News
New Mexican options exchange to spring out of Spanish alliance
MexDer, the Mexican derivatives exchange, has struck a deal with the Spanish futures and options exchange, Meff, to develop an options exchange in Mexico.
RBS hires Asian credit head
The Royal Bank of Scotland has hired Trevor Vail as head of Asia credit trading, as the British bank looks to expand its credit derivatives business in Asia.
Basel Committee conference solidifies support for Pillar I approach
The long-awaited conference on operational risk issues, organised by the Basel Committee on Banking Supervisions' risk management group, helped solidify support among both bankers and international regulators for the inclusion of operational risk in…
RiskLatte launches new Asian volatility indexes
RiskLatte, a Hong Kong-based business consultancy, has developed a series of market volatility indexes for customers in Asia.
Risk's Basel II Forum > Patricia Jackson to give keynote address
Patricia Jackson, the Bank of England's Special Advisor on Financial Stability, will be giving a keynote address at Risk magazine's first Basel II Forum ( www.risk.net/baselforum ).
Prop desks set to reap rewards of forex volatility
Banks could be reaping rewards from their proprietary foreign exchange trading desks, as swift intra-day market moves continue, dealers told RiskNews ’ sister publication FX Week .
Exchange-traded derivatives trading rebounds, says BIS
Aggregate turnover of exchange-traded derivatives rebounded in the first quarter of 2003, according to the Bank for International Settlements (BIS).
CROs seen as vital for restoring confidence
Chief risk officers (CROs) have a vital role in helping shape the future of thetroubled energy sector and should report directly to their company’s boardif investor confidence is to be rebuilt in the industry. Vincent Kaminski, seniorvice-president of…
Ferc calls for risk manager vigilance
The director of the office of market oversight and investigations (OMOI) at theUS Federal Energy Regulatory Commission (Ferc), has urged energy risk managersto alert his office to any suspicious market practices.
Kiodex adds more energy forward curves
Kiodex, an energy risk management technology company based in New York, willadd five new forward curves to its global market data offering, it told delegatesat EPRM’s May congress in Houston.
US power sector decline slows, says Fitch
The US power sector has seen little more than a slowing in the rate of its declinein 2003, said Richard Hunter, managing director of rating agency Fitch’sglobal power group, in May.
...while AEP exits Nordic energy trading
Ohio-based American Electric Power (AEP) last month completed its exit from theNordic energy trading market. The management team responsible for AEP’sactivities in the Nordic region will assume AEP’s Nordic trading book,office leases and related…
Enron will not centralise risk management
Failed energy trader Enron plans to package together the majority of its internationalassets into a company known as InternationalCo, the shares of which will be distributedto its creditors.
Sector roundup
Sectors
SunGard snaps up Reech Capital
US technology company SunGard has acquired Reech Capital, a London-based risk pricing, validation and portfolio valuation technology company. The move is the latest instalment in SunGard’s acquisition spree aimed at making the Pennsylvania-based company…
Icap shuts London weather desk
UK inter-dealer broker Icap has exited the European weather and environmental derivatives market, an Icap spokesman told RiskNews ' sister publication EPRM today. “The European markets for these products are not developing at a large enough rate to…
Totem recruits Johns to head credit derivatives business
Totem Market Valuations, a London-based data valuations provider, has hired Euan Johns to expand its credit derivatives pricing service, which it established around a year ago.
Fujitsu spreads widen 30bp due to multiple woes
Credit default swap spreads on Japanese computer maker Fujitsu’s five-year debt protection widened 30 basis points this week, following media speculation that the company might become a “rehabilitation candidate” for the government’s Industrial…
BNP Paribas hires Australian credit specialist from Deutsche
French banking group BNP Paribas has hired Pierre Katerdjian to join its credit and rates marketing group in Australia. Katerdjian, who joins from Deutsche Bank where he traded Australian credit derivatives, will start on June 2.
Prebon Yamane's Singapore chairman to retire
John Ng, chairman of brokerage house Prebon Yamane (Singapore), is to retire from the firm following 29 years with the company.
Hong Kong Futures Exchange suspends international equity derivatives trading
The Hong Kong Futures Exchange is to suspend trading of its international stock futures and options, it was announced today.
Ex-Putnam CRO Martens joins TIAA-CREF
Erwin Martens, former chief risk officer at Putnam Investments, has joined the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) in the newly created position of executive vice-president forrisk management.
People swaps
Chappel replaces McCarthy as Williams CFO US energy major Williams has hired Donald Chappel (pictured) as senior vice-presidentand chief financial officer (CFO). He succeeds Jack McCarthy, who retired atthe end of 2002 after 10 years as CFO. Before this…
Abbey National snaps up Op risk solution from Raft
UK bank Abbey National has purchased raft radar, an operational risk management system from London-based software provider Raft International.