Month: December 2006

NAB Closes the Book on Options Fiasco

National Australia Bank (NAB) has revealed that the Australian Prudential Regulation Authority (APRA) has closed the remaining remedial actions associated with the foreign exchange options trading losses that were revealed in January 2004 (Profit & Loss, February and April 2004). The critical element in APRA’s decision is that it has approved NAB’s return to the […]

Lloyds TSB Adds to Client Solutions Team.

Vishal Gupta has been appointed to the newly-formed client solutions team at Lloyds TSB corporate markets. He will report to Chris Mitchell, head of global financial institutions (FI) solutions. Mitchell will oversee the development of this team having joined the group in summer 2006. “This appointment is symbolic of our strategy to combine the expertise […]

RZB Appoints in London

Raiffeisen Zentralbank (RZB) has moved to bolster its central and eastern European sales capabilities in London by appointing Tracy Frampton to head up its sales of central and eastern Europe capital market products. Frampton was previously in fixed income sales at Troika Dialog UK, where she concentrated on Russian corporate external and domestic debt. Previous […]

Reuters News – For Machines

Algorithmic traders are now able to rely upon more than just price data for populating their models after Reuters launched two products that allow its news output to be “read” for the purposes of automated trading. Both are designed to enable computers to recognise and process key items of information in Reuters news stories, allowing […]

Seven Banks Sign for SD Commodities

Citigroup, Credit Swiss, Morgan Stanley, Standard Chartered, ABN Amro, ING and Mitsubishi Financial Group have licensed SD-CM, the SuperDerivatives real-time pricing and analytics platform for commodities and energy options for their trading, structuring and sales desks around the world. SD-CM provides real-time, market-accurate prices for commodities and energy options. It contains a set of analytical […]

Reuters, TMA Hong Kong Launch RMB Swap Fixing

The Treasury Markets Association of Hong Kong (TMA) and Reuters say that a new renminbi swap offer rate (CNY SOR) fixing will be launched on 18 December 2006.   Reuters has been appointed by the TMA as the calculating agent for the computation and distribution of the fixing. The TMA says that the move underscores Hong Kong’s commitment […]

Nicholls up the Ladder at DB

Deutsche Bank has appointed David Nicholls as head of global finance, Europe, within its Global Markets division, effective immediately. Nicholls is based in London and will report to Alan Cloete, head of global finance and foreign exchange. Deutsche says that Nicholls was previously head of global finance in London and brought about strong growth in […]

Lehman Shuffles the Pack in Europe

Lehman Brothers has made three further appointments to its European fixed income operation. At the top of the tree, it has appointed Riccardo Banchetti in a newly-created role as chief executive officer for Italy. He will report to Roger Nagioff, chief operating officer for Europe. For the past four years, Banchetti has been head of […]

HSBC Transacts First Swaption on CNY Non-Deliverable IRS

HSBC has transacted the first-ever offshore option on a Chinese currency non-deliverable interest rate swap (CNY NDIRS). The transaction involved HSBC buying a five-year option to pay fixed (receive floating) and to receive fixed (pay floating) on a CNY50 million ($6.4 million) five-year non-deliverable interest rate swap with a financial institution counterparty. The new swaption […]

Association Issue Information Abuse Warning

A group of 12 industry associations last week issued a joint statement reaffirming their commitment, on behalf of the members and financial markets they represent, “to promote fair and competitive markets in which inappropriate use of material non-public information is not tolerated”. The associations involved are; Asia Pacific Loan Market Association, American Securitization Forum, Asian […]