News
Nomura victory sets precedent for credit derivatives delivery
A landmark ruling, favouring Nomura over Credit Suisse First Boston (CSFB), in London yesterday will set a clear precedent for the credit derivatives market, the Japanese investment bank said. Nomura challenged CSFB on the deliverability of convertible…
Japan credit default swaps brush off international events
Credit default swap spreads in Japan tightened across the board this week, brushing off heightened diplomatic tensions with North Korea and the threat of war in Iraq, as technical factors continued to support the Japanese market, dealers said.
Terror threats push up European credit default spreads
Credit default swap spreads for European corporates started to widen during the later part of this week. Fears of a terrorist attack in London or elsewhere, coupled with generally weak equity markets, started to reduce confidence in the market, traders…
Kamakura upgrades key risk management system.
Kamakura, a Honolulu-based risk management technology company, has released a new version of Kamakura Risk Manager (KRM), its integrated risk management application.
Nymex makes EOO trading permanent
The New York Mercantile Exchange (Nymex) yesterday said that it will make exchange of options for options (EOO) trading in energy markets permanent.
Emerging market credit quality improving, says S&P
Emerging market credit quality is “on the mend”, according to rating agency Standard & Poor’s, but Latin America faces the biggest vulnerability among the regions.
BofA pushes out Goldie-Morrison
Duncan Goldie-Morrison, head of the global markets group at Banc of America Securities in New York, has become the latest high-profile casualty in the long list of Wall Street redundancies. His position has been abolished as part of another large…
Macau's central bank signs up to Financial Objects
The Monetary Authority of Macau (AMCM), the central bank of the Chinese Special Administrative Region (SAR) of Macau, has adopted UK-based software company Financial Objects' activebank=B2 system to support its banking operations.
Deutsche offers first yield enhancement fund to Asian retail investors
Deutsche Bank has begun offering Singaporean retail investors access to a new Luxembourg-based yield enhancement fund. The move marks the first public offering of a structured fund under the Xavex brand, the Luxembourg-based asset managment entity of the…
Wing Hang signs China risk systems deal with Reuters
Wing Hang Bank, a medium-sized Hong Kong bank, has signed an agreement with Reuters to provide a front-office trade capture and risk management system plus a back-office trade processing system across its treasury business in mainland China.
AccuWeather president calls for regulation of US National Weather Service
Joel Myers, president of AccuWeather, the Pennsylvania-based weather forecasting company, yesterday called for increased government regulation of the US National Weather Service (NWS), amid fears that its current practice of offering certain institutions…
Mark-it plans to offer data pricing service for structured credit
Mark-it Partners, a two-year-old company founded by senior bankers at Canada’s Toronto Dominion, is in advanced negotiations to set up a data pricing service for collateralised debt obligations (CDOs). If successful, this could become the first such…
McDonough paints brave new world of bank regulation
Echoing remarks made earlier in the week, William McDonough, president of the New York Federal Reserve Bank, stressed that the results of the third Quantitative Impact Statement (QIS3) being compiled at the moment show that few changes will have to be…
UK FSA announces own conflict-of-interest rules for banks
Today the UK's Financial Services Authority (FSA) has released Consultation Paper 171, designed to address conflict-of-interest issues and bias in analyst recommendations.
ORIAG paper published on FSA website
The Operational Risk Implementation Advisory Group (ORIAG), which is chaired by the UK's Financial Services Authority (FSA), has posted its working paper, "Implementation of the Capital Accord for Operational Risk" on its website.
FSA calls for firms to keep business continuity a priority
The UK's chief financial watchdog, the Financial Services Authority (FSA), has called on the 12,000 firms it regulates to keep business continuity as a priority.
FSA calls for firms to keep business continuity a priority
The UK’s chief financial watchdog, the Financial Services Authority (FSA), has called on the 12,000 firms it regulates to keep business continuity as a priority.
Isda publishes new credit derivatives definitions
The International Swaps and Derivatives Association has produced a new set of credit derivatives definitions. Robert Pickel, chief executive of the trade body, said the updated definitions “reflect changes in industry dynamics over the past three years”.
European corporate credit spreads contract; retail sector sees negative basis
Credit default swap levels for the European corporate sector are tightening again, according to London-based traders. In relatively light flows, the cost of protection for industrials, retailers and utilities narrowed between 3 basis points to 10bp in…
Credit derivatives notional tops $2.3 trillion
The notional value of credit derivatives contracts now tops $2.3 trillion, according to Risk ’s third annual survey of credit derivatives dealers.
FSA clarifies research standards issues
The UK Financial Services Authority (FSA) has issued new and wide-ranging guidelines for investment banks related to their publication of research in new issues of securities.
Bank of Finland to upgrade risk systems with Trema
The Bank of Finland will replace its mainframe and proprietary foreign exchange reserves, monetary policy and customer payments systems with an off-the-shelf service provided by Stockholm-based Trema.
ISE introduces ISEspreads function
The International Securities Exchange (ISE), the second biggest options exchange in the US, has implemented ISEspreads, a new trading system function that automatically executes complex options orders.
GFI launches mark-to-market service for forex options
Inter-dealer broker GFI is attempting to establish a benchmark daily 'revaluation fixing' service for currency options in response to new accounting standards designed to assign a fair value to derivatives positions.