News
JP Morgan Chase pushes for new op risk measure
In the opening session of Risk's OpRisk 2002 conference in New York today Joseph Sabatini, head of corporate operational risk at JP Morgan Chase, said the bank was considering a move to treat operational risk as an independent firm-wide performance…
Germany’s hedge fund stance raises concerns
Germany's fourth Financial Market Promotion Act, which was drafted in January and is set to become law in June or July, contains a clause banning short selling during periods of extreme market volatility. This clause is worrying German hedge fund…
PRMIA unveils 'blue ribbon panel' to ensure integrity
The Professional Risk Manager's International Association (PRMIA), formed in January by former members of the Global Association of Risk Professionals, has created an advisory 'Blue Ribbon Panel' to ensure the integrity of the new association and advise…
Enron considers offer for bandwidth business
Enron, which is attempting to sell off its businesses to repay creditors, may have found a buyer for its broadband network, Enron Broadband Services (EBS). Jarvis Entertainment Group (Jeg), a Texas-based internet technology and entertainment holding…
CDOs of asset-backed securities prove their worth, says Moody's
Collateralised debt obligations (CDOs) of asset-backed securities (ABS) and other repackaged securities,have suffered minimal credit deterioration in response to the general macroeconomic decline, according to credit rating agency Moody's.
New electronic equity options exchange planned for US
The US is set have a new electronic equity derivatives exchange by the end of the year, following the formation of Boston Options Exchange Group (Box), a joint venture between the Boston Stock Exchange, Bourse de Montréal and trade execution firm…
ABN Amro names Singapore head of credit structuring
Dutch bank ABN Amro has promoted MC Subramaniam to head of credit structuring and loan products in Singapore. Subramaniam will take responsibility for the bank's origination, risk management and execution activities relating to loan products business…
Fitch first to assign CDO asset manager ratings
Fitch will become the first rating agency to assign credit ratings to CDO (collateralised debt obligations) asset managers. The New York-based agency is taking a new, flexible approach to its methodology for its forthcoming rating process, aimed at…
Bank of England governor casts doubt on rates rise
The governor of the Bank of England, Edward George, yesterday claimed the Libor interest rate futures curve was overplaying the chances of a future UK rates rise.
CBA buys Ubitrade derivatives solution
Sydney-based Commonwealth Bank of Australia (CBA) has bought French software firm Ubitrade's futures and options package for use across its trading operations in Sydney.
EFTs, e-minis defy low equity derivatives flows
Exchange-traded funds (ETFs) and e-mini contracts defied January's trend of unusually low derivatives volumes and volatility, according to Joanne Hill, managing director and head of trading research at Goldman Sachs.
DBS signs up to Front for credit derivatives
Singapore's largest bank, DBS, is to install Front Arena software to support its credit trading activities, including credit derivatives and credit basket trading. Front Arena was developed by Front Capital Systems, an operating unit of SunGard.
ING Direct selects BancWare for ALM
ING Direct, the telephone/internet banking arm of Dutch group ING, has implemented a suite of SunGard Trading and Risk Systems' BancWare products to manage global interest rate risk in three countries.
Icap offers eurobond e-broking
UK inter-dealer broker Icap has extended its e-broking offering to include euro-denominated eurobonds, but has yet to offer interest rate swaps - its dominant trading product.
Administrators to pay £24 million to close out Enron Europe contracts
Enron Europe’s administrators PricewaterhouseCoopers (PwC) said today that 250,000 over-the-counter energy derivatives contracts still need to be closed out to unwind the business.
Nybot lobbies against proposed futures transaction tax
The New York Board of Trade (Nybot) has sent a letter to the US Congress detailing its opposition to the Bush administration’s fiscal year 2003 budget proposal seeking a new tax to be levied on each commodity futures and options contract traded on a…
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…