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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.
Heart broker
A bitter dispute involving an employment contract, three coal brokers and a claimfor £2 million in damages has highlighted the importance of observing contractuallaw when hiring and firing. By James Ockenden
Mark-It acquires Totem
Mark-It Partners, the UK-based credit pricing information company, has agreed to purchase its London-based rival Totem Market Valuations, a provider of over-the-counter derivatives market price information.
ESB wins Esso price battle
Esso and Ireland’s Electricity Supply Board entered into a seemingly straightforward15-year contract for the sale and purchase of natural gas in 1999. But the contracthas raised the issue of how to define ‘market price’. By James Ockenden
Ex-head of risk at Millennium joins JP Morgan Chase
Clinton Lively has joined JP Morgan Chase as head of market risk management for institutional equities in New York.
Options staff hotly pursued
Currency options traders are finding themselves hotly pursued, as a series of high-profile moves around the world has set off a chain of demand, reports RiskNews’ sister publication, FX Week .
NAB currency options desk 'back in the market', with limited trading
National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week, reports RiskNews ' sister publication FX Week .
Martin Wiedmann leaves UBS
The departure of Martin Wiedmann from UBS in Zurich last week sparked a guessing game among his peers over which bank he is set to join, reports RiskNews ' sister publication FX Week .
Former JP Morgan Chase derivatives strategist joins PNC
Pittsburgh-based PNC Financial Services has hired JP Morgan Chase’s former head of derivatives strategy, Gagan Singh, as managing director of asset liability management. In addition, Singh becomes chief investment officer of the company’s banking arm,…
Wayne's WirelessWorld
Playing to the strengths of its management team, the Perennial Growth Fund is finding opportunity in the technology and media sectors
Russian renaissance
Russia was once regarded as a risky play in thin markets of a deeply indebted nation. however, Brunswick's Russian Directional Fund finds otherwise