News
Hedge funds open in HK
New Angles
SG to offer 'mountain range' funds in Asia
SG, the securities division of French bank Société Générale, has begun rolling out its ‘mountain range’ series of capital guaranteed funds in Hong Kong, four years after they made their first appearance in the European market.
Soc Gen's Bouton heads IIF committee on Basel
The Institute of International Finance (IIF), a Washington-based banking organistion, has appointed Daniel Bouton, chairman and chief executive of Société Générale, as the chairman of its steering committee on regulatory capital.
Barclays Global Investors gets SEC approval for fixed-income ETFs
Barclays Global Investors (BGI) has been approved to launch the first US fixed-income exchange-traded funds (ETFs), following approval at an open meeting of the US Securities and Exchange Commission on May 29. Seven BGI fixed-income US Treasury and…
Credit Markets Update: Spreads widen on weak earnings and equity news
Most of the activity in the credit derivatives markets was again seen in the volatile telecoms sector, with five-year spreads on UK telco mm02 widening by around 20 basis points to 440bp/460bp following weak earnings results on Tuesday, which caused its…
Japan Credit Markets Update: New convertible issues push spreads wider
Convertible bond issues by Japan’s largest leasing company, Orix, and its biggest trading house, Mitsubishi, drove Japanese credit default swap spreads wider this week in an otherwise quiet market.
UK watchdog will not pressure banks on advanced Basel II
The UK’s principal financial market watchdog will not pressure banks to adopt the advanced approaches to measuring risk capital under the Basel II banking Accord, UK Financial Services Authority (FSA) managing director Michael Foot said today.
Isda issues guidelines on counterparty transfers
The International Swaps and Derivatives Association (Isda) has published guidelines to deal with cases where two parties have entered into one or more transactions and where one of the parties transfers its rights and obligations to a new counterparty.
EU likely to meet critics on op risk capital charge, UK regulator says
The European Commission’s final proposals on operational risk in investment firms within the Commission’s new capital adequacy framework are likely to meet the objections of critics, UK Financial Services Authority (FSA) managing director Michael Foot…
S&P says ratings more accurate than credit default swap prices
Rating agency Standard & Poor's (S&P) defended its credit ratings approach amid criticism from bankers that there were inconsistencies in its company assessments across different sectors and regions.
HSBC boosts HK derivatives team
HSBC has bolstered its structured derivatives team in Asia with the appointment of Ka Lok Chau from Crédit Agricole Indosuez in Hong Kong. Chau will focus on product development and pricing models, according to John Flint, head of regional fixed-income…
Battery failure caused HK futures trading stoppage
A dead battery led to the closure of Hong Kong's futures and options trading for than an hour on Tuesday, according to a preliminary investigation by the Hong Kong Exchanges and Clearing (HKEx).
Crédit Lyonnais set to offer prime brokerage in Asia-Pacific
CLSA, the emerging markets arm of French bank Crédit Lyonnais, plans to offer prime brokerage services in the Asia-Pacific region to cater for an anticipated growth of the hedge fund market in the region, according to Sheldon Lee, CLSA head of hedge fund…
Ethical rules needed to boost energy sector
Energy companies in the US and Europe should work together to establish rules for ethical behaviour to restore confidence in the energy sector and boost the liberalisation process, according to Janine McArdle, managing director of Aquila Europe.
Creditex hires European senior marketer
Online credit derivatives broker Creditex has expanded its European team by hiring David Eline as a senior marketer for Europe. In his new position he reports to Brad McKinnon, head of Creditex's London office.
Credit Markets Update: Spreads volatile in Fiat and France Telecom
Five-year credit protection levels for debt-heavy Italian industrial conglomerate Fiat bounced from 360 basis points-mid on Monday, to 405bp on Tuesday, to 355bp by today’s end, according to data from credit derivatives broker GFInet. Traders said the…
S&P: compromises could lead to “meaningless” Basel II
Global banking regulators must take great care to ensure the Basel II capital Accord isn’t overly weakened or even rendered meaningless by compromises over conflicting national interests, credit rating agency Standard & Poor’s (S&P) said in a report…
Australian banks heading for advanced IRB
Australia’s four major banks are making good progress in implementing strategies and systems for Basel II, with all four banks targeting the advanced internal ratings-based (IRB) approach, according to rating agency Standard & Poor’s (S&P).
DrKW hires Kalimtgis to head new credit risk team
Dresdner Kleinwort Wasserstein (DrKW) has hired Evan Kalimtgis to head its new credit portfolio strategy group, which will optimise credit portfolio exposure on behalf of DrKW and its clients.
Dealers blast multi-bank FX portals
The future looks bleak for the remaining multi-bank foreign exchange trading portals, according to delegates at the sixth annual ACI European Congress in Luxembourg last week.
CDC Ixis’ new weather desk targets French clients
CDC Ixis Capital Markets has set up a Paris-based weather derivatives desk that will solely target French clients. The French bank will target the energy, construction, tourism and agriculture sectors.
Enron collapse a big blow to Europe’s energy markets, says EDF head
The collapse of energy trader Enron has caused a major blow to market confidence in Europe, said Francis Hervé, chief executive of EDF Trading, the London-based trading subsidiary of Electricité de France (EDF).
StanChart boosts FX derivatives team
Standard Chartered has bolstered its Hong Kong-based foreign exchange and derivatives group by hiring Christopher de la Hoyde and John Tan.
Management quality seen as key issue in insurance regulation
The big question facing the UK’s principal financial market watchdog in developing risk-based safety rules for insurance firms is how to regulate for the quality of management in a firm, Sue Kean of the UK Financial Services Authority (FSA) said in…