Risk magazine
UK to set up 'information clearing house' for disaster recovery
The Bank of England plans to launch a prototype ‘information clearing house’ on disaster recovery for financial firms in the near future, a senior official of the UK’s central bank said.
No systemic risk management failure at AIB, says Moody's
Rating agency Moody's has confirmed its Aa3 rating for Allied Irish Banks' long-term debt, despite the bank'sannouncement of a suspected $750 million fraud at its US subsidiary, Allfirst Financial.
Senators move to block preferential employee stock options tax treatment
Four US senators will today introduce a new bill, the 'Ending the Double Standard for Stock Options Act', that will require US corporations to treat employee stock options in the same way in both their tax returns and financial statements.
Warburg reshuffles derivatives team and launches UBSWenergy.com
UBS Warburg has named Jonkee Hong as its new head of global emerging market derivatives. Hong, now based in Connecticut after leaving his post as head of Asian derivatives, reports to Raphael Gys, global head of fixed-income derivatives marketing and…
KWI builds product development team
London-based KWI, a supplier of trading and risk management systems for the energy markets, has made two new appointments to enhance its product development team and to increase the functionality of its flagship product, kW3000.
Newsome urges caution on revising derivatives rules
James Newsome, chairman of the US Commodity Futures Trading Commission, has urged policy-makers not to rush to impose new regulations on the over-the-counter derivatives industry in reaction to the collapse of Enron.
Isda publishes FpML 3.0 specs
The International Swaps and Derivatives Association has released the working draft of FpML 3.0, which aims to increase the coverage of the standardised, electronic language to cover foreign exchange over-the-counter contracts such as forex forwards and…
DrKW adds to credit derivatives team in Japan
Dresdner Kleinwort Wasserstein has hired Michael Gordon as director of credit derivatives trading in Tokyo. He was previously a credit derivatives trader at Enron Credit in Japan.
Merrill Lynch continues FX drive with key hires
Merrill Lynch has made three key FX hires in New York and Tokyo, combating rumours that a recent exodus of dealers had left the bank’s foreign exchange business understaffed.
TFS-Icap completes Volbroker integration
Interbank broker TFS-Icap has completed the integration of online options broking platform Volbroker, following its December 1 acquisition of a stake in the bank-owned consortium.
Euronext in further European expansion
Euronext, the combined Paris, Amsterdam and Brussels exchange, has taken a further step towards creating a pan-European derivatives trading platform, by entering a cross-selling agreement with the Warsaw Stock Exchange (WSE).
Moody’s acquires KMV for $210 million
Credit ratings agency Moody’s has purchased California-based credit risk management technology firm KMV for $210 million in an all-cash deal.
Zipspeed launches daily mark-to-market weather index
Atlanta-based weather risk management company, Zipspeed, is set to launch a new weather index that it hopes will draw financial companies into the US weather risk market on a greater scale.
Heineken seeks rainy day hedge
Heineken, the Dutch brewing company, is seeking to hedge its business exposure to rainy Saturdays, according to a weather market source. Such a development is seen by some participants as a key test for the future growth of the weather risk market.
Survey delay puts Basel II timetable under further strain
Delays in issuing a crucial survey could again imperil the timetable of the Basel II bank capital adequacy Accord and further endanger the European Commission’s schedule for risk-based bank regulation.
Bank of China, CCB roll out Misys’ Opics suite
Bank of China and China Construction Bank (CCB) are rolling out London-based Misys International Banking Systems' Opics treasury and capital markets software suite. The service will provide both institutions with a straight-through processing (STP)…
US regulated market sees strong growth
The International Securities Exchange (ISE) became the latest US derivatives exchange to post record average daily trading volumes in January.
RWE counts €11 million Enron cost but inherits staff
RWE, Germany’s second largest utility, believes it has the largest energy trading exposure in continental Europe to Enron Europe, the London-based subsidiary of the bankrupt energy trading firm. RWE Trading, the marketing and trading arm of the Essen…
Currency swap illiquidity may hit Korean cross-border ABS growth
The Korean cross-border asset-backed securitisation (ABS) market could see growth stymied this year due to a lack of liquidity in the currency swaps market. While both Hyundai Capital and Samsung Capital are expected to issue separate $300 million cross…
Credit Lyonnais Asian equity derivatives head resigns
Eddie Tam, Credit Lyonnais’ prominent head of Asian equity derivatives sales in Hong Kong, has abruptly resigned from the bank.
Fimat signs up for Egar's energy trading system
Fimat, the US-based brokerage firm, has signed up to Egar Technology’s Focus system for trading energy and commodity derivatives. Egar is a New York-based technology firm that offers trading systems for over-the-counter and exchange-traded interest rate…
JP Morgan Chase launches short-term FX predictor
JP Morgan Chase today launched an Economic Activity Surprise Index (Easi) that it claims will help users predict short-term currency moves.
JPMC snares four equity specialists from Merrill Lynch
JP Morgan Chase has snared four equity derivatives experts from Wall Street rival Merrill Lynch. The foursome includes Merrill co-heads of risk trading, Matt Celebuski and Eric Moore.
Freddie Mac set to issue more callable debt
Freddie Mac, the US government debt agency, is looking to issue another large callable bond in the next few months, following its record $2 billion, three-year callable issue with a one-year embedded option last month. The agency is seen as meeting…