Risk magazine
WestLB derivatives head quits for the arts
WestLB has hired Ian Clifton as its new head of derivatives within its global financial markets (GFM) division, after the previous head, Dominic Palfreyman, quit to pursue a career in the performance arts.
Reliant restates 2001 earnings due to accounting changes
In a further sign of Enron’s impact on US accounting procedures, energy company Reliant Resources said it has discovered errors in its financial accounting that will cause it to raise 2001 earnings by between $100 million and $130 million.
Ritossa takes over as Barclays Capital forex head
Barclays Capital, the investment banking division of the UK's Barclays, has hired Ivan Ritossa as global head of foreign exchange. He joins from Lehman Brothers, where he gained a strong reputation for building up the Wall Street firm's forex operations…
Willis expands ART services to New York
International insurance broker, Willis Group, has established a structured financial solutions practice group for North America, based in New York.
Citibank and SSB integrate Asian derivatives sale
US financial conglomerate Citigroup will combine its Citibank and Salomon Smith Barney (SSB) Asia-Pacific regional sales unit for fixed-income derivatives and cash products.
Cargill signs up to patsystems
Chicago-based Cargill Investor Services (CIS) has signed up to a derivatives trading service supplied by patsystems, the London-based software vendor specialising in electronic exchange connectivity and front-end trading.
FT Interactive Data expands forex coverage
FT Interactive Data, a provider of securities prices, has expanded its coverage of spot and forward foreign exchange markets and reduced update times from every hour to every half hour.
Credit Lyonnais looks to boost Asian derivatives team
French bank Credit Lyonnais is planning to boost its Asian credit and interest rate derivatives teams in the coming months, as part of a drive to build the bank’s structured credit business, according to Frédéric Lainé, Hong Kong-based head of fixed…
Mitsui Sumitomo launches humidity derivatives
Japan’s Mitsui Sumitomo Insurance has developed weather derivatives based on a temperature/humidity index, called a ‘discomfort-index’. They allow corporates to hedge their exposure to the risk of cooler and less humid summers in Japan.
Integral acquires margin product
Integral, the California-based financial software and services provider, has acquired Dublin-based International Financial Systems (IFS), a provider of collateralised foreign exchange trading services.
OneChicago eyes 'narrow-narrow' indexes
OneChicago will follow up the launch of single-stock futures – slated for mid-April – with the creation of 'narrow-narrow' indexes, according to William Rainer, chairman of OneChicago.
CFTC reorganises to improve energy derivatives oversight
The Commodity Futures Trading Commission (CFTC) plans to restructure to allow more effective implementation of the Commodity Futures Modernization Act of 2000 that deregulated US futures and derivatives markets.
SwapsWire claims ‘imminent’ launch after tech delays
SwapsWire, a consortium-owned interdealer interest rate derivatives trading system, says it has overcome a raft of technology problems that delayed its launch. It hopes to go live "imminently" with most of its 23 shareholders, but did not offer a…
Bank of America appoints new rates head
Bank of America has promoted John Kapustiak to global head of interest rate derivatives trading. Chicago-based Kapustiak was previously head of US interest rate options and proprietary trading.
Hong Kong warrants see steady first week
The Hong Kong warrants market's first week of trading was steady, accounting for 4% of the week’s total turnover on the Hong Kong Exchanges and Clearing (HKEx).
Success is hardly assured
Single stock features
More talk than action
CCP 12
A shift in e-trading flows
Energy exchanges
A case of terminal consolidation
Exchange connectivity
New contract launches aplenty
Derivatives exchanges
Kicking off a global trend
Liffe-Euronext merger
The need for hybrid models
In response to the above article, the authors argue that pure firm-value approaches to default prediction are fundamentally flawed.?
The vol smile problem
The author examines a wide range of volatility smile models in the context of the liquidity of the forex options markets
Predictive Merton models
Do default indicators such as agency ratings improve upon the predictive power of KMV’s proprietary default prediction methodology?