News

DrKW hires senior credit structurer in Japan

Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany's Dresdner Bank, has hired Carlos Cala as director and senior structurer within its global credit derivatives team. Based in Tokyo, he will report to Rick Weinstein, London…

Korea's IBK to enter equity derivatives business

The Industrial Bank of Korea (IBK) plans to enter the equity derivatives business in South Korea by the end of the year in anticipation of an increase in equity derivatives activity in the country, said Kyu-Bong Hwang, IBK's head of the derivatives…

SwapsWire eyes October launch

SwapsWire, the inter-dealer interest rate derivatives trading system backed by a consortium of 23 banks, is to launch in October after extensive delays and an entire systems overhaul, according to its chief executive Chip Carver. The system has also…

Merrill Lynch snares Goldman derivatives ace Covin

Merrill Lynch has poached David Covin from Goldman Sachs to develop interest rates products in its strategic solutions group (SSG) - a unit split into interest rates and credit divisions that specialises in structuring derivatives products for investment…

Flawed risk management forces Abbey chief Harley to quit

Ian Harley, chief executive of British retail bank Abbey National, was forced to resign today following months of speculation about his future, after the bank unveiled large losses due to poor risk management in its wholesale banking unit.

FIA issues best-practice error trade recommendations

The Futures Industry Association (FIA) has released recommendations regarding the adoption of error trade procedures on derivatives exchanges, following a year-long special review committee investigation into the matter with principal international…

PNC forced to improve risk management

The PNC Financial Services Group has agreed to bolster its risk management capabilities, following an enquiry by the US Securities and Exchange Commission (SEC) into some off-balance-sheet trades with American International Group (AIG) in 2001.

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