Risk magazine
Broaden valuation options
In the same way credit risk managers used to question how a loan would be repaid if the primary means of payment were to fail, so banks ought to ask if there is another way to value structured credit investments if market liquidity were to dry up, argues…
The sewers of Jefferson County
Auction-rate Securities
Jon Gregory quits Barclays Capital
Jon Gregory, London-based global head of credit quantitative analytics at Barclays Capital, is leaving the firm today.
JP Morgan’s King of securitisation departs
Bill King, JP Morgan’s global co-head of securitised products, is leaving the bank.
Adair Turner to head FSA
Adair Turner will succeed Callum McCarthy as chairman of the UK Financial Services Authority in September this year.
Central clearing house becomes a reality
Clearing Corporation, a Chicago-based clearing house, and the New York-based Depository Trust and Clearing Corporation (DTCC) will launch central counterparty clearing services for a range of over-the-counter credit derivatives in the third quarter.
Iosco stiffens code of conduct for rating agencies
The Madrid-based International Organisation of Securities Commissions (Iosco) has issued a report tightening its voluntary code of conduct for rating agencies.
LME updates plastics contracts
The London Metals Exchange (LME) has altered its plastics derivatives contracts so their terms are more like those of non-ferrous metals contracts listed on the exchange, such as aluminium.
Mishkin resigns from Fed board
Frederic Mishkin will step down as one of the governors of the US Federal Reserve in August, creating a third vacancy on the seven-seat board.
Merrill Lynch suspends equity derivatives trader
Merrill Lynch has initiated a probe into suspicious activity detected on one of its equity derivatives trading desks, suspending one of the traders at the desk.
Ex-Bear staff leave JP Morgan only two months into their jobs
Jeff Mayer and Craig Overlander are departing JP Morgan after being appointed to senior positions at the bank in early April.
Gold producer hedging drops to record lows
Gold hedging plunged by another 18% in the first quarter of 2008, shrinking the global delta-adjusted hedge positions to 22 million troy ounces (Moz).
Global head of structured credit quits Morgan Stanley
Matt Zola, global head of structured credit at Morgan Stanley, has resigned from the bank.
UBS names global capital markets heads
UBS has appointed Roberto Isolani and Matthew Koder as co-heads of its global capital markets (GCM) business, which is a recently merged division of the bank's equity capital markets and debt capital markets divisions.
JP Morgan launches placement programme for Bear Stearns staff
JP Morgan has launched a programme to place thousands of the Bear Stearns employees that are to be made redundant after its takeover of the rival bank.
SG's Kerviel report blames supervisors and accomplice
Inattention by inexperienced supervisors and an accomplice in the bank's middle office helped Jerome Kerviel carry out rogue trades that lost Société Générale €4.9 billion in January this year, according to reports released by the bank today.
Gary Bullock joins Credit Suisse as head of investment bank global operations
Credit Suisse has appointed Gary Bullock as a managing director and head of operations for the investment bank.
Dahinden, Mazzocchi, Silvotti leave RBS
Three senior structured credit bankers have left Royal Bank of Scotland (RBS) in London, not long after two of them joined the firm from Dresdner Kleinwort.
DB Advisors expands its quantitative strategies team
Deutsche Bank's asset management division, DB Advisors, has appointed Ross Sakamoto as senior product specialist for quantitative strategies.
CDS market soars but equities shrink in late 2007
The credit default swap (CDS) market grew at record rates in the second half of last year, but equity derivatives shrunk for the first time since 2004, according to figures released today by the Bank for International Settlements (BIS).
DGCX to launch oil futures
Dubai Gold and Commodities Exchange (DGCX) will launch West Texas Intermediate (WTI) light sweet crude oil and Brent crude oil futures contracts on May 27.
BoNY appoints head of EMEA structured finance
The Bank of New York Mellon has appointed Dean Fletcher as managing director of its structured products group covering Europe, the Middle East and Africa (EMEA) for the international division of the company’s global corporate trust business.