Morgan Stanley
Ethical ETF launches on Borsa Italiana
A new euro-denominated ethical index exchange-traded fund (ETF) started trading on the Borsa Italiana – the Italian stock exchange – today. The Ethical Index Euro ETF (ticker B1ET IM) is the first ethical ETF in Italy.
Morgan Stanley creates 124 more managing directors
US investment bank Morgan Stanley has promoted 124 of its staff to managing directors, taking its total number of staff at that level to 983. Stephen Blyth, a New York-based options trader and Risk contributor, was among those promoted.
iBoxx licenses indexes for exchange-traded funds
Frankfurt-based indexing company iBoxx and Pennsylvania-based exchange-traded fund (ETF) company iShares have struck a deal to license iBoxx indexes as the basis for European fixed-income ETFs to be launched on Deutsche Börse. The new products are…
New trading allegations hit El Paso
Allegations that Houston-based El Paso swapped power contracts with Morgan Stanley to avoid a restatement of earnings sent shares of the troubled energy company tumbling today.
Loan hedgers shy away from CDS market
Despite a surge in European lending activity during the past three months, many banks have decided not to hedge their risk with credit default swaps (CDSs), according to research by Morgan Stanley.
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 .
Diversification of Morgan Stanley
One year after Sept. 11, Morgan Stanley contemplates a simple thought with complex repercussions: Don't put all of your eggs in one basket.
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.
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…
Lazard hires Stonehill to build capital markets business
The investment banking unit of New York-headquartered Lazard has hired Charles Stonehill as London-based global head of its capital markets businesses, a newly created position.
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.
DrKW sets up prime brokerage service
Dresdner Kleinwort Wasserstein (DrKW) has launched a prime brokerage business, offering financing and support services to hedge funds and alternative investment funds.
MSCI launches hedge fund indexes
Morgan Stanley Capital International (MSCI), a provider of benchmark financial indexes, has launched a family of hedge fund indexes today following a two-and-a-half year development process. The new group includes more than 90 indexes calculated on a…
Crédit Lyonnais set to offer prime brokerage in Asia-Pacific
CLSA, the emerging markets arm of French bank Crédit Lyonnais, plans to offer prime brokerage services in the Asia-Pacific region to cater for an anticipated growth of the hedge fund market in the region, according to Sheldon Lee, CLSA head of hedge fund…
Calls mount for bank and rating agency disclosure on Enron
Leaders of the US House Energy and Commerce Committee yesterday called on 10 investment banks and three credit-rating agencies to turn over records linked to Enron. Questions to the banks focused on loans to Enron and whether future business with Enron…
DrKW hires global equities director in Tokyo
Dresdner Kleinwort Wasserstein (DrKW) has hired Hiroyuki Uno as director and senior marketer of global equities in Tokyo. He will head a team of derivatives marketers that will primarily focus on marketing equity derivatives products to financial…
Dealers' VAR increases during 2001, says BofE report
Average value-at-risk (VAR) levels among leading dealers has increased over 2001, but despite increased vol across equity and rates markets post-September 11, large trading losses appear to have been avoided, according to the Bank of England’s Financial…
Banks move to boost credit derivatives liquidity
JP Morgan Chase and Morgan Stanley have agreed to standardise most of the items on their European credit swap master agreements, in a move designed to increase liquidity in the credit derivatives market.
Documentation dilemmas
Concerns over credit event definitions and the Basel Committee’s ‘ w ’ capital charge on credit mitigation instruments will not be easily resolved.
Garman Unveils 'VAR Delta' Methodology
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