Sumitomo Mitsui Banking Corporation (SMBC)
US arms of Credit Suisse, SMBC stumble on VAR
Breaches of trading forecasts in Q1 result in higher value-at-risk multipliers for the duo
Op risk data: Stanford fraud haunts banks for billions
Also: Helaba’s crank capital relief; TSE stock price sanction; 1MDB mauls Mudabala. Data by ORX News
US banks’ VAR breaches up 2.5x in 2022
‘Hypothetical’ one-day losses exceeded VAR on 55 occasions, as losing trading days prevail
Asia moves: Senior hires at Citi, Crédit Agricole and more
Latest job news across the industry
New branch rules threaten Japanese banks’ EU plans
Draft CRR III may cause foreign banks to think twice before expanding in the EU
SOR liquidity drought complicates SGD benchmark shift
Asia Risk Congress: SMBC exec says exiting SOR trades is becoming harder as Sora liquidity surges
Asia moves: Natixis hires two in Asia, Sumitomo boosts corporate banking, and more
Latest job news across the industry
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.