Bank of America
JP Morgan Chase set to increase lead as largest US derivatives bank
JP Morgan Chase, the bank with the largest exposure to derivatives in the US, is set to increase its lead with the takeover of Bank One. The derivatives exposure of the combined banks will approach $35.5 trillion, nearly 54% of the combined value of the…
Four more join iBoxx as CDS index market-makers in the US
Four more banks have become credit default swaps market-makers on iBoxx CDX, a tradable index of credit default swaps on 125 investment-grade US companies. This brings the total number of licensed market-makers to 15.
US sets trend for high bonuses
Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December, reports Risknews ' sister publication FX Week .
Merrill Lynch selects SAS for OpRisk management and Sarbanes-Oxley compliance
Merrill Lynch, a leading financial management and advisory company, has selected software from SAS, a North Carolina-based software analytics company, to help manage its operational risk and continue compliance with the Sarbanes-Oxley Act, the new Basel…
CDO exposure to Parmalat €660 million, says Moody's
A total of 65 collaterised debt obligation (CDO) contracts have “a direct exposure on Parmalat or its relevant subsidiaries”, said rating agency Moody’s Investors Service.
JP Morgan's co-head of European equity derivatives marketing joins Merrill Lynch
JP Morgan Chase’s co-head of European equity derivatives marketing for corporates, Cristina Garcia-Peri, has left the bank to join Merrill Lynch.
Merrill Lynch adds Hong Kong equity-linked products team
Merrill Lynch has hired Stephen Choi as an associate in the US investment bank's global equity-linked products team in Hong Kong.
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.