operative Rabobank has defended its credit position following a one-notch downgrade by rating agency Fitch Ibca.