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RiskNews Update - week ending 8/6/2001
http://www.risknews.net
News for derivatives and risk management professionals
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Dear Subscriber,

Welcome to RiskNews Update - 8/6/2001

Morgan Stanley swept the board at RiskNews' sister publication Credit magazine's second annual European analysts' survey this week, claiming 12 first place awards out of 17 categories for credit research excellence. The firm improved on its performance last year, when it was in the top five in eight of 14 categories. Morgan Stanley credit strategist Neil McLeish typified his firm's performance having risen from fourth place last year to claim the top spot in the strategy sector this time around. Merrill Lynch also performed well, with 13 mentions as a top-five firm in the 17 categories, including first places for high-yield telecoms & media, high-yield industrials, and index provider categories. Another outright winner was Schroder Salomon Smith Barney, which topped the high-grade consumer products sector. A full version of the Credit magazine awards is available at www.creditmag.com.

More responses to the proposed Basel capital Accords - Basel II - emerged this week. The Institute of International Finance, the US-based association whose membership includes Deutsche Bank, Morgan Stanley Dean Witter, Citigroup, Credit Suisse and UBS, said it was concerned that the proposals may result in an excessively conservative and costly capital framework that overestimates the amount of risk on banks' balance sheets. Separately, investment managers said Basel's move to cover operational risk is flawed.

In Asia, meanwhile, Credit Lyonnais issued what it claims are the first call warrants on a basket of Chinese 'B shares', following the decision by China's securities regulator to allow local Chinese to buy these shares, which previously were only available to international investors.

Finally, RiskNews will report extensive coverage of events at Risk magazine's Risk 2001 USA conference in Boston next week. Look for top stories in the conference update box on www.riksnews.net

Christopher Jeffery
Editor, RiskNews
www.risknews.net

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Last chance to book for RISK 2001 USA - held in Boston next week on 12 & 13 June:

This flagship event produced by Risk magazine should prove to be the definitive congress for risk management and derivatives professionals, and will focus heavily on the impact of the new Basel capital accord proposals. Other highlights will include an interactive panel debate on the future of risk management with keynotes from professor Robert Shiller, Yale University, and Erwin Zimmermann, head of Swiss Re New Markets. For a full listing of topics/speakers and all booking details please visit:

http://www.risk-conferences.com/risk2001usa?caller=risknews_update
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Headlines/Technology and Exchanges/People/Events

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Headlines - 8/6/2001
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7 June - Moody's Investors Service and Moody's Risk Management, two divisions of international ratings agency Moody's, have set up a committee of North American and European academic risk experts to study credit portfolio management and risk analysis

6 June - ABN Amro International Financial Services Company, a unit of Dutch bank ABN Amro, has launched a new treasury outsourcing service

5 June - Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank, could begin trading weather derivatives as early as next month, according to DrKW global head of interest rates and treasury Thomas Roeder in Frankfurt

5 June - International banking group HSBC has significantly boosted its treasury and capital markets team in Asia, by making about 50 hires

5 June - Deutsche Bank has closed what it claims is the first leveraged securitisation of private equity funds-of-funds and is preparing to roll out several similar transactions later this year

5 June - Michael Bloomberg's official decision to run for mayor of New York has created a need for an interim successor to run Bloomberg LP on a day-to-day basis, according to MDI: The Market Data Industry editor John McConville at a presentation in London this morning

5 June - International credit rating agency Standard & Poor's has urged Korean financial institutions to employ sound corporate governance, prudent financial management and risk-based lending practices to ensure sustained long-term growth

4 June - The Japanese banking industry has expressed concern that capital costs may rise if Basel's proposed capital accord amendments include current charges for operational risk, according to the response from the Japan Centre for International Finance

4 June - Investment managers believe Basel's proposed capital charge to cover operational risk is flawed, according to formal responses made as part of the Committee's consultation process

4 June - The Institute of International Finance, the US-based association whose banking membership includes Deutsche Bank, Morgan Stanley Dean Witter, Citigroup, Credit Suisse and UBS, is concerned that the current Basel II proposals may result in an excessively conservative and costly capital framework that overestimates the amount of risk on banks' balance sheets

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RiskNews readers can receive a FREE copy of the June issue of Credit magazine, featuring the results of the 2001 Credit Analysts of the Year Survey. Visit http://www.Creditmag.com/freeissue

Would any of your colleagues or business associates like to hear about this offer from Credit magazine? Please forward them this message.

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Technology and Exchanges - 8/6/2001
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8 June - Over-the-counter electronic interest rates trading system, Blackbird, has adapted its systems to be FpML (Financial products Markup Language) compliant

7 June - London-based enterprise-wide trading and risk management supplier to the energy market, KWI, will supply its flagship kW3000 flagship to Italian electricity wholesaler Electrone

7 June - Internet reinsurance platform inreon, an online joint venture between leading reinsurance companies Munich Re and Swiss Re, will use Wildnet, a unit of independent reinsurer Benfield Greig, to provide customer support for business transacted on its platform

7 June - Denver, Colorado-based risk management software vendor, Decisioneering, has upgraded its Crystal Ball 2000 risk analysis, forecasting and optimisation product, and released a training package to help corporate workgroups exploit its Crystal Ball product

6 June - Bank of America, an equity holder in multibank FX portal FXall, is to participate in State Street's electronic foreign exchange trading system, FX Connect

6 June - France's OTCex has released version 2 of its Web-based electronic derivatives trading platform

5 June - South Africa-based Old Mutual Asset Management is using SmartStream Technologies to reduce operational risk for its cash and securities holdings by implementing a new straight-through processing system

4 June -US enterprise software solutions for data analysis company Insightful Corporation has opened an office in New York to better service existing Wall Street clients and build up sales in the city

4 June - New York-based RiskMetrics will roll-out an XML-based module for describing collateralised debt obligations later this month

4 June - Pakistan's main bourse, the Karachi Stock Exchange, is seeking official approval to start trading derivative products like forwards, futures and options following a meeting of its governing board

To read more now, click http://www.risknews.net

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NEW for June!!  'M-FINANCE' newsletter for mobile commerce in financial services. A new monthly newsletter from the Risk Waters Group. Get a FREE launch issue OR save ?200/$300 if you subscribe. Visit the pre-launch website at
http://www.m-financenews.com

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People - 8/6/2001
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8 June - Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank, has hired a further seven people in New York to the bank's Global Debt division

8 June - Bear Stearns is boosting its US fixed-income and credit derivatives sales efforts with seven new hires. The development follows the New York-based bank recruiting six fixed-income sales professionals for its European operations

7 June - The Labuan International Financial Exchange, an offshore exchange wholly owned by the Kuala Lumpur Stock Exchange, has made Sithambaram Loganathan general manager with effect this month

6 June - Deutsche Bank has promoted Jorge Calderon to global head of debt capital markets, and Phil Weingord to global head of asset securitisation. The German bank has also hired two former Merrill Lynch bankers, Dan Campbell and Nigel Cree

To read more now, click http://www.risknews.net

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Content from the June issue of Risk magazine is now available from http://www.risk.net

The cover story 'On the March to Main Street', by Navroz Patel explains how funds that use over-the-counter derivatives to leverage returns are already popular among institutional investors. Now these funds and other exotic products are reaching the retail market as dealers track down new sources of liquidity. Paolo Cuniberti of JP Morgan Chase is looking to ride the new wave of private investor interest in derivatives.

Do you have any business associates working in investment? Please forward them this message - they may be interested!  Risk magazine has produced a special report called 'Risk Management for Investors' which will be available from a new website called:
http://www.risk.net/investor (other relevant content will also be available)

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Events - 8/6/2001
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If any of your colleagues or business associates would be interested in these events, please forward them this message for us. Thank you.

ALM 2001 - Asset/Liability & Risk Management 2001, New York, June 21 & 22, 2001

Risk magazine's fifth annual conference examining advanced strategies and latest developments in asset/liability management and enterprise-wide risk management. Highlights include:
&#61623; Interactive panel discussion assessing the latest proposals for the New Basel Capital Accord
&#61623; Analysing effective methods for measuring and managing liquidity risk, interest rate risk and credit risk
&#61623; Two separately bookable one-day pre-conference seminars

For a full listing of topics and speakers please visit:
http://www.risk-conferences.com/alm2001usa?caller=risknews_update

Telecoms Capacity 2001 USA, New York, June 28 & 29, 2001?

Bringing you the latest developments in the commoditisation of the global telecoms market, Telecoms Capacity 2001 USA includes keynote address from Shirish Lal, BROADWING COMMUNICATIONS and two intensively researched streams on 'Effective Trading and Risk Management' and 'Analysing the Challenges for a Commoditised Capacity Market'. For a full listing of topics and speakers please visit:

http://www.risk-conferences.com/telecomsusa?caller=risknews_update

Alternative Risk Strategies 2001 Europe, London 28 & 29 June 2001 ?

Risk magazine's inaugural European conference providing a comprehensive analysis into the latest developments and strategies in alternative risk financing, credit risk transfer, securitisation of catastrophe insurance risk and the modelling and pricing of these products.  For a full programme and further information please visit:

http://www.risk-conferences.com/alternativeeuro?caller=risknews_update

Coming soon ?

RISK 2001 AUSTRALIA - EXCLUSIVE PRE-REGISTRATION OFFER!

Risk and EPRM magazines' annual Australian derivatives and risk management congress in Sydney, 20 & 21 August 2001.  Help us produce an event to suit you by completing our pre-event survey. Pre-register for this event and receive a 10% discount!

http://www.risk-conferences.com/risk2001aus?caller=risknews_update

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All other event details can be found at either http://www.risk-conferences.com or http://www.risktraining.com


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