News
Poor vendor data delays BofNY securities ‘master’ project
The Bank of New York said its efforts to build a ‘master’ securities database was delayed due to poor data from between 13 to 15 data providers.
London Bridge buys stake in Amelia Financial Systems
London Bridge Software has bought a minority stake (less than 20%) in UK-based operational risk management software company Amelia Financial Systems. It refused to provide more specific details on the financial terms of the deal.
FSA urges UK banks to look hard at EU capital proposals
UK banks should look hard at a draft text of European Union (EU) capital rules that the European Commission plans to issue around the end of October, the UK’s senior financial regulator said today.
Banks advised to make Basel II views known in QIS 3
LONDON - Banks would be wise to make their views on the complex Basel II bank capital accord known via the key QIS 3 survey that’s due out on October 1, the UK’s chief financial regulator said today.
Insurers enter the credit derivatives restructuring debate
A group of insurance companies active in the credit derivatives market has submitted a letter to the International Swaps and Derivatives Association suggesting language changes to the trade association’s restructuring definitions.
London Bridge acquires stake in Amelia Financial Systems
LONDON – London-based operational risk management software firm Amelia Financial Systems said today that London Bridge Software Holdings plc had acquired a stake in the company of less than 20%. However, they declined to give a specific figure.
Top regulators denounce attempt to resurrect OTC energy bill
The four most senior financial regulators in the United States have joined forces to express concern at legislative proposals to expand regulation of over-the-counter energy derivatives.
One-month delay for UK warrants market
The UK covered warrants market will not launch until October 28, more than a month later than the initially proposed date of today, according to the London Stock Exchange (LSE).
Banks advised to make Basel II views known in QIS 3
Banks would be wise to make their views on the complex Basel II bank capital accord known via the key QIS 3 survey due out on October 1, the UK’s chief financial regulator said today.
Bear Stearns to use Derivatech for FX options
Bear Stearns has taken Derivatech’s FX risk management platform to support its expanding FX options trading and distribution operations in New York and London.
SGX to launch world's first DRAM futures
The Singapore Exchange (SGX) plans to offer the world's first futures contract based on dynamic random access memory (DRAM) chips by the first quarter of 2003, according to the exchange.
Swaps spreads for US banks and brokers widen
The cost of protection for US banks and brokers widened following a 17% plunge in third-quarter profits at Morgan Stanley and bleak forecasts by JP Morgan Chase on Tuesday that resulted in credit downgrades by rating agencies Standard & Poor’s and Fitch…
ABN Amro hires head of European CMBS
Dutch bank ABN Amro has appointed David Newby in a dual position as head of European commercial mortgage-backed securitisation (CMBS), and UK and Irish securitisation.
New head of European FX derivatives marketing for HSBC
HSBC has appointed Ferruccio Ferrara from Deutsche Bank as European head of FX derivatives marketing.
German insurer and bank credit spreads hit by downgrade fears
The cost of protection for German reinsurance company Munich Re and German banks Deutsche, Commerzbank and Dresdner widened today following negative rating and outlook changes by Moody's Investor Services.
Job cuts at Nordea Securities to have minimal derivatives impact
Nordea's decision to slash nearly 20% of its Nordea Securities investment banking workforce should have only a limited impact on the Nordic bank’s derivatives business, it announced yesterday.
Japanese bank credit spreads tighten on central bank bailout
Credit protection sellers in Tokyo welcomed the Japanese authorities’ plan to buy shares from the banks to help stop the deterioration of banks’ financial ratios due to the fall in stock prices, helping Japanese bank credit default swap spreads end the…
Bank of England’s Allsopp questions role of interest rates in bubbles
Christopher Allsopp, a member of the Bank of England’s monetary policy committee (MPC), has cast doubt on the effectiveness of using interest rates to head-off asset price bubbles.
Swiss Re expects cat bond deluge
Swiss Re, one of the world's top three reinsurance companies, plans to issue 50% to 100% more insurance-linked securities over the next year, in line with an expected rise in total industry issuance, said Swiss Re chief economist for North America, Kurt…
Isda sees Basel II cross-border operation as major concern
LONDON - The biggest concern arising from the complex Basel II bank capital accord is about how it will operate for banks across national borders, Tanya Castell, London-based head of investment bank UBS Warburg’s risk policy group, said today.
JP Morgan says disposable computing is key to IT
JP Morgan Chase has solved the problem of how to provide computationally intensive derivatives pricing and risk modelling capabilities across products and throughout the firm, without vastly expanding its IT budget with what Steve Neiman, head of high…
Business managers play key role in shrinking Merrill IT budget
Merrill Lynch has stemmed IT cost overruns by shifting the responsibility for technology project costs to business managers and away from IT managers.
GFI launches new credit portal
GFI Group has launched its new Credit Portal, which provides online access to GFI’s databases and risk management tools.
Fortis London commodities unit to implement Ubitrade system
Fortis Commodities Brokerage, the London commodity trading unit of Benelux bank Fortis, has signed up to Ubitrade Futures & Options, a capital markets trading and risk management system developed by French company Ubitrade.