News
Cat bond activity set for ‘dramatic’ rise, claims Stonberg
The large pay-out expected by the reinsurance industry following the terrorist attacks of September 11, combined with a recent trend towards more capitalised investment banking firms, could stimulate a “dramatic increase” in the growth of the catastrophe…
GFInet launches energy option pricing software
GFInet, a maker of online trading markets, has launched new software designed to standardise options pricing in the energy market.
RiskAdvisory and Softsmith form energy jv
US-based business solutions providers RiskAdvisory Software and SoftSmiths are joining forces to supply the energy industry with a complete electronic transaction system. The integration of RiskAdvisory's Energy Book Runner and SoftSmiths' e-Merchant is…
CSFB closes precious metals business
Leading global investment bank Credit Suisse First Boston is to close its London, New York and Sydney precious metals market-making and structured derivatives, clearing and vaulting businesses.
Credit derivatives in Asia need liquidity boost
Growth in activity of Asia’s credit derivatives business cannot be reached until Asian credit markets see deeper liquidity and higher turnovers in the secondary market, said a senior PricewaterhouseCoopers (PwC) consultant, speaking at a press conference…
RMS adds Canadian weather data
Risk Management Solutions (RMS), the California-based provider of products and services for the management of natural hazard risks, has added Canadian temperature data to its Climetrix weather derivatives trading and risk management system.
Kiodex launches web-based risk application
Kiodex, a US-based provider of Web-based risk management solutions for the commodity markets, has launched its flagship risk management application, the Kiodex Risk Workbench. The product is designed to assist corporations in managing their earnings…
BoA promotes Fall to head of EMEA
Bank of America has promoted William Fall, its head of global risk management, to president for Europe, Middle East and Africa (EMEA). He replaces Douglas Bowers, who has been based in London for the past eighteen months and is relocating back to the…
Cygnifi files for Chapter 11
JP Morgan spin-off Cygnifi, the New York-based online derivatives service provider, has filed for voluntary Chapter 11 bankruptcy. During its Chapter 11 process, which is expected to take at least 90 days, Cygnifi said it will seek buyers for its assets…
TCG founder steps aside
Terence Chapman, founder of the Terence Chapman Group (TCG), the specialist provider of IT consultancy services to the finance sector, has stepped aside as chief executive.
Lehman to move main New York ops into one office
Lehman Brothers plans to move its entire New York operation into Morgan Stanley's new office tower at 745 Seventh Avenue as early as January 2002, officials at Lehman have told RiskNews’ sister publication FX Week (www.fxweek.com).
S&P offers CDO manager ratings on the Web
International debt rating agency Standard & Poor’s (S&P) has begun offering evaluations of collateralised debt obligations(CDOs) managers for free on its website. While the move appears timely given the current turbulent environment for non-investment…
CMC becomes latest e-FX loser
Currency Management Corporation (CMC), one of the longest-serving firms in the retail and mid-market online FX trading industry, has pulled out of the US. The UK company, which carried out its first online FX trade in 1996, said this was in response to…
Venture capitalist replaces Sandor on Liffe board
The London International Futures and Options Exchange (Liffe) has appointed Chinh Chu, senior managing director of private equity at New York-based venture capital firm, The Blackstone Group, to its board. He replaces derivatives veteran, Richard Sandor,…
Fimat improves online futures system
The Fimat Group, a brokerage unit of Société Générale, has launched a new customisable version of its Web-based customer interface system, Fimacis.
Major South African firms renew Algo contracts
Four of South Africa's leading corporations have renewed market risk management services contracts with Toronto-based risk management solutions provider Algorithmics
Decline in OTC derivatives for Singapore
Over-the-counter (OTC) derivatives turnover in Singapore has fallen 44% in the last three years, the Singapore Monetary Authority (MAS) has reported to the Bank for International Settlements (BIS). Average daily OTC derivatives turnover was $6.3 billion…
Icap recovering after WTC tragedy
Icap, the world’s largest interdealer broker for interest rate swaps, has substantially rebuilt its New York broking business following the loss of its entire New York offices, which took up three levels in the World Trade Center (WTC).
KWI appoints senior board members
KWI, the London-based supplier of trading and risk management systems for the energy market, has made two board-level appointments as part of an effort to grow its business.
DerivaTech appoints Tennola to new COO role
DerivaTech, the Chicago-based currency derivatives software solution provider, has named Paul Tennola chief operating officer (COO), a newly created position.
Euronext uncorks wine futures
The combined Paris, Brussels and Amsterdam bourse, Euronext, has started trading its wine futures contract, Winefex, after its launch date was postponed due to the September 11 terrorists attacks in the US. The publicly quoted exchange said it is trading…
S&P moves to rate hedge fund of funds
International rating agency Standard & Poor’s (S&P) has started to develop ratings criteria for securitisations of hedge fund of funds, due to growing interest in the past year from structured finance teams at investment banks.
Asia credit set to recover, claims ING Barings
Asian credit is set to recover by the end of the year, as domestic investors regain confidence and return to the region, according to ING Barings’ analysts, speaking at a press conference in Hong Kong today. Asian credit spreads have widened sharply in…
IntesaBCI selects mpct’s CLS Server
Italy's largest banking group, IntesaBci, has selected mpct Solution’s CLS (Continuous Linked Settlement) Server to power its CLS services, which will run on the Sun Solaris Unix platform at the bank's Milan headquarters.