Risk magazine/News
NAB credit rating unaffected by FX options losses, says S&P
The credit rating of National Australia Bank is unaffected following the disclosure of unauthorised foreign exchange transactions, rating agency Standard & Poor’s (S&P) said today. The losses, expected to result in pre-tax forex option losses of A$180…
CME gets go-ahead to offer Globex trading in Australia
Australian market participants can now access the Chicago Mercantile Exchange and its products, after the Australian government gave a licence to the CME’s electronic trading platform, Globex.
Euronext.Liffe appoints non-executive director
Euronext.Liffe, the derivatives arm of Amsterdam-based pan-European exchange Euronext, has appointed Catherine Meyer to its board as a non-executive director.
NAB to lose up to A$180 million on unauthorised FX options trades
National Australia Bank (NAB) is set to lose up to A$180 million ($140 million) from unauthorised foreign exchange option trades, despite efforts to improve its operational risk management in the past couple of years.
Four more join iBoxx as CDS index market-makers in the US
Four more banks have become credit default swaps market-makers on iBoxx CDX, a tradable index of credit default swaps on 125 investment-grade US companies. This brings the total number of licensed market-makers to 15.
CME buys Liquidity Direct
The Chicago Mercantile Exchange (CME) has acquired Chicago-based Liquidity Direct Technology, a private company that owns a patent-pending system for trading complex options.
Mark-it set to offer new services as seven banks buy equity stakes
UK credit data provider Mark-it Partners plans to offer a convertible bond pricing service by the end of March, to complement its credit default swap, cash bond and syndicated loan pricing services. The move comes as seven of the company’s main backers…
Refco enters South Korea
US futures broker Refco has bought Korean futures broker HanMag Futures. It said it will retain all the South Korean firms's existing staff and plans to expand further during 2004.
Telekurs Financial triples VDF delivery
Swiss market data vendor Telekurs Financial has begun distributing its valor data feed (VDF) three times each day to ensure that the three main global timezones each have access to the most up-to-date data.
S&P 500 pension plan funding to cost $57 billion over next two years
The cost of funding defined-benefit – company sponsored – pension plans at the top 500 listed companies in the United States will hit $24 billion this year and $33 billion in 2005, according to research by Credit Suisse First Boston (CSFB).
SG appoints head of debt finance for the Americas
SG corporate and investment banking, a division of French bank Société Générale, has promoted Paolo Taddonio to the head of debt finance for the Americas.
SuperDerivatives sees more growth from buy-side sector
SuperDerivatives has sold its currency options pricing system to Coca-Cola Amatil (CCA), an Australian soft-drinks company with operations in six countries in the Asia-Pacific region.
DTCC set to launch automated payment reconciliation service
The Depository Trust and Clearing Corporation (DTCC) will this month introduce an automated payment reconciliation service. The move is one of a number of initiatives the US company has planned for the coming months aimed at reducing risk and improving…
State Street’s Snyder named head of forex trade body
Mark Snyder, US bank State Street’s global head of currency and money market sales and trading, has been appointed chairman of the Foreign Exchange Committee, a trade body.
SunGard buys WhiteLight Basel II system
SunGard Trading and Risk Systems, a division of US software company SunGard, has bought California-based WhiteLight's system for Basel II compliance from SymphonyRPM. It will rebrand the product the SunGard Basel II Capital Manager.
UBS takes 20% of active third-party CLS business with Saxo deal
UBS believes it has gained a 20% share of the third-party business conducted via the continuous-linked settlement (CLS) system. UBS said Denmark's Saxo Bank went live on the service today.
Charles-Henri Filippi set to head CCF
Charles-Henri Filippi is set to become the new chairman and chief executive of CCF, the French arm of UK-based bank HSBC, following the retirement of current boss Charles de Croisset at the end of February.
GFI delays new Asian services
New York-based inter-dealer broker and market data supplier, GFI, has delayed its plans to offer new local currency volatility services in the Asia-Pacific region, Risk’s sister publication Inside Market Data has learned.
WestLB goes live with SunGard's Credient
German bank WestLB has gone live with Credient, SunGard Trading & Risk Systems’ credit risk software package.
SGX plans to trade Trac-x linked futures
The Singapore Exchange (SGX) has signed a 'memorandum of understanding' with Dow Jones, signalling its intention to list Trac-x credit derivatives futures. SGX said the move was part of a plan to create a global market-place for credit derivatives…
CBOT lowers fees for European traders
The Chicago Board of Trade (CBOT), in an early effort to head off competition from Eurex, is to offer cheaper electronic access for European traders, the exchange announced.
BarCap adds sterling swaps to online interest rate swaps platform
Barclays Capital (BarCap) has added sterling swaps to its online interest rate swaps platform, Barx.
BOCI launches CLNs for retail investors in Hong Kong
Bank of China International (BOCI) has launched its first credit-linked investment product for Hong Kong’s retail investors.
US sets trend for high bonuses
Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December, reports Risknews ' sister publication FX Week .