News

GL Trade clients hit by Liffe API glitch

A software glitch that cut off some firms’ connectivity to the London International Financial Futures and Options Exchange (Liffe) late last month appears to have affected mostly clients of GL Trade, the Paris-based provider of data display and trading…

AIG hires ex-Commerzbank options dealers in London

Former Commerzbank foreign exchange options dealers Behnouche Mostachfi and Damian Zihlman have joined AIG Trading in London. Both report to Greenwich-based global head of foreign exchange options and head of forex Donald Lee.

EU supervisory committee to be established

The European Commission is establishing a supervisory committee designed to promote convergence among EU nations in the adoption of the Basel Accord revisions and the related EU Capital Adequacy Directive (CAD), according to Jean-Claude Thebault, head of…

QIS3 results delayed until May

The release of the third quantitative impact study results will be delayed until May, when they will be published alongside the Basel Committee on Banking Supervision's third Consultation Paper (CP3), according to Patricia Jackson, special adviser on…

Japanese banks' spreads widen following Nikkei tumble

Credit protection on the debt of Japan’s major banks widened this week as the Nikkei stock index hit a new 20-year low. Investors were concerned that the Nikkei 225 index's fall below the psychologically important 8,000 level - it plunged to 7,862.43 on…

Equity rally prompts tightening of financial spreads

The upswing in equity prices in the second half of the week has prompted a contraction in credit default swap spreads for European banks and insurance companies. But German names, including HVB, were still trading at wider levels for subordinate…

Enron charged with gas and broadband manipulation

The US Commodity Futures Trading Commission (CFTC) yesterday finally charged bankrupt energy trader Enron and a former company vice-president with manipulating natural gas prices. Also yesterday, federal authorities arrested on fraud charges two Enron…

Lehman to structure South Korean equity-linked securities

Lehman Brothers plans to structure 2.5 trillion won ($2 billion) of South Korean equity-linked securities to be issued and sold by two domestic securities firms in South Korea. The move follows regulatory changes at the end of February that allowed…

HVB closes $1 billion CDO

Germany’s Bayerische Hypo- und Vereinsbank (HVB) has closed a $1 billion hybrid collateralised debt obligation, according to an official at the German banking group. The transaction was structured by HVB in Singapore, and HVB Asset Management Asia is the…

Front adds back-office capability to Arena

Front Capital Systems, a Stockholm-based operating unit of Pennsylvania-based technology company SunGard, will finalise development of a new back-office capability next month that it will offer as part of its flagship trading system, Front Arena.

European telco news hits default swap market

European telecoms are back in the headlines this week, causing a surge of buying and selling activity in the market for default protection on active names. Rumours of a possible merger between Olivetti and Telecom Italia have intensified over the week…

Fimat appoints Zeltwanger as US chief executive

International derivatives brokerage house, Fimat, has named Cynthia Zeltwanger, former general manager of the company’s Chicago office and chief operating officer of the US business, as the new chief executive of Fimat USA.

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