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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.
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…