Risk magazine
BMA creates distressed debt committee
The Bond Market Association (BMA) has formed a new committee to deal with industry issues related to the trading of distressed debt. The move is aimed at creating a common set of trading protocols to facilitate the continued growth of the market –…
Speakers voice synthetic credit and capital structure arbitrage fears
A number of speakers at Risk ’s Credit Risk Summit USA 2003 voiced concerns about investments in credit derivatives and capital structure arbitrage yesterday. Sivan Mahdevan, an analyst in Morgan Stanley’s credit derivatives research group, when opening…
Risk quant of the year Lipton snared by Citadel
Alex Lipton, who won Risk ’s Quant of the Year award in 2000, has left Credit Suisse First Boston after only nine months and joined Citadel Group, the Chicago-based hedge fund.
Reuters names new global head of risk
UK trading systems and market data vendor Reuters has made Sebastien Rousotte global head of risk, a position that has been empty since the departure of Mike Whitaker earlier this summer.
Koch markets first volatility swap
Koch Supply & Trading, a division of energy conglomerate Koch, has marketed the first energy volatility swap in a deal with hedge fund Centaurus, a move the Wichita, Kansas-based oil trader hopes will increase its share in options markets and attract…
Japanese arbitrage CDO issuance to remain at standstill
The issuance of arbitrage synthetic and cash collateralised debt obligations (CDOs) in Japan is set to remain at a standstill due to tight credit spreads, according to a report published by Moody’s Investors Service.
GFI buys exotic options model
Inter-dealer broker and market data firm GFI Group has bought options pricing model dVega and integrated it with the latest release of its flagship options pricing tool Fenics FX.
Caruana: 2006 implementation of Basel II still on target, despite difficulties
Despite recent controversies in the wake of the third Basel II consultative paper (CP3), Jaime Caruana, governor of the Bank of Spain and chairman of the Basel Committee on Banking Supervision, says he believes the new Basel II Accord will be implemented…
Managed Funds Association appoints chairman
The Managed Funds Association, the leading US lobby group for the hedge fund business, has appointed Adam Cooper from Citadel Investment Group as its new chairman.
iBoxx launches tradable CDO tranches
Bond and credit default swaps index company iBoxx has launched a series of tradable instruments linked to single tranches of one of its credit default swap (CDS) indexes.
JP Morgan Chase prepares first syndicated synthetic CDO
JP Morgan Chase has taken a leaf out of the bond and loan markets by putting together the first syndicated synthetic collateralised debt obligation (CDO).
HSBC closes $380 million synthetic balance sheet securitisation
HSBC has closed a HK$3 billion ($380 million) synthetic balance sheet securitisation transaction backed by its taxi and public light bus hire purchase agreements. It is the first synthetic transaction backed by such asset classes in Asia.
BarCap expands corporate risk management advising team
Barclays Capital (BarCap), the investment banking arm of Barclays Bank, has hired three new staff to work in its corporate risk management and advisory team in New York.
Banks should standardise CDS indexes, says credit derivatives panel
Investment banks should be pushing for standardisation in credit default swaps (CDS) indexes, agreed a panel of credit derivatives experts at Risk ’s Credit Risk Summit Europe 2003 in London.
Sumitomo Corporation installs FNX’s Sierra
Japan’s Sumitomo Corporation has installed FNX’s Sierra System to support its strategy of complete straight-through processing (STP) for its commodities, exchange-traded products and swap-trading operations.
Credit derivatives set to hit $10 trillion by 2007, says Deutsche’s Misra
The credit derivatives market is set to hit $10 trillion in notional value within five years, with the number of actively traded credit default swaps set to double by 2007 to 600, according to Deutsche Bank’s global head of integrated credit trading…
Refco signs up as non-bank member to JP Morgan Chase’s CLS service
Refco Capital Markets has selected JP Morgan Chase as its provider of continuous-linked settlement (CLS) services.
Prebon plans to open US credit derivatives desk
Inter-dealer broker Prebon Yamane is planning to open a credit derivatives desk in the US, following its setting up of Asia-Pacific and Europe credit derivatives trading desks.
SunGard to offer integrated energy risk system
SunGard Energy Systems, an operating group of Pennsylvania-based SunGard, plans to offer a single integrated suite of energy risk and trading systems called Entegrate.
State Street hires options chiefs in Asia and Europe
State Street has hired two regional foreign exchange options managers in newly created positions overseeing Asia and Europe.
Deutsche adds e-options
Deutsche Bank will go live with foreign exchange options on its autobahnFX trading platform in January, in response to client demand, a bank official told RiskNews ' sister publication FX Week .
JP Morgan Chase hires portfolio options trader
JP Morgan Chase has re-hired Joakin Diedricks to look after global portfolio options within the foreign exchange trading group in London.
Independent third-party to take over Trac-x imminently
JP Morgan and Morgan Stanley are in the final stages of negotiations to hand over their credit derivatives index product Trac-x to an independent third-party. The move will happen “within a matter of days”, Andrew Palmer, head of credit derivatives…
Schwarzenegger pressed to give details of Ken Lay meeting
California-based lobby group, the Foundation for Taxpayer and Consumer Rights (FTCR), has asked Arnold Schwarzenegger, California’s governor-elect, to explain the substance of his private May 2001 meeting with Enron chief, Ken Lay. FTCR, a non-profit…