People
Swaps trader awarded £1m in Cantor Fitzgerald case
Steven Horkulak has won his constructive dismissal court case against the US swaps broker Cantor Fitzgerald, his former employer, for loss of salary and discretionary bonus, a sum totalling around £1 million.
Trema appoints McKibbin to lead sales effort
Trema has named Aislinn McKibbin as the new head of global sales in its financial institutions segment. McKibbin will be responsible for the development of Trema’s market share.
LME lines up Axa's Brydon as new chairman
The London Metal Exchange (LME) has appointed Donald Brydon, chairman of Axa Investment Managers, as an independent, non-executive director.
Merrill rebuilds local markets trading team
Merrill Lynch has rebuilt a six-strong local markets trading team in London during the past month, after natural attrition whittled the original team down to one.
SunGard names Alex Wolff as MD for its BancWare service
SunGard Trading and Risk Systems has named Alex Wolff as head of the company’s Europe, Middle East and Africa region. Wolff will help market Sungard’s BancWare service in the region.
Mark-It poaches Lombard's Davenport for Project Red
UK credit pricing provider Mark-It Partners has poached Penny Davenport from rival London-based valuations service provider Lombard Risk Systems. Davenport will be responsible for integration and management of the company's Project Red credit derivatives…
Accord preparations: the rest is yet to come
While the debates have raged for months about many aspects of the proposed Basel II Accord, on some points there has been relative silence, in particular with regard to the seeming overreliance on statistical techniques.
Sarbanes grills Brickell over Ofheo nomination
The US Senate Banking Committee held a hearing on Mark Brickell's nomination for director of the Office of Federal Housing Enterprise Oversight (Ofheo), the regulator for government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, this afternoon.
Institute of Risk Management appoints King
UK-based educational body and members organisation, the Institute of Risk Management (IRM), has appointed David King as its new executive director. King is on secondment from UK insurer Royal & SunAlliance (R&SA) for an initial period of one year.
Sarbanes grills Brickell over Ofheo nomination
The US Senate Banking Committee held a hearing on Mark Brickell’s nomination for director of the Office of Federal Housing Enterprise Oversight (Ofheo), the regulator for government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, this afternoon…
Corporate Governance Survey 2003, Part 2 >>Corporate governance disclosure: banks focus on bolstering infrastructure
In the second part of Operational Risk's review of 15 bank annual reports for 2002, the editors look at how firms have chosen to address the hot button issues of corporate governance, reputational risk and legal risk. Again, practices vary widely among…
Sponsor's article > The point of op risk
The inclusion of an explicit operational risk component in the proposed Basel II Capital Accord has caused widespread controversy. Much of this has surrounded the feasibility of accurately measuring, or even defining, such risk. In this first of three…
Moulds promoted in BoA debt reshuffle
Jonathan Moulds, global head of interest rates, treasuries and agencies business at Bank of America, will now assume responsibility for the US bank’s foreign exchange business and local debt operations in Asia and Mexico, according to an internal memo…
Former Goldman head quant moves to Morgan Stanley
Former head of credit risk quantitative modelling at Goldman Sachs, Eduardo Canabarro has joined Morgan Stanley’s fixed-income quantitative modelling team.
Preparation, quantification, implementation
While the South African Reserve Bank is in favour of Basel II, those tasked with preparing for the new capital accord are in no doubt that the risk quantification challenges presented by it are daunting.
All in Accord
South Africa's banks are taking Basel II seriously. Clive Davidson discovers what they are doing to prepare for its implementation, and how they are meeting the many challenges of the new capital accord.
Prediction Dynamics names ex-Goldman's Flood in development role
Prediction Dynamics (PD), the quantitative trading software company, has hired former Goldman Sachs trader Stephen Flood as business development manager.
Fredrickson bows out as global head of rates at UBS
Tim Fredrickson has retired from UBS, where he headed the Swiss bank’s global interest rates business until the end of May.
Wachovia bolsters CDS trading group
Wachovia Securities has hired two Bank of America credit default swap (CDS) specialists to bolster its credit derivatives trading team.
DrKW adds to sales and marketing in Singapore
Dresdner Kleinwort Wasserstein (DrKW) has hired Dahai Wang as a vice-president in its sales and marketing team in Singapore.
JP Morgan Chase names Wilson chief risk officer
JP Morgan Chase today announced that Don Wilson, currently co-head of credit and rate markets, will become the bank’s chief risk officer (CRO) upon the retirement of Marc Shapiro, the bank's current vice chairman and CRO, at the end of September.
People swaps
SG reshuffles project finance and utilities divisions SG Corporate & Investment Banking, a subsidiary of Société Générale, has named Matthew Vickerstaff and Roger Bredder as the respective heads of project finance for Europe and the Americas. London…
Cantor hires Irvin Goldman from CSFB
Broker Cantor Fitzgerald has hired Irvin Goldman, former head of fixed-income sales and trading at Credit Suisse First Boston (CSFB), as president of its debt capital markets and asset management division.
Turnbull quits Lehman for return to academia
Renowned quant Stuart Turnbull has left Lehman Brothers' fixed-income research group to return to academia. Turnbull has accepted the Bauer Professor of Finance chair, Bauer College of Business, at the University of Houston.