Risk magazine
SocGen names northern Europe structured sales head
Société Générale Corporate and Investment Banking (SG CIB) has appointed Marc El Asmar as head of equity derivatives structured product sales and distribution for northern Europe.
Tax benefits spare Deutsche Bank’s profit blushes
Deutsche Bank recorded net profits of €1.6 billion for the third quarter, an improvement of 31% on the same period last year, as a result of tax reforms and rebates.
CFTC asks Congress for greater powers over ECMs
Oversight of trading on regulated futures markets and exempt commercial markets (ECMs) is generally satisfactory but some legislative action is still required, the Commodity Futures Trading Commission (CFTC) has concluded.
T-Zero appoints head for north America
T-Zero, a credit derivatives affirmation and connectivity provider based in London and New York, has appointed Clive de Ruig as head of its north American operations.
JP Morgan hires 50 for commodities teams
JP Morgan has announced 50 new hires for its commodities teams, focusing on energy and environmental products.
O'Neal 'retires' as Merrill CEO after $8 billion writedown
Stan O'Neal, chief executive officer of Merrill Lynch, has left the firm with immediate effect, the company has confirmed.
UBS warns of continuing subprime risk
UBS has suffered significant losses from writedowns on asset-backed and mortgage-backed securities, and warns it remains exposed to further problems in the US housing and mortgage market.
Deutsche unveils new inflation team
Deutsche Bank has confirmed the appointment of Brice Benaben as global head of inflation.
Tullett Prebon poaches ABN Amro team to head electronic arm
London-based interdealer broker Tullett Prebon has named Paul Humphrey as chief executive of electronic broking.
FSA offers market abuse advice after “disappointing” hedge fund review
The Financial Services Authority (FSA) has issued new market abuse best practice proposals for hedge fund managers after a series of inspections turned up “disappointing” results.
BoA starts retreat from investment banking
Bank of America is sacking 3,000 people, mostly from its investment banking arm, after chief executive Kenneth Lewis hinted the bank might be leaving the investment banking business.
New risk chiefs at Swiss Re and Allianz
Allianz's chief risk officer Raj Singh is moving to become chief risk officer at Swiss Re. His replacement is Thomas Wilson.
Santander names global solutions head
Santander Global Banking & Markets has named David Behan as global head of solutions, a newly created post. He reports to the bank's global treasurer, Jorge Maortua.
LiquidityHub opens with euro swaps
London-based electronic trading consortium LiquidityHub began offering euro interest rate swaps from 12 major dealers on October 22, slightly later than planned.
Record fine for BP over propane market scandal
The US Commodity and Futures Trading Commission (CFTC) has imposed a record $303 million penalty on BP for manipulating the North American propane gas market.
Movie Gallery in credit event auction
Troubled US video store chain Movie Gallery has seen the price of its loan derivatives fixed at 91.5% following a credit event auction.
Kroszner: “Investors less informed than they originally thought”
Investors in structured credit assets, such as collateralised debt obligations, recently “realised they were much less informed than they originally thought”, according to US Federal Reserve governor Randall Kroszner.
Crisis could spread to equity and commercial property, Bank of England warns
The credit crisis has highlighted serious shortfalls in transparency and risk management among UK banks, and could still spread to affect the equity and commercial property markets, the Bank of England warned today.
Master conduit trio joined by Wachovia
Wachovia has joined Bank of America, Citi and JP Morgan in a plan aimed at restoring calm to the troubled structured investment vehicle (SIV) sector.
Lehman appoints new heads of equity and debt capital markets
Lehman Brothers has appointed David Erickson as global head of equity capital markets and Christopher Winchenbaugh as global head of debt capital markets, both newly created positions.
BNP and Grosvenor close first Italian property derivatives deal
BNP Paribas has closed the first Italian property derivatives deal with the UK property company Grosvenor.
CFFEX nears launch as first members announced
The China Financial Futures Exchange (CFFEX) has named its first clearing and trading members.
New head of risk at NYSE Regulation
NYSE Regulation, the oversight arm of the New York Stock Exchange, has named Frederic Krieger as head of its new risk group.
Merrill Lynch reports $5.6 billion losses on FICC business
Merrill Lynch has reported $5.6 billion losses for its fixed-income, currencies and commodities (FICC) business in its third-quarter 2007 results.