Citi
G-10 trade keeps Citi earnings stable
Opportunities in the Group of 10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong foreign exchange earnings in 2003, reports Risknews' sister publication, FX Week .
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…
iBoxx developing credit futures contract
Three investment banks behind credit default swap (CDS) index provider iBoxx – ABN Amro, Citigroup and Deutsche Bank – today jointly announced the development of a new credit futures contract.
UBS ousts Citi from top spot in forex
UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters conducted by RiskNews sister publication FX Week .
Speakers voice synthetic credit and capital structure arbitrage fears
A number of speakers at Risk ’s Credit Risk Summit USA 2003 voiced concerns about investments in credit derivatives and capital structure arbitrage yesterday. Sivan Mahdevan, an analyst in Morgan Stanley’s credit derivatives research group, when opening…
Barcap nabs Citigroup equity derivatives salesman
Barclays Capital, the investment banking division of Barclays Bank, has appointed Andrew Stonely from Citigroup as a director in equity derivatives sales. He will be responsible for developing the European equity derivatives flow business.
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
HSBC hires three for structured products business
HSBC has bolstered its structured products business in Asia, with the addition of new hires from three of its regional rivals, Citigroup, Deutsche Bank and JP Morgan Chase.
Citi grabs King to head credit research group
Citigroup has hired Matthew King as head of quantitative credit strategy in Europe from JP Morgan Chase.
Deutsche forex quant Jacobs follows McGhee to Citi
Deutsche Bank’s former deputy head of foreign exchange products development, Andrew Jacobs, is set to join his old boss, William McGhee, at Citigroup.
Mirant bankruptcy is not terminal
US energy firm Mirant’s July bankruptcy filing bucks the recent trend of last-minute restructuring deals that have saved many of its rivals from a similar fate. But analysts say the company is likely to emerge from its filing with at least some of its…
Deutsche loses top forex quants
Deutsche Bank, which claims in promotional material to possess a foreign exchange options business that is “unsurpassed” by its competitors, has lost its head of foreign exchange products development William McGhee, and his deputy Andrew Jacobs. The pair…
Third-party CLS take-up slows
Take-up of the continuous-linked settlement (CLS) service by third-party banks is slowing as a result of time-consuming back-office changes and a waning sense of urgency, CLS project managers told RiskNews ' sister publication, FX Week .
Citi contemplating US credit derivatives index
Citigroup is contemplating launching a US credit derivatives index product, according to Doug Warren, managing director for North American credit derivatives, and intends to make a decision on this within the next two to three weeks.
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
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.
Banks not ready for advanced IRB, says Trema speaker
Many international investment banks are not yet ready to implement the advanced internal-ratings-based approach to measuring credit risk, according to a controversial speaker at this week's Trema World Forum in Monaco.
Hong Kong banks ready SARS contingency plans
Banks are readying contingency plans for FX trading in Hong Kong, as a potentially fatal pneumonia virus grips the trading centre.
Trading with a small ‘t’
What made headlines before is now becoming everyday news: energy companies are scaling back or leaving energy trading. Some industry observers are emphasising the shift to ‘trading around assets’. Anne Ku investigates just what this means
Tech glitch strikes CLS
The failed settlement of more than 20,000 Australian dollar and yen trades on the continuous-linked settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials said.
Merrill to settle its forex trades via Citi
Citigroup has won a coveted deal to settle Merrill Lynch’s forex trades on its behalf on the new Continuous Linked Settlement (CLS) service for FX.
Deutsche Asset Management to focus on retail market in Asia
Deutsche Asset Management has hired Sharon Cheng as head of retail sales for its Asia ex-Japan businesses. The newly created position is aimed at boosting the firm’s efforts in the retail market across the region.
Citi triumphs in Asian CLS
TAIWAN — Citigroup appears to be winning the battle for third-party CLS business in Asia.
Korea’s Koram Bank joins SuperDerivatives
Korea’s Koram Bank, a joint venture established by a consortium of local conglomerates, has joined SuperDerivatives, the internet-enabled currency options pricing system.