News
Isda worried about OTC regulation threats
The International Swaps and Derivatives Association is still voicing concern about attempts by US Californian Democrat senator Dianne Feinstein to regulate the energy and commodity derivatives market.
SunGard's credit risk system scores a second client
Credient, SunGard Trading and Risk Systems' new credit portfolio analysis and counterparty exposure tracking system, has secured its second client, WestLB. Its first was ING.
Isda concerned about Basel II cross-border operation
The biggest concern arising from the Basel II capital Accord is how it will operate for banks across national borders, says Tanya Castell, London-based head of investment bank UBS Warburg’s risk policy group and the chair of the International Swaps and…
JP Morgan says downgrade will impact derivatives business
JP Morgan Chase’s credit rating agency downgrades yesterday will affect its derivatives business, the bank told RiskNews at the end of the London trading day today.
Deloitte study finds 25% of financial firms have no risk oversight
More than a quarter of the world's financial institutions - primarily commercial and retail banks and insurers - have no independent risk oversight function, according to a new survey by professional services firm Deloitte & Touche.
Insurers enter the credit derivatives restructuring debate
A group of insurance companies active in the credit derivatives market has submitted a letter to the International Swaps and Derivatives Association suggesting language changes to the trade association’s restructuring definitions. The insurers are…
JP Morgan default swaps hit as bank receives double-downgrade
The cost of credit protection on JP Morgan Chase debt has surged more than 25 basis points following a profit warning from the US investment bank and downgrades from rating agencies Fitch Ratings and Standard & Poor's.
JP Morgan Chase woes prompt limited spread contagion
JP Morgan Chase’s profit warning and two rating agency downgrades yesterday, which prompted its debt protection costs to widen as much as 26 basis points to 100bp, has caused only a minimal impact on other financial credit derivatives spreads.
Single-bank capital accord impossible for all banks, says Basel chief
Differences between banking systems make it impossible to conceive of a single-bank protective capital accord that would work for all banks in all countries, the world’s top international banking regulator said today.
European fund managers seek united voice on EU laws
LONDON – Two leading trade bodies representing European fund managers are looking at ways of providing a united voice on European Union (EU) laws and rules affecting them, including the EU’s third capital adequacy directive or Cad 3.
Banks should use Basel II delays to improve retail-lending systems
NEEDHAM, MASSACHUSSETTS - Banks should use the time gained by delays to the Basel II bank accord to plan for the replacement of systems that can’t handle the ever-increasing volume of loans to the retail sector, a report by banking technology consultants…
Icap retains Washington lobbyists
UK inter-dealer broker Icap has retained the services of a professional lobbying company in Washington to combat negative political sentiment and ensure the broker’s interests are fully represented on Capitol Hill.
Deutsche launches Cristals credit index note
Deutsche Bank has launched a five-year index-linked credit note. The underlying index for the new security will be the euro corporates overall index provided by iBoxx – the credit index consortium.
European fund managers seek united voice on EU laws
Two leading trade bodies representing European fund managers are looking at ways of providing a united voice on European Union (EU) laws and rules affecting them, including the EU’s proposed third capital adequacy directive, Cad 3.
Rabobank defends its credit rating following downgrade
Dutch financial services co-operative Rabobank has defended its credit position following a one-notch downgrade by rating agency Fitch Ibca.
Egar Technology secures $2.5 million in new funding
Egar Technology, a risk management systems vendor set up to hedge funds, banks and commodity risk managers, has secured $1.5 million in funding from World Bank private sector investment arm, the International Finance Corporation (IFC), and $1 million…
Op risk loss exercise gets good response ahead of QIS 3
BASEL, SWITZERLAND - Global banking regulators said there was a good response from banks to the operational loss data collection exercise that the regulators launched in June to help them refine the op risk aspects of the Basel II bank accord aimed at…
WRMA adds to Asian presence
The Weather Risk Management Association (WRMA), the Washington DC-based trade association for the weather derivatives market, has added Hiroshi Matsui of Mizuho corporate bank to its board of directors, and named Hironori Kamezawa of The Bank of Tokyo…
Moneyline Telerate removes Tullett swaps data
Moneyline Telerate, the provider of real-time capital markets information, is removing Tullett & Tokyo Liberty’s benchmark US dollar rate swaps information from its treasury and swaps information service - known as page 19901 - on September 20, according…
Icap signs letter of intent to buy out APB
The world’s largest inter-dealer broker, Icap, has entered preliminary agreement to buy out privately owned Kentucky-based energy broker APB Energy. APB brokers gas, electricity, weather and coal derivatives on its online platform, True Quote, and…
BNP Paribas beefs up Asia credit derivatives team
French bank BNP Paribas is beefing up its credit derivatives team with new hires and transfers from its London office, according to Stéphane Delacote, head of Asian credit derivatives.
HSBC sets up NY prop desk
The UK's HSBC has set up a proprieatry foreign exchange trading desk in New York to be run by Dominic Larche.
Bank regulators to discuss how Basel II applies outside G-10
BASEL, SWITZERLAND – Banking supervisors from around the world are meeting next week in South Africa and a major item on their agenda will be how and to what extent the complex Basel II bank accord could be implemented in countries outside the leading…
Bayerische Landesbank to use Algo for cross-product margining
Bayerische Landesbank (BayernLB), 50% owned by the Association of Bavarian Savings Banks with the remainder held by the Bavarian regional government, plans to implement Algo Collateral for all its cross-margining by March next year.