People
Credit Suisse Asset Management snares head of quant resources
Credit Suisse Asset Management (CSAM) has hired Joseph Cherian from Bank of America's fund management business as managing director to head the new quantitative resources group in New York.
Deutsche loses top LatAm derivatives marketers
Deutsche Bank has lost two of its top derivatives marketers for Latin America. Hugo Faria, head of Latin American derivatives marketing and Mauricio Esquenazi, Faria’s deputy, have left for UBS and Credit Suisse First Boston, respectively.
Sarbanes-Oxley: The costly road to compliance
Some companies are looking to get a better return on their investment in Sarbanes-Oxley compliance by making it part of a larger exercise that looks at firm-wide processes and controls, and not just those surrounding financial reporting, writes Clive…
Prebon sets up coal desk
London-based broker Prebon may have failed in its bid to lure three coal traders from fellow broker Icap, but it is continuing to build a coal team. In mid-May, Sharon Millar, who previously traded paper and physical coal at UK utility RWE Innogy, joined…
SG announces new oil and gas head for China
Bruce Hu has joined SG, the investment banking arm of Société Générale, in Beijing as vice-president of oil and gas.
Barclays poaches head of German fixed-income sales from CSFB
Omar Selim, formerly head of German fixed-income sales for Credit Suisse First Boston, is to join Barclays Capital.
Analysts learn to live with CP-205
The Financial Services Authority’s (FSA) new rules governing conflicts of interest in investment research could spawn a cottage industry in interior design tailored for research teams in dire need of CP-205 compliant office layouts. The CP-205 working…
Forex forwards head leaves Citigroup
Vincent de Lorenzo, head of foreign exchange forwards trading at Citigroup in New York, left the bank earlier this month, a source at Citigroup told RiskNews' sister publication, FX Week .
IIF comments on recent Basel announcement
The Institute of International Finance (IIF), a global association of financial institutions, issued a statement yesterday welcoming the proposals that the Basel Committee on Banking Supervision published the day before, but also noted that more work…
BarCap appoints head of foreign exchange strategy
David Woo will take charge of foreign exchange strategy as a director for Barclays Capital in London, effective June 9.
Basel II proposal out in June; AMA/IRB approaches to be delayed
Yesterday, the Basel Committee on Banking Supervision confirmed that it will release the New Basel Accord, also known as Basel II, at the end of June 2004. But the Committee said the implementation of the advanced measurement approach (AMA) for…
Advanced IRB Basel II approach delayed
The Basel Committee on Banking Supervision said the implementation of the advanced internal ratings-based approach (IRB) for credit risk and the advanced measurement approach (AMA) for operational risk would be delayed until the end of 2007. This will…
Covenants: crisis of confidence
Financial covenants that rely too heavily on ratios are just not sophisticated enough to predict the likelihood of default, argues Sarah Woo . Loan originators must learn a trick or two from their colleagues in portfolio management and develop…
NAB's dissident director resigns
Catherine Walter, the National Australia Bank (NAB) director who criticised a report into the bank’s forex options trading scandal, resigned last week.
Enron veteran quits rates IT role at UBS
Jay Webb, a managing director for fixed-income rates and currencies derivatives IT at UBS, has resigned, bank officials have confirmed.
Soros risk chief joins rival fund
Peruvemba Satish, head of risk management at Soros Fund Management, has left the firm to join rival fund DKR Capital in Stamford, Connecticut, where he becomes chief risk officer.
Reliably informed
Pat Wood, chairman of US interstate energy regulator the Federal Energy RegulatoryCommission, talks to James Ockenden about reliability, regulation, and wherenext for the competitive market in the US
Thomas Brooks
Thomas Brooks, president of Constellation Power Source, outlines his contributionto the Constellation Group’s success. By Joe Marsh
Heroes or cowboys?
Banks and energy companies alike are sceptical about the role that hedge fundsplay in energy markets. Are they really an aid to market stability, or is theirpresence compounding market volatility? Paul Lyon reports
Nord Pool’s back-up
Nord Pool Clearing is the first pure electricity clearing house to obtain capitalsupport through insurance to cover defaults by its trading counterparties. Areenergy companies set to follow suit? Joe Marsh reports
ABN Amro poaches BNP Paribas energy heads
Dutch bank ABN Amro has hired Wayne Harburn, BNP Paribas' former head of European energy trading, as well as Vincent Chevance, the French bank's head of marketing for energy derivatives. BNP Paribas was not immediately able to say who would replace the…
Caxton quant to join Citi hedge fund
Tanya Beder, head of quant trading at hedge fund Caxton in New York, is to leave the company to join Tribeca Investments, another hedge fund and part of Citigroup Alternative Investments, as chief executive officer.
Academic quits NYU for Hedge Fund
Marco Avellaneda, professor of mathematics at New York University’s (NYU) Courant Institute for Mathematical Sciences, is quitting academia to set up a new hedge fund desk in Paris.