News
UK watchdog will not pressure banks on advanced Basel II
The UK’s principal financial market watchdog will not pressure banks to adopt the advanced approaches to measuring risk capital under the Basel II banking Accord, UK Financial Services Authority (FSA) managing director Michael Foot said today.
Isda issues guidelines on counterparty transfers
The International Swaps and Derivatives Association (Isda) has published guidelines to deal with cases where two parties have entered into one or more transactions and where one of the parties transfers its rights and obligations to a new counterparty.
EU likely to meet critics on op risk capital charge, UK regulator says
The European Commission’s final proposals on operational risk in investment firms within the Commission’s new capital adequacy framework are likely to meet the objections of critics, UK Financial Services Authority (FSA) managing director Michael Foot…
S&P says ratings more accurate than credit default swap prices
Rating agency Standard & Poor's (S&P) defended its credit ratings approach amid criticism from bankers that there were inconsistencies in its company assessments across different sectors and regions.
HSBC boosts HK derivatives team
HSBC has bolstered its structured derivatives team in Asia with the appointment of Ka Lok Chau from Crédit Agricole Indosuez in Hong Kong. Chau will focus on product development and pricing models, according to John Flint, head of regional fixed-income…
Battery failure caused HK futures trading stoppage
A dead battery led to the closure of Hong Kong's futures and options trading for than an hour on Tuesday, according to a preliminary investigation by the Hong Kong Exchanges and Clearing (HKEx).
Crédit Lyonnais set to offer prime brokerage in Asia-Pacific
CLSA, the emerging markets arm of French bank Crédit Lyonnais, plans to offer prime brokerage services in the Asia-Pacific region to cater for an anticipated growth of the hedge fund market in the region, according to Sheldon Lee, CLSA head of hedge fund…
Ethical rules needed to boost energy sector
Energy companies in the US and Europe should work together to establish rules for ethical behaviour to restore confidence in the energy sector and boost the liberalisation process, according to Janine McArdle, managing director of Aquila Europe.
Creditex hires European senior marketer
Online credit derivatives broker Creditex has expanded its European team by hiring David Eline as a senior marketer for Europe. In his new position he reports to Brad McKinnon, head of Creditex's London office.
Credit Markets Update: Spreads volatile in Fiat and France Telecom
Five-year credit protection levels for debt-heavy Italian industrial conglomerate Fiat bounced from 360 basis points-mid on Monday, to 405bp on Tuesday, to 355bp by today’s end, according to data from credit derivatives broker GFInet. Traders said the…
S&P: compromises could lead to “meaningless” Basel II
Global banking regulators must take great care to ensure the Basel II capital Accord isn’t overly weakened or even rendered meaningless by compromises over conflicting national interests, credit rating agency Standard & Poor’s (S&P) said in a report…
Australian banks heading for advanced IRB
Australia’s four major banks are making good progress in implementing strategies and systems for Basel II, with all four banks targeting the advanced internal ratings-based (IRB) approach, according to rating agency Standard & Poor’s (S&P).
DrKW hires Kalimtgis to head new credit risk team
Dresdner Kleinwort Wasserstein (DrKW) has hired Evan Kalimtgis to head its new credit portfolio strategy group, which will optimise credit portfolio exposure on behalf of DrKW and its clients.
Dealers blast multi-bank FX portals
The future looks bleak for the remaining multi-bank foreign exchange trading portals, according to delegates at the sixth annual ACI European Congress in Luxembourg last week.
CDC Ixis’ new weather desk targets French clients
CDC Ixis Capital Markets has set up a Paris-based weather derivatives desk that will solely target French clients. The French bank will target the energy, construction, tourism and agriculture sectors.
Enron collapse a big blow to Europe’s energy markets, says EDF head
The collapse of energy trader Enron has caused a major blow to market confidence in Europe, said Francis Hervé, chief executive of EDF Trading, the London-based trading subsidiary of Electricité de France (EDF).
StanChart boosts FX derivatives team
Standard Chartered has bolstered its Hong Kong-based foreign exchange and derivatives group by hiring Christopher de la Hoyde and John Tan.
Management quality seen as key issue in insurance regulation
The big question facing the UK’s principal financial market watchdog in developing risk-based safety rules for insurance firms is how to regulate for the quality of management in a firm, Sue Kean of the UK Financial Services Authority (FSA) said in…
ASX to launch electricity futures
The Australian Stock Exchange (ASX) plans to begin trading electricity futures contracts by the end of the year, according to an official at the exchange.
Insurers must work with regulators to develop risk models
The key to developing risk models for risk-based regulation of insurance companies is for insurers to work closely with financial supervisors to ensure their approval, professional services firm KPMG partner Jane Leach told an insurance solvency…
ABN Amro adds to European forex team
ABN Amro has hired Eric Murciano to its institutional foreign exchange sales team. He will be responsible for the Dutch bank’s foreign exchange sales - including options - to French financial institutions.
Munich Re to set-up firm-wide ART business
German reinsurer Munich Re is forming a group-wide alternative risk transfer (ART) unit, in a move designed to strengthen its position in the growing alternative markets business.
Lehman boosts fixed-income team in Tokyo
Lehman Brothers has made two new hires to its fixed-income derivatives team in Tokyo. The US investment bank named Jeremy Martin as head swap trader, and Atsushi Ikeno as senior structurer and marketer. They both report to Satu Parikh, Lehman's head of…
Deutsche builds emerging market structured products group
Deutsche Bank has hired Hugo Faria to co-head its emerging market structured products area for the Americas. Faria will head the 14-person Latin America team, which develops products for credit, foreign exchange, commodities and interest rate risks.