Morgan Stanley
Trouble in paradise
Healthy balance sheets, swollen liquidity reserves and positive cashflows should be the words every bondholder wants to hear, but they could spell bad news for credit investors in the US as companies prepare to reward equityholders
Major dealers issue joint letter to Fed on credit derivatives
The New York Federal Reserve meeting with 14 major dealers on September 15 appears to have succeeded in coercing the industry into taking more concerted action to tackle the mounting problems in credit derivatives confirmation backlogs. Following the…
Is Basel II a hurdle too far for US broker-dealers?
Broker-dealers in the US are having to cope with the SEC's capital requirements, while still being somewhat in the dark about the upcoming Basel II framework. By Choongo Moonga
Ex-Citigroup prime broker sets up capital introduction firm
Paul Radley, formerly European head of Citigroup’s prime brokerage capital introduction team, has gone independent, establishing his own capital introduction firm, Radley Capital Investments.
RBS beefs up equity derivatives distribution
The Royal Bank of Scotland has raided its rivals’ sales desks by hiring three directors in equity derivative sales to cover Germany, Italy and Scandinavia. The move signals the Edinburgh-headquartered bank’s intent on improving its distribution…
US equity derivatives team quits Morgan Stanley
Nine members of Morgan Stanley’s US equity derivatives and structured product team quit to join Wachovia today. They join part of a staffing exodus from the US investment bank that its senior executives hope will be stemmed by yesterday’s resignation of…
iTraxx credit-linked notes launched
International Index Company, the Frankfurt-based firm that administers the European and Asian iTraxx credit derivative indexes, has launched three five-year iTraxx credit-linked notes.
Barriers to entry
Accounting rules have long given bankers headaches. And IAS 39 compliance could even put banks looking to enter the structured products market at a competitive disadvantage. Patrick Fletcher examines how the rules are affecting the shape of the industry
BNP Paribas hires derivatives marketer in NY
BNP Paribas has appointed Jerry Hammerschmidt as a senior equity derivatives marketer and managing director in its New York office.
Barclays hires quartet to structured credit group
Barclays Capital has hired four staff to boost its structured credit products sales team in New York.
Prebon executes Japanese inflation options
Yamane Prebon Tokyo became the first inter-dealer broker to execute a 10-year, zero-percent inflation option on March 28.
Creditex, Markit and major dealers launch European credit fixings
Creditex, Markit and seven credit derivatives dealers today launched 'tradeable credit fixings' in what the backers hailed as a "milestone" in the development of the credit derivatives market.
Credit managers hope for new accounting blueprint
Mark-to-market accounting has frustrated credit portfolio managers at the largest international banks. It’s made their loan books more volatile and their derivatives hedges less efficient. But accounting standards setters may be ready to review the rules…
ABN poaches Morgan Stanley staff
ABN Amro has poached eight staff from Morgan Stanley in Tokyo to join its Japanese fixed income business.
Barclays Capital appoints CMBS research director
Barclays Capital has hired Hans Vrensen as head of its European commercial mortgage-backed securities (CMBS) research unit.
Blackstone hires Morgan Stanley’s Kapur
Blackstone Alternative Asset Management (BAAM) has hired Vineet Kapur to its investment team in New York.
Bloomberg and TradeWeb enter multi-dealer electronic swaps trading fray
Competition in dealer-client electronic euro swaps trading is heating up with the launch of two new 'request-for-quote' (RFQ) multi-dealer interest rates swaps platforms in quick succession.
Fitch/Algorithmics deal analysis
New York-based global ratings and risk management specialist Fitch Group has acquired Toronto-based enterprise risk management software supplier Algorithmics for $175 million.
The importance of ALM
The crossfire between the International Accounting Standards Board and the European Commission seems to have left corporates bewildered about the implications of IAS 39. Risk talks to leading advisory groups and corporates about the challenges ahead, and…
Credit correlation model debuts on Bloomberg
Morgan Stanley’s credit correlation model has been made available on Bloomberg today. The model can be used to price basket and single-tranche credit derivatives.
Basel II to boost bank bondholdings
Basel II could have a major impact on the bond markets, according to a new report from Morgan Stanley.
BNP restructures European credit research
BNP Paribas, the French banking group, has restructured its credit research division after three members were poached by Lehman Brothers in September.
DTCC expands matching and confirmation services
The Depository Trust and Clearing Corporation (DTCC) is to expand its matching and confirmation facility, dubbed Deriv/Serv, to include equity derivatives.
Merrill Lynch snaps up Entergy-Koch
Merrill Lynch is set to acquire the energy trading businesses of Entergy-Koch Trading (EKT), a venture of New Orleans-based Entergy Corporation and Wichita's Koch Industries.