JP Morgan
Credit default swaps remain tight despite falling equities
Credit default swap spreads in Europe have remained relatively tight this week despite falling equities. The trend is being supported by the current dislocation between credit and equity, and also continued large issuance of synthetic CDOs, according to…
Top dealers plot ‘Project Red’ revival
The backers of ‘Project Red’, a credit derivatives reference entity database (Red) set up by top dealers Deutsche Bank, Goldman Sachs and JP Morgan to remove basis risk in credit trading, have conditionally agreed to sell the service to UK credit risk…
Lau-Hansen named marketing head at Primus
Primus Financial Products, an AAA-rated company offering credit risk protection on investment grade corporates, financials and sovereigns, has hired Candace Lau-Hansen from JP Morgan Chase as its new global head of marketing.
Westpac launches CDO of CDOs
Australian bank Westpac has closed a $1.25 billion synthetic collateralised debt obligation (CDO) backed by a pool of structured finance transactions. The deal, arranged by JP Morgan Chase, is thought to be the first such structure issued in Asia-Pacific.
US Senate calls for structured finance probe
The structured finance businesses of leading financial institutions in the United States are set to face a major business practice investigation during the next six months, with top US regulators set to introduce a new code of governance for structured…
JP Morgan Chase takes $400m surety bond hit
JP Morgan Chase has settled its high-profile legal dispute with 11 of the world’s leading insurers, over payment of surety bonds issued by the insurers that guaranteed prepaid commodity forward contract obligations between now-bankrupt energy trader…
MBRM buys Cygnifi intellectual property rights
MB Risk Management (MBRM), a London-based financial analytics company, has bought the entire intellectual property rights of JP Morgan spin-off Cygnifi Derivative Services from its bankruptcy trustees.
JP Morgan Chase offers standard maturity dates for credit derivatives in Europe
JP Morgan Chase will quote credit default swaps in Europe with 12 standard maturity dates for each calendar year from today. The move is part of an effort to boost liquidity in the credit derivatives market, with European contracts now ending on the…
Credit and credibility
Credit risk modellers have made giant strides, but they still have to convince regulators that they can make the world a safer place.
JP Morgan Chase and UOB Asset Management close $1.7 billion synthetic CDO
US bank JP Morgan Chase said today it has closed United Global Investment Grade CDO II, the largest synthetic collateralised debt obligation (CDO) managed by an Asian fund manager - Singapore-based UOB Asset Management. It is the second United Global…
JP Morgan Chase prepares largest Asian managed synthetic CDO
JP Morgan Chase is preparing to launch what will be the largest synthetic collateralised debt obligation (CDO) to date to be managed by an Asian fund manager. The $1.7 billion deal will be managed by Singapore's UOB Asset Management, say Asian investors…
JP Morgan launches LSE-listed certificates
JP Morgan has launched the first listed certificates registered on the London Stock Exchange (LSE), targeted at retail investors. The move follows the launch in November of covered warrants in the UK.
JP Morgan Chase pushes use of credit derivatives to enhance returns
JP Morgan Chase plans to give a number of presentations to asset managers to encourage them to use credit derivatives to enhance returns.
Deutsche Bank seeks plays on EU convergence
Deutsche Bank has launched a Central European foreign exchange (CEFX) convergence index designed to provide optimally weighted risk/return exposure to the Polish, Hungarian, Czech and Slovakian currencies. The index is tradable as a spot currency, with…
CLS Is Live. What Next?
CLS participants breathed a huge sigh of relief when the long-awaited system launched successfully. Is anyone ready to start expanding the system to new products?
Kosda to launch benchmark CMS index
The Korean Swaps Dealers Association (Kosda) plans to launch a benchmark constant maturity swap (CMS) fixing index in December, according to Seung Won Hwang, head of derivatives marketing at Citibank and co-chairman of Kosda.
Dongwon Securities poaches JP Morgan Chase banker
South Korea’s Dongwon Securities has hired BJ Kim, an ex-JP Morgan Chase banker, as executive vice-president to boost the firm’s over-the-counter derivatives capabilities. Previously, Kim was head of credit markets at JP Morgan Chase in Seoul.
Prebon builds bridge to SwapsWire
Institutional broker Prebon Yamane is going live this week with a system, developed in-house, that allows traders to have direct links to the SwapsWire online platform, according to officials at the firm, based in London. Swapswire, owned by a consortium…
Basel II will lead to more instability, critic argues
LONDON - The Basel II bank capital accord will result in more banking instability and more pro-cyclicality, where bank actions taken in response to solvency rules reinforce economic and market cycles, a leading critic of the accord said in October.
US and European credit derivatives markets remain muted
Default protection costs continue to tighten in both the US and the European credit default swap market in line with the cash market, traders said today, adding that volumes continue to remain relatively muted, particularly in the European markets.
Credit ratings come into FX focus
Credit ratings are becoming increasingly significant to foreign exchange market players, with downgrades increasing in the current economic downturn, market participants told RiskNews ' sister publication FX Week .
Clients of settlement members go live today on CLS
Clients of banks that have signed up as settlement members to CLS Bank can from today have their foreign exchange transactions settled on continuous linked settlement (CLS), the system built to reduce risk in the global forex markets.
New US online options exchange announces investors
The Boston Options Exchange (BOX), a venture of the Boston Stock Exchange, has announced investment stakes by Credit Suisse First Boston, JP Morgan Chase, Salomon Smith Barney and UBS Warburg. The size of the investments was undisclosed.