Risk magazine
Former Goldman head quant moves to Morgan Stanley
Former head of credit risk quantitative modelling at Goldman Sachs, Eduardo Canabarro has joined Morgan Stanley’s fixed-income quantitative modelling team.
Moody’s KMV releases RiskCalc for Korean private firms
Moody’s KMV has released RiskCalc Korea, a web-based model for estimating the probability of default or expected default frequencies (EDF) on obligations of non-financial Korean private companies.
City of Los Angeles files lawsuit against Reliant
The City of Los Angeles has filed a $218 million lawsuit against Houston-based Reliant Energy and its successor companies, alleging breach of contract and conspiracy to drive up the price of natural gas.
Cad 3 will hit asset manager profits, says Mercer Oliver Wyman
The European Union’s proposed third capital adequacy directive (Cad 3) will force European asset managers to hold significantly more capital than at current levels. This will reduce their profitability, and could prompt a shake-out in the industry,…
Reputation is the biggest risk, says PwC
Reputational risk is now the biggest single risk financial institutions face, according to professional services firm PricewaterhouseCoopers (PwC).
Prediction Dynamics names ex-Goldman's Flood in development role
Prediction Dynamics (PD), the quantitative trading software company, has hired former Goldman Sachs trader Stephen Flood as business development manager.
Fredrickson bows out as global head of rates at UBS
Tim Fredrickson has retired from UBS, where he headed the Swiss bank’s global interest rates business until the end of May.
JP Morgan Chase and Morgan Stanley launch Trac-x Japan CDS index
US investment houses JP Morgan Chase and Morgan Stanley are merging their Japanese credit derivatives indexes Janice and MSJ-CDS, respectively, into Trac-x Japan, a new tradable index that tracks the 50 most liquid Japanese credit default swaps (CDS).
Wachovia bolsters CDS trading group
Wachovia Securities has hired two Bank of America credit default swap (CDS) specialists to bolster its credit derivatives trading team.
Isda publishes 2002 master agreement protocol
The International Swaps and Derivatives Association has published a protocol for the 2002 Isda master agreement.
Mizuho selects FNX for interest rate derivatives processing
Japan’s Mizuho Bank has licensed FNX’s Sierra System for use in processing interest rate futures and options.
DrKW adds to sales and marketing in Singapore
Dresdner Kleinwort Wasserstein (DrKW) has hired Dahai Wang as a vice-president in its sales and marketing team in Singapore.
JP Morgan Chase names Wilson chief risk officer
JP Morgan Chase today announced that Don Wilson, currently co-head of credit and rate markets, will become the bank’s chief risk officer (CRO) upon the retirement of Marc Shapiro, the bank's current vice chairman and CRO, at the end of September.
Daiwa Securities SMBC launches managed synthetic CDO
Tokyo-based Daiwa Securities SMBC has launched its first managed synthetic collateralised debt obligation (CDO). The deal is worth ¥5.4 billion and is referenced to a portfolio of 100 Japanese credits.
Cantor hires Irvin Goldman from CSFB
Broker Cantor Fitzgerald has hired Irvin Goldman, former head of fixed-income sales and trading at Credit Suisse First Boston (CSFB), as president of its debt capital markets and asset management division.
Fed seeks public comment on Basel II
The Federal Reserve has issued an interagency advance notice of proposed rulemaking (ANPR) seeking public comment on the implementation of the new Basel Accord in the US.
Emerging market hedge funds post highest returns
Emerging market hedge funds continued to generate lucrative returns in June, averaging a 3.3% gain net of fees, according to the Van Global Hedge Fund Index.
Goldman helps Greece meet EU targets using large derivatives deal
US investment bank Goldman Sachs has structured a €10 billion swaps ($11 billion) contract to help the Greek government meet its European Union (EU) debt targets.
Turnbull quits Lehman for return to academia
Renowned quant Stuart Turnbull has left Lehman Brothers' fixed-income research group to return to academia. Turnbull has accepted the Bauer Professor of Finance chair, Bauer College of Business, at the University of Houston.
Fimat to launch foreign exchange futures in Poland
Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related foreign exchange futures contracts in eastern Europe to widen its currency product portfolio for its institutional client base.
NYBOT appoints new CEO
The New York Board of Trade (NYBOT) has appointed its chairman, Charles Falk, to be its new president and chief executive officer (CEO). Falk has been acting in the position since the resignation of the previous CEO, Mark Fichtel, in April 2002.
IDEAglobal moves into credit derivatives
IDEAglobal, a Singapore-based market research company best known for its fixed-income commentary, is moving into credit derivatives.
Ferc says clearing house cooperation would boost energy sector
Increased co-operation among energy clearing houses in the US would help ‘jump-start’ the sector’s recovery, according to Lee-Ken Choo of the Federal Energy Regulatory Commission.
MMS launches one-stop credit service
Market data provider MMS International launched a real-time credit and derivatives commentary service last week, its first new service in five years.