News
ABN Amro appoints senior US FX strategist
ABN Amro has appointed Greg Anderson, previously senior global markets strategist at Fleet Bank Boston, as senior foreign exchange strategist in the US.
LCH’s SwapClear signs up new members
The London Clearing House (LCH) has signed up JP Morgan Chase, ABN Amro and Commerzbank Securities as new members for SwapsClear, its interbank interest rate swap trading service.
Basel experts agree securitisation treatment
Global banking experts have agreed proposals for treating the credit risks for banks of asset securitisation under the complex Basel II capital Accord.
Aima publishes sound practice hedge fund guide
The London-based Alternative Investment Management Association (Aima) and industry participants in the European hedge fund industry have published a guide to sound practices for European hedge fund managers.
OpenLink introduces Swift messaging capability
OpenLink, a New York-based trading and risk management software company, has released its Open Settlement Solution - an integrated Society for Worldwide Interbank Financial Telecommunication (Swift) messaging capability for its Findur system. Evaluating…
Rating agencies divided over Aquila’s credit-worthiness
The two major rating agencies are divided over their assessment of troubled energy company Aquila, with Moody’s cutting its rating to junk and Standard & Poor’s (S&P) maintaining its investment-grade standing.
Large takes over from Clementi as deputy governor of the Bank of England
Andrew Large – formerly deputy chairman of UK financial services group Barclays – was yesterday appointed deputy governor, with responsibility for financial stability, of the Bank of England.
European credit protection widens in low liquidity
Liquidity in the European credit derivatives market remained weak following the US Labor Day holiday this week, with traders saying spreads "drifted outwards" following yesterday’s poor equity markets performance.
Icor completes global roll-out of FX option platform
Electronic inter-dealer broker Icor launched its North American FX options service this morning, marking the final phase of a global roll-out of its forex option platform.
Initial flurry then calm after French agency swap postponement
The European interest rate swaps market reacted relatively calmly to the decision late yesterday by the French debt management agency, Agence France Trésor’s decision to suspend its swaps programme. European swap spreads over underlying treasuries of the…
Moody’s downgrades Aquila, as project BBB+/Baa1 backfires
Moody's Investors Service yesterday lowered Aquila’s senior unsecured debt rating to non-investment grade with a stable outlook, from Baa3 to Ba2. The troubled Missouri-based energy company had hoped to maintain its investment grade rating, exiting the…
Murex to supply clients with Reech Capital derivatives models
Financial software provider Murex is licensing some of competitor Reech Capital’s products to give its clients access to models to more accurately price and hedge exotic FX options.
DrKW reorganises credit derivatives business
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany's Dresdner Bank, restructured its London credit derivatives business today.
ING bolsters hedge funds sales in Asia
ING Financial Markets, the equities and fixed-income sales, trading and research division of ING Group, has hired Donald Klip as vice-president of hedge funds sales, Asia.
Boston-based AIR releases terrorism risk model
AIR Worldwide, a Boston-based catastrophe and weather risk modelling company, today released what it claims is the first commercially available terrorism risk model. The model estimates the financial impact of insured property and workers' compensation…
Hong Kong Exchange moves to increase derivatives transparency
The Hong Kong Exchange has agreed to let information vendors such as Reuters and Moneyline Telerate list its derivatives prices for the first time, in a move designed to improve market transparency.
September 11 accelerated energy sector woes, says S&P
Last year’s September 11 terrorists attacks that resulted in the destruction of New York's World Trade Center may have accelerated the onset of the US energy sector’s problems, according to a new report by Standard & Poor’s.
UBS Warburg poaches Merrill Lynch veteran in Asia
UBS Warburg has snared Christopher Lee, a seven-year veteran of Merrill Lynch, to head it intermediary desk for equity risk management products.
Corruption on the ropes
Is the use of those age-old lubricants, bribery and corruption, for so long a normal part of doing business in the third world, now on the wane? Frank Gray reports
The price of good information
The accounting scandals across the US – particularly at Enron – have led to demands for more independent market data in the energy sector. Who’s providing it, and is it meeting the industry’s needs? Kevin Foster reports