News
Goldman restructures credit derivatives sales
Goldman Sachs has restructured its North American credit derivatives sales team to focus on its 40 largest clients.
UK details three-phase Basel II implementation plan
UK regulators said today they plan a three-phase implementation of the Basel II capital Accord and parallel European Union banking rules with a target date of December 31, 2006.
Principia Partners boosts staff for global expansion
New Jersey-based financial technology provider, Principia Partners, is increasing its sales and marketing staff. The recruitment drive is part of a global expansion strategy for its global capital markets front-to-back office system, which supports…
One-fifth of Hong Kong investors will consider hedge funds
Around one-fifth of Hong Kong investors that currently invest in traditional mutual funds said they may buy hedge funds, following the Special Administrative Region’s decision in May to open up the hedge fund market to retail investors, according to a…
MSCI hedge fund index offers 10% better return than equities
Morgan Stanley Capital International (MSCI), the provider of benchmark indexes for financial institutions, has released the first performance data for its newly established family of hedge fund indexes. The results were compiled from back-dated data…
Icor plans to offer electronic rate swaps at year-end
Electronic interdealer broker Icor plans to offer dollar-denominated interest rate swaps at the turn of the year. The New York-based broker, 50% owned by global information services company Reuters, currently trades only foreign exchange options.
GFI obtains $50 million credit line to support derivatives business
GFI Group, a New-York based provider of software, brokerage and data services to the derivatives and cash markets, has obtained a new $50 million credit facility, consisting of a $30 million revolving credit facility and a $20 million term loan. This…
SG prepares fund of hedge funds for Hong Kong retail investors
SG Securities, a unit of France’s Société Générale, is preparing to launch a new capital guaranteed fund on a basket of global hedge funds by the fourth quarter of the year, according to the unit's Hong Kong-based managing director for equity derivatives…
DrKW takes ex-Deutsche quartet for securities lending team
Dresdner Kleinwort Wasserstein (DrKW) has hired Fredrik Carstens, Anthony Frieze, Alison Briggs and Jay Schreyer to its newly-created agency securities lending team.
Triple Point launches upgrade of energy trading system
Triple Point Technology, a provider of commodity trading and risk management systems based in Westport, Connecticut, has released version 2.0 of Power XL, its advanced trading system for deregulated energy markets.
FOA slams single European market plans for commodity derivatives
The London-based Futures and Options Association (FOA) today said it was concerned that plans to include commodity derivatives within the European Commission’s new Investment Services Directive (ISD) and related Capital Adequacy Directive (CAD) could…
Op risk advances likely after dropping of Basel II floor, says Moody’s
Further advances in banks’ operational risk measurement and management are likely to be stimulated by the decision last week by global banking supervisors to drop the op risk ‘floor’ in their Basel II bank protective capital proposals, credit-rating…
Euronext maps out derivatives systems migration
Derivatives traded on Euronext Brussels and Euronext Paris will migrate within nine months to Liffe Connect, the electronic trading system developed by the London International Financial Futures and Options Exchange (Liffe) before its takeover of £555…
UK watchdog welcomes banks’ decision to confirm customer identity
UK financial regulators welcomed a decision by the six major UK banks today to confirm the identity of their customers to help the international drive against money laundering.
Samsung Life shortlists three swap counterparties for cross-border RMBS
South Korean insurer Samsung Life is preparing to issue Korea’s first cross-border residential mortgage-backed securitisation (RMBS) to be launched in the third quarter of the year, and as part of the transaction, it has shortlisted three potential…
Op risk advances likely after dropping of Basel II floor, says Moody’s
Further advances in banks’ operational risk measurement and management are likely to be stimulated by the decision last week by global banking supervisors to drop the op risk ‘floor’ in their Basel II bank protective capital proposals, credit-rating…
US Credit Market Update: Credit spreads see another volatile week
The continued weak performance of US equity markets caused bearish investors to seek credit protection in the US last week. This caused volatility in the US credit derivatives market, with most company credit spreads widened in relatively high levels of…
FOA slams single European market plans for commodity derivatives
The London-based Futures and Options Association (FOA) today said it was concerned that plans to include commodity derivatives within the European Commission’s new Investment Services Directive (ISD) and related Capital Adequacy Directive (CAD) could…
Bear Stearns names Aisola head of convertibles research
Bear Stearns has hired Rao Aisola from Morgan Stanley as head of convertible bond research in New York.
FXall edges ahead of rivals
FXall is edging ahead in the battle for supremacy among multi-bank FX trading portals, according to a major survey of the market made public last week.
PwC report critical of bank risk management strategies
Many financial institutions are not managing the full spectrum of risks effectively, according to a new report from PricewaterhouseCoopers and the Economist Intelligence Unit (EIU). The report said financial services companies should re-evaluate their…
BBSP launches FX implied volatility forecasting
French technical analyst forecasting company BBSP has launched a service that charts and forecasts implied volatilities for currencies, officials at the firm said.
Fitch Risk Management to acquire NetRisk and OpVantage
New York-based Fitch Risk Management, part of rating agency Fitch, plans to acquire NetRisk and its subsidiary, OpVantage, both Connecticut-based risk management companies. The amount of the purchase has not been disclosed.
ICE to offer power clearing
Atlanta-based commodities market-place IntercontinentalExchange (ICE) and the Board of Trade Clearing Corporation (the Clearing Corporation) are to offer clearing services for the most actively traded over-the-counter US power products beginning at the…