Credit Suisse
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…
FASB unlikely to delay FIN 46, says CSFB
The US Financial Accounting Standards Board (FASB) is unlikely to delay the introduction of financial interpretation number 46 (FIN 46), the consolidation of variable interest entities (VIEs), according to the accounting and tax research team at Credit…
FASB unlikely to delay FIN 46, says CSFB
The US Financial Accounting Standards Board (FASB) is unlikely to delay the introduction of financial interpretation number 46 (FIN 46), the consolidation of variable interest entities (VIEs), according to the accounting and tax research team at Credit…
More dealers sign up to new credit derivatives matching service
BNP Paribas, Bear Stearns, Credit Suisse First Boston, Goldman Sachs and UBS Warburg are the latest dealers to sign up to a new global credit default swap (CDS) matching service, which the Depository Trust & Clearing Corporation (DTCC) plans to launch…
Ex-Putnam CRO Martens joins TIAA-CREF
Erwin Martens, former chief risk officer at Putnam Investments, has joined the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) in the newly created position of executive vice-president forrisk management.
Risk Italia 2003: Banks to increasingly use securitisation for risk management
The securitisation market may be increasingly used in the future to manage the risk position of banks, said Marc Zanelli, head of the securitisation group at CSFB in Milan, speaking today at Risk’s inaugural Risk Italia conference, also in Milan.
Trac-x gains market maker support
BNP Paribas has signed up to make markets in the Trac-x Europe credit default swaps index initiative established by JP Morgan Chase and Morgan Stanley. Other major dealers are also looking into offering market making services in Trac-x products, with…
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.
Fitch Risk launches Credit Rating System
CreditVantage, the credit risk management division of Fitch Risk, has launched Credit Rating System (CRS), a suite of credit rating products designed to assist banks in implementing industry best practices in their credit analysis and capital allocation…
Meeting Basel II head on
Regulators are urging banks to update their rating methodologies in preparation for Basel II. Fitch Risk's Treeve Coomber thinks his new product will help to meet this challenge.
"Substantial flaws still remain" in Basel II, says CSFB's Ervin
"While there is much to admire in the new [Basel II] rules, there are also many elements that raise serious concern," said Wilson Ervin, a managing director and head of the firm's strategic risk management department of Credit Suisse First Boston, who…
Substantial flaws remain in Basel II, says CSFB's Ervin
Wilson Ervin, head of the strategic risk management department at Credit Suisse First Boston, yesterday said that there are causes for concern in the Basel II proposals. "While there is much to admire in the new [Basel II] rules, there are also many…
CLS settles a trillion a day
NEW YORK — Continuous Linked Settlement, the new settlement service for foreign exchange, settled a record $1 trillion in FX payments on February 18.
Waiting for guidance
South Korea's banks have made huge strides in implementing risk management systems over the past few years, but Basel II is not yet a driving force, with banks waiting for the Korean regulator to publish local guidelines.
Nomura victory sets precedent for credit derivatives delivery
A landmark ruling, favouring Nomura over Credit Suisse First Boston (CSFB), in London yesterday will set a clear precedent for the credit derivatives market, the Japanese investment bank said. Nomura challenged CSFB on the deliverability of convertible…
Julius Baer NY hires in FX forwards
Swiss bank Julius Baer has hired Remo Caderas to trade foreign exchange forwards and fixed-income products in New York as part of an ongoing effort to ramp up its forex business.
Citi merges forex and rates businesses
Citigroup has merged foreign exchange with derivatives and interest rate products to form its new global rates and currencies group.
Pan-European structured financing trend expected in 2003
A pan-European, multi-jurisdictional approach to securitisations is set to become a key growth area in 2003, according to Fernando Bautista, a partner with international law firm Freshfields Bruckhaus Deringer. Bautista believes the traditional approach…
Traders see interest in short-dated protection for insurers
Credit derivatives traders said interest in short-dated protection on European insurers was active this week. But the cost of protection in the normally more liquid five-year credit default swap markets for European financial institutions remained…
FSA slaps CSFBi with £4 million fine
The UK’s Financial Services Authority (FSA) yesterday fined Credit Suisse First Boston International (CSFBi), the derivatives arm of Credit Suisse First Boston, £4 million for attempting to mislead the Japanese regulatory and tax authorities - the…
AIG makes senior FX appointments
AIG Trading Group has made four senior additions to its global foreign exchange operation over the past two months, a spokesperson in the bank’s Greenwich, Connecticut headquarters said.
Swiss banks low risk but face market saturation, says Moody's
The two-tiered Swiss banking system, split between global giants Credit Suisse Group (CGS) and UBS at one level and smaller regional and private banks at another, continues to exhibit comparatively low risk levels, said Moody’s in a report on Swiss banks…
Credit protection for troubled European financials remains stable
The cost of protection for European financials has remained relatively unchanged this week, despite a spate of downgrades and negative ratings actions. Abbey National released poor results today, but credit default swaps on the British bank held firm…