News
Ice to launch clearing for UK natural gas
Energy trading platform IntercontinentalExchange (Ice) is to begin clearing its UK over-the-counter natural gas contract on September 12.
US agency forms working group on Basel II’s third pillar
A working group of financial services industry members and regulators is being formed by the US Federal Deposit Insurance Corporation (FDIC) to recommend a four-point disclosure policy for the third pillar of the Basel II bank Accord.
Kennedy succeeds Perrotte as consulting head at Summit
New York-based transaction processing technology company, Summit Systems, has promoted David Kennedy to managing director of its consulting services unit. Kennedy succeeds Kathy Perrotte, who is retiring from the company after 12 years of service.
JP Morgan Chase names new co-head of EMEA equity derivatives
JP Morgan Chase has promoted Viswas Raghavan to co-head its equity capital and derivatives markets (ECDM) for Europe, the Middle East and Africa (EMEA). He will report to CarlosHernandez, global head of ECDM, and will be based in London.
The debt dilemma
New angles
Isda changes Japan credit derivatives documentation
Japan’s credit derivatives dealers have opted to drop ‘obligation acceleration’ and ‘repudiation/moratorium’ from the list of credit events for standard credit default swap transactions, bringing Japan in line with the European and US credit derivatives…
Credit Markets Update: Spreads on Iberian names widen due to Brazil fears
The cost of protection on a number of Iberian companies' debt widened this week, due to concerns that further pressure in the Brazilian financial markets and the fall of the real could leave Iberian corporates exposed.
Basel reissues op risk paper to give broader scope
Global banking regulators reissued a consultative paper on sound practices for operational risk management today, to give it a broader scope for smaller, local banks.
Deutsche names Bausano head of hedge funds unit
Deutsche Bank has appointed Barry Bausano as managing director and global head of hedge funds in its New York global markets division.
Equity hedge funds’ appetite for credit derivatives grows
Hedge funds are increasingly willing to buy and sell credit protection, either as part of a more complex strategy, or outright, according to dealers.
Dynegy ponders future of trading business
Dynegy, the Houston-based energy company that has seen its share price plunge by 98% over the past year, yesterday said it is considering “strategic options” for its risk management business, including the creation of an independently rated joint venture…
WBOT eyes October launch
Atlanta-based Weather Board of Trade (WBOT) is set for a mid-October launch, according to Dan Parker, WBOT president.
Mellon introduces risk arbitrage fund
Mellon Financial Corporation, the Pittsburgh-based financial institution, has added a global merger arbitrage fund to its Mellon HBV Alternative Strategies subsidiary.The new fund will focus on investing in a diversified portfolio of global risk…
UK adjusts timetable to Basel II delays
London - UK regulators said today they would implement their plans for uniform, risk-based rules for UK-based banks, insurance companies and securities firms in several stages, instead of one or two, following delays to the Basel II bank accord.
UK says op risk paper will prepare firms for Basel II
London – Financial firms complying with the operational risk policy outlined today by UK financial regulators should be well prepared for the systems and controls needed under the Basel II bank accord and parallel European Union (EU) rules.
Reech and Beauchamp launch integrated hedge fund solution
Reech Capital, the London-based supplier of risk management services, has teamed up with software provider Beauchamp Financial Technology (BFT) to offer its RiskHedge risk management engine through BFT's software platform.
LG Securities to enter equity derivatives business
Korea’s LG Investment and Securities plans to enter the equity derivatives market as early as September, according to Seong-Ho Shin, assistant manager at the firm’s derivative product sales team in Seoul.
UK adjusts timetable to allow for Basel II delays
UK regulators said today they would implement their plans for uniform, risk-based rules for UK-based banks, insurance companies and securities firms in several stages, instead of one or two stages, following delays to the Basel II bank accord.
EnergyClear names Eurex's Earle as new president
Dennis Earle has joined EnergyClear Corporation (ECC) from Eurex as its new president ahead of its September launch. ECC is a Houston-based, not-for-profit, industry owned and sponsored clearing house, which aims to provide comparison, netting and…
Market-making hedge fund ups size and mulls credit debut
London-based hedge fund Algometrics is aiming to raise a further $100 million by October 2002 for its existing equity fund and is eyeing a move into credit derivatives.
CFTC uncovers more forex fraud
The Commodity Futures Trading Commission (CFTC) last week charged two New York-based foreign currency firms and two of their senior employees with fraudulently soliciting more than $15 million for illegal off-exchange forex futures contracts.