Risk magazine
Nazareth resigns as SEC commissioner
The Securities and Exchange Commission (SEC) has confirmed that commissioner Annette Nazareth will step down from her role at the US regulator at the end of the month.
CFTC appoints regional administrators
The Commodity Futures Trading Commission (CFTC) has appointed three members of its staff as regional administrators, as part of a plan to improve communication among all CFTC locations.
JP Morgan wins Derivatives House of the Year award
JP Morgan has won Risk magazine’s Derivatives House of the Year award. The US bank was widely praised by end-users for continuing to provide liquidity during the turmoil of the third and fourth quarters last year, showing strength across all asset…
Kookmin merges risk and finance units, promotes CRO
Seoul-based Kookmin Bank combined its risk management and financial management groups as of January 1 and promoted chief risk officer (CRO) Donald MacKenzie to chief financial officer (CFO) and head of the newly merged group.
Agencies rethink market risk rating methods
The three largest global rating agencies are reconsidering their approach to rating structures exposed to fluctuations in market value, with potentially unpalatable results for holders and arrangers of various structured credit products.
SIFMA gains new CEO
The Securities Industry and Financial Markets Association (SIFMA) has hired Timothy Ryan as its chief executive, replacing Marc Lackritz.
Clock ticking for troubled monolines
Monoline insurers are finding it difficult to raise capital in the face of the continuing decline in credit quality. New-York based insurers Ambac and FGIC, and SCA, headquartered in Bermuda, saw doubt cast on their ability to raise enough capital to…
HK government says subprime yet to pose systemic risk
The US subprime mortgage crisis has yet to cause serious economic problems for Hong Kong, a senior government official told the territory’s Legislative Council on January 16.
SG launches Kuala Lumpur Composite Index warrants in Singapore
Société Générale will launch the first five warrants on the Kuala Lumpur Composite Index (KLCI) to be listed on the Singapore Stock Exchange on January 17.
Citigroup downgraded after monumental losses
Citigroup saw its credit ratings docked today after announcing fourth-quarter losses of $9.83 billion, driven by subprime writedowns totalling $17.4 billion.
Markit opens Sydney office
London-based Markit, a provider of independent data, portfolio valuations and over-the-counter derivatives trade processing, has opened an office in Sydney, its first in Australia and third in the Asia-Pacific region.
BNP Paribas rejigs CLO team, bolsters CDOs
BNP Paribas is understood to be reviewing its collateralised debt obligation (CDO) activities, with a particular focus on the cash side of the business.
Macquarie appoints Asia head of renewables
Australian financial group Macquarie has hired Anton Rohner in a newly created position as head of Asian renewables at Macquarie Capital Advisers in Hong Kong, where he will look after renewable energy investments.
Dubai oil exchange approved for block trading
The Dubai Mercantile Exchange (DME) received approval yesterday for block trading of its Oman crude oil futures, which will allow traders to submit off-exchange transactions.
Asia heads of equities and prime brokerage leave Merrill Lynch
Two top Merrill Lynch executives based in Hong Kong are leaving the bank. Melvyn Ford, head of Pacific Rim global markets financing and services (GMF&S), left in early January, while Nigel Beattie, co-head of Pacific Rim equities, will depart on January…
FSA appoints new MD of wholesale
Sally Dewar has become the new managing director of wholesale at the UK Financial Services Authority (FSA), in one of several organisational changes at the regulator.
Congressman Baker likely to head the Managed Fund Association
Richard Baker, a Republican member of the US House of Representatives and a senior member of the House Financial Services Capital Markets Subcommittee, is in final negotiations to become chief executive of the Managed Fund Association (MFA), a Washington…
BNP names first European equity derivatives flow sales head
BNP Paribas has named Nick Tranter as its London-based head of European equity derivatives flow sales, a newly created role.
Julius Baer poaches UBS marketers in Singapore
Wealth manager Bank Julius Baer has expanded its marketing team in Singapore with several senior hires from Swiss rival UBS.
DBRS retreats from Europe
Dominion Bond Rating Service (DBRS) has closed its European offices in London, Paris and Frankfurt as a result of deteriorating revenues in the wake of the credit crisis.
UBS launches Greenhouse Index
UBS will launch its UBS Greenhouse Index (UBS-GHI) on January 23. It is a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits.
Cayne bows out of Bear Stearns
James Cayne, chairman and chief executive of Bear Stearns, is the latest bank executive to lose his job as a result of large quarterly losses, according to news reports. The firm’s president, Alan Schwartz, who has been with the firm since 1976, is…
Del Missier becomes sole president of BarCap
Jerry del Missier has been appointed sole president of Barclays Capital, the investment banking arm of Barclays Bank. He remains based in London. The move comes after the resignation of Grant Kvalheim, his New York-based co-president.
Shanghai launches gold futures
The Shanghai Futures Exchange (SFE) will launch trading in gold futures on Wednesday, January 9. The contract size has been set at 1,000 grams, rather than 300g as earlier announced, chiefly to discourage speculation by individual investors.