JP Morgan
JP Morgan Chase concedes failures in loan hedging programme
Hit by increased loan loss provisions, credit rating downgrades and a below-book-value market capitalisation, JP Morgan Chase is conceding that a plan to reduce concentrations of credit risk in the firm’s loan and derivatives portfolio has been overtaken…
Weak equity markets continue to fuel widening in European credit spreads
Equity weakness continued to dominate the direction of European credit default swaps, pushing the cost of protection wider for volatile insurers and telecoms.
Poor vendor data delays BofNY securities ‘master’ project
The Bank of New York said its efforts to build a ‘master’ securities database was delayed due to poor data from between 13 to 15 data providers.
One-month delay for UK warrants market
The UK covered warrants market will not launch until October 28, more than a month later than the initially proposed date of today, according to the London Stock Exchange (LSE).
Swaps spreads for US banks and brokers widen
The cost of protection for US banks and brokers widened following a 17% plunge in third-quarter profits at Morgan Stanley and bleak forecasts by JP Morgan Chase on Tuesday that resulted in credit downgrades by rating agencies Standard & Poor’s and Fitch…
ORX loss database operational by the end of the year
FRANKFURT, GERMANY - The Operational Riskdata eXchange Association (ORX), a not-for-profit venture to pool op risk loss data resources, expects its operational risk database to be operating by the end of 2002, Fred Peemoeller, chief risk officer,…
JP Morgan says downgrade will impact derivatives business
JP Morgan Chase’s credit rating agency downgrades yesterday will affect its derivatives business, the bank told RiskNews at the end of the London trading day today.
JP Morgan default swaps hit as bank receives double-downgrade
The cost of credit protection on JP Morgan Chase debt has surged more than 25 basis points following a profit warning from the US investment bank and downgrades from rating agencies Fitch Ratings and Standard & Poor's.
JP Morgan Chase woes prompt limited spread contagion
JP Morgan Chase’s profit warning and two rating agency downgrades yesterday, which prompted its debt protection costs to widen as much as 26 basis points to 100bp, has caused only a minimal impact on other financial credit derivatives spreads.
JP Morgan Chase appoints equity derivatives co-head in Asia
JP Morgan Chase has appointed Andrew Cooper as co-head of its Asia-Pacific equity capital and derivatives markets (ECDM) division, a position he will share with the incumbent Nick Andrews.
Quality regulation is key for credit derivatives development, say bankers
Effective regulation emerged as a key theme for the development of the credit derivatives industry, according to an industry discussion forum hosted by inter-dealer broker CreditTrade in London last night.
Banks go live on CLS
Continuous Linked Settlement (CLS) - the long-awaited industry initiative to cut settlement risk for foreign exchange - will go live today.
FXall hires marketers from former rival Atriax
Two former employees of defunct multi-bank FX tradingportal Atriax were last week hired by rival portal FXall. Keith Hill joins FXall in London as head of Europe, Middle East and Africa sales, while Michelle Bachmann-Love was made head of North America…
Looking to the new horizon
Can a firm cut costs while increasing operational risk controls? This is just one of the many challenges facing the investment industry.
RiskMetrics expands CreditGrades to include Japan
RiskMetrics Group, the New York-based software company, has expanded its CreditGrade risk measurement system in Asia to include data on Japanese firms.
Credit liquidity at a premium as trading activity hits the August blues
Liquidity in the European and US credit derivatives markets has hit premium levels in Europe and the US this week, with trading said to have fallen to 10% of normal volumes and spreads fluctuating within a five basis point range.
Pardue resigns from Morgan to set up alternative investment house
Charles Pardue has resigned as co-head of marketing for structured finance at JP Morgan in Europe to establish Prytania Alternative Investment Management. He plans to launch Prytania in early 2003.
JP Morgan and Citigroup pass Enron blame to Andersen
Citigroup and JP Morgan Chase yesterday sought to shift blame on to auditor Andersen for its role in approving 'prepay' transactions, which masked Enron’s financial malaise.
Icor plans to offer electronic rate swaps at year-end
Electronic interdealer broker Icor plans to offer dollar-denominated interest rate swaps at the turn of the year. The New York-based broker, 50% owned by global information services company Reuters, currently trades only foreign exchange options.
BBSP launches FX implied volatility forecasting
French technical analyst forecasting company BBSP has launched a service that charts and forecasts implied volatilities for currencies, officials at the firm said.
JP Morgan Chase to release ratings-based JECI, while ABN launches iBoxx note
JP Morgan Chase is planning to launch a ratings based version of its JP Morgan European credit index-linked security (JECI) in the next few months. The new JECI products will incorporate credits with specific ratings, initially focusing on AA and A rated…
IMF seeks scrutiny of insurers' credit risk
The International Monetary Fund (IMF) says greater information about insurers' financial markets activities – including credit risk transfers – is needed before their implications for financial stability can be clearly ascertained.
JP Morgan scoops Credit magazine's credit derivatives strategy research award
JP Morgan Chase has taken the top ranking in Credit magazine's credit derivatives strategy research survey, receiving almost twice as many nominations as the second ranked bank, Morgan Stanley. Credit is a sister publication to RiskNews .
JP Morgan sees mixed results in Risk ’s 2002 end-user derivatives rankings
JP Morgan Chase, the world’s largest derivatives house, managed only a fourth-place position in the non-financial companies section of Risk ’s 2002 end-user derivatives rankings. But the US financial group dominated the asset management rankings, with a…