News
Algorithmics hires van den Akker to push Algo Credit sales
Algorithmics, the Toronto-headquartered provider of risk management software, has appointed Mark van den Akker as a sales specialist to head its Algo Credit risk sales in North America.
Further surge in investment grade synthetic CDO issuance expected, says BofA
A further surge in static and managed corporate synthetic collateralised debt obligation (CDO) issuance is expected this year, according to new research by Bank of America.
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…
Barclays nabs Bear Stearns' European credit derivatives head
Andrew Whittle, Bear Stearns head of European credit derivatives in London, left the bank yesterday, a spokesman for the US bank in London has confirmed.
Cooper joins RBS from JP Morgan Chase
Royal Bank of Scotland Financial Markets has hired Simon Cooper from JP Morgan Chase as head of programme management.
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 restructures credit and structured finance units
Merrill Lynch today unveiled a significant restructuring of its European, Middle East and Africa (EMEA) credit and global principal investment and structured finance (GPISF) businesses, headed by Tim Grell and Dale Lattanzio respectively.
Bear Stearns hires Merves as senior hedge fund analyst
Bear Stearns Asset Management has hired Scott Merves as managing director and senior analyst to its equity hedge fund group, New Castle Partners.
Rolfe & Nolan secures £1 million from global banks
UK derivatives back-office vendor, Rolfe & Nolan, has secured funding of just over £1 million for its Merlin technology project from two sponsor banks, Deutsche Bank and UBS Warburg.
DrKW’s Piranha bites into online options services
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has added an options service to its Piranha online foreign exchange trading system.
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.
Japan Credit Market Update: Spreads track US and Europe wider
Japanese credit default swap spreads were wider this week, tracking the trends in the US and Europe in a generally bear market, traders said.
Credit Markets Update: European spreads contract in thin trading
European credit default swaps spreads have tightened following the release of better-than-expected results from several high-profile companies and improved sentiment in the telecoms sector. But liquidity was low, traders said.
Deutsche Bank launches US mortgage total return swap
Deutsche Bank is offering a total return swap product based on its US Mortgage TBA index. The index is calculated using the 30 most liquid mortgage-backed securities (MBS) offered by US government-sponsored mortgage finance agencies Fannie Mae, Freddie…
French securitisation ruling likely to be delayed further
The French banking regulator ruling to change the capital risk weighting system on securitisations continues to cause confusion, with market commentators stating that a final decision may be delayed until September.
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.
City Networks names new chief executive
City Networks, a London-based software and services provider for the treasury and derivatives markets, has named Costa Christodoulou as its new chief executive.
Basel II principles can fit insurers, UK regulator says
The principles of risk-based regulation embodied in the Basel II bank pact can be applied successfully to insurance companies, the UK’s chief financial regulator said today.
Banks will get Basel II survey spreadsheets tomorrow
Some 300 banks in 36 countries will tomorrow receive draft spreadsheets and an information pack relating to the crucial QIS 3 survey for the complex Basel II bank capital Accord, global banking regulators said today.
FSA fairly confident of ‘sensible’ op risk charge for investment firms
UK regulators are reasonably confident operational risk capital charges for investment firms proposed under new European Union (EU) rules will be “sensible”, the UK’s chief financial regulator said today.
Expensing share options could mean more hedging, say analysts
Hedging employee share options could become more common if companies follow Coca-Cola’s example and expense them, according to equity analysts.