News
India relaxes rules on exchange-traded derivatives
The Reserve Bank of India (RBI) has ended many of its restrictions on foreign institutional investors, granting them permission to trade all exchange-traded derivatives products.
Siam Commercial signs to ActiveBank.net
Thailand's Siam Commercial Bank (SCB) has adopted UK-based Financial Objects' ActiveBank.net system to support its treasury operations in Singapore and Hong Kong, and its offshore loan business in Bangkok.
New regulation proposed for OTC energy derivatives
A bill was introduced in the US Senate yesterday that seeks to expand regulatory oversight of the over-the-counter energy commodity derivatives market. Bill sponsor Senator Dianne Feinstein, a Democrat from California, wants the Commodity Futures Trading…
Hedge fund moves into market-making
Algometrics, a London-based hedge fund, is looking to raise around $500 million to become a liquidity provider in cash and derivatives equity markets.
ICE cool over EnronOnline’s revival
Atlanta-based trading portal IntercontinentalExchange (ICE) remains bullish about its prospects, despite the re-launch of a repackaged EnronOnline. The new version of the bankrupt Enron’s Web-based energy market was launched on February 11 by Swiss…
Rolfe & Nolan to launch RANorder Pro
UK derivatives systems provider, Rolfe & Nolan (R&N), is poised to launch a new trade-order entry system for institutional traders called RANorder Pro.
Latest patsystems ceo faces non-confidence vote
Shareholders of London-based electronic trading connectivity and front-end vendor, patsystems, have called for an extraordinary general meeting (EGM) to seek the removal of David Jones as chief executive.
Merrill takes on more risk, sets up equity prop-trading unit
Merrill Lynch appears determined to take more risk on its own books as part of an effort to boost profits. The firm’s latest move is to set up an equity prop-trading unit to trade equity-linked products. The development follows a decision last year to…
Basel II final paper delayed until 2003
Global banking regulators now expect to issue their final version of the complex and controversial Basel II bank capital adequacy accord “some time next year” rather than by the end of this year as previously hoped.
Nymex and CME offer joint energy futures
The New York Mercantile Exchange (Nymex) is to offer smaller versions of its energy futures contracts via the electronic trading platform of the Chicago Mercantile Exchange (CME).
Credit Lyonnais boosts Asian hedge fund team
The emerging markets arm of Credit Lyonnais has made three new hires to its specialist hedge fund team in Hong Kong.
UK to set up 'information clearing house' for disaster recovery
The Bank of England plans to launch a prototype ‘information clearing house’ on disaster recovery for financial firms in the near future, a senior official of the UK’s central bank said.
No systemic risk management failure at AIB, says Moody's
Rating agency Moody's has confirmed its Aa3 rating for Allied Irish Banks' long-term debt, despite the bank'sannouncement of a suspected $750 million fraud at its US subsidiary, Allfirst Financial.
Senators move to block preferential employee stock options tax treatment
Four US senators will today introduce a new bill, the 'Ending the Double Standard for Stock Options Act', that will require US corporations to treat employee stock options in the same way in both their tax returns and financial statements.
KWI builds product development team
London-based KWI, a supplier of trading and risk management systems for the energy markets, has made two new appointments to enhance its product development team and to increase the functionality of its flagship product, kW3000.
Newsome urges caution on revising derivatives rules
James Newsome, chairman of the US Commodity Futures Trading Commission, has urged policy-makers not to rush to impose new regulations on the over-the-counter derivatives industry in reaction to the collapse of Enron.
DrKW adds to credit derivatives team in Japan
Dresdner Kleinwort Wasserstein has hired Michael Gordon as director of credit derivatives trading in Tokyo. He was previously a credit derivatives trader at Enron Credit in Japan.
Merrill Lynch continues FX drive with key hires
Merrill Lynch has made three key FX hires in New York and Tokyo, combating rumours that a recent exodus of dealers had left the bank’s foreign exchange business understaffed.
TFS-Icap completes Volbroker integration
Interbank broker TFS-Icap has completed the integration of online options broking platform Volbroker, following its December 1 acquisition of a stake in the bank-owned consortium.
Euronext in further European expansion
Euronext, the combined Paris, Amsterdam and Brussels exchange, has taken a further step towards creating a pan-European derivatives trading platform, by entering a cross-selling agreement with the Warsaw Stock Exchange (WSE).
Moody’s acquires KMV for $210 million
Credit ratings agency Moody’s has purchased California-based credit risk management technology firm KMV for $210 million in an all-cash deal.
Zipspeed launches daily mark-to-market weather index
Atlanta-based weather risk management company, Zipspeed, is set to launch a new weather index that it hopes will draw financial companies into the US weather risk market on a greater scale.
Heineken seeks rainy day hedge
Heineken, the Dutch brewing company, is seeking to hedge its business exposure to rainy Saturdays, according to a weather market source. Such a development is seen by some participants as a key test for the future growth of the weather risk market.
Survey delay puts Basel II timetable under further strain
Delays in issuing a crucial survey could again imperil the timetable of the Basel II bank capital adequacy Accord and further endanger the European Commission’s schedule for risk-based bank regulation.