News
BofA hires four to European fixed-income division
Banc of America Securities has hired Mitchell Lench, Andrew Panteli, John Oei and Jules Putterman to its European fixed-income division.
Credit Markets Update: Spreads widen on ABN Amro subordinate debt
The cost of five-year subordinate credit protection on ABN Amro widened several basis points to 38bp-mid as bond-holders bought protection after Moody's placed its Aa subordinate debt rating on negative review on Wednesday.
Leading electronic swaps brokerages iFox and atenX to merge
Rival European electronic money market derivatives brokerages atenX and iFox are merging to form ATFox.
Shapiro to quit JP Morgan Chase; Winters promoted
Marc Shapiro, head of finance and risk management at JP Morgan Chase, will retire from the bank at the end of next year. Confirmation of Shapiro’s departure came amid a management reshuffle announced by chairman and chief executive, Bill Harrison, which…
Swiss Re launches $2 billion catastrophe securitisation programme
Swiss Re Capital Markets has begun marketing a $225 million catastrophe bond offering, the first part of a $2 billion programme, that securitises Swiss Re’s reinsurance exposure to five types of earthquake and hurricane risk.
Energy CROs committee set for public launch next week
The Committee of CROs, a body of energy company chief risk officers, will publicly launch next week. The committee has brought forward its formal creation due to the volume of industry enquiries following RiskNews' story US risk officers move to form…
Kamakura upgrades key risk management system
Honolulu-based Kamakura, a risk management technology company, has released KRM Version 4.0, the latest version of its integrated risk management solution that includes important new credit facilities.
Credit Lyonnais to trade weather risk
Credit Lyonnais has set up a weather derivatives unit, adding to the recent thrust of new entrants into the embryonic market. Peter Brewer, who joins Credit Lyonnais from US energy firm Aquila, will head the London-based weather desk.
JP Morgan Chase may exit European energy business
JP Morgan Chase has lost nine of its energy derivatives traders, fuelling speculation that the US investment bank may close its energy operations, at least in Europe, following widespread cost-cutting and restructuring.
Aquila cuts staff to stave-off rating downgrade
Aquila, the Missouri-based energy trader, has cut 200 jobs across its merchant services energy risk management division. A total of 150 of the cuts are in its Kansas City head office, 43 are across its other North American offices and seven will affect…
DrKW boosts derivatives team in Japan
Dresdner Kleinwort Wasserstein has hired Masanori Katagiri as director and head of equity derivatives structuring in Japan.
Hedgeworld launches due-dilligence reports
Hedgeworld and National Collection Center Group of the US have launched a series of internet-based reports on hedge fund managers for investors. 'Hedgeworld manager background reports' were designed to allow investors to conduct due-diligence into…
Asian investors look to structured credit
Low interest rates and tight credit spreads are fuelling an interest for structured credit products in the Asia-Pacific region, according to bankers. And a variety of structured and hybrid products are now being marketed to Asian investors there.
GFI introduces Belgian electricity pricing screen
US interdealer broker and derivatives pricing software provider GFI has expanded its European online electricity service by adding a pricing screen for the Belgian market.
Credit Markets Update: Telekom bond re-pricing rumours pull in telco spreads
Rumours of heavy over-subscription and a possible re-pricing on Deutsche Telekom’s forthcoming €5 billion bond issue caused five-year credit default swaps on Germany’s main telecommunications company to tighten 10 basis points today to 220bp/230bp. The…
New chief executive for Zurich Capital Markets
Zurich Capital Markets (ZCM), the alternative asset management unit of Zurich Financial Services, has hired Stephen Sinacore as its new chief executive. He replaces Randall Kau, who left the firm to “pursue other interests".
Goldman's head quant Derman to retire
Emanuel Derman, head of Goldman Sachs' quantitative risk strategies group in firmwide risk, will retire from the firm in June.
Asset managers point to growing importance of credit derivatives
Dutch asset manager Robeco and London-based Cheyne Capital Management say knowledge developed through managing synthetics is allowing them to use credit derivatives more extensively. Both have new synthetic collateralised debt obligations (CDOs) in the…
Korean equity index volumes rocket, says BIS review
Korean and Japanese equity index contract volumes were the highlight of derivatives trading in the first quarter of this year, according to the Bank for International Settlements (BIS), whose quarterly review of banking and financial markets developments…
Merrill’s debt protection costs fall following Spitzer deal
The cost of protection on Merrill Lynch senior five-year debt narrowed 25 basis points to 65bp/75bp today following the firm's settlement with New York attorney general Eliot Spitzer.
Futuresource to use Kdb for commodities database
Futuresource, a US provider of commodities and foreign exchange cash, futures and options data, will use Kx Systems’ Kdb database for its new scalable tick commodities database. The database is scheduled to begin rolling out mid-year, with implementation…
German golf club hedges against rainy days
A German golf club has become the latest European end-user to buy weather risk protection. Spectron Group, the London-based energy broker, arranged the precipitation-linked deal - its first leisure-sector weather derivative - along with French bank…
Askari CEO and founder Davies to step down
Peter Davies, founder and chief executive of Askari, told RiskNews that he has resigned from the company after a decade at the helm of the New York-headquartered specialist buy-side risk management vendor.
Basel II won’t affect most US banks, central banker says
The Basel II bank capital Accord will have virtually no effect on most US banks, US Federal Reserve Board vice-chairman Roger Ferguson said today.