Risk magazine
Hedge fund risk and VAR uncertainty
External transparency of the risk of hedge funds continues to be a difficult issue. But even internally, traditional risk measures can fail to portray the full implication of highly leveraged positions. David Rowe argues that the parameter sensitivity of…
Fannie and Freddie – a look under the lid
Fannie Mae and Freddie Mac are two of the largest and most sophisticated participants in the US interest rate derivatives market. But criticism of their risk management has been growing. Is the market safe?
European equity derivatives outstrip cash for first time
Banks in the European corporate and institutional markets are making more money out of equity derivatives than cash products for the first time, according to Morgan Stanley and consultants Oliver, Wyman.
DataSynapse gathers momentum
DataSynapse – winner of Risk magazine’s 2002 software product of the year award for its LiveCluster product – has unveiled five new hires.
GFI offers repo traders a new derivatives tool
New York-based interdealer broker GFI has added forward allocation general collateral (FAGC) repurchase agreements and corporate bond repos to its GFInet European trading screen.
NSSB hires fixed-income derivatives structurer
Nikko Salomon Smith Barney (NSSB) has hired Tatsuya Takeda as a director in its fixed-income derivatives team, according to an official at the bank in Tokyo.
PRMIA to offer rival exam to Garp
The Professional Risk Managers’ International Association (PRMIA) will launch its own certified risk manager programme in competition with the financial risk manager (FRM) exam offered by the Global Association of Risk Professionals (Garp).
Crude futures hit six-month highs
Crude oil futures on the New York Mercantile Exchange (Nymex) hit six month highs of $25.61 a barrel (bbl) on March 21 as a combination of rising demand, continued supply curbs and fears of US action against Iraq drove prices higher.
Patsystems' Jones survives no-confidence vote
The results of patsystems' extraordinary general meeting (EGM) held yesterday could not have produced better results from the perspective of the London-based independent software vendor’s current management team.
FSF chair backs SPVs but calls for better disclosure
The Financial Stability Forum (FSF), a body of national supervisors set up in 1999, has emphasised the need for greater disclosure and corporate governance in the wake of a number of high-profile bankruptcies, at its first meeting following the collapse…
US insurer hires credit derivatives specialist
American Capital Access (ACA), a US financial insurance specialist, has hired Joseph Pimbley as its credit derivatives portfolio manager.
Man Group’s performance remains solid
Man Group - the UK asset manager and derivatives brokerage – has released its pre-close trading results, with funds under management currently standing at $10.5 billion – a 57% increase on the previous year.
Swiss Re Financial Services names Godfrey as chief risk officer
Swiss Re Financial Services Business Group, a unit of reinsurer Swiss Re, has hired David Godfrey as chief risk officer.
Prebon launches online FRA matching system
Brokerage house Prebon Yamane Asia-Pacific has launched an online matching system for floating rate reset risk positions in swap portfolios for Australian dollar (A$) and Hong Kong dollar (HK$) currencies.
Derivatives expert Calello made new head of CSFB Asia-Pacific
Credit Suisse First Boston (CSFB) has named Paul Calello chairman and chief executive of the Asia-Pacific region including Japan, Australia and New Zealand. He will relocate to Hong Kong from New York, where he was head of the firm's global equity…
Derivatives unit unaffected by ABN Amro cuts
ABN Amro's decision effectively to pull out of the US cash equities and M&A business will leave its derivatives business intact.
Credit derivatives majors form data alliance
Goldman Sachs, Deutsche Bank and JP Morgan Chase have launched a credit derivatives market data scrubbing and sharing project meant to head off disputes among market participants over the terms of their contracts.
CSFB hires structurer in NY
Tony Capozzoli has joined Credit Suisse's investment banking arm, CSFB, in New York as a corporate structurer, leaving his role as a senior risk analyst at Bank of America, also on Wall Street.
US bill proposes greater OTC regulation
Legislation to bring over-the-counter (OTC) derivatives under US federal regulation has been introduced to the US House of Representatives. Peter DeFazio, representative for Oregon (Democrat), introduced a bill named HR 4038 that proposes combining the…
FX dealers expect volatility upswing
Forex market participants are preparing for a surge in volatility in the second quarter, after enduring three months of one of the dullest periods in foreign exchange.
IPE pulls ‘premature’ power contract
London’s International Petroleum Exchange (IPE) has suspended trading on its electricity futures contract. The instrument, which has traded only 70 lots since its launch in March last year and nothing since the five lots it traded in January, has…