News
FOA updates end-user derivatives guidelines
UK trade body the Futures and Options Association (FOA) yesterday launched updated guidelines for derivatives end-users, which take into account electronic trading and the past year’s big US corporate failures.
France Telecom credit protection trades actively
A raft of new developments related to struggling France Telecom caused a marked increase in volatility and turnover in its credit derivatives, as traders attempted to digest both facts and speculation. Traders saw both a significant number of buyers were…
Bank regulators to discuss how Basel II applies outside G-10
Banking supervisors from around the world are meeting next week in South Africa with a major item on their agenda regarding how and to what extent the complex Basel II bank accord could be implemented in countries outside the leading economies.
SG launches 'gemstone' series in Asia
AA-rated Lyxor Asset Management, the Luxembourg-based 'fund factory' of French bank SG that offers credit-enhanced management of funds, has introduced the first of its 'gemstone' series of funds in Hong Kong, called Sapphire Guaranteed Fund.
Japanese credit spreads resilient despite poor equity market
Japanese credit default swaps remained surprisingly resilient this week, despite continued weakness in stock markets and negative corporate news, dealers said. They added that trading remained within a tight range throughout the week, brushing off, or…
IntesaBci pulls back from credit derivatives; overhauls risk
Italy’s largest bank, IntesaBci, plans to downsize its credit derivatives business as part of a dramatic restructuring of its business.
More information on credit risk transfer needed, says IMF’s Häusler
Gerd Häusler, director of the international capital markets department at the International Monetary Fund (IMF), today highlighted that too little is known about where credit risk ultimately resides in the financial system.
Deutsche launches first synthetic CDO managed by Asian asset manager
Deutsche Bank has launched a $1.33 billion synthetic collateralised debt obligation (CDO) that will be managed by an Asian asset manager for the first time.
More information on credit risk transfer needed, says IMF’s Häusler
Gerd Häusler, director of the international capital markets department at the International Monetary Fund (IMF), today highlighted that too little is known about where credit risk ultimately resides in the financial system.
iBoxx to launch new European bond market ‘liquid indices’
IBoxx, a joint venture between seven investment banks and Deutsche Börse set up to create bond indexes, will introduce 25 ‘liquid indices’ in October. These will form the basis for exchange-traded and over-the-counter derivatives, as well as exchange…
JP Morgan Chase appoints equity derivatives co-head in Asia
JP Morgan Chase has appointed Andrew Cooper as co-head of its Asia-Pacific equity capital and derivatives markets (ECDM) division, a position he will share with the incumbent Nick Andrews.
Prince to head global investment at Citi, while Weill apologises
Charles Prince has been appointed chairman and chief executive of the global corporate and investment bank (GCIB) of Citigroup. His risk management responsibility will be assumed by Robert Willumstad.
CSFB reorganises derivatives structuring teams in Asia
Credit Suisse First Boston (CSFB) has reorganised its derivatives structuring teams in Asia in an effort to more closely integrate all areas of the business. As part of the move, the various derivatives structuring groups will now report to a single head…
Lull in credit derivatives volumes on September 11 anniversary
European credit derivatives volumes are seeing minimal trading today, the first anniversary of the terrorist attacks in the US.
Quality regulation is key for credit derivatives development, say bankers
Effective regulation emerged as a key theme for the development of the credit derivatives industry, according to an industry discussion forum hosted by inter-dealer broker CreditTrade in London last night.
Icap, Reuters sell their stakes in Blackbird
UK inter-dealer broker Icap and information company Reuters have sold their minority stakes in Charlotte, North Carolina-based electronic inter-dealer broker Blackbird. The development effectively ends 18 months of bitter dispute between Icap and…
ABN Amro Futures hires head of soft commodities in US
ABN Amro Futures Group, part of ABN Amro Clearing and Execution Services (AACES) division, has appointed John Koehne as head of soft commodities in the US.
Bank of China International chooses Sophis
BOC International Financial Products, a division of Hong Kong-listed Bank of China International, has selected risk management software company Sophis to support the front, middle and back office of its new derivatives unit.
Currenex extends post-trade FX settlement and allocation
Multi-bank FX trading portal Currenex has added new features to its FXtrades service, improving the efficiency of its allocation and settlement processes and minimising post-trade errors, according to Lori Mirek, president and chief executive.
JCF to use Quantal analytics in bid to take on Barra
JCF Group, a provider of analytical models and software for investment managers, has launched a new risk measurement module within its flagship JCF Quant product in a bid to take on California-based Barra.
Rees resigns from Baring to head new quant team at Schroders
Stephen Rees has resigned from Baring Asset Management (BAM) to head a new investment process team at UK asset management firm Schroders.
Banks go live on CLS
Continuous Linked Settlement (CLS) - the long-awaited industry initiative to cut settlement risk for foreign exchange - will go live today.
Buy-side demands unmet, says survey
Buy-side foreign exchange clients want better service and communication from their sell-side counterparts, according to a survey made public last week.
CreditTrade and Reech to offer combined CDS data service
Electronic credit derivatives broker CreditTrade and financial software provider Reech Capital are combining pricing resources to offer a single service for valuing credit default swaps (CDSs).