Risk magazine
Launch of US Treasuries market index imminent, futures contract to follow
The Chicago Board of Trade (CBOT) and Dow Jones Indexes will launch a US Treasuries market index next week, with the Chicago exchange to list a futures contract based on the index during the second half of 2004.
RBS recruits Tokyo prop forex trader
UK-based Royal Bank of Scotland (RBS) has recruited Luke Waddington as a proprietary foreign exchange trader to work in its Tokyo office.
Singapore’s UOB launches multi-sector CDO
Singapore’s United Overseas Bank (UOB) Asset Management has turned its hand to asset-backed securities, with the launch of a $1 billion managed multi-sector collateralised debt obligation (CDO) deal.
Deutsche Bank reorganises credit derivatives business
Deutsche Bank will reorganise its securitised products group (SPG), the bank said yesterday. It will merge its collaterised debt obligation business with credit hybrid business within the SPG group.
Bear Stearns strengthens Japanese fixed income
US investment bank Bear Stearns has strengthened its fixed-income presence in Tokyo with the hire of Masakazu (Max) Kobayashi as head of fixed-income sales and strategic finance.
Liffe hit by Euribor rates derivatives surge
Surging trading volumes this year, specifically on short-term interest rate (Stir) futures and options products, caused processing capacity problems at the London Financial Futures and Options Exchange (Liffe), according to RiskNews’ sister publication,…
HSBC names new London chief
HSBC will have a new head of European and Middle Eastern foreign exchange in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role, reports RiskNews' sister publication, FX Week .
ABN Amro hires VP of financial institutions forex distribution in Singapore
Dutch bank ABN Amro has hired Rayson Hazra as vice-president of financial institutions foreign exchange distribution in Singapore.
Forex profits soar as funds up risk
Citigroup and State Street both reported surges in first-quarter foreign exchange revenue last week on the back of increased activity from fund managers, senior officials told RiskNews’ sister publication, FX Week .
Jenkins set to leave Barcap
Gary Jenkins, one of the most experienced and respected analysts in European credit research, looks set to leave Barclays Capital after the appointment of Mark Howard as the firm’s new head of credit research.
Morgan Stanley poaches DrKW credit head in Tokyo
Morgan Stanley has hired Mark Mallia as an executive director to be the senior trader and product manager for US and European bond and credit default swaps in Asia time, according to Robert Breden, executive director in the fixed-income division of the…
Gold producer hedge book back to 1996 level
The global gold producer hedge book contracted by 310 tonnes in 2003, according to the latest figures from Gold Fields Mineral Service (GFMS). The reduction leaves it standing, on a delta-adjusted basis, at 2,166 tonnes.
Fitch formalises corporate governance’s impact on credit risk
Fitch Ratings has formalised and released its framework for reviewing corporate governance. The rating agency characterises governance’s impact on credit ratings as an important element in the assessment of a company’s credit quality.
Lehman snares investment banking chief
US investment bank Lehman Brothers has hired Jérôme Calvet as managing director and co-head of investment banking in France.
Vega recruits US trading head
Vega Asset Management USA, the US branch of Madrid-based hedge fund Vega Asset Management, has hired Rajiv Sobti to head its North American trading operations in New York.
Bear Stearns adds to credit derivatives team in Tokyo
Bear Stearns has hired Edouard Hervey, previously a credit default swaps trader at BNP Paribas in Hong Kong, as managing director in Tokyo.
UK banks advised to delay Basel compliance
UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
Deutsche Bank shuffles Asian credit team
Deutsche Bank has signalled its intention to target China’s derivatives market with the appointment of the bank’s Singapore-based head of integrated credit trading, Feng Gao, as co-head of its global markets business in China.
Gulf emerges between online and voice brokered forex trading, says Greenwich
A sharp divide exists between clients actively trading on electronic platforms and those that do not trade foreign exchange online, according to new research from US-based consultancy Greenwich Associates.
Former JP Morgan Chase fund trio make £55m
Three foreign exchange and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year, according to RiskNews ' sister publication, FX Week .
BNP Paribas Asset Management acquires fund of hedge funds business
BNP Paribas Asset Management is to acquire the Javelin fund of hedge funds business currently owned by ZCM Investor Capital, the US subsidiary of Swiss group Zurich Financial Services.
S&P launches loss estimation tool
Standard & Poor's Risk Solutions has launched LossStats Model – a tool for the estimation of loss-given default (LGD).
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
OneChicago hires project co-ordinator
OneChicago, the joint venture between the Chicago Board of Trade, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) to trade single-stock futures, has hired Mark Esposito as a project co-ordinator.