Risk magazine
Small US banks free to pursue Basel II standardised approaches
The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.
Derivatives Summit: UK shadow minister urges policy reforms
In his keynote address at the Risk Derivatives Summit held in London on June 24, Philip Hammond, Conservative MP for Runnymede and Weybridge, and shadow chief secretary to the Treasury, said the time has come for a major rethink on monetary policy.
Derivatives Summit: Improve processing now, OECD market chief says
Despite ongoing market turmoil, the future for derivatives is bright. Or at least it will be if the industry’s risk management infrastructure is tightened up, said Hans Blommestein, head of the capital markets programme at the Organisation for Economic…
Derivatives Summit: Investors should heed lessons of crisis, summit told
Investors should heed the lessons of the credit crunch by changing the products they invest in, said senior BNP Paribas bankers speaking at Risk ’s 2008 Derivatives Summit in London.
CFTC closes ‘London loophole’
The Commodity Futures Trading Commission (CFTC) has moved to impose US position limits and hedge exemption requirements on US customers trading West Texas Intermediate (WTI) crude oil on the London-based Ice Futures Europe exchange.
Misra departs Deutsche Bank
Rajeev Misra, Deutsche Bank’s global head of credit and commodities, has left the firm to set up a special opportunities fund, in which the bank is planning to invest.
MF Global names COO for North America
Bernard Dan has joined interdealer broker MF Global as chief operating officer of the company’s North American business.
BarCap launches Sharia-compliant hedge fund platform
Barclays Capital has launched an investment platform, called Al Safi, which offers investors Sharia-compliant access to hedge funds.
SG CIB makes two hires for equity derivatives team
Société Générale Corporate and Investment Banking (SG CIB) has hired two staff for its equity derivatives department.
Ivanov appointed Clearing Corp's chief risk officer
The Clearing Corporation (CCorp), Chicago-based provider of clearing services for global exchange-traded and over-the-counter derivatives, has appointed Stanislav Ivanov as chief risk officer.
Lehman Brothers expands Asia-Pacific corporate sales team
Lehman Brothers has made two senior appointments to its corporate sales team covering the Asia-Pacific region.
Aviva appoints Webber as group chief risk officer
Aviva, the London-based savings, investments and insurance group, has appointed Jim Webber as its group chief risk officer.
Marcus Schüler joins Markit
London-based data provider Markit has appointed Marcus Schüler as managing director in sales and marketing.
Basel Committee drafts liquidity risk principles
The Basel Committee on Banking Supervision today issued for public comment enhanced global Principles for Sound Liquidity Risk Management and Supervision , with a July 29 deadline for responses.
AIG replaces CEO after subprime losses mount
US insurance firm American International Group (AIG) has replaced its chief executive officer, Martin Sullivan, after reporting billions in losses caused by turbulent credit market conditions.
Axa Asia Life names regional chief actuary and risk head
Axa Asia Life has promoted Mark Stamper to the position of regional chief actuary and head of regional strategic finance, a Hong Kong-based role incorporating the duties of regional chief risk officer.
Lehman removes president and CFO as share plunge continues
Troubled Wall Street firm Lehman Brothers, still reeling from the announcement that it expects to report a $2.8 billion loss for the second quarter, its first quarterly loss since going public 14 years ago, has relieved two senior managers of their…
New Iosco chief confirmed
Michel Prada, president of the Autorité des Marchés Financiers - the French regulator - has stepped down from his additional role as chairman of the technical committee for the Madrid-based International Organisation of Securities Commissions (Iosco).
Jacquard joins BNP
Benjamin Jacquard has joined BNP Paribas as its new global head of structured credit and arbitrage trading.
Former Citi CDO head joins Babson Capital Europe
Andrew Godson, who ran the syndicate desk for collateralised debt obligations and structured credit in Europe at Citi, has left the bank.
Agencies agree fee reform
Standard & Poor's, Moody's and Fitch have agreed fee reforms at the behest of New York State attorney-general Andrew Cuomo.
BNP Paribas to purchase Bank of America prime brokerage arm
BNP Paribas is to acquire the equity prime brokerage business of Bank of America (BoA) for a reported $300 million, the two banks have announced. Subject to regulatory approval, the deal will be finalised in the second half of 2008.
Evidence of risk tolerance returning, says BIS
After the turmoil of the past year, there are tentative signs that investor appetite for risk is coming back, according to the findings of the Bank for International Settlements’ (BIS) latest Quarterly Review.
Cultural change prescribed in response to subprime losses
As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.