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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/27/2001=
=20 04:37 PM --------------------------- "RiskNews Update" <listadmin@riskwaters.com< on 04/27/2001 11:57:36 AM To: List Member <vkamins@enron.com< cc: =20 Subject: RiskNews - RiskNews Update - 27/04/2001 RiskNews Update - http://www.RiskNews.net =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D RiskNews Update - week ending 27/4/2001 http://www.risknews.net News for derivatives and risk management professionals =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Dear Subscriber, Welcome to RiskNews Update! A week full of news for the risk management and derivatives professions culminated in the RiskNews exclusive that World Bank treasurer and chief investment officer Afsaneh Mashayekhi Beschloss has stepped down to become a partner of Carlyle Group, the Washington-based private equity investor. Beschloss oversaw a $48 billion investment portfolio at the World Bank, as well as its $12 billion pension fund. A successor to Beschloss, who leaves in May, has yet to be named. The BIS, which issued a number of reports this week, found that financial firms using one-day value-at-risk (VAR) models could be seriously underestimating their exposure to market risk. The BIS said liquidity-adjusted VAR models, which estimate risk using holding periods determined by the length of time that would be required to unwind positions, produce, on average, five times higher estimates of risk than standard VAR. In the operational risk world, two of the leading players PwC and NetRisk have tied their resources to create a joint initiative called OpVantage that will be headed by Dan Mudge, a co-founder of NetRisk. It aims to take advantage of the introduction of an operational risk charge as stipulated in the Basle II capital accord proposals. Meanwhile, the value of non-performing loans held by Japanese financial institutions is _151.1 trillion ($1.25 trillion), representing about 30% of gross domestic product and 28% of total loans, according to the latest figures released by the Democratic Party of Japan On the technology front, GFInet's online FX options broking system is likely to be postponed until May, due to delays in connecting clients to the system, the firm said; while BNP Paribas and Commonwealth Bank invested in BondsInAsia and asiabondportal.com, respectively. Christopher Jeffery Editor, RiskNews Tel: 44 (0)20 7484 9880 E-mail:cjeffery@riskwaters.com ---------------------------------------------------------------------- Need to reach Risk professionals? Place a short text ad in the weekly 'RiskNews Update' and we will give you a FREE, 2-week banner ad ideally situated across our many Risk management Web locations - including Risk magazine's website http://www.Risk.net. Either send a message to us directly at mailto:listadmin@riskwaters.com or forward this message to your marketing colleagues. ---------------------------------------------------------------------- RiskNews Update - 27/4/01 Headlines/Technology and Exchanges/People/Events =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Headlines - 27/4/2001 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D 27 April - Financial firms using one-day value-at-risk (VAR) models could be taking account of just 20% of their exposure to market risk, according to research carried out by a group of international regulators 27 April - Germany's new national debt agency, founded last September, will stage its capital markets debut in early June when it takes on the German finance ministry's debt management activities. Initially, the Frankfurt-based Bundesrepublik Deutschland Finanzagentur will deal primarily in money-market instruments - the finance ministry's main tools 27 April - The RISConsulting Group is preparing to roll out in the third quarter a Web-based aircraft pricing facility, which the Boston risk management company believes could trigger the creation of a new derivatives market 27 April - ABN Amro Futures has created a new management structure for its combined European operations, following the integration of its offices in London and Paris 26 April - Weather Risk Advisory, the Cambridge, UK-based weather derivatives software and consulting service, has launched its new weather derivatives pricing tool, WeatherValue 26 April - UK regulator the Financial Services Authority (FSA) has launched a review of its best execution rules. This could lead to policy changes designed to ensure firms obtain the best price for customers when buying or selling financial contracts, including derivatives 25 April - Global professional services firm PricewaterhouseCoopers has teamed up with risk analytic provider NetRisk to offer what the firms hope will become the pre-eminent third-party operational risk management software provider to financial institutions 25 April - The Bank for International Settlements has published the results of its first global survey on stress testing at major financial institutions, reflecting the efforts of regulators to learn more about the role of stress testing in risk management 25 April - Bear Hunter Specialists, a joint venture between US investment bank Bear Stearns and Hunter Partners, has completed its purchase of the specialist rights of Wagner Stott Mercator 24 April - There is still a significant lack of public disclosure from banks participating in the derivatives markets, said the Bank for International Settlements (BIS) in a new report conducted on behalf of the Basel Committee on Banking Supervision 24 April - The value of non-performing loans held by Japanese financial institutions is _151.1 trillion ($1.25 trillion), representing about 30% of gross domestic product and 28% of total loans, according to the latest figures released by the Democratic Party of Japan 23 April - Sovereign Bancorp, the parent company of Sovereign Bank, has created a new finance function called the office of the chief financial officer (OCFO) that will be led by James Hogan, who becomes chief financial officer 23 April - GFInet's online FX options broking system is likely to be postponed until May, due to delays in connecting clients to the system, the firm said To read more now, click http://www.risknews.net ******************************************************************* Book now for Risk Training, last spaces still available for =01( "Forecasting, estimating and applying correlation for option pricing, risk management and portfolio optimisation" (London 14 & 15 May 2001 & New York 21 & 22 May 2001). The effective estimation of correlations between the price movements of different assets remains a key aspect of risk management. This course will focus on a range of topics, including:  Incorporating correlation into an effective hedging and risk management strategy  Optimal correlation estimation techniques  Modelling default correlation and understanding the impact on portfolio credit risk management For further information visit: http://www.risktraining.com/correlation =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Technology and Exchanges - 27/4/2001 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D 27 April - The US-based Options Industry Council, a non-profit organisation set up to provide investor education about equity options, and the Australian Stock Exchange, have formed an alliance to share educational resources and options industry research 27 April - Tsterreichische Volksbanken, the central Austrian savings bank based in Vienna, has chosen New York-based Summit Systems' STP Operations software to replace its back-office system 26 April - Commodity market maker Chisholm is to implement Triple Point Technology's Tempest 2000 enterprise-wide commodity trading software 26 April - The Singapore Exchange is soon to launch a futures contract based on Singapore government securities bonds with a maturity of five years, according to a report in a Singapore business daily 26 April - eSpeed, the New York-based developer of electronic marketplaces, has purchased a patent for the electronic trading of futures products. eSpeed operates the Cantor Exchange, a joint venture with the New York Board of Trade, and said that its purchase of the Wagner patent from Electronic Trading Systems Corporation will complement its existing patent portfolio 26 April - Commonwealth Bank of Australia has made a strategic equity investment in buy-side, pan-Asian online fixed-income trading platform asiabondportal.com. The move closely follows an equity investment by BNP Paribas in competing platform BondsInAsia, made on Monday this week 25 April - Swiss bank Banque Cantonale Vaudoise has selected Front Capital Systems to provide software infrastructure to support the bank's equity and fixed-income trading business 24 April - SunGard's Trading and Risk Systems unit has opened an office in Seoul, South Korea, to help support three local banking clients 24 April - Derivatives contracts listed on the Singapore Exchange's (SGX) electronic trading system SGX ETS can now be traded via electronic data provider Bloomberg's terminals, the two organisations have announced 24 April - US banking group First Union has implemented DataSynapse's WebProc software to enhance trading and straight-through processing in fixed-income derivatives 23 April - French bank BNP Paribas has become the latest shareholder in BondsInAsia, the regional fixed income-trading platform set to go live later this year To read more now, click http://www.risknews.net ******************************************************************* Last opportunity to beat the deadline for the 'Telecoms Capacity' subscription offer! Subscribe before 30 April and save 25% on a subscription to 'Telecoms Capacity', the latest addition to the Risk Waters Group product portfolio. Selected features from the latest April issue are now also available to view at http://www.telecomscapacity.com =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D People - 27/4/2001 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D 27 April - General Re Securities, the financial risk management products dealer recently bought out by a team of former investment bankers, including former JP Morgan chief financial officer Peter Hancock, has unveiled a second round of new hires following its extensive marketing additions earlier this month 27 April - Dan Eudy has been made president of Industrial Risk Insurers, the Connecticut-based property insurance arm of Employers Reinsurance Corporation, a GE company, while Ken Brock has been appointed head of GE Global Asset Protection (SM) services group 26 April - Robert LeBlanc, a former managing director in credit risk management at JP Morgan Chase, has joined the JP Morgan executive exodus by leaving to become global head of portfolio management at Dresdner Kleinwort Wasserstein 25 April - Commerzbank Securities has appointed three analysts to its expanding credit research team, which means that eight credit analysts have joined Commerzbank Securities since September 2000, out of global team of ten 25 April - Electronic foreign exchange trading platform FXall has appointed Jack Lemonik as its chief technology officer. This latest addition to the management team comes as the firm claims to be in the last stages of testing before the start of trading 24 April - Online derivatives services provider Cygnifi, a spin-off of US investment bank JP Morgan prior to its merger with Chase Manhattan, has hired Morgan Burkett as its chief legal officer and legal counsel 23 April - Lehman Brothers' expansion in FX derivatives and emerging markets has been dealt a blow as Matteus Desselberger, who was hired to manage the new group, decided to return to former employer Deutsche Bank To read more now, click http://www.risknews.net ******************************************************************** RiskNews readers can receive a FREE May issue of "Emerging Markets Investor" (worth $50). The May issue includes an exclusive interview with Gloria Macapagal-Arroyo, President of the Philippines. Click here for your FREE issue: http://www.EMIontheweb.com/mayissue =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Events - 27/4/2001 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Risk 2001 USA, Boston 12 & 13 June 2001 =01( Hear the latest on the New Basel Accord at Risk 2001 USA in Boston, 12 & 13 June, 2001 - Risk magazine's biggest multi-stream event of the year! Highlights include an interactive panel debate on the future of risk management, keynotes from professor Robert Shiller, Yale University and Erwin Zimmermann, Swiss Re New Markets. For a full listing of topics and speakers please visit http://www.risk-conferences.com/risk2001usa?caller=3Drisknews_update EPRM 2001 Houston, 14 & 15 May 2001 =01( Book now for EPRM 2001 Houston in May, 14 & 15 - Energy & Power Risk Management's 5th Annual Flagship Congress. Delegates will benefit from in-depth presentations and interactive discussions addressing key regulatory developments, modelling techniques and risk management approaches that are shaping the energy industry. http://www.eprm-conferences.com/eprm2001us?caller=3Drisknews_update CALL FOR PAPERS! 'MATHS WEEK 2001' =01( New York, 12 - 16 November 2001 London, 26 - 30 November 2001 If you have a paper you would like to submit for inclusion in 'MATHS WEEK 2001', please contact Victoria Kerridge on +44 (0) 20 7484 0975 or by email at mailto:vkerridge@riskwaters.com (Deadline for submission is 1 June 2001) For further information please visit http://www.risk-conferences.com/mathsweek --------------------------------------------------------------------- All event details can be found at either http://www.risk-conferences.com or http://www.risktraining.com ______________________________________________________________________ To unsubscribe, write to financewise-unsubscribe@listbot.com
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