HSBC
Nine banks to build Mifid utility
Nine global securities firms have gone public with plans to create a trade data and market data dissemination platform, to take advantage of the EU’s Markets in Financial Instruments Directive (Mifid) reforms.
CME names market-makers for renminbi futures
The Chicago Mercantile Exchange (CME) has named HSBC and Standard Chartered Bank (SCB) as the first market-makers for futures contracts on the Chinese renminbi (RMB) against the US dollar, euro and yen, which started trading on August 28.
First non-deliverable RMB rate swap traded
HSBC and Standard Chartered Bank have traded what they believe to be the first renminbi (RMB) non-deliverable interest rate swap transaction. The RMB100 million ($12.5 million) transaction has a three-year tenor and involves Standard Chartered paying a…
DGCX to launch Middle East's first currency futures
The Dubai Gold and Commodities Exchange (DGCX) is to launch currency futures in the coming months – the first such products to be made available in the Middle East. It plans to introduce futures contracts on euro/dollar, yen/dollar and sterling/dollar,…
HSBC promotes Brown to head of FX
HSBC has promoted Andrew Brown to global head of foreign exchange, a new position.
Fed gets a pasting over capital rules
WASHINGTON, DC – The new capital rules for non-Basel II banks in the US received a pasting in comments from firms and industry bodies posted on regulatory websites in late January.
Bank of America takes on HSBC metals group
Bank of America has recruited Peter Merritt to head a new metals trading team. Merritt, previously head of global metals at HSBC, will bring a team of metals traders and marketers with him from HSBC to Bank of America's New York office.
IIC launches euro iBoxx ABS index
Frankfurt-based International Index Company (IIC) has launched the iBoxx EUR ABS 50 index, which consists of the 50 largest and most liquid AAA-rated European floating rate asset-backed securities (ABS) and mortgage-backed securities (MBS). Each…
PBOC gives OTC foreign exchange trading go-ahead
The People's Bank of China (PBOC) has opened up the country's spot FX market to over-the-counter trades, and authorised the China Foreign Exchange Trading System (CFETS) to determine the daily central parity rate for the RMB against foreign currencies.
Australia sees 37% decline in forex OTC options, says Afma
Trading in over-the-counter foreign exchange options fell by more than a third over 12 months to the end-June this year, according to figures released by the Australian Financial Markets Association (Afma).
Risk and responsibility
A growing number of banks are producing sustainability reports detailing their environmental and socially responsible initiatives. Is this just slick PR or has sustainability become an important risk management consideration? Clive Davidson investigates
Trouble in paradise
Healthy balance sheets, swollen liquidity reserves and positive cashflows should be the words every bondholder wants to hear, but they could spell bad news for credit investors in the US as companies prepare to reward equityholders
Major dealers issue joint letter to Fed on credit derivatives
The New York Federal Reserve meeting with 14 major dealers on September 15 appears to have succeeded in coercing the industry into taking more concerted action to tackle the mounting problems in credit derivatives confirmation backlogs. Following the…
Isda’s ‘novation protocol’ aims to tackle derivatives backlogs
The world's major derivatives dealers have signed up to the International Swaps and Derivatives Association’s long-awaited ‘Novation Protocol’, which seeks to facilitate the transfer of existing trades to third parties.
China bond forwards represent move to more open market
The start of trading in bond forwards in China is a necessary step towards a more open market, but underlying markets are still too illiquid to allow other derivatives to be traded, said HSBC treasurer for China David Liao.
HSBC hires AIG’s Lee as head of currency exotics
Don Lee, the former head of currency options at AIG Financial Products, has joined HSBC in New York as global head of foreign exchange exotics and head of foreign exchange derivatives for the Americas.
Fitch/Algorithmics deal analysis
New York-based global ratings and risk management specialist Fitch Group has acquired Toronto-based enterprise risk management software supplier Algorithmics for $175 million.
HSBC provides clients with forex charting tools
HSBC has begun rolling out a web-based currency data charting application from UK vendor TraderMade to its corporate and investment clients. The application, called FX Charting, will support trading and hedging strategy decisions.
Nomura makes Hong Kong derivatives appointment
Nomura International has hired Alan Mak as head of structuring and marketing for Asia-Pacific derivatives.
Charles Stanley acquires Sutherlands
Charles Stanley Group, the stockbroker and financial services company, has announced its takeover of Edinburgh-based bond brokers, Sutherlands.
HSBC revises research offerings
Global banking group HSBC has reshuffled the research offered by its research arm.
Deutsche gets China derivatives licence
Deutsche Bank has become the latest institution to gain a licence to trade derivatives onshore in China. A Deutsche official in Singapore told RiskNews that the China Banking Regulatory Commission (CBRC) gave the German bank the go-ahead yesterday.
ABN Amro wins China derivatives licence
ABN Amro last week joined the elite group of foreign banks authorised to trade foreign exchange derivatives in China after winning a licence from regulator the China Banking Regulatory Commission, reports RiskNews’ sister publication, FX Week .
Chinese regulator extends derivatives transition period
The China Banking Regulatory Commission (CBRC) has extended the transition period for its new derivatives licensing regime, giving banks an extra three months to get licences in place that will allow them to trade derivatives onshore.