News
Discovery becomes first US asset management client for Trema
Discovery Capital Management, a multi-asset-class emerging market hedge fund with $900 million in assets under management, has introduced Trema Finance Kit, a straight-through processing portfolio analysis, accounting and reporting tool.
'Restructuring' partly dumped as Basel shifts stance on risk mitigation
The Basel Committee on Banking Supervision, the architect of new banking regulation, Basel II, which is due for implementation by the end of 2006, has made a number of concessions in its proposed treatment of risk mitigation techniques in the release of…
TriOptima terminates €420 billion in rate swaps
The delayed first run of TriOptima’s swap tear-up service, TriReduce, eliminated 7,880 euro-denominated interest rate swaps with a notional value of €420 billion – or about a fifth of the notional value of the credit derivatives market.
Standard Chartered hires interest rate derivatives trader
Standard Chartered Bank has hired Cleber Tinidade as a senior interest rate derivatives trader in its London office.
Trac-x gains market maker support
BNP Paribas has signed up to make markets in the Trac-x Europe credit default swaps index initiative established by JP Morgan Chase and Morgan Stanley. Other major dealers are also looking into offering market making services in Trac-x products, with…
Political uncertainty feeds US rates volatility
Despite the end of large scale hostilities in Iraq, continuing political uncertainty in the wake of the war is likely to cause increased intra-day US interest rates volatility in the short term, according to research by Deutsche Bank.
FX Concepts hires Citigroup strategist
New York-based currency overlay manager FX Concepts has hired Citigroup’s Tao Huang as vice-president of research to strengthen its quantitative research and product development.
Isda publishes weather derivatives confirmation document
The International Swaps and Derivatives Association has published a trade confirmation document for over-the-counter weather index swap transactions.
CP3 released
The Basel Committee on Banking Supervision released its third consultative paper (CP3) this morning, by posting the paper on its website.
‘Restructuring’ partly dumped as Basel shifts stance on risk mitigation
The Basel Committee on Banking Supervision, the architect of new banking regulation, Basel II, which is due for implementation by the end of 2006, has made a number of concessions in its proposed treatment of risk mitigation techniques in the release of…
Lehman names Simon as global head of forex options marketing
Lehman Brothers has appointed Andrew Simon as global head of foreign exchange options marketing.
US FDIC produces second Basel analysis paper
The US's Federal Deposit Insurance Corporation has published its second study of the Basel Accord revisions, titled Risk-based capital requirements for commercial lending: the impact of Basel II .
CP3, QIS3 coming this week, Radwan report delayed until May 20
The Basel Committee on Banking Supervision is said to be preparing to release both the third consultative paper (CP3) and the third quantitative impact study (QIS3) this week.
Ex-WestLB financial engineering head launches consultancy
Janet Tavakoli, former head of capital markets financial engineering at Westdeutsche Landesbank (WestLB) in London, has launched a derivatives consultancy - Tavakoli Structured Finance.
Citisoft launches new portfolio risk service
Consulting company Citisoft has launched a ‘risk and performance’ service for asset managers.
Bear Stearns nabs CSFB credit derivatives head
CSFB’s global head of credit derivatives for developed markets, Mark Davies, has left the bank, a CSFB spokesman confirmed. Davies will start as head of credit derivatives at Bear Stearns in May.
Deutsche Börse launches S&P 500 ETF
Deutsche Börse has started trading its first exchange-traded fund (ETF) on the Standard & Poor’s 500 US benchmark index. The so-called iShares S&P 500 ETF is managed by Barclays Global Investors (BGI).
ABN Amro selects SunGard’s Credient
ABN Amro has signed up to use SunGard Trading and Risk Systems’ credit portfolio analysis and counterparty exposure tracking system, Credient, for global credit risk management and control. The Dutch bank will use Credient for trading portfolio credit…
Deutsche Bank hires BoA veteran in Hong Kong
Deutsche Bank has hired Linda Fok as director and head of local corporate relationships in its global banking division in Hong Kong.
European companies see more potential in energy trading than US counterparts
European energy companies display a more upbeat sentiment towards energy trading than their US counterparts, according to a PricewaterhouseCoopers survey published this week. The study was conducted throughout December 2002 by interviewing 107 senior…
AEP exits Nordic energy trading
American Electric Power (AEP) today completed its exit from the Nordic energy trading market, an AEP spokesman told RiskNews . The management team responsible for AEP's activities in the Nordic region will assume AEP's Nordic trading book, office leases…
Japanese credit spreads tighten to near-record levels
Japanese credit default swap spreads continued to tighten on technical factors, nearly reaching record levels, with trading volumes on the whole fairly subdued, according to traders.
Basel II securitisation treatment too harsh, says Fitch
The treatment of securitisations under current proposals in the Basel Committee on Banking Supervision's Basel II capital Accord is likely to be "overly punitive", according to credit rating agency Fitch.
Risk management and data "are critical success factors" in insurer ratings, says Moody's
US-based rating agency Moody's says "the quality of data and risk management are growing in importance as success factors" for insurance companies, and as a result it is putting additional emphasis on these areas when reviewing a company, according to a…