News
Iskander to head OTC structuring at Deutsche
Deutsche Bank has hired Michel Iskander to head its over-the-counter derivatives structuring business. He will manage a team of about 10 people in the newly created position. He will report to Toshio Okumura, head of the structured products group, and be…
SunGard offers risk analysis for STN users
SunGard Trading and Risk Systems, a unit of US financial services supplier SunGard, will offer users of SunGard Transaction Network (STN) Treasury - an online trading platform for forex and money markets - on-demand risk analysis and reporting through…
Patsystems to renegotiate connectivity contracts
Patsystems, the London-based independent software vendor (ISV), will renegotiate a 'substantial' number of unprofitable contracts with clients in its latest strategic review.
Icor launches electronic options broking
Icor Brokerage has launched its online brokerage service for forex options in the Asia-Pacific region, where 14 banks are already hooked up to trade over the system. Six additional Asian banks are set to go live next month.
Forex spot and futures platform EBS Trader goes live
The EBS Partnership today goes live with EBS Trader, its internet-delivered conversational direct-dealing system for spot and forwards foreign exchange, company officials told RiskNews ' sister publication FX Week . The service will compete directly with…
Union Pacific to use Kiodex for fuel risk management
Union Pacific Railroad, a subsidiary of major American transportation company Union Pacific Corporation, has selected Kiodex Risk Workbench to manage its earnings exposure to energy price risk.
ICE names Spencer as CFO
Atlanta-based commodities exchange, the IntercontinentalExchange (ICE), has made Richard Spencer its chief financial officer, a newly created role. ICE has also created an office of the chairman to manage the exchange’s rapid growth. The office of the…
Normandy trims hedging book as Newmont closes in
Australia’s largest gold company, Normandy Mining - the subject of a bidding war by two of the world’s largest gold producers, AngloGold and Newmont Mining – has unwound a large part of its forward hedging book, catching some dealers by surprise.
Insurers call for greater underwriting discipline
Many insurance and reinsurance companies face ruin unless there is a fundamental shift towards correlating risk management with underwriting premiums, according to a panel of insurance industry chief executives at the Property/Casualty Joint Industry…
Enron exposure hurts JP Morgan credit position
Rating agency Standard & Poor’s (S&P) has placed JP Morgan Chase on negative ratings outlook following the financial institution’s unveiling of a $322 million loss in fourth-quarter 2001, in part caused by its exposure to failed US energy company Enron.
Reech joins the ASP rush to target hedge funds
UK-based Reech Capital has joined the growing number of firms targeting the hedge fund industry with application service provider (ASP) financial services instruments, by unveiling a new Web-delivered risk management product.
Goldman steps up hedge fund effort with two hires
Goldman Sachs has added two new portfolio managers and transferred another pair to its hedge fund strategies group - a unit the investment bank claimed has seen significant asset growth in recent months.
Outram joins Kamakura in Asia Pacific
Honolulu-based risk management software firm, Kamakura, has made Jaqueline Outram managing director for client relationships and operations in Australia and the Asia Pacific region. She will also sit on the company's managing committee.
Cognotec in Digital Island deal to boost online performance
Foreign exchange and money-market trading software provider Cognotec has teamed with Digital Island, the San Francisco-based communication infrastructure specialist, to improve online performance. The agreement involves Dublin-based Cognotec…
Bundesbank goes live with new FX reserves system
The Bundesbank - Germany’s central bank - has gone live with a new electronic system for managing foreign currency reserves that should improve risk management.
KBC selects SunGard for securities processing
KBC has selected intelliMATCH from SunGard eProcess Intelligence, an operating unit of US financial services IT provider SunGard, for matching and reconciliating trades.
BPC offers 'Complete' risk management product
Bita Plus Consultants (BPC), the London-based provider of risk management and portfolio optimisation software, has developed a risk analysis and reporting service, Bita Complete, targeted at the fund management industry.
SFE pays US$28 million for OM technology
The Sydney Futures Exchange (SFE) entered a US$28 million, eight-year agreement on Friday to outsource its core clearing technology and operational support functions to Swedish technology vendor OM. The agreement includes US$5 million in capital costs…
Asian securitisation market hits post-crisis record
The Asian securitisation market has registered its most successful year since the Asian financial crisis, with cross-border issuance totalling $2.74 billion in 2001, according to international rating agency Moody’s. This growth is set to continue, with…
Meyer to step down from Fed
Lawrence Meyer, a US Federal Reserve Board governor, yesterday said he would resign from the board when his term ends on January 31. His departure will leave a second vacancy on the seven-member Fed board, after the retirement of former governor Edward…
BNP Paribas closes weather derivatives unit
BNP Paribas has withdrawn from the weather derivatives market in a move likely to prompt closer scrutiny of weather-trading unit performance at other banks.
Eurex elects exchange council
Eurex, the world’s largest derivatives exchange as measured by transaction volumes, named Dresdner Bank board director Leonhard Fischer as chairman of its new exchange council - the highest supervisory body of the Swiss-German exchange.
Ice to head US rates marketing at UBS Warburg
UBS Warburg, the investment banking arm of Switzerland’s UBS, has hired Michael Ice to head its interest rate derivatives marketing and structuring unit in the United States.
Hong Kong derivatives volumes rise in 2001
Derivatives trading volumes in Hong Kong soared to new highs last year, with total futures and options contract volumes rising by 13.9% in 2001 from the previous year, according to the Hong Kong Exchanges and Clearing (HKEx).