News
JP Morgan Chase in major ramp-up of portfolio management technology
JP Morgan Chase has assigned the largest chunk of its IT budget for the next two years to overhauling its portfolio management infrastructure, according to the US bank’s head of portfolio management Blythe Masters.
Basel to adopt flexible approach to point-in-time and business cycle ratings
The Basel Committee on Banking Supervision, the architect of the Basel II capital Accord, will adopt a flexible approach to point-in-time and business cycle credit ratings used by banks when reviewing advanced internal-rating based approaches.
Japan CDS market calms down ahead of holiday
The Japanese credit default swaps (CDS) market ended the week quietly, with wider spreads reflecting general apathy as participants prepare to take a break for the three-day weekend, dealers said.
Barclays Capital strengthens high-grade credit derivatives trading team
Barclays Capital, the investment banking division of Barclays, has appointed Spencer Jesner and James Parascandola to the firm's high-grade credit derivatives trading team. Jesner joins as a director and head of the US credit default swap trading team,…
UBS Asset Management appoints head of Asia-Pacific
UBS Asset Management has appointed Kai Sotorp as head of Asia-Pacific, overseeing all aspects of the firm's business in the region.
Protection spreads on European bank debt begin to narrow
The cost of credit protection for European banks started to contract this morning following a week of unprecedented spread widening across the sector.
Release of asset securitisation paper delayed again
BASEL – Global banking regulators have delayed the issue of their working paper on the treatment of asset securitisation under the complex Basel II bank capital until late next week.
Release of Basel II asset securitisation paper delayed again
Global banking regulators have delayed the issue of their working paper on the treatment of asset securitisation under the complex Basel II bank capital Accord until late next week.
Economist and psychologist share Nobel Prize for Economics
Daniel Kahneman, a psychologist at Princeton University, and Vernon Smith, an economist at George Mason University in Virginia, will share this year’s Nobel Prize for Economics. Both have done pioneering research into how real-world risk preferences…
Fimat Futures bulks-up commodities business in Hong Kong
In anticipation of an activity surge in commodity derivatives trading by Hong Kong investors, the Hong Kong arm of international brokerage firm Fimat plans to establish a dedicated commodity trading desk by the end of the year, according to Emmanuel…
Eubank punches for Risk Waters Group's World Trade Center fund
Fancy a pair of boxing gloves signed by former world middleweight champion Chris Eubank? Then put in your bid with a call to Drew Stephens, chief operating officer atSpectron Group, the London energy broker, on 44 207 074 0799.
Peter Davies joins RiskMetrics
Peter Davies, one of the leading developers of risk management systems over the past decade, has re-emerged after a summer break in a new position as vice-chairman of RiskMetrics, the New York based risk advisory firm.
S&P highlights CDOs’ evolution from risk transfer tool to investment product
Issuers are increasingly viewing synthetic collateralised debt obligations (CDOs) as a way of creating tailored investment products, rather than simply a method for transferring an entire portfolio of credit risk, claims rating agency Standard & Poor’s.
Peter Davies joins RiskMetrics
Peter Davies, one of the leading developers of risk management systems over the past decade, has re-emerged after a summer break in a new position as vice-chairman of RiskMetrics, the New York based risk advisory firm.
Commerzbank credit protection costs double in a week
The cost of credit protection for Commerzbank has nearly doubled over the last week. The widening follows rumours of large credit derivatives trading losses at the German bank and a cut in its long-term credit rating from A to A- yesterday from Standard …
US banks beat European and Asia-Pacific counterparts in managing risk
European and Asia-Pacific banks lag behind their North American rivals in using risk management tools to generate shareholder value, according to research from London-based management, systems and technology consulting firm, PA Consulting Group.
Cognotec launches Autodeal Plus with buy-side target
Ireland-based foreign exchange trading software vendor Cognotec has launched the next generation of its Autodeal pricing and trading system.
Equity put–credit default swap arbitrage opportunities disappearing, say US dealers
Jeremy Howard, head of US convertibles research at Deutsche Bank in New York, has said that the days of buying low-strike equity put options to hedge sales of credit default swap protection are largely gone.
Fed's Gordy criticises Basel II procyclicality adjustment
NEW YORK - The procyclicality ‘smoothing’ adjustment technique likely to form part of the Basel II capital Accord is sub-optimal, according to Michael Gordy, a senior economist in the research and statistics division of the Board of Governors of the…
CME to launch Eagle Project in mid-November
US futures exchange, the Chicago Mercantile Exchange (CME), said this week that it plans a mid-November launch for its Eagle Project, which will permit electronic calendar spread trading on its Globex electronic trading platform.
Bond Market Association warns Congress of catastrophe bond market disruption
Christopher McGhee, head of insurance risk-linked securities trading at insurance and reinsurance broker Marsh & McLennan Securities in New York, told a US House of Representatives financial services subcommittee yesterday that pending accounting changes…
Bear Stearns recruits futures sales team to target hedge funds
Bear Stearns has recruited an eight-person futures sales team to target hedge funds, led by industry veteran Roland Morris, for its interest rate futures department.
Lehman Brothers hires head of fixed-income Asia
Lehman Brothers has promoted Hyung Soon Lee, currently head of high-yield Asia, to head of fixed-income Asia.
Cruickshank to leave LSE in July 2003
London Stock Exchange’s (LSE) Don Cruikshank has said he will not seek re-appointment as chairman at the exchange’s next annual general meeting in July 2003.