Bank of America
Former BoA global markets head joins Icap
Duncan Goldie-Morrison has joined Icap as a non-executive director and member of the UK inter-dealer broker's audit, remuneration and nominations committees.
Reuters adds SuperDerivatives to 3000 Xtra
Reuters has added SuperDerivatives’ currency options pricing system to its 3000 Xtra platform, as part of its efforts to boost its position in the treasury markets.
Summit Systems names prominent hires in New York
Software vendor Summit Systems has made a number of appointments for its New York office. The hires include the return of co-founder Kathy Perrotte to the vendor after a one-year sabbatical.
US merger brings uncertain future for BoA/ Fleet FX staff
Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in foreign exchange. But an overlap in jobs is unavoidable with a bank the size of BoA, analysts told RiskNews ' sister publication FX Week ,…
S&P versus Basel II: A fragile accord
By publicly casting doubt over aspects of the Basel II Accord's methodology, rating agency Standard & Poor's is voicing concerns shared by many in the banking industry. Joanne Hart asks how this dispute may affect bondholders and the market in general.
JP Morgan Chase plans US power trading foray
JP Morgan Chase is establishing a New York-based electricity trading desk, joining a growing number of banks that have entered the sector in the past year.
Barrier to entry
Bank of America and UBS are still trying to overcome obstacles that could prevent them entering physical power trading in the US. Federal Energy Regulatory Commission regulations represent the biggest obstacle. Paul Lyon reports
DoJ forces Merrill to disclose future structured product deals
In a deal struck with the US Department of Justice (DoJ) over charges of conspiracy with Enron, Merrill Lynch has agreed sweeping reforms that will require all complex structured finance transactions effected by a third party with the bank to be…
Banks back FXall prime brokerage messaging hub
Currency trading portal FXall has secured the support of seven leading banks to develop a shared messaging hub for notification of prime brokerage deals.
BoA hires two for European structured products group
Banc of America Securities has appointed Andrew Jackson as a European structurer in its global structured products group, with responsibility for originating and structuring pooled and single-name structured credit products.
Merrill Lynch beefs up Asia-Pacific debt team with new hires
Merrill Lynch has hired Sibo Feng as director in its global credit products group to focus on correlation trading. Feng, who will be based in Tokyo, was previously with Bank of America.
Derivatives expert Kim rises another rung at Merrill Lynch
Dow Kim, the Korean-born fixed-income derivatives profit generator at Merrill Lynch, has been named co-head of global markets and investment (GMI) banking at the US investment bank, following the departure of Arshad Zakaria.
Allegheny sells $405m of energy supply contract to Goldman Sachs
Allegheny Energy yesterday took a step towards reducing its exposure to energy trading by selling an energy supply contract to a subsidiary of Goldman Sachs for $405 million.
Merrill rebuilds local markets trading team
Merrill Lynch has rebuilt a six-strong local markets trading team in London during the past month, after natural attrition whittled the original team down to one.
Moulds promoted in BoA debt reshuffle
Jonathan Moulds, global head of interest rates, treasuries and agencies business at Bank of America, will now assume responsibility for the US bank’s foreign exchange business and local debt operations in Asia and Mexico, according to an internal memo…
Wachovia bolsters CDS trading group
Wachovia Securities has hired two Bank of America credit default swap (CDS) specialists to bolster its credit derivatives trading team.
BNP Paribas beats SG for ZCM assets
French bank BNP Paribas has entered the final stages of negotiations to purchase about 140 structured transactions linked to funds investments from Zurich Capital Markets (ZCM), a division of Swiss insurer Zurich Financial.
Lessons in loaning
Lenders and borrowers alike are becoming ever more innovative at a worrying time for energy company financing. But will the new ideas catch on? Paul Lyon reports
More power to the banks
Banks now have greater freedom to participate in derivatives markets based on physical commodities thanks to two recent ruling by US regulators. As a result, the balance of power looks set to shift from Houston to New York. By Paul Lyon
Bear Stearns hires head of fixed-income trading in Japan
Bear Stearns has hired Raymond Wong as a senior managing director and head of fixed-income trading for Asia and Japan.
Derivatives concentrated in largest US banks, says OCC
Seven banks in the US account for almost 96% of the total notional amount of derivatives in the commercial banking system, the Office of the Comptroller (OCC) of the Currency has said in a report.
BoA boosts European structured products and rates groups
Banc of America Securities, the investment-banking arm of Bank of America, has hired Edward Charles to spearhead the European structuring side of its global structured products unit, and Ashwin Kumar as European head of interest rate derivatives trading.
Prop desks set to reap rewards of forex volatility
Banks could be reaping rewards from their proprietary foreign exchange trading desks, as swift intra-day market moves continue, dealers told RiskNews ’ sister publication FX Week .