News
French credit derivatives trade rules relaxed
Credit derivatives dealers are in line to win more business from French fund managers after the country’s regulator today ruled that trading restraints are to be liberalised.
Icap sees 30% profits increase
Inter-dealer broker Icap has increased its interim pre-tax profits by 30% to £58.2 million, thanks to longer-term interest rate and credit volatility, the company reported.
More insurers to outsource says Swiss Re
Insurance companies are increasingly turning to outsourcing of their asset management operations to manage risks and improve returns, according to Swiss Re.
Swiss banks low risk but face market saturation, says Moody's
The two-tiered Swiss banking system, split between global giants Credit Suisse Group (CGS) and UBS at one level and smaller regional and private banks at another, continues to exhibit comparatively low risk levels, said Moody’s in a report on Swiss banks…
Lazard Asset Management appoints ex derivatives strategist head of fixed income
Lazard Asset Management has appointed Steven Blitz as head of global fixed income. He joins from wealth management group Offitbank and was previously a derivatives product strategist at Salomon Brothers.
Merrill Lynch in drive to promote active currency risk management
Any investor with international dealings should examine their currency exposure in a systematic way and treat foreign exchange as an asset class, according to securities house Merrill Lynch.
OneChicago to roll out 21 more single-stock futures
OneChicago, the US electronic futures exchange, is to add 21 more futures contracts on single stocks beginning from December 6. The new contracts are in addition to the 43 futures on single stocks and futures on ‘Diamonds’ – shares in an exchange-traded…
FT Interactive Data adds CreditGrades to BondEdge
FT Interactive Data, a provider of securities prices and analytical software, has combined credit risk measurement tools from software provider RiskMetrics to its flagship fixed-income portfolio analysis tool, BondEdge.
Fed to explore operational risks in clearance of US government securities
The US Federal Reserve Board has established a private sector working group to recommend steps to mitigate operational risks in the clearance and settlement of US government securities.
Japanese banks raise bad loan provisions in restructuring push
Plans to clean up balance sheets at Japanese banks has had a widely muted impact on the credit market, despite concern that some banks may run a loss in the full year ending March 2003 as a result of their more drastic restructuring plans. Japan’s four…
Credit protection for troubled European financials remains stable
The cost of protection for European financials has remained relatively unchanged this week, despite a spate of downgrades and negative ratings actions. Abbey National released poor results today, but credit default swaps on the British bank held firm…
SG to focus on equity derivatives in Asia
SG, the investment banking arm of French bank Société Générale, has said that it will focus on its Asian equity derivatives business after announcing the closure of its Asia-Pacific equity sales and research activities in a move that will affect 180…
Attractive investment opportunities lie in managed synthetic CDOs, says Goldman
Managed synthetic collateralised debt obligations (CDOs) currently present an attractive long-term opportunity for investors, Goldman Sachs said in a new report this week. The CDOs, composed of credit default swaps on corporate credit, take advantage of…
Daniel Roth steps up to become NFA president
Daniel Roth has been named as the new president and chief executive of the Chicago-based National Futures Association (NFA), effective January 1, 2003. He replaces Robert Wilmouth, NFA's president since its inception in 1982. Wilmouth will remain at the…
Bear Stearns implements new back-office derivatives system
London-based derivatives technology company Rolfe & Nolan has implemented new reconciliation and task management systems for futures and options processing at investment bank Bear Stearns.
Greenwich Associates finds increase in interest rate derivatives use among European investors
A survey by Greenwich Associates, a financial industry consulting and research firm based in Greenwich, Connecticut, found significant jumps in interest rate derivatives investing and trading levels and smaller gains in credit derivatives usage among…
Madrid Stock Exchange lists 377 new warrants
The Madrid Stock Exchange has expanded its warrants range by listing 377 new contracts on 24 companies and a range of indexes.
Deutsche's hedge fund business and Plusfunds to distribute S&P Hedge Fund Index products
DB Absolute Return Strategies (DB ARS), the global hedge fund management business of Deutsche Bank, and PlusFunds, a New York-based service platform for hedge funds, have signed an agreement for the distribution of S&P Hedge Fund Index-based products…
Electronic trading development remains stable, says BMA
A new survey by the New York-based Bond Market Association (BMA) has found 81 electronic trading systems currently operating in the US and Europe versus 79 last year, indicating some stability in the e-trading arena.
Rolfe & Nolan receives bid approach
Rolfe & Nolan, the London-based derivatives technology company, has confirmed that it has received a bid approach. Credit Lyonnais is acting on behalf of the vendor.
Philips’ risk manager highlights VAR’s inadequacy
Value-at-risk can be an inadequate and inappropriate measure of risk for corporates, said Mark Kirkland, Amsterdam-based global head of financial risk services at Philips Electronics.
Boston-based AIR releases new catastrophe models for Asia-Pacific
AIR Worldwide Corporation, the Boston-based catastrophe modelling and weather risk management company, today released new typhoon and earthquake models for the Asia-Pacific region. The new typhoon models include Taiwan, Hong Kong and the Philippines,…
Cross-products find their feet
Cross-product trading is no longer just a "mantra" chanted by sell-side bankers, said Matt Desselberger, managing director, corporate structured products group at Deutsche Bank in London.
Banks not effectively applying risk tools, says report
Many banks are not effectively applying risk tools when pricing and structuring deals, according to research and consultancy company PA Consulting.