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Record-low interest rates in Korea are stimulating product development and pushing out the interest rate swap curve. Merrill Lynch, for example, is working on a landmark dollar/won thirty-year cross-currency swap transaction, which market participants said would be a first for the market.
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Implied volatility on the U.S. dollar/Swiss franc jumped over 90 basis points last week after hedge funds piled into the currency pair. -
The Royal Bank of Scotland is planning to rev up its focus on the Chinese market after receiving a derivatives license in recent weeks.
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The U.K. government has announced it does not plan to tax in-the-money swaps, which will be moved on to corporates' balance sheet for the first time in January under International Accounting Standards.
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In this Learning Curve we describe the latest developments in credit derivative-based synthetic funding structures, which are now being used for liquidity and balance sheet asset-liability management by banks and other financial institutions.
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The U.K. government's announcement that it will delay using international accounting standards for securitization tax purposes has been met with mixed reactions from industry officials.
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--Thorsten Wegener, head of sales in equity markets at WestLB in London, explaining its plans to build a U.K. structured products business.
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Refco Alternative Investments, a futures and commodity trading advisor specialist, is planning to expand into the institutional market in Scandinavia and France and develop further in Switzerland and Germany.
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WestLB has launched its first equity-linked retail investment product in the U.K.
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WestLB Securities Pacific last week hired Susumu Nitta, equity derivatives marketer at Credit Suisse First Boston, as a director in a similar role for its Tokyo desk.
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Morgan Stanley was forced to take a loss of about Eu26.4m on Wednesday after its Eu1.123bn sale of shares in TeliaSonera for the government of Finland was blighted by a shower of bad news.
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