JP Morgan
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…
S&P says ratings more accurate than credit default swap prices
Rating agency Standard & Poor's (S&P) defended its credit ratings approach amid criticism from bankers that there were inconsistencies in its company assessments across different sectors and regions.
Shapiro to quit JP Morgan Chase; Winters promoted
Marc Shapiro, head of finance and risk management at JP Morgan Chase, will retire from the bank at the end of next year. Confirmation of Shapiro’s departure came amid a management reshuffle announced by chairman and chief executive, Bill Harrison, which…
JP Morgan Chase may exit European energy business
JP Morgan Chase has lost nine of its energy derivatives traders, fuelling speculation that the US investment bank may close its energy operations, at least in Europe, following widespread cost-cutting and restructuring.
Rates Markets Update: Swap flows increase on economic news
Dollar-swaps saw big flows this week following a US Treasury announcement on Monday that it plans to borrow $120 billion to cover its budget shortfall. Ten-year swap spreads had come in from 57.5 basis points at the start of the week to 52bp midweek,…
Static data moves forward
Firms tackling high-speed and information-intensive tasks such as straight-through processing or risk management without accurate instrument and counterparty reference data may be taking enormous operational and credit risks. Clive Davidson reports on…
JP Morgan restructures credit and interest rate operations
JP Morgan Chase is creating a global credit management group, incorporating credit risk management, corporate banking and credit lending. The new division is intended to reflect a market trend away from differentiating between different debt instruments…