News
CreditTrade to expand coverage with $8 million venture capital
Credit derivatives inter-dealer broker and data provider CreditTrade has secured more than $8 million of venture capital investment to grow its data services and broaden its product coverage.
Over-reliance on risk models a danger, says Lawrence
Financial institution risk managers must be wary of relying too heavily on risk models and systems, according to Mark Lawrence, chief risk officer at Australian bank ANZ, speaking at Risk Waters Group’s third annual Risk Australia conference in Sydney…
ACT calls for scrapping of derivatives accounting standard Fred 23
The UK’s Association of Corporate Treasures (ACT) has petitioned regulators not to force treasurers at UK-listed companies to implement hedge accounting standard Fred 23 next year.
Duke says Ferc probe unrelated to Australian investment curb
Duke Energy International (DEI) today denied speculation that its curb in Australian pipelines investments was related to US Federal Energy Regulatory Commission (Ferc) investigations into US parent Duke Energy’s alleged round-trip trades on the…
Commerzbank boosts US derivatives distribution team
Commerzbank Securities, the investment banking arm of Germany's Commerzbank, has hired Judith Erdman as head of third-party distribution in the US. She will report to Sam Gottesman, Commerzbank's New York-based head of distribution for derivatives in the…
CLS could be protected settlement system under Singapore law
Continuous Linked Settlement (CLS), the global payments system that aims to reduce settlement risk in international currency markets, could be a legally protected designated system under proposed Singapore laws, Singapore financial regulators said today.
Credit Market Update: Buyers of protection pull back bids for European credits
Buyers of protection have pulled back their bids in the European credit default swap market this week, in response to positive market news and sentiment, coupled with greater stability on the equity markets.
HSBC hires CSFB’s global head of structuring
HSBC has appointed Chris McHugh, former global head of structuring at CSFB, as European head of foreign exchange derivatives structuring.
Conde takes CEO post at SunGard
Cristobal Conde has been elected chief executive of Pennsylvania-based risk technology company SunGard, adding to his current responsibilities as president.
Boston-based Air updates weather data
Applied Insurance Research (Air), a Boston-based weather and catastrophe modelling company, today released its updated reconstructed weather data for 235 stations across the US.
ABN Amro appoints new head of Asian equity derivatives trading
Dutch Bank ABN Amro has hired Ali Ahmed as head of Asian equity derivatives trading in Hong Kong, according to an official at the bank in the territory.
Jones steps down to make way for new patsystems chief
London-based derivatives trading systems vendor, patsystems, has hired Kevin Ashby as chief executive with effect from September 1. Ashby replaces David Jones, who survived a vote of no confidence in March only to announce his decision to resign a few…
Risk technology market fall-out expected, survey finds
The UK trading and risk management technology sector appears to have reached over-saturation, with a number of vendor companies expected to disappear over the coming two years, according to a technology survey published by Kimsey Consulting.
Barclays appoints global head of foreign exchange options
Barclays Capital, the investment banking division of Barclays Bank, has hired Despina Pantopoulou as a managing director and global head of forex options with immediate effect.
Barclays Capital boosts credit derivatives effort
Barclays Capital, the investment banking division of Barclays Bank, has appointed Andrew Whittle, ex-head of European credit derivatives at Bear Stearns, to a newly created position as European head of credit derivatives.
Goldman pushes into burgeoning CDO securities lending market
Goldman Sachs has entered securities lending trades with a handful of collateralised debt obligations (CDOs) in the past few months, says Alex Reyfman, New York-based credit portfolio quantitative strategist at Goldman Sachs.
Senator calls for speedier Enron indictments
North Dakota’s Democrat Senator Byron Dorgan has written a letter to US Attorney General John Ashcroft inquiring why there has been no action in prosecuting former Enron executives.
Greenwich launches online FX service to retail customers
Greenwich Europe, the London-based derivatives house, has set up a 24-hour online FX broking service for retail clients around the world, Simon Palmer, the firm’s new head of FX, told RiskNews ' sister publication FX Week .
Japan Credit Market Update: Spreads recover from panic selling
Japanese credit default swaps continued to recover this week, correcting a from a recent sell-off prompted by weak stock markets and general risk aversion on the market.
FSA opens emergency UK back-up site
The Financial Services Authority (FSA), the UK’s chief financial services watchdog, said yesterday that it had opened a back-up centre to maintain operations in the event of an emergency such as a terrorist attack on its headquarters in London.
US credit protection narrows following Wall Street equity rally
The price of credit default swaps for major US names tightened this week following two days of equity purchasing on Wall Street.
ABN Amro hires global head of CDOs
Dutch bank ABN Amro has hired Fernando Guerrero, formerly managing director of structured products at TD Securities, to head its global collateralised debt obligation (CDO) business.
Singapore harmonises risk-based regulation of financial firms
SINGAPORE – Singapore financial regulators said today they would integrate risk-based regulation of banks, insurance companies and investment firms under a new department from September 1.
US single-stock futures venture lists more tradeable indexes
OneChicago, a joint venture of the three main Chicago derivatives exchanges formed in May 2001 to offer an electronic market for stock futures products in the US, has added seven 'narrow-based' equity indexes to an original eight it unveiled in March.