Sumitomo Mitsui Banking Corporation
Banks queasy over idea of building cyber trust
They agree that sharing intel on cyber threats is a good thing. But that doesn’t mean they want to
People moves: SocGen changes at the top, new global markets head at HSBC, compliance switch at Natixis, and more
Latest job changes across the industry
Dawn of CVA threatens hedging woe for Japan banks
Japan’s thinly traded CDS market will make CVA hedging challenging, dealers say
Japan banks face huge CVA hit, dealers say
Revaluation of derivatives books likely to cause hundreds of millions in one-off losses
Basel set to hammer Japanese megabank capital ratios
Sharp increase in risk weights for unrated corporates could lead to 30% jump in RWAs
Japanese banks eye phased CVA introduction
Working group reports “growing need” for valuation adjustment but cherry-picking fears persist
People moves: Hsu swaps HSBC for StanChart
Also: Instinet hires Asia-Pacific CEO, China chief for Citi, IDFC Bank names new chief exec; and others
Bail-in ambiguity hands funding advantage to Japanese G-Sibs
Financial Stability Board wants Japan to clarify the conditions under which it can use its resolution powers
Japan CVA shift may break local banks’ swaps stranglehold
Introduction of pricing adjustment could see foreign banks compete for corporate business
Three Japanese banks consider new CVA approach
Industry working group formed to discuss introducing accounting adjustment
Japan FSA tightens fund rules to protect retail investors
Japanese regulator implements new rules to increase transparency of complex fund products such as double-deckers
Risk Japan 2011: MUFG risk chief hits out at supervisors on RRPs
Masao Hasegawa, CRO at Mitsubishi UFJ Financial Group, says he was taken aback by a regulatory requirement to develop a resolution and recovery plan before year-end
CDS spreads on Japanese financials stabilise after earthquake
Risk perceptions start to steady on banks and insurance companies as Japan counts economic cost of natural disaster
TD makes play for commodities market
International launch of new precious metals trading business builds on previous efforts
Learning from losses
Energy and commodity markets have staged impressive growth in the past 15 years, but there have also been some eye-watering failures along the way. Katie Holliday considers what has been learnt from these catastrophes, and whether derivatives scandals…
Hackers in the dock for £229m Sumitomo fraud
Losses & Lawsuits
SMBC reprimanded over forced swaps sales
Japanese regulators have criticised Sumitomo Mitsui Banking Corporation for compelling customers to buy interest rate swaps in exchange for extended loans.
Technology news
Oil
Sumitomo Corporation installs FNX’s Sierra
Japan’s Sumitomo Corporation has installed FNX’s Sierra System to support its strategy of complete straight-through processing (STP) for its commodities, exchange-traded products and swap-trading operations.
Sumitomo closes Japan’s first CDO backed by structured finance transactions
Tokyo-based Sumitomo Trust and Banking (STB) has closed Japan's first synthetic collateralised debt obligation (CDO) referenced to a semi-managed portfolio of structured finance transactions. The deal was worth ¥70 billion ($591 million).
Fujitsu spreads widen 30bp due to multiple woes
Credit default swap spreads on Japanese computer maker Fujitsu’s five-year debt protection widened 30 basis points this week, following media speculation that the company might become a “rehabilitation candidate” for the government’s Industrial…
Japan's four major banks post losses of $31bn for 2002
Japan's four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Japan’s four major banks post losses of $31bn for 2002
Japan’s four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Japanese credit spreads tighten to near-record levels
Japanese credit default swap spreads continued to tighten on technical factors, nearly reaching record levels, with trading volumes on the whole fairly subdued, according to traders.