News
US insurer hires credit derivatives specialist
American Capital Access (ACA), a US financial insurance specialist, has hired Joseph Pimbley as its credit derivatives portfolio manager.
Man Group’s performance remains solid
Man Group - the UK asset manager and derivatives brokerage – has released its pre-close trading results, with funds under management currently standing at $10.5 billion – a 57% increase on the previous year.
Swiss Re Financial Services names Godfrey as chief risk officer
Swiss Re Financial Services Business Group, a unit of reinsurer Swiss Re, has hired David Godfrey as chief risk officer.
Prebon launches online FRA matching system
Brokerage house Prebon Yamane Asia-Pacific has launched an online matching system for floating rate reset risk positions in swap portfolios for Australian dollar (A$) and Hong Kong dollar (HK$) currencies.
Derivatives expert Calello made new head of CSFB Asia-Pacific
Credit Suisse First Boston (CSFB) has named Paul Calello chairman and chief executive of the Asia-Pacific region including Japan, Australia and New Zealand. He will relocate to Hong Kong from New York, where he was head of the firm's global equity…
Derivatives unit unaffected by ABN Amro cuts
ABN Amro's decision effectively to pull out of the US cash equities and M&A business will leave its derivatives business intact.
Credit derivatives majors form data alliance
Goldman Sachs, Deutsche Bank and JP Morgan Chase have launched a credit derivatives market data scrubbing and sharing project meant to head off disputes among market participants over the terms of their contracts.
CSFB hires structurer in NY
Tony Capozzoli has joined Credit Suisse's investment banking arm, CSFB, in New York as a corporate structurer, leaving his role as a senior risk analyst at Bank of America, also on Wall Street.
IPE pulls ‘premature’ power contract
London’s International Petroleum Exchange (IPE) has suspended trading on its electricity futures contract. The instrument, which has traded only 70 lots since its launch in March last year and nothing since the five lots it traded in January, has…
CBOT appoints new head of business and product development
The Chicago Board of Trade (CBOT) has named Martin Reiner senior vice-president in charges of sales, marketing and product development. The appointment is important, as the CBOT and rival Chicago-based derivatives exchanges, the Chicago Board Options…
Singapore eases restrictions on foreign derivatives firms
The Monetary Authority of Singapore (MAS) has liberalised its Singapore dollar non-internationalisation policy, to allow greater participation in its capital markets by international investors and financial institutions.
DGZ DekaBank to implement RiskVision
DGZ DekaBank, a German financial institution specialising in wholesale banking and fund management, has agreed to roll out London-based financial services vendor Misys International Banking Systems’ Risk Vision suite.
ABN Amro steps up credit derivatives effort
Dutch bank ABN Amro is steadily building up its credit derivatives team under Arnie Groes, its new head of global credit derivatives.
Cap guarantee funds still booming in Hong Kong
Several capital guaranteed funds have been issued in Hong Kong over the last few weeks, with more expected before the end of the month, despite a consensus that a rise in interest rates may reduce the attractiveness of such structures.
China opens forex market
A flurry of overseas banks have received approval from the People’s Bank of China (PBOC) to conduct foreign currency business with Chinese corporate and individual customers – the first tangible deregulation of the financial market since China’s signing…
ICE aims to sell energy and metals market data
The Intercontinental Exchange (ICE), the Atlanta-based electronic commodity and derivatives market, aims to sell price data and other information services to the energy and metals markets.
Prebon backs coal growth
Prebon Energy, the New Jersey brokerage firm that specialises in physical and financial energy products, has opened a coal desk.
Korea drives Asian option growth
Turnover in equity index contracts rose by 40% at Asian exchanges in the fourth quarter of last year, according to the latest quarterly report from the Bank for International Settlements (BIS). The Switzerland-based banking body pointed to the rapid…
Goldman signs up Imagine for prime brokerage
Goldman Sachs is to offer Imagine Software's ASP risk management and trading services to clients of its prime brokerage unit, GSI Prime Brokerage, formalising a partnership begun last year in which GSI clients started using the Imagine product.
FASB head warns Congress on too much interference
Edmund Jenkins, chairman of the Financial Accounting Standards Board (FASB), has warned Congress not to take its post-Enron zeal for market regulation too far. He was responding to proposed legislation that would give the US Securities and Exchange…
AIB fraud involved fake entries in SunGard's Devon
Allied Irish Banks' John Rusnak, the trader accused of concealing $691 million in foreign exchange losses over five years, inputted false trades into SunGard's Devon System, which was used to process prime-brokerage accounts at Allfirst Financial, the…
Citi traders sacked as Allfirst probe continues
Citigroup this week dismissed two traders linked to the Allfirst trading losses, as the investigation into rogue trader John Rusnak’s counterparties continued.
IMF issues credit derivatives warning
The International Monetary Fund (IMF) believes the lack of financial disclosure and transparency in the credit derivatives market has the potential to increase market risk, as participants find it more difficult to gauge the depth of credit deterioration…
IntesaBCI puts weather risk on hold
IntesaBCI has shelved its plans to trade weather derivatives this year, in a move likely to prompt closer scrutiny of weather trading performance at other banks.