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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/02/2001
04:48 PM --------------------------- "RiskNews Update" <listadmin@riskwaters.com< on 02/02/2001 12:09:13 PM To: List Member <vkamins@enron.com< cc: Subject: - latest RiskNews Update - 02/02/2001 RiskNews Update - http://www.RiskNews.net RiskNews Update - http://www.risknews.net/ =================================================================== RiskNews Update - week ending 02/02/2001 http://www.RiskNews.net News for derivatives and risk management professionals =================================================================== Dear Subscriber, Welcome to RiskNews Update! The Fed's second 50 basis point cut in interest rates in a month to stave off a recession in the US - a move widely discounted in the marketplace - was the subject of many headlines this week. While the cut is the largest since the 1982 recession, and has raised eyebrows regarding the true state of the US economy, there was also plenty of other important news. ABN Amro unveiled plans to boost its risk management and derivatives business by purchasing a large slice of ING Barings' North American investment banking operations for $275 million. Competition in the US and elsewhere will be fierce, however, with leading player Salomon Smith Barney creating a new global interest rate and derivatives products group, following an overhaul of its fixed-income and derivatives businesses. There appears to be no long-term role for Citibank's Fred Chapey in the new division. Meanwhile, Deutsche Bank's decision to axe about 2,600 staff following a restructuring of its operations into two business groups, will have a negligible impact on its derivatives business (see Headlines). London-based broker Tullett & Tokyo Liberty was back in the news again for alleged racial discrimination. Laurent Weinberger, a broker on the new issues desk until last May, initiated a racial discrimination and unfair dismissal case against his former employer this week. Previously the firm had a run-in with client Citibank, when a Tullett employee allegedly made racist comments to a Citi official (see People). Christopher Jeffery Editor, RiskNews Tel: 44 (0)20 7484 9880 mailto:cjeffery@riskwaters.com ----------------------------------------------------------------- This is the last week to book for OpRisk 2001(New York, 8 & 9 Feb)! OpRisk 2001 is the first conference to bring together leading experts to discuss the revised Basel consultation paper in depth. Due to overwhelming demand we've decided to extend the Operational Risk promotion deadline for you. Click here to order your FREE copy (worth $70) of the February issue of the Operational Risk newsletter http://www.risk.net/oprisk/freeissue.htm ------------------------------------------------------------------ RiskNews Update - 02/02/01 Headlines/ Technology and Exchanges/ People/ Events =================================================================== Headlines - 02/02/2001 =================================================================== 2 February - Continuous Linked Settlement, the pan-industry initiative to reduce FX settlement risk, is set to go live in October having passed a recent internal review 1 February - Deutsche Bank's plan to axe around 2,600 staff following a restructuring of its operations into two business groups - a move the bank claims will lead to savings of e1.5 billion through to 2003 - will have a negligible impact on its derivatives business 1 February - Britain's financial watchdog, the Financial Services Authority (FSA), has given a warning that credit derivatives will face higher capital charges than traditional bank guarantees under planned reforms to the Basel Capital Accord 31 January - With US banks in the unusual position of being challenged for dominance in the global forex business by firms such as Deutsche Bank, Bank of America plans to implement new tactics that include getting closer to its traditional US customers 30 January - ABN Amro's decision to buy a large slice of ING Barings' North American investment banking operations for $275 million will result in a major boost for its derivatives business, according to senior officials at the bank 30 January - Greece's membership of the euro-zone and recent efforts by its Central Bank to modify its bond issuance policy to match EuroMTS listing criteria has resulted in three Greek government bonds being offered on the EuroMTS trading system 29 January - Salomon Smith Barney has created a new global interest rate and derivatives products group, following an overhaul of its fixed-income and derivatives businesses, according to an SSB internal memo To read more now, click http://www.risknews.net ******************************************************************* You will find hundreds of FREE Risk magazine articles, website reviews and back issue content from the last four years are available from Risk.net. If it isn't available online, you can order back issues & articles too. This link will take you through to the Special reports section of the site: http://www.risk.net/supplements/supplements.html =================================================================== Technology and Exchanges - 02/02/2001 =================================================================== 31 January - New York-based B2B electronic market-place provider eSpeed plans to expand and extend its licensing efforts in 2001, and has appointed David Bullock to become global head of its private label division 31 January - The Sydney Futures Exchange (SFE) and the Hong Kong Exchange and Clearing (HKEx) have formed a strategic alliance to develop a range of new derivatives trading and clearing services for the Asia Pacific exchange-traded and over-the-counter market-places 30 January - The Frankfurt-based European Energy Exchange (EEX) will launch electricity futures trading on March 1. This is likely to make it the first German power exchange to offer derivatives trading 29 January - Patsystems, the electronic trading systems provider, has upgraded its service to include access to the London and German stock exchanges in an attempt to boost its coverage of European equities and derivatives 29 January - US software developer NovaPlex Technologies has launched a new online FX trading system for spot, forwards and options foreign exchange trading, called NovaPlex Trading Network (FX Edition) 29 January - The second largest US options exchange, American Stock Exchange (Amex), has elected four members to its board of governors, including Thomas Sheridan, managing director of global equity derivatives at Salomon Smith Barney. Sheridan replaces Goldman Sachs' Leslie Tortora To read more now, click http://www.risknews.net ******************************************************************* NEW! A new market demands a new magazine. Telecoms Capacity provides unique coverage and essential information for the rapidly expanding bandwidth, minutes, IP packets and wireless sectors. Click http://www.TelecomsCapacity.com for your FREE copy of the launch issue. =================================================================== People - 02/02/2001 =================================================================== 2 February - The Nasdaq Stock Exchange has appointed Hardwick Simons to take over the chief executive officer role previously held by Frank Zarb, with immediate effect 2 February - The Singapore Exchange (SGX) has made two new hires to head its derivatives clearing and securities trading divisions 1 February - Laurent Weinberger, a broker on the new issues desk at London-based brokers Tullet & Tokyo Liberty until last May, this week initiated a racial discrimination and unfair dismissal case against his former employer 1 February - Bank of America has expanded its global derivatives group in Europe, naming senior hires for its structured securities and quantitative research teams 31 January - Commerzbank Securities has named seven new hires to join its derivatives and fixed-income team in New York as part of an aggressive drive into the North American market 31 January - Daniel Rappaport, chairman of the New York Mercantile Exchange will not seek re-election for a fifth term, ending eight years heading the derivatives exchange 31 January - Morgan Stanley Capital International has hired Michel Serieyssol from Bear Stearns to become global head of its hedge fund index business To read more now, click http://www.risknews.net ******************************************************************* The Risk Awards 2001 will be presented at "Risk 2001 Europe" - Risk's 6th annual European derivatives & risk management congress to be held in Paris, April. Click here for the event details: http://www.risk-conferences.com/risk2001euro The Risk Awards 2001 are available from www.risk.net/risk2001 ================================================================== Events - 02/02/2001 =================================================================== Events Last week to book ... OPRISK 2001 New York February 8 & 9 2001 The first conference to bring together leading experts to discuss the revised Basle consultation paper in depth. OpRisk provides the opportunity for all involved in operational and operations risk to learn how those at the forefront of management and measurement techniques have addressed the current industry challenges. Experts from the world's leading financial institutions, leading academics and solution providers will detail the approaches that can be utilised or adapted within your operational risk management environment. ONLY A FEW PLACES LEFT. For further information or to reserve your place visit http://www.risk-conferences.com/oprisk2001 or call +44 (0)20 7484 9898 Other conferences coming soon ...... http://www.risk-conferences.com Dealing with Technology 2001, New York (Feb), click http://www.waters-conferences.com/dealing.htm Risk 2001 Europe - Paris 10 & 11 April 2001 Other training courses coming soon ...... http://www.risktraining.com Practical applications of Advanced Stress Testing - for integrated risk measurement and management - London 5 & 6 February 2001 / New York 12 & 13 February 2001 Advanced Credit Risk Measurement and Modelling Techniques for effective portfolio credit risk management - New York 8 & 9 February 2001 / London 15 & 16 February 2001 =================================================================== All of Risk Waters Group online services can be accessed through http://www.riskwaters.com ______________________________________________________________________ To unsubscribe, write to financewise-unsubscribe@listbot.com
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