News
EU postpones new bank rules following Basel II delay
The European Commission has postponed the coming into effect of its own plans for risk-based bank regulation by at least a year, following the further delay to the controversial Basel II bank Accord, Commission officials said.
Rusnak's fraudulent trading strategy revealed
The independent report commissioned by Allied Irish Banks, carried out by US banking specialist Eugene Ludwig, details how former Allfirst foreign exchange trader John Rusnak managed to hide his forex trading losses with the creation of bogus options…
SunGard acquires Kronos Software
Pennsylvania-based technology firm SunGard Trading and Risk Systems has acquired London-based Kronos Software, the real-time risk management and trading solutions provider.
Macquarie issues dividend warrants in Hong Kong
Macquarie Equities Asia, a division of Australia’s Macquarie Bank, has launched a new warrant product into the Hong Kong market. Called the dividend accumulator warrant, it pays investors dividends equal to the underlying share over the life of the…
Delay to QIS3 survey delays Basel II to 2006
Regulator determination to get a key survey of banks right was a major factor in the decision to postpone again the coming into effect of the complex Basel II banking Accord until late 2006, from an undetermined date in 2005, banking regulators said.
Ascher named chief executive officer of Nasdaq Liffe Markets
Nasdaq Liffe Markets (NQLX), the electronic exchange joint venture by Liffe and Nasdaq launched in March 2001, has appointed Thomas Ascher as chief executive officer. Ascher will be responsible for the strategic, long-term vision and operations of NQLX,…
PRMIA adds Shanghai chapter
The Professional Risk Managers' International Association (PRMIA) has added a 25th chapter, in Shanghai, China. Hu Bingxing, senior risk manager with China Guotai Fund Management, is regional director of the new chapter.
ABN Amro adds to institutional forex sales
ABN Amro has made three new hires in institutional foreign exchange sales – part of its global financial markets business. All three report to Chicago-based Robert Rodman, ABN's global head of forex product sales to financial institutions and the public…
Merill Lynch hires for European derivatives sales
Merrill Lynch has made two new hires for its derivatives sales force in Europe. Robert Machin joins as a director of interest rate derivatives, and Konstantin Krebs joins as a senior vice-president, marketing credit derivatives, interest rate derivatives…
SuperDerivatives adds deal capture facility
SuperDerivatives, a UK-based online foreign exchange pricing firm, has added a deal capture facility linking its currency options pricing service to back-office risk management systems. SuperDerivatives said the feature has been added due to client…
Malaysia to launch bond futures contract
Malaysia Derivatives Exchange (MDEX) has announced that it will launch a five-year government bond futures contract at the end of March, the first such contract to be issued in Malaysia.
SunGard makes two senior hires for collateral management and energy businesses
Pennsylvania-based technology firm SunGard Trading and Risk Systems has hired Michael Clarke as a senior vice-president of the SunGard Collateral operating unit, while Michael DeMaise has joined the energy operating unit as vice-president of product…
DrkW boosts data services with PFS deal
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has signed a licensing agreement with PFS Trader Tools to use its DS2000 gateway for real-time data dissemination from its London, Frankfurt, Singapore and New York…
HKEx cuts derivatives fees in competitiveness drive
Hong Kong Exchanges and Clearing (HKEx) has proposed a reduction in fees for its listed derivatives products, as part of a drive to improve the competitiveness of the exchange and attract greater numbers of overseas investors.
Merrill Lynch snags two from SG in Asia
Merrill Lynch (Asia Pacific) has snatched two derivatives specialists from SG Securities Global Equities, in a move to strengthen its position in the region's equity derivatives markets, according to the bank.
OCC says derivatives revenues, notionals down
US commercial banks’ revenues from derivatives fell by $805 million, to $2.65 billion, from the third to the fourth quarters of 2001, according to figures released yesterday by the Office of the Comptroller of the Currency (OCC).
New ABN Amro hire to expand electronic futures business
Steve Chivers has joined ABN Amro as a Chicago-based senior global technology manager of the bank's global futures division – a newly created position.
Kiodex secures second round of financing
Kiodex, a New York-based provider of Web-based energy risk management solutions, has secured an additional $10 million in financing from Warburg Pincus, the global private equity firm. The firm originally invested $15 million in April 2001. It plans to…
Refco signs up TradeTrac for forex
Refco, the world's largest non-bank futures commission merchant, has signed up TradeTrac for its foreign exchange activities. TradeTrac provides front-, middle- and back-office risk management services, and was developed by risk technology firms…
EIB loan protection
News
BNL plans weather desk for Italy
Rome-based Banca Nazionale del Lavoro (BNL) is planning to set up a weather derivatives desk, which could add to the recent thrust of new players in the weather risk market. BNL hopes to establish the desk, specifically for the Italian market, by the…
Calls mount for bank and rating agency disclosure on Enron
Leaders of the US House Energy and Commerce Committee yesterday called on 10 investment banks and three credit-rating agencies to turn over records linked to Enron. Questions to the banks focused on loans to Enron and whether future business with Enron…