Risk magazine
Deutsche launches proxy inflation index
Deutsche Bank has created a proxy inflation index that seeks to mirror inflationary trends in Asia excluding Japan by using a combination of inflation in Europe, the US and Japan, and commodity exposures in food and metals.
Citi continues equity derivatives reshuffle
Following the departure of Citi's global head of equity derivatives, Joe Elmlinger, two of the bank's regional heads have also left their posts.
CFTC closes $291 million commodity fraud case
The US Commodity Futures Trading Commission has ordered commodity trader Paul Eustace to pay up to $291 million in fines and restitution to customers of his Philadelphia Alternative Asset Management (PaamCo) commodity pool.
Bank monoline exposures creep up in second quarter
Second-quarter results yielded further markdowns at major dealers due to the increasing counterparty risk posed by monoline insurers.
S&P names David Jacob as head of structured finance ratings
Standard & Poor’s has appointed David Jacob as head of structured finance ratings. He replaces Vickie Tillman, who has been acting head since January, when Joanne Rose became executive managing director for risk and quality policy.
BNP adds Zuberi to US structured credit desk
BNP Paribas has appointed Adnan Zuberi as a director on the structured credit desk in New York. He reports to Jerome Wong, the head of credit structuring for the Americas.
BarCap names head of structuring, Asia-Pacific
Barclays Capital has appointed Chak Wong as head of structuring for the Asia-Pacific region, based in Hong Kong.
Deutsche moves Price to US inflation post
Keith Price, currently responsible for UK retail price index trading at Deutsche Bank in London, is moving to the bank's New York office to take over as head of North American inflation trading.
European credit trading head leaves SocGen
Lionel Gibert, London-based head of European credit trading at Société Générale Corporate and Investment Banking (SG CIB), has quit.
RBS makes four hires for Asia-Pacific rates and currency
Royal Bank of Scotland (RBS) has made four senior additions to its rates and currency trading and structuring teams in the Asia-Pacific region.
£5.6m fine for Credit Suisse over mismarking
The UK Financial Services Authority has fined Credit Suisse £5.6 million for failing to stop mispricing by some of its structured credit traders.
BarCap names New York forex structuring head
Tim Davenport has joined Barclays Capital as head of foreign exchange structuring for the Americas.
UK regulators propose remedies for future mortgage bank recoveries
As a result of the fallout from the crisis at Northern Rock, the UK Treasury, Bank of England and Financial Services Authority have produced consultation papers with recommendations on how to deal with similar episodes in future.
Elmlinger exits Citi
Joe Elmlinger, New York-based head of global equity derivatives at Citi and a director of the International Swaps and Derivatives Association, has left the firm.
Citi creates retail structured products group
Citi has formed a global retail structured products group and appointed Richard Burns, previously head of equities structured products, to lead it.
MBIA results mask wider malaise
MBIA, the Armonk, New York-based monoline insurer, has reported net profits of $1.7 billion for the second quarter of 2008, compared with $211.8 million over the same period last year.
UBS commits to $18.6 billion ARS buyback
UBS has joined Citi and Merrill Lynch in agreeing to buy back auction rate securities (ARS) at par, in an offer that could affect up to $18.6 billion in securities over the next two years.
Merrill and Citi to repurchase ARS after New York applies pressure
Citi and Merrill Lynch have agreed to repurchase billions of dollars worth of illiquid auction rate securities (ARS) being held by retail customers after threats of legal action from New York attorney general Andrew Cuomo.
FSA suffers ratings blow as Ambac regroups
Standard & Poor's has announced a negative outlook for the AAA rating of Financial Security Assurance (FSA), the New York-based monoline insurance company that is part of the Dexia Group.
CRMPG calls for daily counterparty risk reports
Broker-dealers should monitor their institutional counterparty risk exposure on a daily basis, the latest report from the Counterparty Risk Management Policy Group (CRMPG) has recommended.
No changes to Libor, says BBA
The British Bankers' Association has ruled out major changes to its Libor fixing, despite criticism earlier this year that the widely used interbank rate had become unreliable.
Complexity and hidden risk caused the crash, says BIS
The Bank for International Settlements (BIS) blames the credit crisis on a failure to understand the risks involved in complex credit risk transfer structures set up earlier this decade, in a report published this month.
SEC fills commissioner positions
Troy Paredes and Luis Aguilar have joined the US Securities and Exchange Commission (SEC) as commissioners.
RBS’s Hickey to chair European Securitisation Forum
Mark Hickey, head of financial institutions debt capital markets for Europe, the Middle East and Africa (EMEA) at the Royal Bank of Scotland (RBS), has been elected vice-chair of the European Securitisation Forum (ESF) for 2008, and as chair for 2009.