Federal Reserve Bank of New York
Major banks reduce unconfirmed trades by 70%
Dealers with large derivatives portfolios have made significant progress in reducing the number of unconfirmed credit derivatives trades, according to the latest meetings organised by the Federal Reserve Bank of New York which were held in New York…
JP Morgan goes live on T-Zero
JP Morgan went live on T-Zero’s post-trade processing platform for credit derivatives on Monday. It is the first dealer to join the platform since Goldman Sachs initially used the technology after its trade with KBC Alternative Investment Management on…
Creditex and Markit credit fixings used for Delta and Northwest
Creditex and Markit have, in partnership with major credit derivative dealers, conducted credit event fixing to generate cash settlement prices for Delta Airlines and Northwest Airlines, whose bonds defaulted on September 14.
Major dealers issue joint letter to Fed on credit derivatives
The New York Federal Reserve meeting with 14 major dealers on September 15 appears to have succeeded in coercing the industry into taking more concerted action to tackle the mounting problems in credit derivatives confirmation backlogs. Following the…
Isda’s ‘novation protocol’ aims to tackle derivatives backlogs
The world's major derivatives dealers have signed up to the International Swaps and Derivatives Association’s long-awaited ‘Novation Protocol’, which seeks to facilitate the transfer of existing trades to third parties.
MarketAxess launches CDS index trading platform
MarketAxess has launched a multi-dealer credit default swap (CDS) index trading service in London and New York. The New York-based company is targeting end-users to use the service.
New York Fed picks up on confirmation issue
The New York Federal Reserve Bank will meet regulators and leading banks next month in an attempt to deal with backlogs of unconfirmed credit derivatives trades.
The risk monitor
As systemic risk concerns resurface, Gerald Corrigan, co-chair of Goldman Sachs’ firm-wide risk committee, has revived an industry group formed after the LTCM debacle. By Navroz Patel
Geithner to replace McDonough at New York Fed
Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York.
Fed to change supervision structure for Basel II
The Federal Reserve Bank of New York will change the way its supervisory departments are structured in order to implement Basel II, William Rutledge, executive vice president of the banking supervision group and a member of the management committee at…
Basel II Forum USA: Speakers stress feedback can still shape regulation
With the commentary period for the Basel Committee on Banking Supervision's final consultative paper (CP3) officially ending tomorrow, two speakers at Risk's Basel II Forum USA urged banks to be vocal about concerns related to the implementation of Basel…
Basel II Forum USA: Speakers stress feedback can still shape regulation
With the commentary period for the Basel Committee on Banking Supervision’s final consultative paper (CP3) officially ending tomorrow, two speakers at Risk ’s Basel II Forum USA urged banks to be vocal about concerns related to the implementation of…
US foreign exchange dealers revise operational risk standards
The Foreign Exchange Committee, a 20-dealer industry liaison group to the New York Federal Reserve Bank, has made new recommendations for the exercise of in-the-money foreign exchange options in a revision to its 1996 forex operational risk best…
Basel Committee conference solidifies support for Pillar I approach
The long-awaited conference on operational risk issues, organised by the Basel Committee on Banking Supervisions' risk management group, helped solidify support among both bankers and international regulators for the inclusion of operational risk in…
NY Fed’s Rutledge outlines US plans, IRB goals
William Rutledge, executive vice-president of the New York Federal Reserve Bank, outlined the next steps US regulators will take to implement the Basel Accords in the US.
McDonough paints brave new world of bank regulation
Echoing remarks made earlier in the week, William McDonough, president of the New York Federal Reserve Bank, stressed that the results of the third Quantitative Impact Statement (QIS3) being compiled at the moment show that few changes will have to be…
McDonough speaks on QIS3 results, and US regulatory changes
"At this early stage, the results suggest that the incentives built into the New Accord are functioning as we had hoped," said William McDonough, president of the Federal Reserve Bank of New York and the head of the Basel Committee on Banking Supervision…
Heavyweights move to tackle rising unnamed counterparty risk
Top foreign exchange banks are joining forces with central banks and industry groups to eliminate unnamed counterparty risk.
McDonough bows out from New York Fed
William McDonough, president and chief executive of the Federal Reserve Bank of New York for the past 10 years, will retire on July 21 this year.
Basel II to boost both large and small banks' loan prices
The prices of some loan products for retail and middle-market corporate clients will almost certainly rise when banks implement the Basel II capital Accord in 2006, according to speakers at Risk 's Capital Allocation 2002 USA conference this morning.
Basel II op risk charge will help tackle concerns, says McDonough
NEW YORK - Banking supervisors believe that a separate capital charge for operational risk under the Basel II capital rules will bolster efforts to find better ways of addressing concern about the operational hazards faced by banks, the world's chief…
Data hurdles
The risk management rumour mill has been buzzing in recent weeks with the story that US banking regulators have told the senior management of the country’s 30 largest banks that they will be expected to implement the advanced internal ratings-based (IRB)…
Basel to adopt flexible approach to point-in-time and business cycle ratings
NEW YORK - The Basel Committee on Banking Supervision, the architect of the Basel II capital Accord, will adopt a flexible approach to point-in-time and business cycle credit ratings used by banks when reviewing advanced internal-rating based approaches.
Single bank capital accord for all banks is impossible, says Basel Committee chief
CAPE TOWN, SOUTH AFRICA – Differences between banking systems make it impossible to conceive of a single bank protective capital accord that would work for all banks in all countries, the world’s top international banking regulator said today.