Risk magazine
Carson global head of Deutsche’s new derivatives unit
Deutsche Bank has named Richard Carson as global head of global equity derivatives (GED) - a newly-integrated business unit that includes the bank's vanilla, synthetic and complex equity derivatives franchises.
UBS appoints Philip Lofts as new group risk COO
UBS has made changes to its risk division, appointing Philip Lofts as group risk chief operating officer. The appointment comes a month after the bank, which has been the biggest victim of the subprime losses, released a report to shareholders citing …
Kamakura launches sovereign default probability service
Risk information provider Kamakura has launched a Basel II-compliant default probability service for sovereigns.
UBS names head of US equity structuring
Greg Morris has left Deutsche Bank to join UBS Investment Bank as head of US equity structuring.
CME information head retires
James Krause, chief information officer at the Chicago Mercantile Exchange, is to retire at the end of June. He will be replaced by his deputy, Kevin Kometer.
Corporates shy away from FX e-trading
Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange (FX) trades, with most showing a preference for traditional voice trading.
Markit's Red now free to low-volume buy-side firms
London-based data provider Markit has created a free licence for the Markit Reference Entity Database (Red), aimed at smaller buy-side firms.
Back-up power fails as lights go out at Ice
The IntercontinentalExchange (Ice) is investigating the cause of a “fluke” power outage at one of its data hubs that interrupted commodities trading for three-and-a-half hours yesterday.
Regulatory burden set to increase
Financial institutions hoping for some relief from the myriad of regulations introduced in recent years are set to be disappointed, according to recent research from global advisory firm Deloitte.
Joshi and de Vitry expand their roles at BarCap
Two of Barclays Capital’s most senior staff, Dixit Joshi and Benoit de Vitry, have been promoted to take on wider responsibilities at the bank.
HSBC global profits growth undermined by US losses
HSBC has announced a rise in global profits for the first three months of 2008 over the same period in 2007, despite heavy losses at the bank's US arm, where loan impairments and other charges sent pre-tax profits plunging by 39%.
MBIA losses climb to $2.4 billion
Monoline insurer MBIA reported a net loss of $2.4 billion for the first three months of the year today. Over the whole of 2007 it lost $1.9 billion.
Rothwell departs JP Morgan
Giles Rothwell has left JP Morgan, where he was global head of structured investments distributor marketing. He has been replaced by Beat von Gunten, previously head of structured products distributor marketing for Europe, the Middle East and Africa at…
UBS makes two hires for metals team
UBS has appointed Paul Wilkes and Clive Stocker to its metals team.
Valet replaces Oudea as CFO at Société Générale
Didier Valet has been promoted to group chief financial officer at Société Générale, succeeding Frédéric Oudea, who became chief executive last month.
Moody's COO to retire
Brian Clarkson, president and chief operating officer (COO) of Moody's Investors Service, will retire at the end of July. He will be replaced as COO by Michel Madelain.
$2.2 billion loss as Fannie Mae mortgage purchases continue
Fannie Mae has posted a $2.2 billion loss for the first three months of 2008 as the government-sponsored entity continues to take a battering for its role in propping up the ailing US mortgage market.
SEC’s Paul Atkins to step down
Paul Atkins, a commissioner at the US Securities and Exchange Commission, will step down after his term ends next month.
Swiss Re loses another SFr819 million on two CDSs
Zürich-based reinsurer Swiss Re announced it had booked a mark-to-market loss of SFr819 million ($781 million) on two portfolio credit default swaps (CDSs) in its first-quarter results on May 6, and warned that it was likely to lose another SFr200…
JP Morgan snares Goldman commodity head; ramps up Asia team
JP Morgan has hired Oral Dawe from rival Goldman Sachs as its chief executive of Asia-Pacific commodities. Dawe was previously co-head of commodities for Asia alongside Allan Marson at Goldman Sachs. Marson is now the sole head of commodities for the…
Deutsche names Korean global markets head
Deutsche Bank has relocated Jeffrey Chung, its former Hong Kong-based co-head of equity sales in Asia, to Seoul as its new head of global markets for Korea, replacing MH Kim.
5,500 jobs to go at UBS as losses continue
UBS will cut 5,500 jobs over the next 12 months as its losses due to subprime exposure continue, the bank announced today.
Finance and banking dominate April US CDS trading
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US in April, according to GFI, a New York-based interdealer broker. The most actively traded names were Washington Mutual, Lehman Brothers and…
Isda launches LCDS update protocol
The International Swaps and Derivatives Association has launched the 2008 European loan credit default swap (LCDS) update protocol.