News
HVB in major hedge fund push
Germany’s HypoVereinsbank (HVB) is restructuring its hedge fund activities in an effort to step-up its global alternative investments business. The move is intended to capitalise on the boom in demand for alternative investments, such as hedge funds, in…
Rabobank sues RBC over Enron total return swap
Rabobank, the Dutch financial institution, has filed a lawsuit against Royal Bank of Canada (RBC) over a $517 million swap transaction that RBC entered into with Rabobank to hedge a loan the Canadian institution had made to a unit of now-defunct energy…
ABN Amro head of Asian equity derivatives transfers to London
ABN Amro's Asian head of equity derivatives in Hong Kong, Frank McKirgan, will transfer to London in the third quarter, according to an official at the bank in Hong Kong.
Risk contributor Blejer steps down as Argentine central bank governor
Mario Blejer, a former senior adviser to the International Monetary fund (IMF), has resigned as governor of the Argentine central bank. The move could prove to be a blow to Argentine president Eduardo Duhalde's efforts to restore the country's battered…
Capital One hires director of risk management
Michael Haubenstock has joined Capital One’s Richmond, Virginia, office as a director of risk management, where he will establish an enterprise-wide risk management function.
First Italian hedge fund to open in July
Kairos Partners will become the first hedge fund in Italy when it starts trading in July, after receiving approval from Banca d'Italia, the central Italian regulator, yesterday.
UK’s FSA plans delayed Basel II paper for mid-July
The UK’s chief financial regulator plans to issue its discussion paper on implementing the Basel II bank capital adequacy Accord and parallel European Union (EU) rules in mid-July.
Kamakura hires Matz as senior VP
Hawaii-based risk management software provider, Kamakura Corporation, has hired Leonard Matz as senior vice-president. He will be based in Pennsylvania, and will work on client consulting, client training and model documentation.
Partners aims to offer €500m exchangeable hedge fund bond
Partners Group, a $4 billion alternative asset manager headquartered in Switzerland, plans to launch a €500 million innovative exchangeable bond linked to a pool of hedge funds within the next few weeks.
SMBC launches summer weather derivatives
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has recently launched a weather derivatives contract for unusual hot and cold summer temperatures in Japan, according to an official for the bank.
Credit Markets Update: Telco spreads balloon following WorldCom fraud
The admission by US telco WorldCom of a multi-billion dollar accounting fraud late yesterday sent credit protection spreads ballooning as much as 100 basis points today in both the US and Europe. But markets settled down as the day progressed, traders…
Totem launches valuation system to help energy traders
Totem Market Valuations, the London-based valuation clearinghouse, has launched a new service for energy traders. Totem’s energy derivatives valuation service is designed to give traders in over-the-counter energy contracts a market price gleaned from a…
Deutsche hires Asian securitisation head
Deutsche Bank has hired Raj Shourie to head its Asia ex-Japan securitisation group, say bank sources.
Hedge funds set to steal share from mutual funds in Asia, says Barclays’ Yang
Hedge funds – a once-shunned asset class in Asia – are likely to take market share away from traditional mutual funds, according to Angus Yang, director in the equity finance group at Barclays Capital in Tokyo.
Banks bid for Roman risk management
Comune di Roma – the City of Rome – is close to awarding a mandate for the risk management of its €6 billion of outstanding debt, said bankers involved in a beauty parade city authorities have been holding over recent weeks.
Brokers launch marine fuel hedging service
US brokers OceanConnect and Starsupply plan to launch the first bunker fuel derivatives contracts by July 8.
Investor demand for Asian hybrid products growing
Growing numbers of Asian investors are turning to structured credit products in order to benefit from enhanced yield in an environment of low interest rates and tightening credit spreads, says Patrick Kwan, director of debt capital markets and investment…
Isda adds HK$ swap fix rate to its list
The International Swaps and Derivatives Association (Isda) said today it has added a Hong Kong dollar IsdaFix rate to its schedule of swap rates published daily on Reuters.
Fox-Pitt Kelton poaches Citigroup veteran to head Asian operations
Fox-Pitt Kelton (FPK), the investment banking subsidiary of insurance company Swiss Re, has hired Chris Appleton to head its Asian derivatives department.
Bank of New York hires O’Leary from UBS Warburg
The Bank of New York has hired Raymond O’Leary as head of European sales in its global markets division in London. O’Leary, who joins the US bank from UBS Warburg, will have a particular focus on the strategic development of its risk management…
Helsinki exchange set to launch weather derivatives
The Helsinki securities and derivatives exchange (HEX) is preparing to launch exchange-traded weather derivatives by the end of the third quarter.
Loss-making Raft replaces chief executive
Raft International, a London-based software development company that provides risk management products, which on Monday reported a £1.15 million interim loss before tax, will replace its chief executive Frank Mobjerg.
Westpac in energy derivatives push
Australian bank Westpac is expanding its energy derivatives product range, with an array of new instruments expected to be approved by the end of the third quarter, according to Paul Quilkey, global head of Westpac Energy in Sydney.
Cognotec to expand with extra funding
Against a backdrop of declining investment in e-trading initiatives, Dublin-based forex technology firm Cognotec said it has secured $14.5 million in additional funding.