Morgan Stanley
Lehman poaches Morgan Stanley CDO co-head
Dorothee Fuhrmann is joining Lehman Brothers in May as head of European collateralised debt obligation (CDO) and structured credit syndication.
Equities and fixed-income merged in Morgan Stanley overhaul
Morgan Stanley has made broad changes to its organisational structure and reporting lines, including ditching the separation of equities and fixed-income.
Morgan Stanley - Product review
At the end of 2006, Morgan Stanley launched a FTSE 100 kickout product for the UK, the FTSE Protected Growth Plan 14, offering potential early maturity after three years
Morgan Stanley hires new quantitative structured products head
Bernhard Scherer has joined Morgan Stanley Investment Management as global head of quantitative structured products.
Nine banks to build Mifid utility
Nine global securities firms have gone public with plans to create a trade data and market data dissemination platform, to take advantage of the EU’s Markets in Financial Instruments Directive (Mifid) reforms.
Morgan Stanley names European pensions head
Neville McKay has been appointed as managing director and head of the European pensions group at Morgan Stanley.
Bank of England hits out at quality of dealer stress-tests
The Bank of England gave the UK banking industry a stark warning today to improve stress-testing systems to avoid being dangerously exposed if there is a 'severe shock' to the financial system. The UK’s central bank made the comments in its twice-yearly…
Notley takes time out from Morgan Stanley
Sean Notley, co-head of European fixed income at Morgan Stanley in London, has taken three months' leave of absence.
SG expands structured credit team with Morgan Stanley hire
Tony Venutolo has joined Société Générale as an executive director of the investment bank’s structured credit product group in London. He will take charge of co-ordinating marketing and product development within the structuring team.
BoA bolsters rates team with ex-Morgan Stanley duo
Bank of America has hired two senior interest rate traders from rival Morgan Stanley, as it seeks to bolster its trading and rates teams across Europe, Middle East and Africa (EMEA). Tim Yip started last month, and was joined by Ferruccio Ferrara last…
GLG poaches Morgan Stanley's European strategy co-head
Ben Funnell has quit his position as co-head of European strategy in London to join GLG Partners as a fund manager. He will work on mixed-asset fund strategies alongside Noam Gottesman, a partner of the London-based hedge fund.
Interest in hybrid securitisations with leveraged loan CDSs grows
Hybrid collateralised loan obligations (CLO) deals with a leverage loan credit default swap (CDS) component are increasing in number, according to Vishwanath Tirupattur, a New York-based vice-president at Morgan Stanley, who spoke at Fitch Ratings’…
Deutsche begins market-making leveraged loan CDS
Deutsche Bank's London office has begun to trade credit default swaps based on European leveraged loans (LCDS) this week. The German bank had executed trades before, but it is now actively making markets and showing pricing runs for more than 20 names.
CDS IndexCo and Markit launch synthetic US CMBS index
CDS IndexCo and Markit have launched CMBX, a range of synthetic credit default swap (CDS) indexes of US commercial mortgage-backed securities (CMBS), which will trade from today.
IIC launches euro iBoxx ABS index
Frankfurt-based International Index Company (IIC) has launched the iBoxx EUR ABS 50 index, which consists of the 50 largest and most liquid AAA-rated European floating rate asset-backed securities (ABS) and mortgage-backed securities (MBS). Each…
McKenzie leaves CME to return to Morgan Stanley
Morgan Stanley has hired Ray McKenzie, previously a director of foreign exchange products at the Chicago Mercantile Exchange (CME), as an executive director in its futures business in New York.
Trouble in paradise
Healthy balance sheets, swollen liquidity reserves and positive cashflows should be the words every bondholder wants to hear, but they could spell bad news for credit investors in the US as companies prepare to reward equityholders
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…
Is Basel II a hurdle too far for US broker-dealers?
Broker-dealers in the US are having to cope with the SEC's capital requirements, while still being somewhat in the dark about the upcoming Basel II framework. By Choongo Moonga
Ex-Citigroup prime broker sets up capital introduction firm
Paul Radley, formerly European head of Citigroup’s prime brokerage capital introduction team, has gone independent, establishing his own capital introduction firm, Radley Capital Investments.
RBS beefs up equity derivatives distribution
The Royal Bank of Scotland has raided its rivals’ sales desks by hiring three directors in equity derivative sales to cover Germany, Italy and Scandinavia. The move signals the Edinburgh-headquartered bank’s intent on improving its distribution…
US equity derivatives team quits Morgan Stanley
Nine members of Morgan Stanley’s US equity derivatives and structured product team quit to join Wachovia today. They join part of a staffing exodus from the US investment bank that its senior executives hope will be stemmed by yesterday’s resignation of…
iTraxx credit-linked notes launched
International Index Company, the Frankfurt-based firm that administers the European and Asian iTraxx credit derivative indexes, has launched three five-year iTraxx credit-linked notes.
Barriers to entry
Accounting rules have long given bankers headaches. And IAS 39 compliance could even put banks looking to enter the structured products market at a competitive disadvantage. Patrick Fletcher examines how the rules are affecting the shape of the industry