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UK regulators ponder op risk charge for insurers
LONDON -- British regulators are deciding whether to impose a specific capital charge on insurance companies for operational risk under new risk-based rules aimed at making the UK insurance industry safer.
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Who’s afraid of M&S?
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Icap launches reset risk competitor to Switchfix
Interest rate swap trading desks now have an alternative method of eliminating reset risk, courtesy of a new online matching system developed by Icap, the UK interdealer broker, called Fra-Cross.
SG equity derivatives team unaffected by Asia restructuring
SG Securities Asia’s (SGSA), the Asian equities arm of French bank Société Générale, said plans to realign its operations in Asia – ex-Japan and Australia – will not affect its equity derivatives team, according to a spokesperson in Hong Kong. The bank…
Japan resumes NPLs reduction drive
The Resolution and Collection Corporation (RCC), entrusted by the Japanese government to help reduce Japanese banks’ major non-performing loan (NPL) problems, has concluded its first securitisation deal this year. An RCC spokesperson said the transaction…
Oldest US exchange looks to energy futures
Merchants Exchange, the oldest commodity exchange in the US, plans to offer energy futures contracts for the first time. The move follows an increase in demand for cleared contracts following the bankruptcy of Enron, although Merchants Exchange said it…
Directors divided on audit reform
US corporate directors want more transparency in the reporting of derivatives positions, but are divided over how best to monitor external auditing in the wake of Enron’s fall, according to a survey conducted by the National Association of Corporate…
CBOT launches X-Funds
The Chicago Board of Trade (CBOT) today launched X-Funds, short-duration futures contracts that track the performance of a professionally selected index.
ABN and Rabobank unveil new hires
Rabobank International, the international arm of Dutch co-operative bank Rabobank, has made Rutger Schellens head of financial markets activities, including capital markets, treasury and investment books businesses.
Prime broker shortcomings contribute to hedge fund risk
Hedge Funds are incurring extra operational risk as a result of inadequate prime brokerage services, according to TCA Consulting.
European short-dated rates volatility lows continue
The surge in long-dated interest rate volatility has cast its shadow over the European swaption market during the last nine months, but now at the other end, short-dated volatility has fallen.
Insurance industry moving too slowly on op risk
Insurance companies are failing to move quickly enough to offer operational risk regulatory capital charge protection coverage, according to Philip Martin, director of HSBC’s operational risk consultancy. Speaking at Risk magazine’s OpRisk Europe 2002…
Sempra Energy Trading acquires Enron Metals
Sempra Energy Trading, the Connecticut-based gas, power and petroleum dealer, is to acquire Enron Metals in a $145 million cash deal.