News
New chairman for Committee on Global Financial System
Roger Ferguson, vice-chairman of the Board of Governors of the Federal Reserve System, was named chairman of the Basel-based Committee on the Global Financial System (CGFS), the Bank for International Settlements said today.
Moody’s to give more weight to operational risk when rating banks
Moody’s Investors Service will focus more on operational risks when rating banks, the rating agency said today.
India could allow foreign currency-rupee options by April
The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
Morgan Stanley and Axa sued over CBO management
Jersey-registered collateralised bond obligation (CBO) investor Beaford is suing US investment bank Morgan Stanley and French insurer Axa, along with a number of its subsidiaries, for failing to properly manage three CBOs between 1996 and 2002. Morgan…
Japanese synthetic CDO market to see continued growth
Japan’s synthetic collateralised debt obligation (CDO) market is likely to continue to boom in 2003, according to a report published this week by credit rating agency Moody’s Investors Service.
Default swap curves flatten for France Telecom and Fiat
Default swap curves for volatile European corporate issuers, including France Telecom and Fiat, have flattened out, according to Chris Francis, a credit derivatives analyst at Merrill Lynch in London.
Moody’s KMV eyes move into alternative investments
Moody’s KMV is looking to expand into new asset classes, with private equity and other alternative investments, along with equities, topping the priority list, according to the credit risk management company’s its new chief executive Doug Woodham.
Energy Brokers Association adds three new members
The Washington DC-based Energy Brokers Association (EBA) yesterday admitted three new members and confirmed a series of first meetings with key associations within the US energy markets. The EBA was set up in November 2001 with the goal of co-ordinating…
SunGard snaps up Caminus for $160 million
Pennsylvania-based integrated IT service provider SunGard is to buy US energy software company Caminus for about $160 million in an all-cash deal. Upon completion – expected within two months – Caminus will become an operating unit of SunGard Trading and…
KWI head dismisses Caminus/SunGard threat
David Bucknall, chief executive of KWI, the London-based energy risk management technology firm, today told RiskNews that SunGard’s purchase of Caminus, KWI’s New York-based competitor, amounts to “a marriage of two dinosaurs”. Earlier today Pennsylvania…
Deutsche and CME try to revive Russian rouble futures trading
Deutsche Bank has committed to providing bid and offer prices on Russian rouble futures for the Chicago Mercantile Exchange (CME), in a move designed to capitalise on revived interest in Russia by Western investors. It is the first time the contract has…
Lau-Hansen named marketing head at Primus
Primus Financial Products, an AAA-rated company offering credit risk protection on investment grade corporates, financials and sovereigns, has hired Candace Lau-Hansen from JP Morgan Chase as its new global head of marketing.
BofA becomes first Moody’s KMV CreditMark client
Bank of America (BofA) has signed up to a new product offered by credit risk management company Moody’s KMV, called CreditMark, which allows financial institutions to mark-to-market their corporate loans.
Merrill Lynch reshuffles Asia-Pacific equity derivatives team
In an effort to boost its market share in global structured equity derivatives, US investment bank Merrill Lynch has set up an equity structured solutions group. Brent Clapacs, Hong Kong-based head of equity trading for the Asia-Pacific region, will…
HSBC launches retail hedge fund in Hong Kong
HSBC Asset Management today launched its first fund of hedge funds product to retail investors in Hong Kong.
Synthetic CDOs lead growth in European securitisation, says Moody’s
Collateralised debt obligations (CDOs) saw the greatest volume of growth in the European structured finance market in 2002, said ratings agency Moody’s in a report today. Last year, issuance rose to €182 billion, an increase of 42% on the total in 2001,…
ABN Amro names swaps expert King as Taiwan country rep
ABN Amro Taiwan has made Terry King its country representative, in addition to his existing role as head of financial markets of ABN Amro Taiwan, a position he has held since 2001.
Julius Baer NY hires in FX forwards
Swiss bank Julius Baer has hired Remo Caderas to trade foreign exchange forwards and fixed-income products in New York as part of an ongoing effort to ramp up its forex business.
RBC signs up to GFI forex option pricing system
RBC Capital Markets, the corporate and investment banking arm of Canada's RBC Financial Group, has signed up to use the Fenics FX system of New York-based broker and technology provider GFI, for its foreign exchange options marketing.
Asia's ABS market breaks records in 2002
The Asian securitisation market had its most successful year ever in 2002, with cross-border issuance reaching a record $5.56 billion, according to a report by ratings agency Moody’s Investors Service.
Mirek steps down from Currenex
Lori Mirek, chief executive of Currenex, has stepped down following a raft of senior management changes at the foreign exchange trading portal. The development was viewed as a shock by many forex market participants – Mirek was one of the best-known…
S&P exits data business with sale of ComStock to Interactive Data
Interactive Data Corp, a unit of UK media company Pearson, has agreed to buy Standard & Poor’s (S&P) ComStock for $115 million in cash, adding real-time market data to its stable of products.
McDonough bows out from New York Fed
William McDonough, president and chief executive of the Federal Reserve Bank of New York for the past 10 years, will retire on July 21 this year.
McDonough bows out from New York Fed
William McDonough, president and chief executive of the Federal Reserve Bank of New York for the past 10 years, will retire on July 21 this year.