Risk magazine
Derivatives concentrated in largest US banks, says OCC
Seven banks in the US account for almost 96% of the total notional amount of derivatives in the commercial banking system, the Office of the Comptroller (OCC) of the Currency has said in a report.
Carr kicks off quant presentations at Risk USA in Boston
Peter Carr, recipient of Risk 's 2003 quant of the year award, discussed the pricing and hedging of volatility derivatives in the first of a series of quantitative modelling talks at Risk USA today.
US pension problems on a par with S&L crisis, says Hancock
The burgeoning deficit in defined benefit pension plans in the United States has reached such proportions that only the US government can bail out the sector, said Peter Hancock, former chief financial officer at JP Morgan and president of financial…
Spitzer calls for greater institutional investor involvement
New York Attorney General Elliot Spitzer, widely known on Wall Street for having led recent legal attacks on conflicts of interest between underwriting and stock analysis at investment banks, told attendees of the PRMIA 2003 summit today that…
US foreign exchange dealers revise operational risk standards
The Foreign Exchange Committee, a 20-dealer industry liaison group to the New York Federal Reserve Bank, has made new recommendations for the exercise of in-the-money foreign exchange options in a revision to its 1996 forex operational risk best…
DrKW appoints new global head of equity products
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has appointed David Wenman as global head of equity products. Wenman moves from Easy2Trade, the electronic online broker, where he was chief executive.
Freddie Mac fires COO
US government-sponsored mortgage financing company Freddie Mac has terminated the employment of its chief operating officer, David Glenn, it was announced today.
SG appoints new head of equity sales and trading
SG, the investment banking arm of Société Générale, has appointed Jacques Ripoll – who was in charge of the equity financing group within equity derivatives and also the hedge fund sales group – as head of equity sales and trading.
Numerix launches CompatibL Technologies
New York-based analytics provider Numerix is forming a new company that will seek to accelerate definition and adoption of derivatives systems interoperability standards.
Weather derivatives notional volumes fall by $100 million
The Weather Risk Management Association (WRMA), the international trade organisation of the weather derivatives industry, yesterday said that the notional value of weather derivatives contracts fell by $100 million from last year’s figures.
Japan electronics finish the week off their highs
The cost of credit protection on Japanese electronics companies ended the week off their highs, as market participants finished re-adjusting portfolios and protection sellers re-emerged in the market.
Korea’s Woori Bank installs Reuters’ Kondor+
Korea’s Woori Bank, the country's second largest bank, has signed an agreement with Reuters to use Kondor+ as its risk management tool for derivatives and bond transactions.
Banks not ready for advanced IRB, says Trema speaker
Many international investment banks are not yet ready to implement the advanced internal-ratings-based approach to measuring credit risk, according to a controversial speaker at this week's Trema World Forum in Monaco.
CSFB debuts Cindi
Credit Suisse First Boston (CSFB) has launched a pair of credit default swap indexes called the Credit Indexed-Note Default Index (Cindi).
Lehman to launch credit default swap indexes
Lehman Brothers plans to launch a number of credit default swap indexes covering the US, Europe and Japanese credit default swaps (CDS) market by July.
Napier Scott builds buy-side hiring capability
UK-based headhunter Napier Scott, which specialises in front-office capital markets hires, has expanded its buy-side capability by naming Simon Bell as a partner in its wealth management search division.
BoA boosts European structured products and rates groups
Banc of America Securities, the investment-banking arm of Bank of America, has hired Edward Charles to spearhead the European structuring side of its global structured products unit, and Ashwin Kumar as European head of interest rate derivatives trading.
Nomura taps retail market with Japan fund of funds
Nomura Securities has begun distributing its first Japanese fund-of-hedge-funds product targeted at Japanese retail investors. Called Nomura Japan Stock Market Neutral Fund 03-05, the fund invests in four underlying Japan-focused market-neutral funds.
UBS Warburg to join CJ 50 index
UBS Warburg has become the fifth credit derivatives dealer to contribute to the CJ 50 index, a joint venture product that tracks Japan's 50 most liquid credit default swaps.
Securitisation will not be damaged by Basel II, says Mercer Oliver Wyman
Securitisation and related forms of credit risk transfer are unlikely to suffer in the long-term under the Basel II proposals, according to a report published today by financial and risk management consultancy, Mercer Oliver Wyman.
Creditex teams with Gimme Credit to offer credit derivatives research
US online broker Creditex has created a new company with partner Gimme Credit, a US corporate bonds research company, to offer independent research on credit default swaps.
French securitisation specialist law firm Gide Loyrette opens in London
Leading French law firm Gide Loyrette Nouel has opened an office in London, in a move to capture a greater share of the UK securitisation market.
More dealers sign up to new credit derivatives matching service
BNP Paribas, Bear Stearns, Credit Suisse First Boston, Goldman Sachs and UBS Warburg are the latest dealers to sign up to a new global credit default swap (CDS) matching service, which the Depository Trust & Clearing Corporation (DTCC) plans to launch…
Tokyo exchange-listed 10-year rate swaps well recieved, says Tiffe
The Tokyo International Financial Futures Exchange (Tiffe) believes its 10-year interest rate swaps contracts have exceeded expectations during their first month of trading.