Risk magazine
Fallon calls for central banks to take charge
Responsibility for banking supervision must reside with central banks, insists a former UK government minister.
UBS launches dry freight index
UBS has launched a tradeable index with dry freight derivatives as the underlying, dubbed the UBS Blue Sea Index (UBS-BSI).
IDBI Fortis Life offers structured products in India
IDBI Fortis Life – a joint venture between state-run Industrial Development Bank of India (IDBI), Indian commercial bank Federal Bank and Belgian-Dutch bank Fortis – has received approval to sell a range of structured products in India.
New derivatives disclosures will be “significant burden”
Tougher disclosures required by the Connecticut-based Financial Accounting Standards Board (FASB) will be a “significant burden” for companies using derivatives, said Hee Lee, New York-based partner in Ernst & Young’s Financial Services Office and…
UBS report lists failures in risk management
Lack of attention, overconfidence and poor risk management procedures were at the root of UBS's subprime losses, according to a damning report released by the bank to its shareholders.
Bank of England will swap gilts for RMBS
The Bank of England will step in to improve the balance sheets of UK banks by allowing them to swap illiquid mortgage-backed securities for treasury bills.
Calyon names new Asian commodities chief
Calyon has named Mark Greenleaf its head of commodities for Asia.
Bouton steps down as SG chief executive
Daniel Bouton, chairman and chief executive of Société Générale, will step down as chief executive on May 12.
MF Global reveals new safeguards
After losing $141.5 million to a single rogue trader, New York commodities broker MF Global has revealed the new internal controls intended to stop it happening again.
Evans joins Citi as subprime losses mount
Citi yesterday announced that it had hired Richard Evans as chief risk officer for its institutional clients group.
Dealers work towards clearing house for credit derivatives
A group of dealers hoping to avoid the systemic implications of counterparty risk are working with the Clearing Corporation on the establishment of a central clearing house for certain credit derivatives products.
Basel Committee to tighten up rules after crisis
The Bank of International Settlements (BIS) committee that produced the Basel II capital adequacy rules says it will adapt its rules to prevent another credit crisis.
ICBC official becomes first from China to join Isda board
A Chinese financial institution will be represented on the board of directors of the International Swaps and Derivatives Association for the first time, following the election of an executive from the Industrial and Commercial Bank of China (ICBC).
Isda AGM: Credit backlogs rise on higher volumes
Despite the efforts of dealers and intermediaries, backlogs in credit derivatives trade processing rose again in 2007, according to an Isda survey released yesterday.
FGIC could be first to split
The monoline insurer Financial Guaranty Insurance Company (FGIC) might be the first to split its municipal bond business from its troubled structured credit arm.
Banks pack ailing debt into PDCF collateral
Investment banks could be getting rid of unsaleable high-risk loans by using them as collateral to borrow funds from the Federal Reserve through the primary dealer credit facility (PDCF).
Isda AGM: Regulatory scrutiny of derivatives likely, says Moulds
The derivatives industry faces a period of heightened scrutiny by regulators, mirroring the supervisory review in the wake of a series of mis-selling scandals in the 1990s, said Jonathan Moulds, president for Europe, the Middle East, Africa and Asia at…
Isda AGM: CDS boom continues
Volumes of credit default swaps (CDSs) traded rose 81% in 2007 to a total notional outstanding of $62.2 trillion, according to figures collected by the International Swaps and Derivatives Association (Isda).
Isda AGM: Calello urges industry to improve
Paul Calello, chief executive officer of investment banking at Credit Suisse, says all parties involved in the financial system – including regulators – need to take urgent action to combat potential systemic risk emanating from the ongoing credit crisis.
Isda AGM: Isda names new chairman
The International Swaps and Derivatives Association (Isda) named Eraj Shirvani, a credit trading specialist at Credit Suisse, as its new chairman at its annual general meeting in Vienna today.
Isda AGM: Cautious OTC traders increase collateral use
As the credit crisis gathered strength in 2007, dealers became increasingly likely to demand collateral from their counterparties, according to a survey released today by the International Swaps and Derivatives Association.
GSEs could endanger US credit rating
Exposure to government-sponsored enterprises (GSE) such as Fannie Mae and Freddie Mac could threaten the US government's AAA credit rating, New York-based rating agency Standard & Poor's has warned.
Nomura hires HSBC Asia risk head Denby
Nigel Denby, formerly Asia head of traded credit and market risk at HSBC in Hong Kong, joined Nomura on April 9 in a newly created post as regional head of risk management and credit in the same city.
Deutsche poaches JP Morgan credit execs for equity derivatives
Deutsche Bank has hired three former JP Morgan credit executives to form a China institutional equity derivatives sales team, to be headed by Cindy Wang.