News
ICE promotes Marcial to CTO
Atlanta-based online commodities exchange, IntercontinentalExchange (ICE), has promoted Edwin Marcial from vice-president, technology, to senior vice-president and chief technology officer. ICE says the appointment emphasises the importance of its…
Clearstream prepares for takoever
Clearstream, the European clearing and settlement house, is in the process of speaking with rival body Euroclear and Deutsche Borse over plans for a takeover. Clearstream’s Luxembourg-based board will consider both proposals, which outline the indicative…
Nomura adds to capital markets business
Nomura International has made a number of new hires to its capital markets business, in a move to leverage its position in the yen markets. Nomura also says the new hires should broaden the origination capabilities of its fixed-income business.
West LB commodities desk signs up with OpenLink
The global financial markets unit at Germany's West LB is to use New York-based OpenLink's Endur trading, risk management and transaction processing system for its energy and precious metals trading desk in London.
S&P unveils new ratings model
International rating agency Standard & Poor's is to introduce a new partial guarantee model to help companies seeking to upgrade their credit ratings. The model marks a move away from the weak-link rating approach currently being used, where corporations…
Fidelity forex unit adopts FNX’s Sierra
Fidelity forex, a unit of Fidelity Capital Markets that provides foreign exchange (FX) pricing to institutional investors, has implemented the Sierra Treasury System developed by FNX, a provider of straight-through processing solutions to the global…
S&P unveils new ratings model
International rating agency Standard & Poor's is to introduce a new partial guarantee model to help companies seeking to upgrade their credit ratings. The model marks a move away from the weak-link rating approach currently being used, where corporations…
Citic Industrial Bank ramps-up risk systems
China’s Citic Industrial Bank has adopted SunGard’s Panorama risk management solution, which marks the US trading and risk management systems firm’s first major client in the potentially lucrative Chinese market. And as the country’s largest banks…
Liffe's future lies with Euronext
The board of the London International Financial Futures and Options Exchange (Liffe) has unanimously voted to recommend a £555 million ($806 million) cash takeover bid by pan-European exchange operator Euronext to its shareholders. The other bidders were…
Vontobel to use Ubitrade derivatives system
Swiss private bank Vontobel is to install trading technology developed by France's Ubitrade to manage its listed derivatives.
EEX and LPX merge
Germany's two electricity exchanges, the European Energy Exchange (EEX) and the Leipzig Power Exchange (LPX), will merge by the start of next year. The new exchange will be called EEX, and will be based in Leipzig. It will be jointly run by Hans…
CIBC to use Egar's dispersion software
CIBC World Markets, the investment banking arm of Canada's CIBC, has licensed Egar Dispersions, a volatility dispersion strategy analyser that shows investment opportunities in changes in the relationship between options on an equity index and options on…
Moody's integrates credit risk software with GFA
The Chicago Board of Trade (CBOT) launched its newest product, the 10-year interest rate swap future, today. The new instrument will trade in the agency/swap futures pit and on the CBOT's electronic trading platform.
Barclays launches natural resources ETF
Barclays Global Investors has launched a new exchange–traded fund (ETF) that tracks an index made up of US companies in the natural resources sector. The product lets investors gain exposure to the natural resources sector using a single security.
Moody's integrates credit risk software with GFA
Moody’s Risk Management Services (MRMS) and California-based Gifford Fong Associates (GFA), provider of financial consulting and propriety analytical tools, have completed the integration of their default prediction and fixed-income portfolio management…
JP Morgan and Deutsche move to offer broad indexes
JP Morgan Chase and Deutsche Bank have signed up to US technology solutions provider Longitude’s Parimutuel Digital Call Auction (PDCA) technology, which could herald the introduction of broader index trading based on economic data. The PDCA technology…
Standard Chartered joins FXall connect
Standard Chartered has adopted FXall connect from Cognotec, the Dublin-based foreign exchange and money market e-commerce solutions provider. FXall connect’s application programme interface (API) will enable Standard Chartered’s customers access to a…
OpVar software upgrade fits Basel QIS
OpVantage, the operational risk quantification provider, has released version 4.0 of its OpVar software. The new version maps its data to the Basel Committee’s Quantitative Impact Study (QIS) loss event categories at level 2.
Hong Kong banks set to struggle with Basel II
Many of Hong Kong’s banks could struggle to implement the new proposals for capital adequacy by the Basel Committee on Banking Supervision, due to their lack of sophisticated risk management systems, claimed consultants Deloitte Touche Tohmatsu at a…
Deutsche names new head of Korean trading
Deutsche Bank has named In-Suk Jung as head of trading for the bank’s global markets unit in Korea. He will be responsible for local fixed-income products, including derivatives.
Lehman joint venture to offer emerging market risk measurement
Wall Street investment bank Lehman Brothers and New York-based political risk research firm Eurasia Group have formed a joint venture to combine Lehman's fixed-income research with Eurasia's political science expertise.
HKEx to introduce three-year EFN futures
Hong Kong Exchanges and Clearing (HKEx) plans to introduce three-year exchange fund note (EFN) futures contracts on November 12, subject to the approval of the Hong Kong regulator, the Securities and Futures Commission.
DTCC seeks to address post Sept 11op-risk concerns
The Depository Trust & Clearing Corporation (DTCC), the world’s largest clearing company, has seized the initiative to address the issue of systemic operational risk concerns raised in the aftermath of the US terrorist attacks of September 11.
French banks stable following US attacks, says Moody's
International rating agency Moody’s said the credit quality of French banks will remain stable despite the uncertain economic climate in the aftermath of the September 11 attacks in the US. “The French banking sector continues to rank among the strongest…