News
Isda moves to stabilise derivatives markets
The International Swaps and Derivatives Association has issued guidelines to help traders close outstanding equity derivatives positions following the major disruptions to financial markets caused by last week’s terrorist attack on the World Trade Center.
Fed arranges swap deals to smooth liquidity
The US Federal Reserve has agreed temporary swap arrangements with the European Central Bank (ECB), the Bank of England and the Bank of Canada designed to help international banks meet any shortfall of dollars needed to settle market positions created by…
SEC buy-backs eased to counter short-sellers
The Securities and Exchanges Commission (SEC) has had some tough choices to make in the aftermath of last Tuesday’s terrorist outrage. In addition to coping with the decimation of its New York offices at 7 World Trade Center, the SEC has had to grapple…
Biltoo joins CreditTrade
Krishna Biltoo has joined London-based credit derivatives trading platform CreditTrade as its new head of product development.
Patsystems' de Cock ousted from CEO role
Jacques de Cock has stepped down as chief executive officer of London-based trading software company patsystems. David Jones, who was appointed to the board as non-executive director in January 2001, takes over as chief executive. Patsystems said de Cock…
Equity derivatives markets brace for US opening
The equity options markets were rudderless this week, with the lack of implied volatilities for the US market – used for marking and pricing options – effectively grinding options trading to a halt.
Nymex falls back on internet service
The New York Mercantile Exchange (Nymex), closed since Tuesday due to its proximity to the World Trade Center, plans to fall back on an untried internet-based service to give clearing members access to energy and metals futures contracts price discovery.
S&P affirms ‘AAA’ ratings on US clearings
The US's central securities depository, the Depository Trust Company (DTC), and three clearing bodies, the National Securities Clearing Corporation (NSCC), the Options Clearing Corporation (OCC) and the Board of Trade Clearing Corporation (BOTCC), have…
DrKW offers real-time capability on ops/tracker service
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has made new real-time functionality available on ops/tracker, its online settlements enquiry tool.
RBS appoints Burtonshaw as head of finance technology
The Royal Bank of Scotland's (RBS) financial markets division has made Peter Burtonshaw its new head of finance technology with immediate effect.
AFS Group to establish London office
Amsterdam-based interdealer broker AFS Group is establishing a London-based office that will initially focus on offering equity derivatives.
Complexity of weather deals set to grow
Trades in the growing weather risk market are likely to include a greater number of complex cross-commodity products as end-user sophistication increases, according to Valter Stoiani, manager for trading at Houston-based Enron Global Markets' weather…
Europe’s electricity markets hamstrung by mergers
Competition in the European power markets is being hampered by the spate of consolidation in the sector, according to research by Reinhard Haas and Hans Auer of the Vienna University of Technology, presented at Energy & Power Risk Management magazine’s…
LME goes live with complete screen trading service
The London Metal Exchange (LME) has launched Release 2 of LME Select, its screen trading system, which allows LME member firms to trade any contract electronically. The system was developed by Swedish firm OM Technology.
Bernstein admits change of heart at ARS conference
Peter Bernstein, author of “Against the Gods”, the best-selling book on the history of risk, now says he “got the point all wrong” in the book. Bernstein, giving the keynote address at Risk magazine’s Alternative Risk Strategies 2001 conference in New…
Isda says more work needed on accounting standard
The International Swaps and Derivatives Association (Isda) has filed comments on the draft standard “Financial Instruments and Similar Items”, proposed by the Joint Working Group of Standard Setters (JWG).
Daiwa invests in Ubitrade STP system for derivatives
Daiwa Securities has agreed a deal with French solutions provider Ubitrade to install a straight-through-processing (STP) system for derivatives in its London office.
FXall gains Hong Kong regulator approval
FXall, the bank consortium-owned online portal for global foreign exchange trading, will open a representative office in Hong Kong, following approval to operate as a money broker in the city from the Hong Kong Monetary Authority (HKMA). The office, to…
DeAM expands New York fund of funds team
Deutsche Asset Management (DeAM) is expanding its fund of funds business with the appointment of four new directors to its New York-based team. Steven Bossi, Mustafa Jama, John Gallagher and Lance Babbit take up newly created positions and will report to…
Kingsley named head of Andersen’s finance practice
Veteran risk management and markets practice consultant Stephen Kingsley has been made global head of financial services practice at professional services firm Andersen, following a four-year stint leading the firm’s Europe, Middle East and Africa (EMEA)…
Summe replaces Jelich as Isda general counsel
The International Swaps and Derivatives Association (Isda) has promoted Kimberly Summe to be its general counsel, effective from September 10, replacing Emily Jelich. Isda said Jelich, who only took up the role three months ago, was leaving for “personal…
Hohl moves to BIS to promote Basel in Asia
Stefan Hohl, the Bundesbank’s head of internal risk management, has moved to the Bank for International Settlements (BIS) to promote the new Basel Capital Accord in Asia.
Icor teams with Reuters to deliver FX options
Icor Brokerage has formed a 50:50 venture with international dealing systems provider Reuters to deliver its FX options broking service, and in one swoop dismissed suggestions that the company faced problems raising cash.
New alliance to consult on hedge fund portfolio risk
PlusFunds, the New York-based hedge fund exchange, has teamed up with the Albourne Group, a hedge fund risk consultant, to form Albourne Plus (A+), a new risk consulting service for institutional investors.