People
UK opposed to allowing wider op-risk insurance role in European capital rules
LONDON – UK regulators are opposed to the wider use of operational risk insurance to reduce capital charges under complex new European Union (EU) safety rules for banks and investment firms, regulatory sources said.
SunGard appoints new Asia-Pacific president
Pennsylvania-based risk technology vendor SunGard has appointed John Wilson as president of the company’s Asia-Pacific business. Wilson will take over the reins from Matt Mandalinci, who has been appointed president of SunGard eProcess Intelligence,…
BNP Paribas looks for new interest rate derivatives trading head
BNP Paribas is looking for a head of interest rate derivatives trading for Asia-Pacific, following the departure of Monty Agarwal in mid-October.
Europe considers wider op-risk insurance role in new capital rules
BRUSSELS - The European Commission confirmed today it proposes the possible recognition of operational risk insurance as a way of reducing capital charges in all three methods of measuring op risk in its new protective capital rules for banks and…
Ambac hires Dresdner derivatives dealer
Michael Cush has joined Ambac Financial Services, a financial services subsidiary of Ambac Financial Group, in its interest rate and cross-currency swap team in New York. The hire is in response to increased derivatives activities, an official at Ambac…
Citigroup, Deutsche Bank and UBS Warburg dominate FX derivatives in FX Week awards
Citigroup, Deutsche Bank and UBS Warburg led the FX forwards and FX options categories in FX Week’s awards again this year, confirming their dominance in derivatives.
Leclerc appointed chief operating officer at West LB
German bank WestLB will make Matthias Leclerc chief operating officer of its global financial markets (GFM) business unit with effect from December 1. GFM is the central business unit of WestLB responsible for treasury business, bond and derivatives…
Basel II will lead to more instability, critic argues
LONDON - The Basel II bank capital accord will result in more banking instability and more pro-cyclicality, where bank actions taken in response to solvency rules reinforce economic and market cycles, a leading critic of the accord said in October.
Europe allows wider role for op risk insurance in Cad 3 [full story]
BRUSSELS - European banks and investment firms would be able to use operational risk insurance to reduce capital charges in all approaches to measuring op risk under new European Union (EU) capital adequacy rules, banking industry and regulatory sources…
Basel II op risk charge will help tackle concerns, says McDonough
NEW YORK - Banking supervisors believe that a separate capital charge for operational risk under the Basel II capital rules will bolster efforts to find better ways of addressing concern about the operational hazards faced by banks, the world's chief…
Banding together for SME credit risk analytics
Germany's banking associations are taking a leading role in getting the country's fragmented banking sector ready to comply with the Basel II capital Accord. Germany's savings banks association, in particular, says it has internal ratings-based systems…
HSBC adds exotics derivatives trader
HSBC has hired Guillermo Gimenez as a senior exotic foreign exchange derivatives trader in London. Starting in late November, he will report to Frederic Boillereau, global head of exotic options trading.
El Paso exits energy trading
US energy company El Paso announced plans to quit the energy trading business today as continued problems in the sector led it to post a third-quarter loss.
GFI expands credit derivatives brokerage team in Asia
New York-based brokerage GFI Group is opening a Hong Kong desk to concentrate on non-Japanese Asian credit default swaps. The desk will serve Asian-based clients, adding to GFI’s existing credit derivative desks in Sydney, London and New York.
Chicago Board of Trade president Vitale resigns
David Vitale has resigned as president and chief executive of the Chicago Board of Trade (CBOT). Bernard Dan, an executive vice-president at the exchange who joined from Cargill Investor Services in 2001, where he was president and chief executive, will…
CMS ponders future of energy trading business
Michigan-based CMS Energy may exit the energy trading business after it found that round-trip trades were undertaken by the company to raise CMS Marketing, Services and Trading's profile with existing and potential clients.
Sponsor's article > Credit derivatives: will the market keep expanding?
This article aims to give a brief overview of some of the main trends in the credit derivatives market and also proposes to analyse some of the underlying reasons why this market is experiencing such a boom.
Sponsor's article > Preparing for Basel II - how urgent?
Delays in Basel II have lulled many into complacency. But despite lack of final details for the regulations, David Rowe argues it is not too early to begin planning and initial implementation.
Energy brokers form their first trade association
Seven of the largest US over-the-counter energy brokers have formed a trade association with the aim of enhancing the struggling energy trading markets.
KWI hires new financial engineer
KWI, the London-based energy risk management software company, has hired Oleg Zakharov as vice-president of financial engineering – a newly created position. In his new role, Zakharov will be responsible for KWI’s risk management framework, architecture…
Alpha appoints Rogers to new UK marketing role
New York-based Alpha Investment Management has hired Carcie Rogers to boost its marketing efforts to large financial institutions in the UK and the rest of Europe.
Budgeting for 2003
Deutsche Bank, Merrill Lynch and State Street outline how next year's budget will be spent. For starters, it will be spent cautiously.
Diversification of Morgan Stanley
One year after Sept. 11, Morgan Stanley contemplates a simple thought with complex repercussions: Don't put all of your eggs in one basket.