News
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.
BofA names Mixon as European head of global markets
Bank of America (BofA) has made Arrington Mixon the new European head of its global markets group. She will take responsibility for both investing and issuer clients in Europe, offering a full range of products and services, including forex, interest…
ABN’s Mulder calls for faster op risk implementation
Bankers were urged to accelerate implementation of operational risk management practices to better serve their institutions ahead of Basel II by Herman Mulder, senior executive vice-president for group risk management at Dutch bank ABN Amro, during a…
JPMC promotes Winters and Wilson
JP Morgan Chase has promoted Bill Winters and Don Wilson, co-heads of the firm's credit and rate markets business - including credit and rate derivatives - to its 15-strong executive committee.
US rule proposal could boost insurer derivatives use
The National Association of Insurance Commissioners (NAIC), an official body that develops model insurance regulations for adoption at the US state level, is considering a new accounting guideline that would allow US-based insurers to report hedge…
FSA chairman voices CDO concerns
The Financial Services Authority (FSA), the UK's principal regulator, is concerned that the rapid growth of credit risk transfers between banks and insurers/ reinsurers could affect financial stability.
Merrill loses London head of FX trading
Harry Culham has left Merrill Lynch in London, where he was head of FX trading for Europe, the Middle East and Africa.
Renewed FX interest by funds offers prime brokerage fillip
The return of funds to trading forex has prompted a boom in the provision of prime brokerage services. Banks such as Bank of America are hiring more staff to cope with the increased demand, while others, like UBS Warburg, are building online prime…
DrKW steps up equity derivatives effort in Asia
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany’s Dresdner Bank and part of the Allianz group, has made its first major hire following a major restructuring of its Asian operations last year. The bank named James Hong, an…
CBOT explores re-launch of corporate bond futures
The Chicago Board of Trade (CBOT) is exploring market interest in a new corporate bond index futures contract, and will decide whether to draft contract specifications within the next few weeks, according to Julie Winkler, a senior economist involved…
Experts call for constant review of corporate risk practices
Risk management practices and financial reporting have been high on the corporate governance agenda since the September 11 terrorist attacks and the spate of business failures during the past year, according to speakers at a corporate governance seminar…
SocGen, Citi in first North American warrants push
Citibank and Société Générale are set to sell the first warrants to the North American retail market when they start trading them via the Bourse de Montréal, Canada’s financial derivatives exchange, on Monday.
OpVantage and Raft integrate products
Operational risk software and data vendors Raft International and OpVantage plan to integrate Raft Radar and OpVar, their respective op risk applications, in a collaboration that will see the global delivery of joint products and services to financial…
I-Wex backs hourly data to boost weather market
I-Wex, a UK-based data provider, has launched QuantWeather.com, an online platform for historical weather data. Speaking at the product’s launch, at Risk ’s WeatherRisk 2002 conference in New York, Nick Mooney, I-Wex’s chief executive, claimed…
Enron's trading operations under spotlight at Senate hearing
The US Senate hearing on the collapse of Enron opened yesterday with expert testimony urging the focus of investigations to fall more on the firm’s derivatives trading operations.
Weather derivatives set for emerging markets
A joint venture between the World Bank and US energy company Aquila is set to broaden the growing weather derivatives sector into emerging markets for the first time.
Platts launches US coal derivatives index
Platts, the energy information business and part of McGraw-Hill, has launched a series of coal derivatives indexes in the US to help market participants to price contracts in this developing area of the energy markets.
Icor sees a trade a day in first week
Icor Brokerage, an over-the-counter electronic forex options trading platform, has seen a trade a day since it was finally launched in Asia on January 16 – more than a year after its initial schedule.
Lehman snaps up CSFB barrier options team
US investment bank Lehman Brothers has lured a 15-person equity barrier options team from rival Credit Suisse First Boston (CSFB) as part of its bid to boost its equity derivatives operations.
Algorithmics promotes Zerbs to COO
Canadian risk software and systems provider Algorithmics has promoted Michael Zerbs, formerly vice-president of research and product marketing, to chief operating officer - a newly created position.
PRMIA unveils interim board
The nascent Professional Risk Managers’ International Association (PRMIA), set up by a raft of disgruntled former Global Association of Risk Professionals' (Garp) ex-regional heads, has appointed an interim board.