Risk magazine
Peter Bernstein dies aged 90
US economist and financial historian Peter Bernstein, a well-known promulgator of the efficient market theory, died on June 5.
CDS spreads on European financials widen
The cost of credit protection on European banks rose today, while sentiment continued to improve towards major US financials, 10 of which have committed to repay $68 billion of government loans.
Lobby urges Geithner to delay consolidation rules
The US Financial Accounting Standards Board (FASB) is facing resistance to its plans to force banks to account for their links to off-balance-sheet vehicles, which could require them to raise billions more in Tier I capital.
US Congress: Banks may need more stress tests
A Congressional report into the stress tests imposed by the US Treasury on leading US banks earlier this year has warned that the stress scenarios used might have been too mild, and that the tests may have to be repeated later this year.
CDS spreads tighten on Tarp repayment promises
Sentiment continued to improve towards US financials today as several major dealers committed to repay loans made by the US government under the Troubled Assets Relief Programme (Tarp).
Deloitte survey finds risk management weaknesses
Despite the credit crisis, financial institutions are still showing risk management weaknesses in areas such as stress testing and model validation, according to an annual risk management survey conducted by Deloitte.
Accumulator activity boosted by increase in implied volatility
Over HK$1 billion ($129 million) of accumulator products was traded on Wednesday June 3 in Hong Kong, the largest single-day volume for more than 18 months, say dealers.
Banks repay $68bn in Tarp funds to US Treasury
Ten of the largest US financial institutions that have received public funds under the Troubled Assets Relief Program (Tarp) scheme are to pay back $68 billion after they were approved to reimburse the funds to the federal government yesterday.
Industry opposes mandatory clearing
Compulsory central clearing is not a one-stop solution to the problems of the derivatives markets, and could end up crippling the industry, warned speakers at an industry event in London on Tuesday.
US banks' CDSs tighten on permission to repay CPP funds
Market sentiment improved towards major US financials today as the Treasury granted permission to 10 of the largest financial institutions participating in its Capital Purchase Program (CPP) to repay a combined total of $68 billion.
Industry panel: avoid one-size-fits-all approach to OTC derivatives
A panel of industry experts on June 9 urged the US House Financial Services Subcommittee to steer clear of broad, one-size-fits-all regulation for over-the-counter derivatives.
Treasury silent on Tarp as banks submit $75bn SCAP capital plans
The 10 financial institutions identified as requiring additional capital under the US Treasury's Supervisory Capital Assessment Program (SCAP) economic stress tests have submitted plans describing how they intend to raise almost $75 billion in funds to…
CDS spreads widen on US banks
The cost of credit protection rose on US financials today, but remained steady on European banks.
Merrill Lynch dealmaker now CRO at Bank of America
Gregory Curl, the lead negotiator on Bank of America's troubled acquisition of Merrill Lynch, has been appointed chief risk officer at the Charlotte-based firm.
Risk Europe : Walter sets out programme for Basel II changes
In his keynote address at the Risk Europe conference in Frankfurt on June 4, Stefan Walter, secretary-general of the Basel Committee on Banking Supervision, highlighted strengthening capital requirements and the need to look at risk at a systemic level…
Risk Europe : Regulators must address structural liquidity mismatches
Supervisors should develop standards that address structural liquidity mismatches between bank assets and liabilities, according to Jim Embersit, the deputy associate director in the US Federal Reserve Board's division of banking supervision and…
Risk Europe : Wave of capital legislation to hit Europe
The European Union Capital Requirements Directive (CRD) is set to spawn three sequels, plus several spin-offs, before the end of this year.
Risk Europe : ECB board member warns central banks against over-reaching on risk
As the European Central Bank announced a new programme to purchase up to €60 billion of euro-denominated covered bonds, ECB board member Jose Gonzalez-Paramo said central banks should not be taking on credit risk, in a keynote address at the Risk Europe…
New chief risk officer for Barclays Wealth
Mark Cooke has been appointed global chief risk officer at Barclays Wealth, the wealth management arm of Barclays Bank.
New heads of global listed derivatives for Morgan Stanley
Morgan Stanley has appointed Clark Hutchison and Bill Templer global co-heads of listed derivatives.
CDS spreads narrow on Australian banks
The cost of credit protection fell on Australian financials today, but remained steady on US and European banks.
NY Fed to push ahead with Talf for toxic MBS loans
The Federal Reserve Bank of New York is to push ahead with plans to open up the Term Asset-backed Securities Loan Facility (Talf) to purchasers of toxic commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS).
CFTC targets dealers, leverage and counterparty risk
Gary Gensler, the new chairman of the US Commodity Futures Trading Commission (CFTC), outlined tighter restrictions on derivatives dealers and traders in testimony to the US Senate yesterday.
Convergence on securitisation is vital, ESF told
A prominent securitisation lawyer has criticised the lack of convergence between regulatory bodies with regard to securitisation regulation.