Risk magazine
Isda publishes second new master agreement draft
The International Swaps and Derivatives Association (Isda) has published a second draft of its proposed new master agreement. This is in response to feedback and suggestions from industry participants to a first draft sent out at the end of November.
UBS Warburg snares Merrill equity risk structurers
UBS Warburg has snared Min Park and Chang Sik Cin from Merrill Lynch to boost its equity derivatives risk services offered to institutional investors, corporate clients, and high-net-worth individuals.
Aurora buys Cygnifi Analytics
Aurora Software, a New York-based technology firm for fixed-income trading, has bought the Cygnifi Analytics Library. Cygnifi, the New York-based online derivatives service provider spun-off from JP Morgan in 1999, filed for Chapter 11 bankruptcy…
Risk tech firms partner to develop forex trading product
Risk technology firms, Pennsylvania-based Financial Software Systems (FSS), and New York-based PFS Trader Tools, said today that they are working together to develop a Web-based foreign exchange trading service. The risk management tool, branded…
Derivatives not to blame for Enron failure, says Greenspan
Alan Greenspan, chairman of the US Federal Reserve, yesterday defended the role of derivatives in financial markets during a testimony to Congress. "The record of [derivatives] performance, especially over the past couple of stressful years, suggests…
JP Morgan Chase made to sweat on $1 billion of Enron surety notes
JP Morgan Chase failed to win immediate payment of $965 million from the 11 insurers it is suing for outstanding surety bonds.
SS&C expands derivatives valuation system
SS&C Technologies, a Connecticut-based financial software provider, yesterday made available a new equity swaps module for its debt and derivatives accounting and valuation application.
Defaults hit new record levels, says Moody’s
International rating agency Moody’s said that credit losses due to defaults reached record levels in 2001, as loss rates on speculative-grade defaulted bonds surged and recovery rates on the defaulted bonds plummeted for the third straight year.
Swiss Re warns on losses
Swiss Re, one of the world’s largest reinsurance groups, yesterday warned investors it expects to report a Sfr200 million ($115 million) loss when earnings are released in April. But the firm’s management will recommend an unchanged dividend of Sfr2.5…
New CFO for Reech Capital
Reech Capital, a London-based risk management consultancy, has hired Richard Gilbey as its new chief financial officer. Gilbey joins Reech from Indochina Asset Management, where he most recently served as chief investment officer in Southeast Asia,…
Totem looks to expand energy derivatives pricing products
Totem Market Valuations, the London-based derivatives valuation firm, has appointed Tom Charlesworth to expand its pricing services for long-dated oil, gas and power over-the-counter derivatives.
Nem committee aims to safeguard post-Enron credibility
Michael Walker, senior vice-president of New York-based energy derivatives technology company Caminus, was today named co-head of the executive committee of the National Energy Marketers Association (Nem). Together with Lee Taylor, senior vice-president…
NTC joins forces with Algo in bid to meet Basel II
Chicago-based multi-bank holding company, Northern Trust Corporation (NTC) has teamed up with Canadian risk management software provider, Algorithmics, to enhance NTC's enterprise-wide risk management (ERM) engine to meet key Basel II requirements.
MMC Enterprise Risk sets up weather desk for corporates
Marsh & McLennan (MMC) Enterprise Risk, a sister company of New York-based insurance broker Marsh, is in the process of establishing a weather derivatives desk aimed at enticing corporate end-users into hedging against revenue-threatening weather…
Prediction Dynamics launches hedge fund modelling platform
Prediction Dynamics, the Dublin-based trading and risk management software vendor, launched its Crucible1.0 financial time-series modelling platform today at the Seventh European Conference on Hedge Fund Investments, in Geneva, Switzerland.
AIB currency losses bring forex training into spotlight
Many banks are putting more emphasis on training foreign exchange dealers to minimise risk following Allied Irish Banks' loss of $691 million, stemming from an alleged currency fraud at subsidiary Allfirst in Baltimore.
GFInet to unleash derivatives market data feed
New York-based interdealer broker GFInet plans to offer market data feeds for the first time, and is in the process of selecting a feed vendor.
Little change expected for yen in run-up to fiscal year-end
Japan's former vice-minister of finance for international affairs, Eisuke Sakakibara, aka 'Mr Yen', has suggested the yen should ‘ideally’ depreciate to the 160-180 range against the dollar, further fuelling speculation that the yen could decline sharply…
Deutsche Bank hires chairman of global markets, Asia-Pacific
Deutsche Bank has named Jonathan Paul as chairman of global markets, Asia-Pacific, based in Hong Kong. Paul will be responsible for the bank's global markets business in Asia, Japan, and Australia, including its derivatives operations.
Deutsche goes extra mile to underwrite Pimco CDO
Deutsche Bank has agreed to allow Pacific Investment Management Company (Pimco) full and unfettered access to its proprietary portfolio of corporate loans to secure the underwriting mandate for Pimco’s forthcoming Euro-denominated CDO.
JP Morgan Chase pushes for new op risk measure
In the opening session of Risk's OpRisk 2002 conference in New York today Joseph Sabatini, head of corporate operational risk at JP Morgan Chase, said the bank was considering a move to treat operational risk as an independent firm-wide performance…
Germany’s hedge fund stance raises concerns
Germany's fourth Financial Market Promotion Act, which was drafted in January and is set to become law in June or July, contains a clause banning short selling during periods of extreme market volatility. This clause is worrying German hedge fund…
PRMIA unveils 'blue ribbon panel' to ensure integrity
The Professional Risk Manager's International Association (PRMIA), formed in January by former members of the Global Association of Risk Professionals, has created an advisory 'Blue Ribbon Panel' to ensure the integrity of the new association and advise…
Enron considers offer for bandwidth business
Enron, which is attempting to sell off its businesses to repay creditors, may have found a buyer for its broadband network, Enron Broadband Services (EBS). Jarvis Entertainment Group (Jeg), a Texas-based internet technology and entertainment holding…