Basel II
Algo teams up with Agena to solve op risk data history issue
Canadian risk management technology supplier Algorithmics has teamed up with UK software company Agena to help institutions to model operational risk better.
SPV Ruling: Counting the cost
The recent crop of high-profile accountancy scandals has forced the US accounting regulator to clamp down on the 'creative' use of special purpose vehicles to shift liabilities off balance sheet. Saskia Scholtes investigates the ramifications for firms…
US Treasury department creates new financial institutions policy office
A new office that will focus on legislative and policy matters related to the financial services sector — including commercial banks, investment banks, insurance companies, credit unions and savings and loans — was announced yesterday by the US Treasury.
STP - Morgan Stanley Speeds FIX Monitoring
To better manage exposures, the firm realized traffic running through its electronic trading network had to be monitored in real time.
Citi triumphs in Asian CLS
TAIWAN — Citigroup appears to be winning the battle for third-party CLS business in Asia.
Isda and Liba protest against CAD3 divergences from Basel II
The International Swaps and Derivatives Association (Isda) and the London Investment Banking Association (Liba) have released their joint response to the European Union's third capital adequacy directive (CAD3). The response was delivered at non-public…
State Treasury of Finland joins growing Trema client list
Swedish technology firm Trema added to its growing list of eurosystem clients last week, with the announcement that the State Treasury of Finland has implemented Trema's Finance Kit to manage state debt.
Diary Of A Data Center Relocation
After Sept. 11, Prudential Financial modified its disaster recovery plan. That modification involved closing its center in New York and opening one in Pennsylvania.
Canadian regulator addresses derivatives-based insider trading
The Ontario Securities Commission (OSC) plans to introduce regulations that prevent sophisticated investors from using derivatives to circumvent current insider trading rules.
Nybot Plans for 'Triangular' Continuity
NEW YORK — The New York Board of Trade (Nybot) will apply a "triangular" approach to business continuity—a weaving together of primary, on-site and remote disaster recovery data centers—as part of its relocation to Lower Manhattan, officials said last…
The SEC's E-mail Crackdown
Broker-dealers say vague wording in SEC rule 17a-4 will make compliance with the rule unnecessarily costly and burdensome.
US-based Basel opponents cry "foul" on commercial real estate
Small and medium-sized US banks will be hit hard by the treatment of commercial real estate under the proposed revisions to the Basel Accord, according to Sarah Moore, chief operating officer of the Colonial Bank Group, a regional US bank, at…
Basel’s CDO solution
As the Basel Committee on Banking Supervision continues its stately progress towards a revised capital Accord, one area remains under debate: the proposed capital rules for asset securitisations. As some readers will recall, it was securitisations that…
Random tranches
How should economic or regulatory capital be allocated to tranches of securitisations? The standard Basel conditional dependence calculations are complicated in this case by non-linearity effects and complex deal dependence. Here, Michael Gordy and David…
"Substantial flaws still remain" in Basel II, says CSFB's Ervin
"While there is much to admire in the new [Basel II] rules, there are also many elements that raise serious concern," said Wilson Ervin, a managing director and head of the firm's strategic risk management department of Credit Suisse First Boston, who…
US deadlines for regulatory proposals revealed
The US plans to kick its Basel II regulation machine into gear fairly quickly, according to a source with regulatory connections.
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings on February 27, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard's Board (FASB) rule 123 on accounting for stock-based compensation.
Substantial flaws remain in Basel II, says CSFB's Ervin
Wilson Ervin, head of the strategic risk management department at Credit Suisse First Boston, yesterday said that there are causes for concern in the Basel II proposals. "While there is much to admire in the new [Basel II] rules, there are also many…
US regulators restrict Basel II adoption amid agency infighting
In Congressional hearings yesterday, top US bank regulators sharply criticised the proposed Basel Accord revisions, and used their criticisms to justify plans to apply the new set of international banking regulations to only the top 10 banks in the…
CLS settles a trillion a day
NEW YORK — Continuous Linked Settlement, the new settlement service for foreign exchange, settled a record $1 trillion in FX payments on February 18.
Wall Street Hones BCP Testing
NEW YORK—Wall Street will be honing the coordination of its voluntary industry-wide testing of business continuity planning (BCP) this year, according to a representative of the Securities Industry Association's (SIA) BCP Industry Testing sub-committee…
Trichet still best bet for ECB job
Jean-Claude Trichet's trial is not an insurmountable obstacle to his accession to ECB presidency. But while the outcome is uncertain, French officials must come up with a back-up candidate, says Stephen Sandelius, Paris correspondent for Market News…
Commerzbank, IBM Mull Outsourcing Deal
FRANKFURT—In what looks like a pioneering deal, Commerzbank is working out the details of an IT outsourcing arrangement with IBM that would see the vendor take on responsibility not just for low-level infrastructure, but complete management of major…