News
NYSE to recalculate Composite index as basis for ETF
The New York Stock Exchange (NYSE) plans to rebalance its broad-based Composite index, in a move that should herald the introduction of an NYSE Composite exchange-traded fund (ETF) later this year.
US Risk Management Association appoints new operational risk head
Charles Taylor has been appointed director of operational risk at the 88-year-old Risk Management Association (RMA), based in Philadelphia, a 3,000-member organisation catering primarily to US commercial banks, community banks and some global investment…
Eurex dismisses imminent US expansion rumours
European derivatives exchange Eurex today dismissed rumours that it is accelerating its strategy to expand in the US.
JP Morgan Chase takes $400m surety bond hit
JP Morgan Chase has settled its high-profile legal dispute with 11 of the world’s leading insurers, over payment of surety bonds issued by the insurers that guaranteed prepaid commodity forward contract obligations between now-bankrupt energy trader…
Basel Committee expects to make announcement on QIS 3 findings in first quarter of 2003
BASEL - The Basel Committee on Banking Supervision expects to make a preliminary announcement on the findings of the QIS 3 survey of banks late in the first quarter of 2003, a Bank for International Settlements (BIS) spokesperson said at the end of…
MBRM buys Cygnifi intellectual property rights
MB Risk Management (MBRM), a London-based financial analytics company, has bought the entire intellectual property rights of JP Morgan spin-off Cygnifi Derivative Services from its bankruptcy trustees.
Swiss Re names Godbehere as chief financial officer
Ann Godbehere will assume the role of chief financial officer at reinsurer Swiss Re on April 1. Her promotion follows current incumbent John Fitzpatrick’s promotion to chief executive of Swiss Re's life and health business group, a vacancy created by…
Bank Leumi appoints new chief credit officer for the US
Israel’s Bank Leumi has named Ira Romoff as its new chief credit officer and risk manager for North America. He will replace Stanley Karp, who will retire from the bank following 20 years' service tomorrow.
Morgan Stanley creates 124 more managing directors
US investment bank Morgan Stanley has promoted 124 of its staff to managing directors, taking its total number of staff at that level to 983. Stephen Blyth, a New York-based options trader and Risk contributor, was among those promoted.
JP Morgan Chase offers standard maturity dates for credit derivatives in Europe
JP Morgan Chase will quote credit default swaps in Europe with 12 standard maturity dates for each calendar year from today. The move is part of an effort to boost liquidity in the credit derivatives market, with European contracts now ending on the…
Bourse de Montréal fines derivatives broker
The regulatory division of Canada’s Bourse de Montréal has fined Fimat Derivatives Canada C$1,000 after one of its employees entered an electronic order before obtaining approval to work as a trader.
Reuters readies for swaps broking foray
UK electronic information and dealing systems provider, Reuters, appears to be positioning itself for a foray into the electronic broking of interest rate swaps. The company has reached an agreement in principle to take control of the rate swaps platform…
Weinstein resurfaces at Cantor
Bernie Weinstein, former president of Thomson Financial’s sales and trading group, will become a senior managing director at inter-dealer broker Cantor Fitzgerald on January 1, overseeing Cantor Market Data (CMD) and eSpeed’s Software Solutions business.
Energy companies should embrace trading, says report
Energy companies must embrace trading if they are to survive in the post-Enron market, said a new report by consultants PricewaterhouseCoopers (PWC).